Hedge Funds Allege Breached Warrant Agreement in BPW Lawsuit
Posted March 26, 2010 2:00PM PST

A group of warrant holders of the SPAC BPW Acquisition Corp. filed a lawsuit in Delaware's Court of Chancery on March 22 alleging that BPW has breached a warrant agreement through amendments made as part of its upcoming merger with The Talbots Inc.

The warrant holders, which include Pentwater Growth Fund, are seeking to bar Talbots' tender offer for outstanding BPW warrants, which began earlier this month and was scheduled to end today.

The warrant holders said in the suit that they do not intend to tender their warrants, according to a filing by BPW.

So far, BPW has struck agreements with the holders of more than half of its warrants, it said.

BPW said the suit is meritless and it will defend itself.
Filing: 8-K


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