Bank Repossession

  The oswals  who were part owners of Burrup fertilizers in WA this week had their cars sold into auction   as part of the receivership. Embattled fertiliser tycoons and former Perth residents Pankaj and Radhika Oswal have begun liquidating their lucrative assets, with four luxury cars belonging to the couple going under the hammer. A 2007 Bentley convertible, Porsche Cayenne Turbo and two BMW 5-series sedans were the cream of the crop in a 40 car auction held at Manheim yesterday afternoon, potentially fetching more than $470,000. The couple's 2008 black sapphire BMW 5 Series was also referred after the highest bidder came in at $55,250, below the reserve price.

When RED Group, the owner of Angus & Robertson and Borders locally and Whitcoulls in New Zealand (amounting to about 260 shops), opted on Thursday for voluntary administration , it blamed increasing online sales and Australia's territorial copyright laws for its problems. Borders plans to operate normally and honour gift cards and its loyalty program as it reorganises. But it is left to be seen how this will get managed Borders, whose market value has shrunk by more than $3 billion since 1998, racked up losses by failing to adapt to shifts in how consumers shop Well-known literary gent Jerry Seinfeld summed up the importance of bookshops. ''A bookstore,'' he said, ''is one of the only pieces of evidence we have that people are still thinking.'' Now the people who run them will have to do the thinking. Australian book chains Borders, Angus & Robertson and the Whitcoulls chain of newsagencies in New Zealand have been placed in...