Burkle Fund Objects To Barnes & Noble 'Poison Pill'

Law360, New York (May 6, 2010, 4:47 PM EDT) -- A fund controlled by billionaire Ron Burkle has sued Barnes & Noble Inc., claiming the nation's largest bookseller engaged in a self-dealing scheme when it adopted rules that allegedly tilt the playing field against any possible challenge to the company's slate of directors.

Wednesday's complaint, filed by Yucaipa American Alliance Fund II LP in the Delaware Chancery Court, accuses the Riggio family, the company's largest shareholder, of treating Barnes & Noble as its “personal piggy bank” and adopting the so-called poison pill provision to ward off...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.