Document

Prepaid expenses and other assets

503

500

^[1]

1,012

657

^[1]

Deposits - other

1,377

^[1]

Life settlements, at estimated fair value

1,213

1,172

^[1]

Fixed assets, net

^[1]

Investment in deconsolidated subsidiaries (Note 4)

95,541

128,795

^[1]

Investment in affiliates

2,384

^[1]

Deferred tax asset

576

Total assets

106,482

136,748

^[1]

Accounts payable and accrued expenses

1,919

2,446

^[1]

Other liabilities

750

194

^[1]

Total liabilities

116,618

109,506

^[1]

Commitments and Contingencies (Note 17)

^[1]

Stockholders’ Equity

Common stock (par value $0.01 per share, 415,000,000 authorized at February 28, 2019 and November 30, 2018; 158,659,803 issued and 158,051,803 outstanding as of February 28,2019;158,733,928 issued and 158,125,928 outstanding as of November 30, 2018)

1,587

^[1]

Preferred stock (par value $0.01 per share, 40,000,000 authorized; 0 issued and outstanding as of February 28, 2019 and November 30, 2018)

^[1]

Treasury Stock, net of issuance cost (608,000 shares as of February 28,2019 and November 30,2018)

(2,534)

^[1]

Additional paid-in-capital

334,296

334,198

^[1]

Accumulated deficit

(343,485)

(306,009)

^[1]

Total stockholders’ deficit/equity

(10,136)

27,242

^[1]

Total liabilities and stockholders’ deficit/equity

106,482

136,748

^[1]

8.5% Convertible Notes

Convertible Notes, net of discount and deferred debt costs

Interest payable

^[1]

1,194

1,173

^[1]

5.0% Convertible Notes

Convertible Notes, net of discount and deferred debt costs

Interest payable

169

1,116

^[1]

70,036

69,742

^[1]

8.5% Senior Secured Notes

Senior Secured Notes, net of deferred debt costs

Interest payable

941

628

^[1]

$ 41,546

$ 34,170

^[1]

[1]	Derived from audited consolidated financial statements.

XML 14 R3.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares

Feb. 28, 2019

Nov. 30, 2018

^[1]

Statement of Financial Position [Abstract]

Common stock, par value (in dollars per share)

$ 0.01

415,000,000

Common stock, shares outstanding (in shares)

158,659,803

158,733,928

158,051,803

158,125,928

Preferred stock, par value (in dollars per share)

$ 0.01

Preferred stock, shares authorized (in shares)

40,000,000

Preferred stock, shares issued (in shares)

Preferred stock, shares outstanding (in shares)

Treasury stock (in shares)

608,000

[1]	Derived from audited consolidated financial statements.

XML 15 R4.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Income
Change in fair value of life settlements (Notes 10 & 15)	$ 2	$ 11,480
Other income	10	125
Total income	12	11,605
Expenses
Interest expense	2,763	7,602
Change in fair value of White Eagle Revolving Credit Facility (Notes 10 & 15)	0	(1,624)
Change in fair value of investment in deconsolidated subsidiaries (Note 4)	33,965	0
Personnel costs	169	786
Legal fees	(5)	1,551
Professional fees	335	955
Insurance	179	196
Other selling, general and administrative expenses	65	480
Total expenses	37,471	9,946
Income (loss) from continuing operations before income taxes	(37,459)	1,659
(Benefit) provision for income taxes	0	(3,210)
Net income (loss) from continuing operations	(37,459)	4,869
Discontinued Operations:
Income (loss) from discontinued operations before income taxes	(17)	(17)
(Benefit) provision for income taxes	0	0
Net income (loss) from discontinued operations	(17)	(17)
Net income (loss)	$ (37,476)	$ 4,852
Basic income (loss) per share:
Continuing operations (in dollars per share)	$ (0.24)	$ 0.03
Discontinued operations (in dollars per share)	0.00	0.00
Net income (loss) - basic (in dollars per share)	(0.24)	0.03
Diluted income (loss) per share:
Continuing operations (in dollars per share)	(0.24)	0.03
Discontinued operations (in dollars per share)	0.00	0.00
Net income (loss) - diluted (in dollars per share)	$ (0.24)	$ 0.03
Weighted average shares outstanding:
Basic (in shares)	156,919,099	155,893,843
Diluted (in shares)	156,919,099	216,029,455

