COMMITMENTS AND CONTINGENCIES	6 Months Ended
Jun. 30, 2013
COMMITMENTS AND CONTINGENCIES:
Commitments and Contingencies	12. COMMITMENTS AND CONTINGENCIES CONTINGENCIES: BPI In connection with Baker's Pride's USDA loan application, BPI had Environmental Site Assessments done on the property where the Mt. Pleasant Street Bakery, Inc. resides as required by BPI's prospective lender. A Phase II Environmental Site Assessment was completed on October 31, 2011 and was submitted to the Iowa Department of Natural Resources ("IDNR") for their review. IDNR requested that a Tier Two Site Cleanup Report ("Tier Two") be issued and completed in order to better understand what environmental hazards exist on the property. The Tier Two was completed on February 3, 2012 and was submitted to IDNR for further review. Management's latest correspondence with IDNR, dated March 21, 2012, required additional environmental remediation to be in compliance with IDNR's regulations. Management has retained the necessary environmental consultants to become compliant with IDNR's request. Due to the nature of the liability, the remediation work is 100% eligible for refund from INDR's Innocent Landowner Fund. As such there is no direct liability related to the cleanup of the hazard. TYREE One of Tyree's largest customers, Getty Petroleum Marketing, Inc. ("GPMI") filed for bankruptcy protection on December 5, 2011. As of that date, Tyree had a pre-petition receivable of $1,515,401, which was subsequently written-off due to the uncertainty of collection. Additionally, Tyree has a post-petition administrative claim for $593,709. A Proof of Claim was filed with the Bankruptcy court on Tuesday, April 10, 2012. On August 27, 2012, the United States Bankruptcy Court for the Southern District of New York confirmed GPMI's Chapter 11 plan of liquidation offered by its unsecured creditors committee, overruling the remaining objections. The plan provides for all of the debtors' property to be liquidated over time and for the proceeds to be allocated to creditors. Any assets not distributed by the effective date will be held by a liquidating trust and administered by a liquidation trustee, who will be responsible for liquidating assets, resolving disputed claims, making distributions, pursuing reserved causes of action and winding up GPMI's affairs. As an unsecured creditor, Tyree may never collect or may only collect a small percentage of the pre and post-petition amounts owed. To date, Tyree has not been notified of any intent by the United States Bankruptcy Court for the Southern District of New York to claw back any amounts paid to Tyree pre-petition. As of the date of this filing, Tyree management has negotiated settlements with Local Unions 99, 138 and 355. Tyree management continues to negotiate with Local Unions 1, 25 and 200 over unpaid benefits that are due to each of the respective unions. As of June 30, 2013, Tyree had approximately $950,000 in unpaid benefits. Tyree management does not dispute that benefits are due and owing to each of the respective unions, however, settlement and payment plan discussions are ongoing. Local Unions 1 and 200 have each filed suit in the United States District Court Eastern District of New York to enforce their rights as to the unpaid benefits due and owing from Tyree, and as guarantor of certain amounts due and owing, Amincor, Inc. is also a named party in these lawsuits. Local Union 200 filed a claim with the National Labor Relations Board ("NLRB") alleging that Tyree Service Corp violated the National Labor Relations Act. By a letter dated May 31, 2013, the NLRB dismissed all charges against Tyree Service Corp. due to insufficient evidence to establish a violation. Local 200 intends to appeal the NLRB decision. A variety of unsecured vendors have filed suit for non-payment of outstanding invoices totaling approximately $2.6 million as of June 30, 2013, which are reflected as liabilities on the Company's consolidated condensed balance sheet. Each of these actions is handled on a case by case basis, to determine the settlement and payment plan. ESI The Volkl license agreement was terminated in September 2011 and concurrently the Strategic Alliance Agreement with Samsung America CT, Inc. ("Samsung") was also terminated. Volkl is seeking a $400,000 royalty payment. Epic has initiated counterclaims against the various parties, including but not limited to Samsung, seeking damages for, including but not limited to infringement, improper use of company assets and breach of fiduciary duty. Volkl was successful in obtaining a judgment against Epic Sports International, Inc. and a confirmation