This excerpt taken from the VLG DEF 14A filed Oct 2, 2006.
Common Stock Ownership of Certain Beneficial Owners
The following table sets forth certain information with respect to each person known to the Company to be the beneficial owner of more than 5% of the Companys outstanding Common Stock as of September 19, 2006:
Since Mr. West holds over 50% of the voting power of the Company, the Company has determined that it is a controlled company within the meaning of Section 801(a) of the AMEX listing standards. Pursuant to Section 801(a), as a controlled company, the Company is not required to comply with Sections 802(a), 804 or 805 of the AMEX listing standards relating to independent directors, Board nominations and executive compensation, respectively.