Virtual Books

From: Gift Cards Arena

"Those clinging hopefully to the old Borders books gift cards stashed in their drawers or wallets are out of luck, a Manhattan federal judge ruled Wednesday. According to Reuters, there are about $210.5 million worth of such cards that had not been used by the time the bookstore chain went out of business in September 2011. All of which are now 'equitably moot.'

     The gift card drama first entered the headlines when two frustrated shoppers who had about $125 in unused gift cards filed court papers in January 2012 arguing that Borders did not give card holders adequate notice to redeem them for books. Even though the bookstore did publish a claim deadline in the New York Times and Wall Street Journal, an attorney for the claimants argued, at the time, that the average customer may not have seen it."
— Jenny Hendrix, Los Angeles Times
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What is equally annoying about this court ruling is that all this book-targeted cash ended up generating no royalties for authors.