• <b>Seth Kaller:</b> “America the Beautiful”
    <b>Seth Kaller:</b> George Washington, Tongue-in-Cheek, Writes James McHenry About His Wife or Mistress—But Funding the Continental Army is the Real Topic
    <b>Seth Kaller:</b> Young’s Map of the United States
    <b>Seth Kaller:</b> President Lincoln & His Most Profitable Client, the Illinois Central Railroad
    <b>Seth Kaller:</b> Lincoln Thanks Former Pro-Slavery and Newly Republican Congressman for a Fiery Anti-Slavery Speech at a Philadelphia Campaign Rally
    <b>Seth Kaller:</b> “A Visit From St. Nicholas” - great association copy inscribed by Clement C. Moore
    <b>Seth Kaller:</b> Einstein Agrees to Allow “a Short Book on the Hydrogen Bomb” to Use His Statement Made on Eleanor Roosevelt’s TV Show
    <b>Seth Kaller:</b> The Building Blocks of Albert Einstein’s Creative Mind
    <b>Seth Kaller:</b> A Unique Manuscript Map of Block Island Sound Including Fisher’s and Gardiner’s Islands, the Hamptons, and Montauk Point
    <b>Seth Kaller:</b> J.R.R. Tolkien Writes his Proofreader with a Lengthy Discussion of the Lord of the Rings, Including Criticism of Radio Broadcasts of his Work
    <b>Seth Kaller:</b> Six Benjamin Franklin Signed Receipts – Including his Earliest Obtainable Autograph — Acknowledging a Donation to the Famous Library Company He Founded, and Five Payments for His Pennsylvania Gazette
    <b>Seth Kaller:</b> Sherman Dishes on Lincoln & Thomas, Meade, Sheridan, Halleck & Grant
  • <b>Bonhams, March 9. Fine Books and Manuscripts, Including the Kennedy Years</b>
    <b>Bonhams Mar. 9:</b> BROWNING, ELIZABETH BARRETT. Autograph Manuscript Initialed ("E.B.B."), being the working notebook for the poems contained in <i>The Seraphim and Other Poems</i>. $400,000 to 600,000
    <b>Bonhams Mar. 9:</b> WILDE, OSCAR. Two leaves, pp 31-34, from the first appearance of <i>The Picture of Dorian Gray in Lippincott's Monthly Magazine for July, 1890</i>, with Wilde's autograph revisions. $40,000 to 60,000
    <b>Bonhams Mar. 9:</b> SHAKESPEARE, WILLIAM. <i>Comedies, Histories and Tragedies; Published according to the true Originall Copies. Second Impression. [THE SECOND FOLIO.]</i> $200,000 to 300,000
    <b>Bonhams, March 9. Fine Books and Manuscripts, Including the Kennedy Years</b>
    <b>Bonhams Mar. 9:</b> KENNEDY, JOHN FITZGERALD. Photograph Signed ("John F. Kennedy") and Inscribed, 8 x 10 inch gelatin silver print, of Senator Kennedy and Miss Barelli, at the swearing of the secretarial oath for Miss Barelli. $1,200 to 1,800
    <b>Bonhams Mar. 9:</b> COOPER, JAMES FENIMORE. Autograph Manuscript, being Chapter XXVII of <i>Afloat and Ashore</i>. $15,000 to 20,000
    <b>Bonhams Mar. 9:</b> IRVING, WASHINGTON. Autograph Manuscript, being Chapter 20 from Volume IV of <i>The Life of George Washington</i>. $20,000 to 30,000
    <b>Bonhams, March 9. Fine Books and Manuscripts, Including the Kennedy Years</b>
    <b>Bonhams Mar. 9:</b> VERNE, JULES. Autograph Manuscript Signed ("Jules Verne"), being the complete short story "<i>Une fantaisie de docteur Ox</i>". $100,000 to 150,000
    <b>Bonhams Mar. 9:</b> ALCHEMY. <i>[The Crowning of Nature, or Coronatio Naturae.]</i> Original alchemical manuscript on paper, ruled in red, with watermark of the arms of Schieland. $100,000 to 150,000
    <b>Bonhams Mar. 9:</b> DE JODE, CORNELUS. 1568 - 1600. <i>Quivirae Regnu, Cum Alija Versus Borea</i>. [Antwerp: Arnoldum Coninx, 1593]. $7,000 to 10,000
    <b>Bonhams, March 9. Fine Books and Manuscripts, Including the Kennedy Years</b>
