Changes In Company Executives

9 Months Ended

Sep. 30, 2011

Changes in Company Executives [Abstract]

CHANGES IN COMPANY EXECUTIVES

10. CHANGES IN COMPANY EXECUTIVES

William R. Council, III resigned as Chief Executive Officer and Director of the Company, effective September 30, 2011. In connection with his resignation, the Company and Mr. Council entered into a separation agreement effective September 30, 2011 for the severance under the terms of Mr. Council’s employment agreement. The Company recorded $1,258,000 in severance and other expenses in the third quarter of 2011 related to Mr. Council’s departure in accordance with his employment agreement, most of which will be paid on March 31, 2012. The Company and Mr. Council also entered into a six month consulting agreement effective October 1, 2011 to facilitate the transition of management. Under the consulting agreement, Mr. Council will receive $36,800 per month through March 2012. On September 16, 2011, the Board of Directors appointed the Company’s Chief Operating Officer, Kelly J. Gill, as President of the Company and on November 4, 2011 promoted Mr. Gill to Chief Executive Officer of the Company and appointed him to the Board of Directors.