XML 16 R5.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT/EQUITY (UNAUDITED) - 3 months ended Feb. 28, 2019 - USD ($)
$ in Thousands

Total

Common Stock

Treasury Stock

Additional Paid-in Capital

Accumulated Deficit

Beginning Balance (in shares) at Nov. 30, 2018

158,733,928

608,000

Beginning Balance at Nov. 30, 2018

$ 27,242

^[1]

$ 1,587

$ (2,534)

$ 334,198

$ (306,009)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(37,476)

Stock-based compensation

Retirement of common stock (in shares)

(74,125)

Retirement of common stock

Ending Balance (in shares) at Feb. 28, 2019

158,659,803

608,000

Ending Balance at Feb. 28, 2019

$ (10,136)

$ 1,587

$ (2,534)

$ 334,296

$ (343,485)

[1]	Derived from audited consolidated financial statements.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Deconsolidation of Subsidiaries

XML 17 R6.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Cash flows from operating activities
Net income (loss)	$ (37,476)	$ 4,852
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	20	21
Change in fair value of investment in deconsolidated subsidiaries	33,965	0
Stock-based compensation expense	98	49
Finance cost and fees withheld by borrower	0	243
Interest paid in kind on 8.5% Senior Secured Notes	779	0
Change in fair value of life settlements	(2)	(11,480)
Change in fair value of White Eagle Revolving Credit Facility	0	(1,624)
Interest income	(56)	(56)
Deferred tax liability	0	(2,332)
Change in assets and liabilities:
Prepaid expenses and other assets	193	(335)
Accounts payable and accrued expenses	(524)	879
Other liabilities	(654)	206
Current tax liability	0	(878)
Net cash used in operating activities	(3,831)	(11,079)
Cash flows from investing activities
Purchase of fixed assets, net of disposals	(2)	0
Premiums paid on life settlements	(39)	(20,826)
Proceeds from maturity of life settlements	0	10,104
Net cash used in investing activities	(41)	(10,722)
Cash flows from financing activities
Borrowings from White Eagle Revolving Credit Facility	0	23,091
Repayment of borrowings under White Eagle Revolving Credit Facility	0	(1,763)
Proceeds from 8.5% Senior Secured Notes	6,476	0
Net cash provided by financing activities	6,476	21,328
Net increase (decrease) in cash and cash equivalents	2,604	(473)
Cash and cash equivalents, at beginning of the period	1,209	31,208
Cash and cash equivalents, at end of the period	3,813	30,735
Supplemental disclosures of cash flow information:
Cash paid for interest during the period	2,072	7,600
8.5% Convertible Notes
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of discount and deferred costs	21	21
Change in assets and liabilities:
Interest payable	25	(25)
5.0% Convertible Notes
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of discount and deferred costs	294	273
Change in assets and liabilities:
Interest payable	(948)	(948)
8.5% Senior Secured Notes
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of discount and deferred costs	121	63
Change in assets and liabilities:
Interest payable	$ 313	$ (8)