of the Arbitration is presently pending in Federal Court. Management believes that this matter and the Frost matter below will eventually be settled out of court for less than the royalty and damages amounts sought. On September 28, 2012, Sean Frost ("Frost"), the former President of Epic Sports International, Inc., filed a complaint against Epic Sports International Inc., Amincor, Inc. and Joseph Ingrassia (collectively, the "Defendants"). The first cause of action of the complaint is a petition to compel arbitration for unpaid compensation and benefits pursuant to Frost's employment agreement. The second cause of action of the complaint is for breach of contract for alleged non-payment of expenses, vacation days and assumption of certain debts. The third cause of action of the complaint is for violation of the California Labor Code for failure to pay wages. In addition, Frost is seeking among other things, damages, attorneys' fees and costs and expenses. LEGAL PROCEEDINGS AMINCOR On July 6, 2012, SFR Holdings, Ltd., Eden Rock Finance Master Limited, Eden Rock Asset Based Lending Master Ltd., Eden Rock Unleveraged Finance Master Limited, SHK Asset Backed Finance Limited, Cannonball Plus Fund Limited and Cannonball Stability Fund, LP (collectively, the "Plaintiffs") commenced an action in the Supreme Court of the State of New York County of New York against Amincor, Inc., Amincor Other Assets, Inc., their officers and directors, John R. Rice III, Joseph F. Ingrassia and Robert L. Olson and various other entities affiliated with or controlled directly or indirectly by John R. Rice III and Joseph F. Ingrassia (collectively the "Defendants"). Plaintiffs allege that Defendants engaged in wrongful acts, including fraudulent inducement, fraud, breach of fiduciary duty, unjust enrichment, fraudulent conveyance and breach of contract. Plaintiffs are seeking compensatory damages in an amount in excess of $150,000 to be determined at trial. Litigation is pending. Management believes that this lawsuit has no merit or basis and intends to vigorously defend it. TYREE Tyree's services are regulated by federal, state and local laws enacted to regulate discharge of materials into the environment, remediation of contaminated soil and groundwater or otherwise protect the environment. The regulations put Tyree or Tyree's predecessor companies at risk for becoming a party to legal proceedings involving customers or other interested parties. The issues involved in such proceedings generally relate to alleged responsibility arising under federal or state laws to remediate contamination at properties owned or operated either by current or former customers or by other parties who allege damages. To limit its exposure to such proceedings, Tyree purchases, for itself and Tyree's predecessor companies, site pollution, pollution and professional liability insurance. Aggregate limits, per occurrence limits and deductibles for this policy are $10,000,000, $5,000,000 and $50,000, respectively. Tyree and its subsidiaries are, from time to time, involved in ordinary and routine litigation. Management presently believes that the ultimate outcome of these proceedings individually or in the aggregate, will not have a material adverse effect on the Company's financial position, results of operations or cash flows. Nevertheless, litigation is subject to inherent uncertainties and unfavorable rulings could occur. An unfavorable ruling could include monetary damages and, in such event, could result in a material adverse impact on the Company's financial position, results of operations or cash flows for the period in which the ruling occurs. IMSC/OTHER ASSETS Capstone Business Credit, LLC, a related party, is the plaintiff (on behalf of Amincor Other Assets, Inc.) in a foreclosure action against Imperia Family Realty, LLC ("IFR"). IFR is related to the former owners of Masonry's business. In November 2011 a Judgment of Foreclosure was granted by the court ordering that the IMSC property in Pelham Manor, New York (the "Property") be sold at public auction. As of the date of this filing, the deed to the Property has been recorded in the name of Amincor Other Assets, Inc. with the office of the Westchester County Clerk. A former principal of Imperia Bros., Inc. (a predecessor company of Masonry) filed a notice of appeal dated November 14, 2011 with the court contesting the Judgment of Foreclosure. On June 19, 2013, the parties in the above action agreed to a settlement in principle, which resolves the remaining causes of action and dismisses the third party complaint and the declaratory judgment complaint, with prejudice

