Commitments and Contingencies

6 Months Ended

Jun. 30, 2013

Commitments and Contingencies.

Commitments and Contingencies

9. Commitments and Contingencies

Letters of Credit

At December 31, 2012 and June 30, 2013, the Company had outstanding letters of credit of $1,221 and $600, respectively, related to two office spaces in New York, New York and Boston, Massachusetts.

Legal Contingencies

During the normal course of the business, the Company is occasionally involved with various claims and litigation.  Reserves are established in connection with such matters when a loss is probable and the amount of such loss can be reasonably estimated.  As of each December 31, 2012 and June 30, 2013, no material reserves were recorded.  No reserves are established for losses which are only reasonably possible.  The determination of probability and the estimation of the actual amount of any such loss are inherently unpredictable, and it is therefore possible that the eventual outcome of such claims and litigation could exceed the estimated reserves, if any.  Based upon the Company’s experience, current information and applicable law, it does not believe it is reasonably possible that any proceedings or possible related claims will have a material effect on its financial statements.