Appears to be a good thing. Clearly this guy already had a substantial holding in the company, but felt it was necessary to take himself over the 10% hurdle and is now a registered insider. He appears to be from the east coast, just like the family that started the company. 

The real implication is that there is now a publicly disclosed minority shareholder with 10%+. THis is significant becuase:

"with 10% or more shareholding, the shareholders either singly or in a group are eligible to file for oppression and mismanagement against the majority and the management of the company, should the shareholders feel the need to file such a case looking at company’s operations."

So as long as he is not in bed with the majority owners already, his existence means minority holders are at less of a risk of being screwed over. On the other hand, he could also be part of the buying group that is taking over the company as part of the strategic review?