Bloomberg Mole Rats Out Reader's Digest Next

The same author who earlier scared the bejeezus out of Blockbuster shareholders, and who likely used the same mole she has within Kirkland & Ellis (note to Jamie Sprayregen: you have one angry leak in your midst, may want to consider tapping those phone lines), announced that Reader's Digest was the second company today to hire the restructuring specialist. In a release in which Ms. Kary seems to have merely swapped the name of Reader's Digest with that of Blockbuster, she reports that "K&E was asked to advise on "pre-packaged" or "pre-negotiated" bankruptcy." yada yada. Ms. Kary does provide some facts, mostly in the description of the company (a publisher of magazines, and operator of websites) and its background, including its acquisition by Ripplewood in 2007 for $2.4 billion. Luckily for Tiffany, Reader's Digest, unlike Blockbuster, is not public and there will be much less mass hysteria tomorrow and likely far fewer class-action lawsuits.