As expected, Borders announced a September 29 shareholders meeting to rubber-stamp the company’s deal with Bennet LeBow. He will either be granted a whopping stock warrant for 35.1 million shares exercisable at $2.25 or he will get “stock appreciation rights” that pay him anyway if the stock moves above that price. The surprise is the second motion on the agenda, which gives LeBow’s company control over the hiring and firing of the ceo, cfo, and any other executive officer. That should clear things up for anyone who still had doubts about whether LeBow bought complete control of the company.Release
