Note 3 - Related Party Transactions

9 Months Ended

Feb. 28, 2013

Related Party Transactions Disclosure [Text Block]

3. RELATED PARTY TRANSACTIONS

In connection with the Acquisition, the Company entered into a management services agreement with the Sponsor.  Pursuant to such agreement, and in exchange for on-going consulting and management advisory services that will be provided to the Company, the Sponsor will receive an aggregate annual monitoring fee of $3.0 million. In the quarters ended February 28, 2013 and February 29, 2012, $1.1 million and $1.0 million, respectively, was incurred for monitoring fees and other expenses and is included in general and administrative expenses in the consolidated statement of operations. During the nine months ended February 28, 2013 and February 29, 2012, approximately $3.3 million and $1.8 million, respectively, was incurred for monitoring fees and other expenses and are included in general and administrative expenses in the consolidated statement of operations.