unsecured borrowing market  would be limited. We may also be subject to additional restrictive covenants that would  reduce our flexibility.  In addition  macroeconomic conditions  such as continued or increased volatility or disruption in the credit  markets  could adversely affect our ability to refinance existing debt or obtain additional financing to support  operations or to fund new acquisitions or other capital-intensive initiatives. We have two classes of stock: Class A Common Stock and Class B Common Stock. Holders of Class A Common  Stock are entitled to elect 30% of the Board of Directors and to vote  with holders of Class B Common Stock  on the  reservation of shares for equity grants  certain material acquisitions and the ratification of the selection of our  auditors. Holders of Class B Common Stock are entitled to elect the remainder of the Board and to vote on all other  matters. Our Class B Common Stock is principally held by descendants of Adolph S. Ochs  who purchased The Times  in 1896. A family trust holds approximately 90% of the Class B Common Stock. As a result  the trust has the ability to  elect 70% of the Board of Directors and to direct the outcome of any matter that does not require a vote of the Class A  Common Stock. Under the terms of the trust agreement  the trustees are directed to retain the Class B Common Stock  held in trust and to vote such stock against any merger  sale of assets or other transaction pursuant to which control of  The Times passes from the trustees  unless they determine that the primary objective of the trust can be achieved  better by the implementation of such transaction. Because this concentrated control could discourage others from  initiating any potential merger  takeover or other change of control transaction that may otherwise be beneficial to our  businesses  the market price of our Class A Common Stock could be adversely affected. Our business depends on our intellectual property  including our valuable brands  content  services and  internally developed technology. We believe our proprietary trademarks and other intellectual property rights are  important to our continued success and our competitive position. Unauthorized parties may attempt to copy or  otherwise unlawfully obtain and use our content  services  technology and other intellectual property  and we cannot  be certain that the steps we have taken to protect our proprietary rights will prevent any misappropriation or  confusion among consumers and merchants  or unauthorized use of these rights. Advancements in technology have made the unauthorized duplication and wide dissemination of content  easier  making the enforcement of intellectual property rights more challenging. In addition  as our business and the  risk of misappropriation of our intellectual property rights have become more global in scope  we may not be able to  protect our proprietary rights in a cost-effective manner in a multitude of jurisdictions with varying laws. If we are unable to procure  protect and enforce our intellectual property rights  including maintaining and  monetizing our intellectual property rights to our content  we may not realize the full value of these assets  and our  business and profitability may suffer. In addition  if we must litigate in the United States or elsewhere to enforce our  intellectual property rights or determine the validity and scope of the proprietary rights of others  such litigation may  be costly and divert the attention of our management. We periodically receive claims from third parties alleging infringement  misappropriation or other violations of  their intellectual property rights. These third parties often include patent holding companies seeking to monetize  patents they have purchased or otherwise obtained through asserting claims of infringement or misuse. Even if we  believe that these claims of intellectual property infringement are without merit  defending against the claims can be  time-consuming  be expensive to litigate or settle  and cause diversion of management attention. These intellectual property infringement claims may require us to enter into royalty or licensing agreements on  unfavorable terms  use more costly alternative technology or otherwise incur substantial monetary liability.  Additionally  these claims may require us to significantly alter certain of our operations. The occurrence of any of  these events as a result of these claims could result in substantially increased costs or otherwise adversely affect our  business. P. 12 – THE NEW YORK TIMES COMPANY We have been  and may be in the future  subject to claims of intellectual property infringement that could adversely  affect our business. Our business may suffer if we cannot protect our intellectual property.  Our Class B Common Stock is principally held by descendants of Adolph S. Ochs  through a family trust  and this  control could create conflicts of interest or inhibit potential changes of control.