Friday, September 25, 2015

Would-Be Buyer of B&N Settles Fraud Charges - Publishers' Weekly

You thought you'd get away with it?
Panzer stopped in at the Publishers' Weekly site today.

In a post by Jim Milliot he learned some interesting facts about a purported attempt to purchase a controlling interest in Barnes & Noble last year. In February 2014 Michael A. Glickstein of G Asset Management LLC announced they wished to purchase 51 percent of Barnes & Noble. That turned out to be not only false, but impossible. Glickstein and the firm did not have the money to do the purchase and they had no way to get the money. What they did have was some B&N stock they'd already bought. The possible B&N purchase attempt news raised the stock price so G Asset Management LLC made money selling their stock.

Panzer says, "Barnes & Noble didn't have anything to do with any of this. This was strictly Glickstein and G Asset Management."

To read the full post, tootle over to Barnes & Noble

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