Subsequent Event

6 Months Ended

Jul. 31, 2011

The Company has a fully consolidated development project consisting of approximately 13 acres of land held in Las Vegas, Nevada. The project was secured by a nonrecourse mortgage of approximately $41,800,000, which matured on July 1, 2011 and was in default at July 31, 2011. In August 2011, the Company was able to successfully resolve the defaulted nonrecourse mortgage by settling the entire outstanding balance of the nonrecourse mortgage at a discount for a cash payment of approximately $26,600,000 which will result in a gain on extinguishment of debt of approximately $15,200,000 during the three months ended October 31, 2011.