Small-time investor Sandell Capital Management got exactly nowhere with their summer campaign to goad Barnes & Noble into selling itself to a nonexistent buyer for a pricetag not offered by anyone of $900 million. So now they have reformulated the plan into a “proposed transaction” that would have the company taken private at a lower value — $650 million or so — by using crushing leverage from a not-yet-existing lender and the participation of an unwilling Len Riggio and other shareholders. The plan, as described in the WSJ on Thursday afternoon, calls for raising a big $500 million in debt […]
