The hedge fund said in the fourth quarter of 2006 their representatives had conversations with members of the Board and the Company's operating management and discussed with them concerns previously disclosed. Caxton Associates said they were not satisfied with the results of those conversations and will continue to examine all of their options in order to enhance shareholder value. Such options include the possibility of seeking to replace some or all of the members of the Board prior to the Company's 2007 annual meeting of shareholders.
In its original 13D filing, Caxton said they believe that the intrinsic value of the Company, and the amount a strategic or financial buyer would pay to acquire the Company, is significantly greater than the current market value of the Common Stock. The firm said the Board should immediately work with management to develop a new business plan and said the new plan should be assessed against other available alternatives, including the possibilities of a sale or restructuring of the Company.