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SUBSEQUENT EVENT
12 Months Ended
Dec. 31, 2013
SUBSEQUENT EVENT  
SUBSEQUENT EVENT

NOTE 19—SUBSEQUENT EVENT

Modified Dutch Auction

         On January 31, 2014, the Company commenced a modified "Dutch auction" tender offer (the "Offer") to repurchase for cash up to $30 million of shares of its common stock. A modified "Dutch auction" tender offer allows stockholders to indicate how many shares and at what price within the offer range (in increments of $0.05 per share) they wish to sell their shares to the Company. On February 18, 2014, in response to comments from the SEC, the Company increased the minimum tender price in the Offer from $1.00 to $1.35, but the upper limit of the Offer range remain unchanged at $1.54 per share. The Company also extended the expiration date for the tender Offer from February 28, 2014 to March 3, 2014.

         On March 3, 2014, the Offer expired and a total of 15,664,117 shares were tendered at prices within the offer range. Based upon the number of shares tendered and the prices specified by the tendering stockholders, the applicable purchase price was $1.54 per share. As a result, the Company used a portion of its cash and cash equivalents to purchase and retire such shares of the Company's common stock for an aggregate purchase price of $24,123, excluding fees and expenses associated with the Offer. Certain of the Company's directors and their affiliates sold shares to the Company in the Offer. Each of Dennis L. Jilot, the Company's Chairman of the Board, Andrew M. Leitch, the Company's Chairman of the Audit Committee, and Dominick J. Schiano sold to the Company 770,000 (representing approximately 41% of such stockholder's shares), 49,188 (representing approximately 84% of such stockholder's shares), and 100,000 shares (representing approximately 50% of such stockholder's shares), respectively. In addition, certain affiliates of Susan C. Schnabel, the Company's Lead Director and the Company's Chairman of the Nominating and Corporate Governance Committee, sold a total of 10,079,708 (representing all of such stockholders' shares) shares to the Company. As a result of such sales, John A Janitz, the Chairman of the Company's Compensation Committee, and Mr. Schiano each received $170 resulting from their pecuniary interest in 110,504 shares previously held by such affiliates of Ms. Schnabel.