Last week, Bankruptcy Judge Martin Glenn halted the $13.9 million sale of the intellectual property of bookseller Borders to Barnes & Noble. Glenn said he needed more time to decide on privacy questions concerning customer data. Now, Reuters reports that Glenn has approved the sale — after both companies made provisions concerning customer data:
Barnes & Noble won the bulk of Borders’ intellectual property at auction earlier in September. It will inherit the 48-million-member customer database of its one-time rival, which is going out of business after filing for bankruptcy in February. […]
The deal announced on Monday gives customers 15 days to opt out of the transfer by responding to an email that will be sent when the deal closes, Borders lawyer Andrew Glenn said at the hearing.
A closing date is still uncertain, but the parties are working to close as quickly as possible, added Glenn, no relation to the judge.
The case is In re Borders Group Inc, U.S. Bankruptcy Court, Southern District of New York, No. 11-10614.