$106MM Charge For Borders and A New Board Member

Strange this is getting reported today by Reuters because this information was noted in the sale announcement last week. Borders will take a $106mm charge most of which is due to the sale of the UK store operations.

An announcement regarding the sale of the Australian operations is expected soon.

Reuters

In a separate Reuters report, Spencer Capital Management which owns about 8% of Borders stock is seeking board representation. From the report,

Spencer said it would seek to have Glenn Tongue, managing partner of fellow Borders shareholder T2 Partners Management, added to the board. The hedge fund advisor said in the filing with the U.S. Securities and Exchange Commission that adding Tongue to the board would bring focus to board efforts to maximize shareholder value.

Glenn Tongue is the Managing Partner of T2 Partners LLC and has 17 years experience on Wall Street, most recently as an investment banker at UBS, where he was a Managing Director and Head of Acquisition Finance. Before UBS, he was at DLJ for 13 years, the last three of which he served as the President of NYSE-listed DLJdirect. (From his Bio).