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Preferred Stock
3 Months Ended
Jan. 31, 2012
Shareholders' Deficit and Preferred Stock [Abstract]  
Preferred Stock

Note 13. Preferred Stock

Redeemable Series B Preferred Stock

At January 31, 2012 and October 31, 2011, there were 64,020 shares of Series B Preferred Stock issued and outstanding, with a carrying value of $59.9 million. Dividends of $0.8 million were paid in cash for the three month periods ended January 31, 2012 and 2011, respectively. Starting with the second quarter of 2012, quarterly schedules payments on the Series 1 preferred share obligation will decrease to Cdn.$0.3 million.

Series 1 Preferred Shares

As of January 31, 2012 and October 31, 2011, the carrying value of the Series 1 Preferred shares was Cdn.$13.7 million ($13.6 million USD) and Cdn.$16.6 million ($16.7 million USD), respectively, and is classified as preferred stock obligation of subsidiary on the consolidated balance sheets. The Company made its scheduled return of capital and dividend payments on December 31, 2011 totaling $3.5 million (Cdn.$3.5 million).

 

Derivative liability related to Series 1 Preferred Shares

The aggregate fair value of the derivatives related to the Series 1 Preferred shares which are included within long-term debt and other liabilities on the consolidated balance sheets as of January 31, 2012 and October 31, 2011 was $0.6 million.