Pursuant to an Order of the Court of Chancery of the State of Delaware, dated June 15,a hearing will be held on September 4, at 10:00 a.m., before The Honorable Leo E. Strine, Jr., in the Court of Chancery of the State of Delaware, New Castle County Courthouse. The Action and Settlement address claims alleging that certain directors of B&N breached their fiduciary duties to the Company in causing B&N to purchase Barnes & Noble College Booksellers from B&N’s Chairman, Leonard Riggio, and his wife, Louise Riggio. Each of the Defendants denies and continues to deny all allegations of wrongdoing and denies liability on the claims asserted in the Action. Leonard Riggio and Louise Riggio will effect the settlement for the benefit of B&N by reducing the purchase price of B&N College by $22.75M and forgoing interest payments that would have been due in connection with the payment of a promissory note in the additional amount of $6,256,250.
America has no tolerance for wealthy people griping about their financial woes. But they have concerns too.