"Our intention is to learn what the basis of the board decision was and to take the next step available to us under Delaware laws."

The company was incorporated under Delaware laws in August 1928.

There are several other provisions of Delaware law that impact the regulatory process.

Only the board of directors hold a share of stock and so are owners under Delaware law.

Delaware law allows charter schools to dispense with the teachers' union, which the school did.

Now it appears that Delaware law will allow a very effective defense.

Under Delaware law, publicly owned companies must hold a shareholders meeting every 13 months.

Under Delaware law, prosecutors can seek the death penalty when the murder victim is a child.

Delaware laws are so lax they don't even require publishing an annual report.

One of the things we've done is file a "books and records" demand from the company under Delaware law.