Building upon our ongoing studies on the high-yield synthetic route to 2,3,4,5-tetracarba-1,6-nido hexaborane derivative 5, we continue to explore the chemistry of this system to isolate a range of perphenylated C4 B2 -type carborane isomers. As a result, the photolysis of 5 for an elongated period yielded 6, which exhibits an intense luminescence upon excitation with a UV lamp (λex =366 nm). In contrast, the conversion of 5 under thermal conditions (microwave heating) generated the isomer 7, which does not show any luminescence. The structural disparity among the three isomers 5-7 is the position of the butadiene moiety with respect to the C4 B2 -carborane cage as deduced from single-crystal X-ray diffraction analyses. In an attempt to generate the classical structural motif of 5, an equimolar amount of KOtBu was added to a THF solution of 5, which immediately provided the boratacyclopentadiene derivative 8 in good yield. The observed rearrangement reactions were further investigated by quantum chemical calculations to suggest a plausible reaction pathway. According to the DFT calculations, the energetically favored reaction mechanism most likely involves tricyclic transition states and classical intermediate structures. In addition, the fluorescence emission properties of 6 were investigated in solution as well as in the solid state.