[quote=squat250]…Judge Glenn added that allowing the gift card holders to file late claims “would have a disastrous effect” on Borders’ effort to pay its creditors from the fruits of its liquidation. After all, Borders’s records indicated 17.7 million outstanding gift cards with unredeemed balances of some $210 million as of June 2011. The judge said adding these claims to the list would hurt the general unsecured creditors whose claims would rank below the gift-card claims; unsecured creditors are already slated to recover between 4% and 10% of what they’re owed.[/quote]

scaredy, you answered your own question. In the case of BK and assuming arguendo you timely FILED a creditor’s claim for the value of your unused BN gift cards, it is VERY likely you would recover little to nothing when all was said and done.

After reading Mish’s take on this, my advice is to not buy anymore and have lots of hot toddys with your family and guests there over the holiday season. IF BN decides to file for BK protection, it will be AFTER the new year, when their holiday proceeds are tallied.