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2013

12. COMMITMENTS AND CONTINGENCIES

CONTINGENCIES:

BPI

In connection with Baker's Pride's USDA loan application,  BPI had Environmental

Site Assessments done on the property where the Mt. Pleasant Street Bakery, Inc.

resides as required by BPI's prospective  lender. A Phase II Environmental  Site

Assessment  was  completed  on October  31, 2011 and was  submitted  to the Iowa

Department of Natural Resources ("IDNR") for their review. IDNR requested that a

Tier Two Site Cleanup  Report  ("Tier Two") be issued and  completed in order to

better understand what environmental hazards exist on the property. The Tier Two

was completed on February 3, 2012 and was submitted to IDNR for further  review.

Management's  latest  correspondence  with IDNR, dated March 21, 2012,  required

additional   environmental   remediation   to  be  in  compliance   with  IDNR's

regulations.  Management has retained the necessary environmental consultants to

become  compliant with IDNR's request.  Due to the nature of the liability,  the

remediation  work is 100%  eligible  for refund from INDR's  Innocent  Landowner

Fund. As such there is no direct liability related to the cleanup of the hazard.

TYREE

One of Tyree's largest customers, Getty Petroleum Marketing, Inc. ("GPMI") filed

for  bankruptcy  protection  on December 5, 2011.  As of that date,  Tyree had a

pre-petition receivable of $1,515,401, which was subsequently written-off due to

the  uncertainty  of  collection.   Additionally,   Tyree  has  a  post-petition

administrative  claim  for  $593,709.  A Proof  of  Claim  was  filed  with  the

Bankruptcy  court on Tuesday,  April 10, 2012.  On August 27,  2012,  the United

States  Bankruptcy Court for the Southern  District of New York confirmed GPMI's

Chapter 11 plan of  liquidation  offered by its unsecured  creditors  committee,

overruling the remaining  objections.  The plan provides for all of the debtors'

property to be  liquidated  over time and for the  proceeds to be  allocated  to

creditors.  Any assets not  distributed  by the effective date will be held by a

liquidating  trust  and  administered  by a  liquidation  trustee,  who  will be

responsible  for  liquidating   assets,   resolving   disputed  claims,   making

distributions, pursuing reserved causes of action and winding up GPMI's affairs.

As an unsecured  creditor,  Tyree may never  collect or may only collect a small

percentage of the pre and  post-petition  amounts  owed. To date,  Tyree has not

been  notified  of any  intent by the  United  States  Bankruptcy  Court for the

Southern  District  of  New  York  to  claw  back  any  amounts  paid  to  Tyree

pre-petition.

As of the date of this filing, Tyree management has negotiated  settlements with

Local Unions 99, 138 and 355. Tyree management continues to negotiate with Local

Unions 1, 25 and 200 over unpaid benefits that are due to each of the respective

unions.  As of June  30,  2013,  Tyree  had  approximately  $950,000  in  unpaid

benefits.  Tyree  management does not dispute that benefits are due and owing to

each of the respective unions, however,  settlement and payment plan discussions

are ongoing.  Local  Unions 1 and 200 have each filed suit in the United  States

District  Court  Eastern  District of New York to enforce their rights as to the

unpaid  benefits due and owing from Tyree,  and as guarantor of certain  amounts

due and owing, Amincor, Inc. is also a named party in these lawsuits.

Local Union 200 filed a claim with the National Labor  Relations  Board ("NLRB")

alleging that Tyree Service Corp violated the National Labor Relations Act. By a

letter dated May 31, 2013, the NLRB dismissed all charges  against Tyree Service

Corp. due to insufficient  evidence to establish a violation.  Local 200 intends

to appeal the NLRB decision.

A variety of unsecured  vendors have filed suit for  non-payment  of outstanding

invoices  totaling  approximately  $2.6 million as of June 30,  2013,  which are

reflected as liabilities on the Company's  consolidated condensed balance sheet.

Each of these  actions is  handled on a case by case  basis,  to  determine  the

settlement and payment plan.

ESI

The Volkl license  agreement was terminated in September  2011 and  concurrently

the Strategic Alliance  Agreement with Samsung America CT, Inc.  ("Samsung") was

also terminated. Volkl is seeking a $400,000 royalty payment. Epic has initiated

counterclaims against the various parties, including but not limited to Samsung,

seeking damages for, including but not limited to infringement,  improper use of

company assets and breach of fiduciary duty. Volkl was successful in obtaining a

judgment  against  Epic Sports  International,  Inc. and a  confirmation  of the

Arbitration is presently pending in Federal Court. Management believes that this

matter and the Frost  matter below will  eventually  be settled out of court for

less than the royalty and damages amounts sought.

