CEO and other executives made buyout offer

• John McDonnell is CEO and founder

Company provides credit card data services

• Business description

Special committee rejected offer

• Replaces CEO

Offer made at $22 per share

• Company press release 3.13.06
• Form 8-K 3.17.06

McDonnell Schedule 13D filings

• Schedule 13D 3.23.06

• Includes letter to board 

• Amendment #1  5.16.06

Endowment Capital

• Schedule 13D 3.23.06

• Reports a 14.68% position
• Becomes a 13D filer (had been a 13G filer)
• "continuing to analyze the recently proposed management buyout transaction  concerning the Issuer and are evaluating a number of  alternatives, including potential  discussions of adequacy of the price as well as possibly joining the group of buyers"

Special committee established in response to offer

• Established 3.17.06

• Financial advisors: Deutsche Bank
• Legal advisors: Gibson Dunn - Morris Nichols

Special committee turns down buyout offers  

• Press release 8.07.06

• Had rejected CEO-led buyout at $22 per share
• Later rejected a third party offer of $20 per share
• Announces end of strategic process
• Appoints a director to be non-executive Chairman
• Begins search for new CEO

• Stock falls

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