For a company so in the dumps, there seems to be a whole lot of attention focused on Circuit City Stores, Inc. (NYSE: CC) these days. First, Blockbuster, Inc. (NYSE: BBI) offered to buy the struggling consumer electronics retailer for about a billion dollars recently. Circuit City finally made the offer public. Another party that has shown interest in acquiring Circuit City is now demanding the retailer open its books for review.

Wattles Capital Management, which owns a decent chunk of Circuit City's shares, delivered a letter yesterday to the retailer's board demanding that it investigate other potential suitors for the company (i.e., seek other interested acquirers), as well as provide open access to the company's financial operations. One would think that being a public company gives a decent amount of insight into the books already, but Circuit City may be hiding something. Or not. Wattles just wants some feedback from a company that has talked "transformative process" for quarters, but that clearly has no clue how to dig itself out of the hole it is in.

Part of Wattles' letter to the board yesterday included questions about 1) the fact that some of Blockbuster's financing could be derived from Circuit City's own balance sheet, 2) how Carl Icahn could assist in the buyout and 3) Blockbuster's "very short" due diligence process.

Wattles wants to make sure there are no inside shenanigans going on here that would give Blockbuster unique access to a buyout without considering other parties as potential acquirers of the electronics retailer. It seems more than one party wants to buy Circuit City these days, and for the fire-sale price of its stock, who could blame any of them?