Note 29 - Subsequent Events

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Subsequent Events [Text Block]

29

. Subsequent Events

In

December 2019,

an outbreak of a novel strain of coronavirus (“COVID-

19”

) emerged globally and continued into the

first

quarter of

2020.

The extent of the impact of COVID-

19

on the Company’s operational and financial performance will depend on future developments, including the duration and continued spread of the outbreak.  The outcomes could be material to the firm’s operating results for any particular period, depending, in part, upon the operating results for such period and cannot be estimated at this time.   

On 

February 5, 2020

the Company granted approximately 

2.4

million stock options to certain employees of the Company as part of the

2

019

 deferred compensation program; 

50%

 of these units will vest on 

December 1, 2020

and the remaining 

50%

 will vest on 

December 1, 2021, 

subject to the grantees’ continued employment through such dates.

       On

February 19, 2020

the Company announced that it is suspending its quarterly dividend program.

Upon the securitization of Medalist Partners Corporate Finance CLO VI in

February 2020, 

the Company received

$13.7

 million in cash from the CLO VI warehosue and recognized a gain of

$1.0

million.

On

February 24, 2020,

the Company launched a tender offer (the “Self Tender Offer”) to repurchase for cash up to

3,000,000

shares representing limited liability company interests in the Company (the “Shares”). On

February 24, 2020, 

the Company filed a tender offer statement on Schedule TO (the “Schedule TO”) with the Securities and Exchange Commission (the “SEC”). The Self-Tender Offer was terminated on

March 19, 2020

as a result of multiple conditions to the Self Tender Offer, including share price and market index conditions, 

not

having been satisfied.