Business Disposition

12 Months Ended

Sep. 30, 2016

Business Disposition

Business Disposition

18. Business Disposition

         On September 30, 2015, the Company sold certain assets related to the Jacobs Trading Company to Tanager Acquisitions, LLC (the "Buyer"). In connection with the disposition, the Buyer assumed certain liabilities related to the Jacobs Trading Company. The Buyer issued the Company a five-year interest bearing promissory note in the amount of $12.3 million. Of the $12.3 million, $11.3 million is recorded in Other assets, and $1 million in prepaid expenses and other current assets as of September 30, 2016. As a result of the disposition, during the three months ended September 30, 2015, the Company recorded a loss on the disposition of $8.0 million, determined as follows (in thousands):

Carrying value of net assets disposed	$	22,920
Carrying value of net liabilities disposed		(2,707)
		20,213
Buyer issued note		(12,250)
Loss on sale of assets	$	7,963