Leonard Riggio

New York – Leonard Riggio, chairman of Barnes & Noble, has reportedly sold 2 million shares of company...

Ailing bookseller Barnes & Noble filed its proxy statement detailing issues for its annual shareholder meeting in September. As part of that filing, the company listed various business relationships it has with other firms that have a connection to Barnes & Noble. Interestingly, the list was chock-full of ties to companies that are at least partly owned by founder Leonard Riggio or his family, for which Barnes & Noble paid more than $160 million in the 2012 fiscal year. Earlier this year, Riggio offered to take the retail store portion of the company private. 

Barnes & Noble Founder and Chairman Leonard Riggio has notified the company's board of directors of his intentions to purchase the company's retail business. The process of evaluating a proposal and negotiation of any transaction will be overseen by a strategic committee of three independent directors: David G. Golden, David A. Wilson and Patricia L. Higgins, who is chair of the strategic committee.

Barnes & Noble Founder and Chairman Leonard Riggio agreed on Wednesday to forgo $29 million from a sale of one of his companies to the book retailer in order to settle a shareholder lawsuit, according to court documents, Reuters reported. The lawsuit goes back to a 2009 agreement by the chain to buy back Barnes & Noble College Booksellers Inc. for $514 million from Riggio. Shareholders sued Riggio, saying the deal overvalued the college bookstores and enriched Riggio, Barnes & Noble’s largest investor, at the expense of shareholders.