XML 18 R7.htm IDEA: XBRL DOCUMENT

Description of Business	3 Months Ended
Description of Business	Feb. 28, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Emergent Capital, Inc. was founded in December 2006 as a Florida limited liability company, Imperial Holdings, LLC, and converted into Imperial Holdings, Inc. on February 3, 2011, in connection with our initial public offering. Effective September 1, 2015, the name was changed to Emergent Capital, Inc. (with its subsidiary companies, the "Company" or "Emergent Capital"). Emergent Capital, through its consolidated and deconsolidated subsidiaries, owns a portfolio of 584 life insurance policies, also referred to as life settlements, with a fair value of $495.9 million and an aggregate death benefit of approximately $2.8 billion at February 28, 2019. The Company primarily earns income on these policies from changes in their fair value and through death benefits. 582 of these policies, with an aggregate death benefit of approximately $2.8 billion and a fair value of approximately $494.7 million at February 28, 2019, are pledged under a $370.0 million, revolving credit agreement (the "White Eagle Revolving Credit Facility") entered into by the Company’s indirect subsidiary, White Eagle Asset Portfolio, LP ("White Eagle"). At February 28, 2019, two policies owned by the Company, with an aggregate death benefit of approximately $12.0 million and a fair value of $1.2 million, were not pledged as collateral under the White Eagle Revolving Credit Facility. Change in Financial Year End On September 7, 2018, the Board of Directors of the Company (the "Board") adopted resolutions to change the Company’s fiscal year end, and therefore the Company and its direct and indirect subsidiaries changed their fiscal year ends, from December 31 to November 30, effective immediately. The Company filed a Transition Report on Form 10-KT in accordance with SEC rules and regulations for the fiscal period ended November 30, 2018, which covered transactions from January 1, 2018 to November 30, 2018. This Form 10Q covers the period beginning December 1, 2018 and ending February 28, 2019 compared to December 1, 2017 to February 28, 2018. As a result, the Form 10Q will not be comparable to the results filed for the first quarter of 2018 covering January 1, 2018 to March 31, 2018. Voluntary Petitions for Relief Under Chapter 11 and De-consolidation of Subsidiaries On November 14, 2018 (the "Petition Date"), Lamington Road Designated Activity Company (formerly known as Lamington Road Limited), the Company’s wholly-owned indirect Irish subsidiary ("Lamington" or "Lamington Road DAC"), and White Eagle General Partner, LLC, the Company’s wholly-owned indirect Delaware subsidiary ("WEGP"), filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). Lamington is the limited partner and owns 99.99%, and WEGP is the general partner and owns 0.01%, of White Eagle. In its capacity as general partner, WEGP manages the affairs of White Eagle. The Lamington and WEGP filings are referred to as the "November Chapter 11 Cases." The commencement of the November Chapter 11 Cases would constitute defaults and events of default under the terms of the Company’s Amended and Restated Senior Secured Indenture and the New Convertible Note Indenture (each as defined below). However, such defaults and events of default and their consequences were waived in advance of the November Chapter 11 Cases by holders of a majority of the outstanding principal amounts of each of the 8.5% Senior Secured Notes and the New Convertible Notes, and consequently, the Company believes that no defaults, events of default or acceleration of the payment obligations thereunder, including principal or accrued interest, occurred under either the Amended and Restated Senior Secured Indenture or the New Convertible Note Indenture. The commencement of the November Chapter 11 Cases constitutes an event of default under the White Eagle Revolving Credit Facility, resulting in the principal and accrued interest due from White Eagle thereunder becoming immediately due and payable. Lamington and WEGP have pledged their respective interests in White Eagle to secure its obligations under the White Eagle Revolving Credit Facility. Any efforts by LNV Corporation, the lender under the White Eagle Revolving Credit Facility ("LNV"), or CLMG Corp., the administrative agent under the White Eagle Revolving Credit Facility ("CLMG"), to enforce such pledges by Lamington and WEGP of their respective interests in White Eagle in connection with the White Eagle Revolving Credit Facility are automatically stayed as a result of the commencement of the November Chapter 11 Cases and LNV’s and CLMG’s rights of enforcement in respect of the White Eagle