After losing a lawsuit yesterday, Barnes & Noble stockholder Ron Burkle has mounted an effort to change the balance of power on the bookseller’s board of directors.
Yesterday Barnes & Noble issued a terse statement that they did not reach the predicted settlement with Burkle and his investment firm, Yucaipa. Within hours, a Delaware judge ruled in favor of the bookseller in a lawsuit over limits on how much company stock Burkle could own.
Read more about the power dispute at Daily Finance. Here’s an excerpt: “With the court siding in B&N’s favor, that clears the way for Burkle to wage a proxy fight against the board, and target three board members seeking re-election bids – Laurence Zilavy, Michael Del Guidice, and Leonard Riggio — with demands they be removed and replaced by individuals more receptive to Yucaipa.”