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The other thing that happened today was that the court ruled in B&N's favour that it's "poison pill" tactic which effectively prevents Burkle from acquiring more than 20% of the company was valid. An 87 page ruling sounds like it would make fascinating reading. The court was not amused by Burkle's apparently half-baked ideas for the company. Burkle's firm, Yucaipa, was the opponent in the lawsuit against B&N.
Vice Chancellor Leo Strine of the Delaware court noted: “At bottom, Yucaipa is simply positioning an absurd scenario at best fit for a discussion by a Red Bull fueled group of nerdy second year law school corporate law junkies, who find themselves dateless (big surprise) on yet another Saturday night.”
Ouch.
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