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Note 3 - Related Party Transaction
6 Months Ended
Nov. 30, 2011
Related Party Transactions Disclosure [Text Block]
3.     RELATED PARTY TRANSACTION

In connection with the Acquisition, the Company entered into a management services agreement with TPG Capital pursuant to which TPG Capital received on the closing date an aggregate transaction fee of $18 million in cash, of which $8.0 million was capitalized as deferred debt issue costs relating to the commercial banking services that TPG Capital provided in conjunction with negotiating the debt arrangements. In addition, pursuant to such agreement, and in exchange for on-going consulting and management advisory services that will be provided to the Company, TPG Capital will receive an aggregate annual monitoring fee prepaid quarterly equal to $3 million. In the Successor quarter ended November 30, 2011, $0.8 million was recorded for monitoring fees and is included in selling, general and administrative expenses in the consolidated statement of operations. During the Successor fiscal 2012 period, approximately $0.9 million was recorded for monitoring fees and is included in general and administrative expenses in the consolidated statement of operations.