March 26, 2010 04:26 PM Eastern Daylight Time
NEW YORK--(EON: Enhanced Online News)--As previously disclosed, on March 22, 2010, an affiliated group
of hedge funds holding outstanding warrants (the “BPW Warrants”) to purchase shares of common stock of BPW
Acquisition Corp. (“BPW”) filed an action captioned Pentwater Growth Fund, Ltd., et al. v. BPW Acquisition
Corp., et al., C.A. No. 5367-VCS, in the Court of Chancery of the State of Delaware against BPW and The
Talbots, Inc. (“Talbots”). The complaint alleges that BPW has breached the Warrant Agreement, dated as of
February 26, 2008, by and between the Company and Mellon Investor Services, LLC, related to the BPW
Warrants (the “Warrant Agreement”) and its implied covenant of good faith and fair dealing by proposing certain
amendments to the Warrant Agreement. Specifically, the complaint challenges amendments proposed in the
preliminary proxy statement filed by BPW with the Securities and Exchange Commission on March 16, 2010 (the
“Consent Solicitation”). On March 23, 2010, plaintiffs filed a motion for a temporary restraining order (“TRO”)
seeking preliminary relief commensurate with their requested injunction. On March 26, 2010, the Court denied
plaintiffs’ motion for a TRO. Ruling at the conclusion of the hearing on the motion, the Court found that none of the
requirements for a TRO had been met: (1) that plaintiffs had not identified colorable claims; (2) that plaintiffs had
identified no imminent, irreparable harm; and (3) that the balance of the equities tilted against any relief at this time.
About BPW Acquisition Corp.
BPW Acquisition Corp. is a special purpose acquisition company formed in 2008 for the purpose of effecting a
merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business
combination with one or more operating businesses.
The foregoing contains forward-looking information. This forward-looking information may be identified