"Jim Keyes and all involved will be held accountable for their actions that led to this today," former shareholder, Niko Celentano, wrote at the time of the bankruptcy filing. "Jim Keyes and his BOD's have failed all shareholders in their fiduciary responsibilities due to them. Jim Keyes is the main reason Blockbuster is in this position today due to his denial of being in a business model that did not work anymore. If Jim Keyes would have seen the changes that were evolving in this industry in the past few years, Blockbuster would not have been in the courts today filing Chapter 11 bk protection.... Jim Keyes has failed in his job as CEO of Blockbuster and should resign immediately."

From http://www.thestreet.com/story/10886236/1/should-blockbuster....

That article, and some other things I skimmed over, allege some more serious malfeasance, but this quote doesn't say "Jim Keyes has lied to us" or "filed fraudulent documents with the SEC" or something like that. I don't know much about fiduciary duty, but this statement doesn't seem to identify specific ways Jeff Keyes failed to execute the duty. He may have made some bad choices over "the past few years", but apparently this investor chose not to bail out. Why shouldn't he share the blame?

Seriously though, there seem to be some psychological irregularities in Keyes's behavior. He spends 21 years at 7-11, working his way up to President and CEO, and then he can't enjoy retiring with his millions? Well that's OK, lots of dudes in that position find it interesting to serve on boards or as high-priced consultants. Instead, he bribes a meddlesome private equity guy like Icahn into leadership of a company that was largely built by a former rival exec at 7-11? Jealous much? Usually private equity has to pay a premium to execs, because they're such a pain to work for. (Alternatively, because they disrupt much of the back-scratching pretense at corporate governance seen at publicly traded firms.) This guy must have had the mother of all mid-life crises.