For Circuit City and its investors, the last couple years have been nothing but torture. Witness the epic share-price decline of nearly 90% over the past two years. Witness the glimmer of hope brought about by Blockbuster's proposed takeover offer in April, which is backed by Carl Icahn, only to see the market severely discount any chance of it happening. Witness yesterday's anticlimactic shareholders meeting where the biggest news was that activist investor Mark Wattles compared corporate due diligence to canine mating rituals.
Although things are dour, they aren't lacking in excitement: Shares in both Circuit City and Blockbuster have been wildly volatile in heavy trading as investors set the odds and outcomes of a possible pairing of the two struggling brands.
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