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Non-Tech : Barnes & Noble (BKS) -- Ignore unavailable to you. Want to Upgrade?

To: Tom Genna who wrote (1570)	10/14/1999 12:25:00 PM
From: jcurrie	Read Replies (1) \| Respond to of 1691

Tom, I agreed with your opinion on not liking the deal Riggio made with himself. But, I did some arithmetic on his ownership in BKS(15+%)which was selling at 27 3/8 on 10/5/99 before the announcement was made to purchase Baggage, today BKS is selling at 21 7/8 and still dropping. [Of course,some of this decline could be attributable to the current market conditions.] This equates to a paper loss for Riggio of $60+ million. I have to believe, Riggio anticipated this negative market reaction plus the shareholders' lawsuits, but he still went through with the deal. It seems to me that his stake in BKS and BNBN would dictate that he pursue the best interest of these companies. However, not to overlook the fact that his Baggage interest may have been in dire need of rescue and he was willing to take whatever negatives the deal would create. Although, I am not overjoyed with the proposed acquisition I think the product line offered by Baggage is a good fit for BKS & BNBN and will eventually prove to be a plus deal. IMO