Subsequent Events

6 Months Ended

Mar. 31, 2014

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On May 9, 2014, HGI exercised its option to convert its issued and outstanding preferred stock into common stock of the Company. The conversion is expected to be effective on May 15, 2014 (the “Conversion Date”). On the Conversion Date, holders of the Series A preferred stock will receive approximately 160.95 shares of common stock per Series A preferred stock converted and holders of Series A-2 preferred stock will receive approximately 148.11 shares of common stock per Series A-2 preferred stock converted. The holders will also receive cash in lieu of fractional shares and for any and all accrued but unpaid dividends. Following the Conversion Date, all rights of the holders of the preferred stock, including rights to dividends, will terminate except that, in accordance with and for so long as required by the certificate of designation governing the Series A preferred stock, a preferred stock held by CF Turul LLC (“CF Turul”), an affiliate of Fortress Investment Group LLC, will not be converted in order to preserve CF Turul’s continuing rights under the certificate of designation governing the Series A preferred stock. It is the Company's understanding that following the Conversion Date, CF Turul obtained all required insurance regulatory approvals and as a result the limitation on voting previously applicable to CF Turul will no longer apply. The preferred stock held by CF Turul following the Conversion Date will not be entitled to receive dividends and distributions.