Barnes & Noble: Hypothetical Vote Totals from Riggio vs. Burkle Election - Voting Mistakes

by Geoff Gannon


In my earlier post, I showed the actual vote totals from the Barnes & Noble board election:

Candidate

Votes

Percent

David Wilson (R)

26,478,668

52.84%

David Golden (R)

26,475,809

52.83%

Leonard Riggio (R)

26,469,641

52.82%

Stephen Bollenbach (B)

23,058,542

46.01%

Michael McQuary (B)

22,826,210

45.55%

Ronald Burkle (B)

22,731,679

45.36%

Today:  I’m looking at the voting mistakes made by Burkle supporters reported in the Deal Professor blog

Did these mistakes save Len Riggio?

Deal Professor said 3 things we care about. These are direct quotes:

  1. However, according to people close to Barnes & Noble, Aletheia did not vote 1.7 million of its shares. The remainder of approximately 7.3 million shares were voted for Mr. Burkle’s nominees.
  2. Among other shareholders, State Street held approximately one million shares and voted its shares late at the meeting, according to people close to Mr. Burkle. They were thus not counted. State Street would have voted these shares as withhold for Mr. Burkle, in favor of his two other nominees and against the company’s poison pill proposal.
  3. According to people close to Barnes & Noble, this would have made the race much tighter, but Mr. Burkle still would have lost all of the director elections by 1 to 2 percent of the vote.

Here’s what the vote totals would’ve looked like if Aletheia voted all its shares and State Street’s votes were counted:

Candidate

Votes

Percent

David Wilson (R)

26,478,668

50.14%

David Golden (R)

26,475,809

50.13%

Leonard Riggio (R)

26,469,641

50.12%

Stephen Bollenbach (B)

25,758,542

48.77%

Michael McQuary (B)

25,526,210

48.33%

Ronald Burkle (B)

24,431,679

46.26%

Len Riggio still would have won. Riggio’s margin without voting mistakes would’ve been 700,000 shares. 

Talk to Geoff about Barnes & Noble (BKS)