Revolving Credit Facility are subject to the applicable provisions of the Bankruptcy Code. In addition, on November 15, 2018, White Eagle, LNV and CLMG entered into an Agreement Regarding Rights and Remedies (the "Standstill Agreement"), pursuant to which LNV and CLMG agreed to refrain from exercising their rights and remedies in connection with the White Eagle Revolving Credit Facility, subject to the terms and provisions of the Standstill Agreement, until 12:00 p.m. noon Pacific time on November 26, 2018, to facilitate negotiations. The effective period under the Standstill Agreement was extended several times, finally to December 13, 2018. On December 13, 2018, White Eagle filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the "White Eagle Chapter 11 Case" and, together with the November Chapter 11 Cases, the "Chapter 11 Cases"). The Company obtained waivers from the requisite holders of each of the 8.5% Senior Secured Notes and the New Convertible Notes with respect to the White Eagle Chapter 11 Case, similar to the waivers for the November Chapter 11 Cases, and believes that no defaults, events of default or acceleration of the payment obligations thereunder, including principal or accrued interest, occurred with respect to both the 8.5% Senior Secured Notes and the New Convertible Notes. Lamington and its subsidiaries' (White Eagle, WEGP and Lamington Road Bermuda Limited), financial results are excluded from the Company’s consolidated results for the period from November 14, 2018, the Petition Date. ASC 810, Consolidation require that an entity whose financial statements were previously consolidated with those of its parent that files for protection under the U.S. Bankruptcy Code, whether solvent or insolvent, generally must be prospectively deconsolidated from the parent and presented as an equity investment (deconsolidation applies to Lamington and all subsidiaries owned, directly or indirectly, by Lamington, including WEGP, White Eagle and Lamington Road Bermuda which collectively are referred to herein as the ("Deconsolidated Entities") or the "Debtors". Therefore, our 2019 results are not comparable with our 2018 results. Under ASC 810, this loss of control would likely trigger a gain or loss for the parent as the parent would remeasure its retained noncontrolling investment at fair value each reporting period. We assessed the inherent uncertainties associated with the outcome of the Chapter 11 reorganization process and the anticipated duration thereof, and concluded that it was appropriate to deconsolidate Lamington and its subsidiaries effective on the Petition Date. Beal Litigation On January 25, 2019, the Company, White Eagle, Lamington, and WEGP, collectively the "Plaintiffs", filed suit (the "Suit") against LNV Corporation ("LNV"), Silver Point Capital L.P. ("Silver Point") and GWG Holdings, Inc. ("GWG" and, with LNV and Silver Point, the "Defendants") in the Bankruptcy Court, where the Suit will be administered together with the Chapter 11 Cases. LNV, a subsidiary of Beal Bank ("Beal"), is the lender under the White Eagle Revolving the Credit Facility. In the Suit, the Plaintiffs allege that the Defendants engaged in a scheme to coerce the Plaintiffs into selling their valuable portfolio of life insurance policies to defendants for well below its true value. Pursuant to the White Eagle Revolving Credit Facility, LNV agreed to lend $370 million to White Eagle, and in connection therewith received a 45% equity stake in White Eagle. That equity stake, and LNV’s significant control over White Eagle under the Credit Facility, creates a joint venture, and gives rise to fiduciary duties to White Eagle and Emergent, on the part of LNV. The Plaintiffs further allege that LNV has been engaged in a concerted campaign to "squeeze" White Eagle and Emergent by improperly restricting their cash flow, in the hopes that White Eagle and Emergent will have no choice but to sell the valuable policy portfolio to LNV or one of its proxies, including Silver Point and/or GWG, at below its true value. In connection with the White Eagle Chapter 11 Case, on January 15, 2019, the Court authorized the Debtors to use the proceeds of pre-petition cash collateral for a period of twenty (20) weeks (the "Cash Collateral'). The Cash Collateral may be used solely for the purposes permitted under the budget approved by the Court, including (i) to provide working capital needs of the Debtors and general corporate purposes of the Debtors, (ii) to make the payments or fund amounts otherwise permitted in the final order that authorized such uses and such budget, (iii) to fund amounts necessary to pay certain fees; and (iv) to fund amounts necessary to pay certain professional fees in accordance with such Budget.

