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ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE
 9 Months Ended
Sep. 30, 2019
ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE  
ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE

NOTE 14 – ASSETS AND LIABILITIES CLASSIFIED AS HELD FOR SALE

At June 30, 2019, the Company determined that it was more likely than not that it would sign an agreement to dispose of a portion of the Capital Management segment. See note 15 – Segment Reporting for further information. The Company proceeded to perform an interim impairment test for the Capital Management segment, as a result of this evaluation, an impairment loss of $1.6 million was recorded during the nine months ended September 30, 2019,  no impairment loss was recorded during the three months ended September 30, 2019. See note 4 – Goodwill for further information.

On July 19, 2019, the Company entered into an agreement to sell the Company’s Los Angeles-based fixed income portfolio management team to Lido Advisors, LLC and Oakhurst Advisors, LLC. As of September 30, 2019, the sale was not yet completed and the assets and related liabilities attributable to the sale, which were expected to be sold within twelve months, were classified as a disposal group held for sale and are presented separately in the consolidated balance sheet.

On November 1, 2019, the Company announced the proposed sale of the Los Angeles-based fixed income portfolio management team and certain advisory and sub-advisory arrangements to Lido Advisors, LLC and Oakhurst Advisors, LLC was cancelled. Management will continue to evaluate other opportunities to divest the Los Angeles-based fixed income portfolio management team. As a result, the disposal group held for sale classification remains appropriate.

Assets and liabilities in disposal groups held for sale are as follows at the dates noted (in thousands):

 

 

 

 

 

 

 

 

 

September 30, 

 

December 31, 

 

    

2019

    

2018

 

 

 

 

 

 

ASSETS

 

 

 

 

  

Goodwill

 

$

3,553

 

$

 —

Assets in disposal groups held for sale

 

$

3,553

 

$

 —

 

 

 

 

 

 

 

LIABILITIES

 

 

  

 

 

  

Other liabilities

 

$

111

 

$

 —

Liabilities in disposal groups held for sale

 

$

111

 

$

 —