The WSJ reminds readers that the next phase of Borders’ loan-shark deal with Pershing Square Capital Management kicks in October 1. If the bookseller does not have a deal to sell the company–which is increasingly unlikely given the state of capital markets–then Pershing Square acquires warrants to buy another 5.15 million shares (or almost 8 percent of the company). For now those warrants are nearly worthless, since they are exercised at $7 a share, which is about the highest Borders stock has traded ever since their disclosure of liquidity pressures earlier this year. Pershing Square is already the company’s biggest […]