On September 28, 2012, Sean Frost ("Frost"), the former President of Epic Sports

International,  Inc., filed a complaint against Epic Sports  International Inc.,

Amincor, Inc. and Joseph Ingrassia (collectively,  the "Defendants").  The first

cause of action of the complaint is a petition to compel  arbitration for unpaid

compensation and benefits pursuant to Frost's employment  agreement.  The second

cause  of  action  of the  complaint  is for  breach  of  contract  for  alleged

non-payment  of expenses,  vacation days and  assumption of certain  debts.  The

third cause of action of the complaint is for violation of the California  Labor

Code for failure to pay wages. In addition, Frost is seeking among other things,

damages, attorneys' fees and costs and expenses.

LEGAL PROCEEDINGS

AMINCOR

On July 6, 2012, SFR Holdings, Ltd., Eden Rock Finance Master Limited, Eden Rock

Asset Based Lending Master Ltd., Eden Rock  Unleveraged  Finance Master Limited,

SHK Asset Backed Finance  Limited,  Cannonball  Plus Fund Limited and Cannonball

Stability Fund, LP (collectively,  the "Plaintiffs")  commenced an action in the

Supreme Court of the State of New York County of New York against Amincor, Inc.,

Amincor Other Assets,  Inc.,  their  officers and  directors,  John R. Rice III,

Joseph F.  Ingrassia and Robert L. Olson and various other  entities  affiliated

with or  controlled  directly  or  indirectly  by John R. Rice III and Joseph F.

Ingrassia  (collectively  the  "Defendants").  Plaintiffs allege that Defendants

engaged in wrongful acts,  including  fraudulent  inducement,  fraud,  breach of

fiduciary duty, unjust enrichment, fraudulent conveyance and breach of contract.

Plaintiffs are seeking  compensatory  damages in an amount in excess of $150,000

to be determined at trial. Litigation is pending.  Management believes that this

lawsuit has no merit or basis and intends to vigorously defend it.

TYREE

Tyree's  services  are  regulated  by federal,  state and local laws  enacted to

regulate   discharge  of  materials   into  the   environment,   remediation  of

contaminated  soil and  groundwater or otherwise  protect the  environment.  The

regulations  put Tyree or Tyree's  predecessor  companies at risk for becoming a

party to legal proceedings  involving customers or other interested parties. The

issues involved in such proceedings  generally relate to alleged  responsibility

arising  under  federal or state laws to remediate  contamination  at properties

owned or operated either by current or former  customers or by other parties who

allege damages. To limit its exposure to such proceedings,  Tyree purchases, for

itself  and  Tyree's  predecessor  companies,  site  pollution,   pollution  and

professional  liability  insurance.  Aggregate limits, per occurrence limits and

deductibles   for  this  policy  are   $10,000,000,   $5,000,000   and  $50,000,

respectively.

Tyree and its  subsidiaries  are,  from time to time,  involved in ordinary  and

routine litigation.  Management  presently believes that the ultimate outcome of

these  proceedings  individually  or in the aggregate,  will not have a material

adverse  effect on the Company's  financial  position,  results of operations or

cash flows.  Nevertheless,  litigation is subject to inherent  uncertainties and

unfavorable  rulings could occur. An unfavorable  ruling could include  monetary

damages  and, in such event,  could result in a material  adverse  impact on the

Company's financial position, results of operations or cash flows for the period

in which the ruling occurs.

IMSC/OTHER ASSETS

Capstone  Business Credit,  LLC, a related party, is the plaintiff (on behalf of

Amincor  Other Assets,  Inc.) in a foreclosure  action  against  Imperia  Family

Realty, LLC ("IFR").  IFR is related to the former owners of Masonry's business.

In November  2011 a Judgment of  Foreclosure  was granted by the court  ordering

that the IMSC property in Pelham  Manor,  New York (the  "Property")  be sold at

public auction. As of the date of this filing, the deed to the Property has been

recorded  in the name of  Amincor  Other  Assets,  Inc.  with the  office of the

Westchester County Clerk.

A former  principal of Imperia Bros.,  Inc. (a  predecessor  company of Masonry)

filed a notice of appeal dated  November 14, 2011 with the court  contesting the

Judgment of  Foreclosure.  On June 19,  2013,  the  parties in the above  action

agreed to a settlement in  principle,  which  resolves the  remaining  causes of

action and dismisses  the third party  complaint  and the  declaratory  judgment

complaint, with prejudice

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 14

-Paragraph 3

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.25)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 460

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 450

-SubTopic 20

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 440

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 5

-Paragraph 9, 10, 11, 12

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details