    <b>Bonhams Mar. 9:</b> HOOKER, JOSEPH DALTON. <i>The Rhododendrons of Sikkim-Himalaya; Being an Account, Botanical and Geographical, of the Rhododendrons Recently Discovered in the Mountains of Eastern Himalaya</i>… $7,000 to 10,000
    <b>Bonhams Mar. 9:</b> CATLIN, GEORGE. <i>North American Indian Portfolio. Hunting scenes and amusements of the Rocky Mountains and prairies of America. From drawings and notes of the author, made during eight years' travel.</i> $20,000 to 30,000
    <b>Bonhams Mar. 9:</b> LINCOLN, ABRAHAM. HESLER, ALEXANDER. Platinum print, 8 3/4 x 6 3/4 in, of a beardless Lincoln, 1860.<br>$2,000 to 3,000
  • <b>Swann Auction Galleries, Mar 9: Early Printed, Medical, Scientific & Travel Books</b>
    <b>Swann Auction Galleries, Mar 9:</b> Single leaf from a paper copy of the Gutenberg Bible, Mainz, 1455, in a copy of Newton's <i>A Noble Fragment</i>. $40,000 to $60,000.
    <b>Swann Auction Galleries, Mar 9:</b> Immanuel Kant, <i>Critik der reinen Vernunft</i>, first edition, Riga, 1781. $8,000 to $12,000.
    <b>Swann Auction Galleries, Mar 9:</b> Hans Holbein, <i>The Images of the Old Testament</i>, with 94 woodcut illustrations, first edition in English, Lyon, 1549. $10,000 to $15,000.
    <b>Swann Auction Galleries, Mar 9: Early Printed, Medical, Scientific & Travel Books</b>
    <b>Swann Auction Galleries, Mar 9:</b> Samuel Johnson, <i>A Dictionary of the English Language</i>, first edition, London, 1755. $6,000 to $9,000.
    <b>Swann Auction Galleries, Mar 9:</b><br>John Milton, <i>Paradise Lost</i>, first edition, London, 1668.<br>$6,000 to $9,000.
    <b>Swann Auction Galleries, Mar 9:</b> Antonio de Guevara, <i>The Dial of Princes</i>, London, 1568.<br>$3,000 to $5,000.
    <b>Swann Auction Galleries, Mar 9: Early Printed, Medical, Scientific & Travel Books</b>
    <b>Swann Auction Galleries, Mar 9:</b> <i>Oraciones de los SS. Mysterios Gloriosos y Dolorosos</i>, manuscript in Spanish, Brussels, 1676.<br>$3,000 to $5,000.
    <b>Swann Auction Galleries, Mar 9:</b><br>Jan Nieuhoff, et al., <i>An Embassy from the East-India Company... to the Grand Tartar Cham, Emperour of China, </i>London, 1671. 4,000 to $6,000.
    <b>Swann Auction Galleries, Mar 9:</b> Moses Maimonides, <i>Ha-Higayon... Logica</i>, first edition, Basel, 1527.<br>$800 to $1,200.
    <b>Swann Auction Galleries, Mar 9: Early Printed, Medical, Scientific & Travel Books</b>
    <b>Swann Auction Galleries, Mar 9:</b> Petrus Berchorius, <i>Liber Bibliae moralis</i>, fourth edition of the first volume, Cologne, 1477.<br>$10,000 to $15,000.
    <b>Swann Auction Galleries, Mar 9:</b> Niccolò Machiavelli, <i>The Florentine Historie</i>, first edition in English, London, 1595. $3,000 to $5,000.
    <b>Swann Auction Galleries, Mar 9:</b><br>Sir Philip Sidney, <i>The Countesse of Pembrokes Arcadia</i>, third edition, London, 1598. $3,000 to $5,000.
  • <b>Now in press: 19th Century Shop’s Catalog 170 Great Books and Photos. Please inquire for a copy.</b>
    <b>19th Century Shop.</b> <i>The First American Magna Carta. English Liberties.</i> Boston, 1721.
    <b>19th Century Shop.</b> Babbage presentation to Peel, the man who killed the Difference Engine 1832
    <b>19th Century Shop.</b> The Stamp Act. 1765
    <b>Now in press: 19th Century Shop’s Catalog 170 Great Books and Photos. Please inquire for a copy.</b>
    <b>19th Century Shop.</b> Central Park Photographs by Prevost 1862
    <b>19th Century Shop.</b> Salem Witch Trials. Wonders of the Invisible World 1693
    <b>19th Century Shop.</b> Mammoth print of Millie-Christine, "The Carolina Twins" c. 1868

