Subsequent Event

6 Months Ended

Aug. 31, 2013

Subsequent Event

Subsequent Event

13. Subsequent Event

        On September 26, 2013, the Company agreed to exchange all of its outstanding Series G and Series H preferred stock, that had been held by Green Equity Investors III, L.P., for 40,000,000 shares of the Company's common stock pursuant to an individually negotiated exchange agreement. The transaction closed on September 30, 2013 and the shares of common stock were issued in reliance upon the exemption from registration provided by Section 3(a)(9) of the Securities Act. Following the settlement date of the transaction, no shares of the Series G and Series H preferred stock remain outstanding and the Company's Restated Certificate of Incorporation has been further amended to eliminate all references to the Series G and Series H preferred stock.

        On the settlement date of the transaction, John M. Baumer, a member of the Board of Directors of the Company elected by the holders of the Series G and Series H preferred stock, resigned from the Company's Board of Directors effective as of the settlement date, in accordance with the terms of the exchange agreement. Mr. Baumer is a limited partner of Leonard Green & Partners, L.P., an affiliate of the holder of the Series G and Series H preferred stock.