XML 33 R20.htm IDEA: XBRL DOCUMENT v2.3.0.15
Other Matters
6 Months Ended
Oct. 09, 2011
Other Matters
13.
Other Matters
 
As previously announced, in July 2010, our board of directors commenced a review of strategic alternatives available to us in order to maximize stockholder value. On May 13, 2011 our board of directors approved the following strategic alternatives. First, we have submitted to our stockholders for their approval a proposal to eliminate the Company’s dual-class common stock structure by reclassifying our Class A Common Stock into Common Stock.  Second, our board of directors has amended our shareholder rights plan to expire automatically when and if the reclassification of the Class A Common Stock becomes effective. An initial vote on the reclassification proposal was held on September 12, 2011, and the measure was defeated by the Common Stock shareholder class by approximately 275,000 votes. The board of directors has called for a special meeting of shareholders on November 17, 2011 to reconsider this proposal. Subsequent to the initial vote and prior to the record date for the upcoming special meeting, the holder of the outstanding shares of Series B preferred stock converted all the remaining shares into 986,582 shares of Common Stock and has stated its intention to vote their shares in favor of the reclassification proposal. There can be no assurance that the proposed reclassification will be consummated or, if consummated, the timing thereof.