Rare Book Monthly

Articles - February - 2012 Issue

Borders is Buried, but Kobo Lives On

Borderskobo

Borders and Kobo were partners in sales in an earlier time.

The final significant steps in the dismemberment and burial of Borders have played out, and we now know how many bones are left to be picked over by creditors. Not many, at least if you are an unsecured creditor. The secured creditors will be paid in full, a lesson for everyone loaning money or selling goods on credit. A security interest provides a seat at the table, while unsecured creditors battle like dogs for the crumbs that are spilled below.

Last February, Borders filed for protection from creditors in bankruptcy court. Borders once had over 1,000 stores in America, and at the time of their filing, was still the second largest bookstore chain in America with 642 stores remaining. After the bankruptcy filing, the firm began paring down their weaker stores as it sought a buyer to take over the company as an ongoing business. It looked like that would happen in July, but creditors were dissatisfied with the offer and voted it down. Instead, they chose to shut Borders down, and liquidate its assets. The 399 stores still remaining in July were all shuttered down by the end of September.

Assets, including various leases and inventory were sold. The Borders name and mailing list was purchased by main rival Barnes & Noble for just under $15 million. More recently, its collection of internet URLs was sold for around three-quarters of a million dollars. Along the way, the sale of secured assets paid out the secured creditors in full. What remained unsure is how much the unsecureds, notably the publishing houses that supplied Borders their books on credit, would get. Now we know.

It isn't pretty. The good news is that it appears they will receive something on the high end of the expected range. The bad news is that this amount was expected to be something between 4 and 10 cents on the dollar. It now looks like the amount will be closer to a dime, but a dime is still a dime, not a dollar.

The last significant piece to go, and which figures to throw a few more pennies to those who are still owed between $812-850 million, is Borders' interest in Kobo. Kobo is the firm that made Borders' electronic readers. E-readers have been the success story of these difficult times for large bookstores. For Amazon, the quite successful online book and general merchant, the Kindle electronic reader has propelled them into the huge electronic tablet area, once the sole domain of Apple and its iPad. For Barnes & Noble, seeming to sink rapidly toward irrelevancy and perhaps the same fate as Borders, its Nook e-reader may prove to be the company's savior.

Borders had no e-reader of its own, nothing substantial enough to save the company. It bought its e-readers from Kobo. Kobo was formed by the Canadian bookseller Indigo. That firm held about a 50% interest in Kobo, having sought out investors to help the company along. One was Borders. Borders purchased a 10% share of the company. That is a relatively small percentage, and Kobo trails well behind Amazon and its Kindle, and Barnes & Noble and its Nook. Nevertheless, it does hold a couple of percentage points of the e-reader market, and while dominant nowhere, apparently has a piece in a lot of markets. It is stronger outside of the U.S. than within. In the end, this 10% share of Kobo was the one asset of at least modest value the bankrupt Borders could sell to provide a few more cents in repayments to its unsecured creditors.

Recently, Rakuten, a large Japanese internet retailer (some like to call it the “Amazon of Japan”), decided to purchase Kobo. They paid around $160 million for Chapters' share of the company. An offer was put in with the bankruptcy court for Borders' share, which the court has approved. Borders will receive something in the $27-$32 million range for its share. That is just a drop in the bucket towards the $850 million it owes, but for the unsecured creditors, it was a drop or nothing. And, for those who knew Borders in its final stages, when it finally got around to offering an e-reader, a piece of what was once a part of Borders will survive. Of course, a small electronic device will hardly fill the memories of those spacious floors and aisles, comfortable chairs, coffee and pastry, and long rows of shelves filled with your favorite new books. Keep pressing the buttons on your e-reader. That other experience is gone forever.

