Annual report pursuant to Section 13 and 15(d)

Subsequent Events

Subsequent Events
12 Months Ended
Nov. 30, 2012
Subsequent Events


In December 2012, the Company received payment of $800,000 from its insurance company which was recorded as an insurance receivable as of November 30, 2012. Please see Note 5 for further information.

On February 9, 2013, Dunnan D. Edell, the Company’s President and Chief Executive Officer died. On February 10, 2013, David Edell was appointed Chief Executive Officer of the Company, Stephen A. Heit was appointed President in addition to his responsibilities as Chief Financial Officer and Drew Edell was appointed Chief Operating Officer. Drew Edell was also appointed as a director effective the same date. Under the terms of Dunnan Edell’s employment agreement his estate will be paid a lump sum of $350,000, representing one year’s salary plus a pro-rated bonus of $9,726 for fiscal 2013. This payment will be recorded as an expense in the first quarter of fiscal 2013.