Bankruptcy Court to Forgive $1 Billion Blockbuster Debt        

          The New York Times reported today that video rental behemoth, Blockbuster, has filed for bankruptcy in New York in a move to erase its nearly $1 billion in debt.  What the…?  So much for the Obama administration’s so-called financial reform initiative!  Senior bondholders will receive a large equity stake in the deal, while junior bondholders, who only get repaid after other lenders if the borrower gets into financial difficulty, are expected to be ‘wiped out’.