Rare Book Monthly

  • <b>Lawbook Exchange:</b> Lawbook Exchange. Trials for Murder, Robbery, Burglary, Rapes, Sodomy... 4 vols. London, 1764. See at the 2017 NY ABAA Book Fair Booth C-22
    <b>Lawbook Exchange:</b> An Enquiry Concerning the Liberty, And Licentiousness of the Press. New York, 1801. See at the 2017 NY ABAA Book Fair Booth C-22
    <b>Lawbook Exchange:</b> Tavern Licence Granted to John Swan by Mayor James Duane, 1789. See at the 2017 NY ABAA Book Fair Booth C-22
    <b>Lawbook Exchange:</b> First edition of Story's, Commentaries on the Constitution. 3 vols. Boston, 1833. See at the 2017 NY ABAA Book Fair Booth C-22
    <b>Lawbook Exchange:</b> Manuscript Law Dictionary. Repertorium Universale, Amandola, Italy, c.1750. See at the 2017 NY ABAA Book Fair Booth C-22
    <b>Lawbook Exchange:</b> Magna Carta. London, 1556. See at the 2017 NY ABAA Book Fair Booth C-22
    <b>Lawbook Exchange:</b> Hemard. Code Civil, in an extraordinary binding. See at the 2017 NY ABAA Book Fair Booth C-22
    <b>Lawbook Exchange:</b> Two Accounts of the Murder of Mr. John Hayes. London, 1726. See at the 2017 NY ABAA Book Fair Booth C-22
    <b>Lawbook Exchange:</b> Robinson, Boardman. Mr Justice Precedent. 1914. See at the 2017 NY ABAA Book Fair Booth C-22
    <b>Lawbook Exchange:</b> Five volumes of Italian Legal Code in miniature. Turin: Fratelli Bocca, 1901-1903. See at the 2017 NY ABAA Book Fair Booth C-22
    <b>Lawbook Exchange:</b> Tartagni. Alexander de Imola in Prima(m) (et) Secunda(m)... Venice, 1514. In a contemporary chained binding. See at the 2017 NY ABAA Book Fair Booth C-22
    <b>Lawbook Exchange:</b> Catalogue 85. Recently Acquired Books, Manuscripts & Ephemera
  • <b>Daniel Crouch Rare Books</b><br>SAXTON, Christopher. <i>The Travellers Guide being the best Mapp of the Kingdom of England and Principality of Wales</i>. London, [1583, but c.1716].
    <b>Daniel Crouch Rare Books</b><br>VISSCHER, Claes Jansz. <i>Novissima et Accuratissima Leonis Belgici</i>. Amsterdam, Claes Jansz Visscher, [1611-1621 or later].
    <b>Daniel Crouch Rare Books</b> PTOLEMAEUS, Claudius. <i>Decima Asie Tabula</i>. Ulm, Lienhart Holle, 16 July 1482.
    <b>Daniel Crouch Rare Books</b><br>WIT, Frederick de, and Gerard VALK. <i>Orbis Terrarum Nova et Accurata Tabula</i>. Amsterdam, Gerard Valk, [c.1690-1700].
    <b>Daniel Crouch Rare Books</b><br>APIANUS, Petrus. <i>Astronomicum Caesareum</i>. Ingolstadt, Peter Apian, 1540.
    <b>Daniel Crouch Rare Books</b><br>CASSINI, Jean-Dominique. <i>Carte de la Lune</i>. Paris, Jean-Dominique Cassini, 1787.
    <b>Daniel Crouch Rare Books</b> PTOLEMAEUS, Claudius. <i>Geographicae enarrationis libri octo</i>. Argentoragi, 1525.
    <b>Daniel Crouch Rare Books</b><br>[SAXTON, Christopher]. <i> [An Atlas of England and Wales]</i>. [London, Christopher Saxton, 1579].
    <b>Daniel Crouch Rare Books</b> Commission des sciences et arts d'Egypte. <i>Description de l’Égypte</i>… Paris, Imprimerie impériale - Imprimerie royale, 1809-1828.
    <b>Daniel Crouch Rare Books</b> CHURCHMAN, John. <i>To George Washington President of the United States of America this Magnetic Atlas or Variation Chart is humbly inscribed by John Churchman</i>. Philadelphia, 1790.
    <b>Daniel Crouch Rare Books</b><br>APIANUS, Petrus. <i>Tipus Orbis Universalis</i>. Vienna, Johannes Camertius, 1520.
    <b>Daniel Crouch Rare Books</b><br>LORIOT, A[uguste], [after] Nicolas LANE. <i>[Pocket globe]</i>. London, 65 New Bond Street, 1809.
    <b>Daniel Crouch Rare Books</b><br>BLAEU, Johannes. <i>Grooten Atlas</i>. Amsterdam, Joan Blaeu, 1662-1665.
    <b>Daniel Crouch Rare Books</b><br>INGEBORG BRUN, Emmy. <i>Mars efter Lowell’s Glober 1894-1914</i>. Denmark, [c1915].
    <b>Daniel Crouch Rare Books</b><br>LUTHER, Martin. <i>Der vierde Teil aller Bücher vnd Schrifften des thewren seligen Mans</i>. Gedruckt zu Jhena, Durch Christian Rödinger, 1556.

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