Subsequent Events

9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

12.  Subsequent Events

On October 13, 2015, the Company held a special meeting of stockholders (“the Special Meeting”) to seek approval for the voluntary dissolution and liquidation pursuant to a plan of dissolution and liquidation.  At the Special Meeting, the stockholders approved the voluntary dissolution and liquidation of the Company.

On October 23, 2015, the Company voluntarily delisted its common stock from NASDAQ, and at the close of business on October 23, 2015, the Company closed its stock transfer books and ceased recording transfers of shares of its common stock.  The common stock and stock certificates evidencing the shares of common stock are no longer assignable or transferable on the Company’s books.

On October 23, 2015, the Company filed a certificate of dissolution with the Delaware Secretary of State in accordance with the plan of dissolution.

In connection with stockholder approval of the dissolution of the Company, the Board of Directors approved an initial liquidating distribution of $49.8 million, or $2.85 per share of common stock.  The distribution was paid on or about October 29, 2015 to stockholders of record as of the close of business on October 23, 2015 (subject to clearance of trades effected through the close of business on October 23, 2015).

On October 20, 2015, in connection with the dissolution of the Company, Jefferson P. Gramm, Lisa O’Dell Rapuano, and Peter H. Kamin resigned as members of the Board of Directors.  Philip B. Livingston is the sole member of the Board of Directors.