Gain Contingencies

12 Months Ended

Dec. 31, 2014

Gain Contingencies [Abstract]

Gain Contingencies

7.  Gain contingencies:

ATEL filed a claim on behalf of the Company and certain affiliated entities in Federal court in New Orleans for the under-reporting of revenue by a fleet manager of three marine vessels, seeking to recover an approximate amount of 10% of gross proceeds, which in the aggregate for all affiliated entities represents $2.8 million for the years 2005-2007 (of which the Company’s portion is an approximate $350 thousand). The annual allocable portion of the claim is not considered material to the Company in any given year. The trial was concluded during the first week of August 2012. In October 2012, the matter was remitted to the Federal Judge to render a decision on both the law and the facts. A decision was rendered in favor of the defendants at the end of June 2013, after which the Company filed an appeal. During the same time frame, the defendants filed a claim for legal fees and costs which was denied. On June 6, 2014, the Company’s appeal was also denied by the Fifth Circuit Appellate Court. As such, there is currently no gain or loss contingency.