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SUBSEQUENT EVENTS
6 Months Ended
Jan. 31, 2013
SUBSEQUENT EVENTS

(18) SUBSEQUENT EVENTS

On February 11, 2013, the Company and Steel Partners Holdings L.P. (“Steel Holdings”), an affiliate of Handy & Harman, Ltd. (“HNH”), reached an agreement regarding the sale and issuance of 7,500,000 shares of the Company’s common stock at a price of $4.00 per share, resulting in a $30.0 million investment in the Company before fees and expenses, and warrants to purchase 2,000,000 shares of the Company’s common stock at an exercise price of $5.00 per share (and the issuance of such shares upon exercise of such warrants) to Steel Holdings pursuant to the terms and subject to the conditions set forth in the investment agreement, dated February 11, 2013, by and between the Company and Steel Holdings. The agreement is subject to shareholder approval and other enumerated closing conditions.