Borders Group yesterday issued warrants to Pershing Square Capital Management to purchase 5.15 million shares of stock at $7 a share. The warrants are good until October 9, 2014. Borders shares closed yesterday at $6.64 a share, up 1.2%.
The warrants were part of a deal reached earlier this year whereby Borders borrowed $42.5 million from Pershing Square, which is already Borders's single-largest shareholder with an estimated 29% of common stock (Shelf Awareness, September 26, 2008). Observers have speculated that Pershing Square now has more reason to push for a sale of Borders.
Cool Idea of the Day: So that customers don't have to "choose between art and politics," Eagle Harbor Book Co., Bainbridge Island, Wash., will show tonight's Vice Presidential debate on the store's television and will delay a book party until after the debate.
At the event, Roseanne Olson will present a slide show based on her photography book, This Is Who I Am: Our Beauty in All Shapes and Sizes (Artisan).
Congratulations to Subterranean Books, St. Louis, Mo., which for the seventh time in eight years since opening in 2000 has won Best Book Store (Independent) in Riverfront Times's annual competition. (Check out the store's website, which should also win an award.)
The weekly wrote in part: "Owner Kelly von Plonski has re-created Subterranean in the past year, resetting the floor plan to better accommodate her belief that the greatest variety of titles on the broadest range of topics is the Tao of the bookstore. The upstairs is still an art gallery, but new shelves allow for a maximization of space so that expanded sections covering interior design, cooking and the DIY movement offer inspiration. The erotica has been moved to the front of the shop for ease of access, a now-close neighbor to shelves devoted to ritual magic, the Beats and an entire section devoted to Taschen Books' bizarre view of the world. Literature, one of the most evocative words in the English language, is the backbone of the store still, twin columns that run the length of the room. The journey of a thousand years begins here at Subterranean, as soon as you open your eyes."
Happy anniversary to the Learned Owl Book Shop, Hudson, Ohio, which celebrates its 40th anniversary this month. "Books have always been woven into my life," owner Liz Murphy, who bought the store 25 years ago, told the Hudson Hub-Times. "They've created my world . . . since I learned how to read."
The store begins to celebrate next Monday, October 6, with festivities that include giveaways, free balloons, drawings and more. On the weekend of October 25 and 26, the Learned Owl will hold an anniversary event that features storytelling with Mercer Mayer's Little Critter, building a tetrahedron with author Shelly Pearsall, face-painting, games and more.
An instant book designed to bolster support for the Obama campaign has come out as an e-book, which is available for free, and a Lightning Source title that is available in print form. From idea to printed books took about two weeks, according to David Wilk of Rvive Books, which published the book with Jacquie Jordan, Inc.
The title is Vote to Save the Planet: Your Guide to the Issues that Matter by Jeff Schweitzer ($7.95, 9781935073000/1935073001), who blogs for Huffington Post and is "a former Clinton/Gore science advisor and internationally recognized authority in science, conservation and ethics."
For more information, contact Darice Fisher of Jacquie Jordan at email@example.com or 310-376-1456 or David Wilk at firstname.lastname@example.org or 203-454-4454.
Gotham Books and Avery Books, both nonfiction imprints at Penguin Group, are joining forces and will be led by William Shinker, now president and publisher of the two imprints. As part of the change:
- Lisa Johnson has become v-p, associate publisher, of Gotham and Avery and will be in charge of a single publicity and marketing department for the imprints. She has worked for Penguin for more than 17 years, most recently as v-p, executive director of publicity and director of marketing, for Dutton and Gotham, and earlier worked at Putnam, Random House and Simon & Schuster.
- Christine Aronson has joined Dutton as director of publicity and marketing. She was formerly publicity director of Crown, Crown Forum and Shaye Areheart Books. Before that, she worked at Holt, Goldberg McDuffie Communications and Viking Penguin.
- Lauren Marino has become v-p, editorial director, of Gotham. She joined Gotham as founding executive editor in 2001 and earlier was a senior editor at Broadway Books and editor at Hyperion. She began her publishing career at HarperCollins and the Robbins Agency.
- Megan Newman has become v-p, editorial director, of Avery. Before joining Penguin as publisher of Avery in 2004, she was editorial director of HarperResource.