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Subsequent Events
6 Months Ended
Jun. 30, 2012
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

22. SUBSEQUENT EVENTS

Departure of Certain Officers of PrinceRidge

On July 19, 2012, PrinceRidge entered into a series of separate agreements with Michael Hutchins, the former CEO and board member of PrinceRidge, and John Costas, the former Chairman of the board of PrinceRidge, whereby (i) PrinceRidge repurchased all of the equity and profit units in PrinceRidge held by Mr. Costas and Mr. Hutchins; (ii) Mr. Costas and Mr. Hutchins resigned as employees and board members of PrinceRidge; (iii) Mr. Costas and Mr. Hutchins agreed to forfeit all of their unvested equity awards both from PrinceRidge and IFMI; and (iv) Mr. Costas and Mr. Hutchins withdrew as members of PrinceRidge GP and as partners of PrinceRidge Holdings. Daniel Cohen, the Company’s Chairman and CEO, was appointed Chairman and CEO of PrinceRidge by the board of PrinceRidge.

As of June 30, 2012, Mr. Costas’ and Mr. Hutchins’ equity and profit units had a combined capital account balance of $6,130. However, PrinceRidge repurchased these units for $8,234. PrinceRidge will record compensation expense of $2,104 and a reduction in temporary equity of $6,130 related to the repurchase of these units. The compensation expense represents the amount in excess of the combined capital account balances. In addition, PrinceRidge will record a reduction in compensation expense of $862 relating to the forfeiture of Mr. Costas’ and Mr. Hutchins’ unvested PrinceRidge equity awards and IFMI will record a reduction in compensation expense of $1,289 relating to the forfeiture of Mr. Costas’ and Mr. Hutchins’ unvested IFMI equity awards. All of these transactions will be recorded in the third quarter of 2012.