Though dense, there’s some interesting (and colorful) reading in the full opinion from chancellor Strine in his Barnes & Noble poison pill ruling. He did find that lead director Michael Del Giudice is too closely tied financially and politically to Len Riggio’s money and interests to be considered an independent director. But the current committee of independent directors considering strategic alternatives does not include Del Giudice as a member. He cites a number of snippets of testimony regarding earlier tussles between Riggio and Burkle, and at one point he relates a board discussion of the poison pill plan in which […]
