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v2.4.0.8
Commitments and Contingencies
3 Months Ended
Mar. 31, 2014
Commitments and Contingencies

9. Commitments and Contingencies

On February 10, 2014, Clinton Relational Opportunity Master Fund, L.P., or the Clinton Group, sent a purported advance notice to the Company of its intent to present proposals and to nominate three persons for election to the Company’s board of directors, or the Board, in opposition to the Board’s nominees, at the Company’s 2014 Annual Meeting of Stockholders, or the Annual Meeting. As of the April 15, 2014 record date for the Annual Meeting, the Clinton Group reports that it beneficially owns an aggregate of 1,073,145 shares of the Company’s common stock, constituting approximately 1.7% of the outstanding shares of the Company’s common stock.

In furtherance of the advance notice delivered to the Company by the Clinton Group on February 10, 2014, the Clinton Group filed a definitive proxy statement with the SEC on April 25, 2014 stating that it intends to solicit proxies to vote in favor of its director nominees and the proposals that it purportedly intends to present before the Annual Meeting. As a result, the Company is facing an opposing proxy solicitation, or the proxy contest, with respect to the matters to be voted on at the Annual Meeting. Costs incurred by the Company in connection with the proxy contest for the three months ended March 31, 2014 totaled approximately $138,000, consisting primarily of outside advisory, legal and proxy solicitor fees. In addition, in its definitive proxy statement with the SEC on April 25, 2014, the Clinton Group stated that its proxy solicitation costs are estimated to be approximately $500,000 and that if the Clinton Group’s proxy solicitation is successful, it may seek reimbursement of these costs from the Company. Due to the inherent uncertainty of the proxy contest, including the potential for litigation to arise or to result from the proxy contest, the Company cannot identify the probable or estimable costs that will ultimately be incurred in connection with such matter.