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Contingencies
 6 Months Ended
Nov. 29, 2012
Contingencies [Abstract]  
Contingencies

6. Contingencies

 

On July 7, 2005, the Company amended its office lease in order to exit leased office space for the Company’s former limited-service lodging division. To induce the landlord to amend the lease, the Company guaranteed the lease obligations of the new tenant of the relinquished space through November 2013. The maximum amount of future payments the Company could be required to pay if the new tenant defaults on its lease obligations was approximately $466,000 as of November 29, 2012.

 

Subsidiaries of the Company are defendants in legal proceedings related to the development of the condominium units at the Platinum Hotel & Spa. During the fiscal 2013 second quarter, a significant number of claims were settled for $750,000 and the charge is included in administrative expenses in the consolidated statement of earnings for the 13 and 26 weeks ended November 29, 2012. As of November 29, 2012, there are portions of two lawsuits remaining that the Company is vigorously defending. The Company does not expect any remaining exposure related to these lawsuits to have a material effect on the results of operations.