Blockbuster bidding auction begins

A bankruptcy auction for movie rental chain Blockbuster began with a $284m (£174.4m) bid from Dish Network yesterday, quickly topped by rival groups led by billionaire Carl Icahn and hedge fund Monarch Alternative Capital. The Icahn group bid $291.4m, while Cobalt Video, a hedge funds led by Monarch, offered $290m, said Blockbuster lawyer Stephen Karotkin, who was leading the auction.