... On April 28, 2008, HBK Capital Management sent a letter to the Issuer encouraging the Issuer to allow Blockbuster to perform due diligence in connection with Blockbuster's proposal to acquire all of the outstanding shares of Common Stock of the Issuer and to commence good faith negotiations with Blockbuster regarding its proposal. In addition, HBK Capital Management urged the board of directors of the Issuer to create a competitive bidding process inorder to maximize shareholder value...
Circuit city's CEO, Philip Schoonover, now finds himself in an even more precarious position. Pressure is growing from all sides. It is hard to imagine he can survive with the situation continuing as it is right now.