Spencer Capital Recommends Board Member for Borders (BGP)

In an amended 13D filing after the close on Borders Group (NYSE: BGP), 7.9% holder Spencer Capital disclosed that they recently suggested to the company that Glenn Tongue, Managing Partner of T2 Partners Group, LLC, be added to the Board of Directors.

From the Filing:

" As a result of conversations with various representatives of the Company, the Spencer Capital Filers concluded in late September 2007 that the Company's Board of Directors should include at least one representative of the Company's significant shareholders. The Spencer Capital Filers concluded that one or more such directors could enhance the Board's deliberations and decisions by presenting to the Board shareholder perspectives on matters under consideration and by bringing focus to Board efforts to maximize shareholder value. Accordingly, on September 25, 2007, Dr. Shubin Stein asked Glenn Tongue, Managing Partner of T2 Partners Group, LLC, whether he would be willing to serve on the Board and work with the Spencer Capital Filers to seek representation on the Board. Mr. Tongue advised Dr. Shubin Stein that he would be willing to serve on the Board and that he and the T2 Filers would work together with the Spencer Capital Filers to encourage the Company to add him to the Board. Later on September 25, 2007, in a conversation with George Jones, chief executive officer of the Company, Dr. Shubin Stein requested that the Company add Mr. Tongue to the Board."