Transactions With Related Parties

9 Months Ended

Sep. 30, 2015

Related Party Transactions [Abstract]

Transactions With Related Parties

TRANSACTIONS AND OTHER MATTERS WITH RELATED PARTIES

As of September 30, 2015, members of the Darden family and entities controlled by them beneficially owned approximately 25% of our outstanding common stock. Glenn Darden and Anne Darden Self are officers and directors of Quicksilver.

Payments received from Mercury, a company owned by members of the Darden family, for sublease rentals and administrative services were less than $0.1 million for the first nine months of 2015 and 2014.

In May 2013, we entered into an agreement with Thomas F. Darden, brother of Glenn Darden and Anne Darden Self, with respect to Mr. Darden’s retirement and Mr. Darden’s provision of consulting services following his retirement. Mr. Darden retired as an employee on December 31, 2013, and resigned from the board of directors effective September 1, 2014. During the first nine months of 2015, consulting fee payments of $45,000 and office allowance payments of $12,500 were made to Mr. Darden. During the first nine months of 2014, consulting fee payments of $405,000, office allowance payments of $112,500 and COBRA payments of $39,000 were made to Mr. Darden. Additionally, in accordance with the agreement, and following the execution and non-revocation of a release agreement satisfactory to us, in March 2014, we paid Mr. Darden a cash bonus of $286,650 and an equity bonus in the form of 72,662 fully vested shares having a grant date fair value equal to $191,100. We did not make consulting fee payments of $90,000 or office allowance payments of $25,000 for February or March 2015 and, on April 15, 2015, the Bankruptcy Court entered an order authorizing our rejection of the agreement effective as of March 17, 2015. The remaining amount owed under the agreement was $1.3 million. These amounts are included in Liabilities Subject to Compromise on the balance sheet as of September 30, 2015.