XML 19 R8.htm IDEA: XBRL DOCUMENT

Principles of Consolidation and Basis of Presentation	3 Months Ended
Principles of Consolidation and Basis of Presentation	Feb. 28, 2019
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, all of its wholly-owned subsidiary companies and its special purpose entities, with the exception of the Deconsolidated Entities and Imperial Settlements Financing 2010, LLC ("ISF 2010"), an unconsolidated special purpose entity which is accounted for using the measurement alternative, which is measured at cost less impairment. The special purpose entity was to fulfill specific objectives. All significant intercompany balances and transactions except those related to Lamington after November 13, 2018 (see Note 4) have been eliminated in consolidation, including income from services performed by subsidiary companies in connection with the White Eagle Revolving Credit Facility, as detailed herein. Notwithstanding consolidation, as referenced above, White Eagle is the owner of 582 policies, with an aggregate death benefit of approximately $2.8 billion and an estimated fair value of approximately $494.7 million which has been deconsolidated as of November 13, 2018, the date prior to the Petition Date. The unaudited consolidated financial statements have been prepared in conformity with the rules and regulations of the SEC for Form 10-Q and therefore do not include certain information, accounting policies, and footnote disclosure information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles. However, all adjustments (consisting of normal recurring accruals), which, in the opinion of management, are necessary for a fair presentation of the financial statements, have been included. Operating results for the three months ended February 28, 2019 are not necessarily indicative of the results that may be expected for future periods or for the year ending November 30, 2019. These interim financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in Emergent Capital's Transition Report on Form 10-KT for the fiscal year ended November 30, 2018. Liquidity Historically, the Company has incurred substantial losses, which has resulted in an accumulated deficit of approximately $343.5 million as of February 28, 2019. Cash flows used in operating activities were $3.8 million for the three months ended February 28, 2019 and $41.2 million for the eleven months ended November 30, 2018. As of February 28, 2019, the Company had approximately $3.8 million of cash and cash equivalents and certificates of deposit of $503,000; of this amount, approximately $3.8 million is available to pay premiums on the two unencumbered policies of which such expenses will approximate $124,000 in 2019 and other overhead expenses. The Company’s ability to continue as a going concern is dependent on its ability to meet its liquidity needs through a combination of factors including but not limited to, the receipt of death benefits from life insurance policy maturities, strategic capital market raises, pledged policy sales (subject to certain asset sale restrictions by the Bankruptcy Court), obtaining financing needed to exit the bankruptcy process, the approval of the Bankruptcy Court to continue utilizing death benefits for payment of premiums and cash on hand. Management’s current plan is to exit the bankruptcy process with a financing arrangement that is viable to the Company and will allow it to pay overhead and other necessary expenses and to keep the policies in force. As of the filing date of this Form 10-Q, we had approximately $2.8 million of cash and cash equivalents inclusive of certificates of deposit of $503,000. Our deconsolidated subsidiaries hold approximately $17.6 million in cash and cash equivalents which is restricted by the Bankruptcy Court. In considering our forecast for the next twelve months and the pending approval of the Debtors' Chapter 11 reorganization plan by the Bankruptcy Court, these facts, aggregated with the current cash balance as of the filing for this Form 10-Q, create a substantial doubt of the Company’s ability to meet their financial needs and continue as a going concern. In considering the factors above, management plans to continue to operate our business and to seek Bankruptcy Court approval to continue to use cash collateral after the expiration of the initially approved twenty (20) week period. The accompanying consolidated financial statements are prepared on a going concern basis and do not include any adjustments that might result from uncertainty about the Company’s ability to continue as a going concern. Reorganization On the Petition Date, Lamington and WEGP filed the November Chapter 11 Cases in the Bankruptcy Court. Once a reporting entity has filed a petition for bankruptcy under Chapter 11 of the Bankruptcy Code, its accounting and financial reporting fall under the scope of ASC 852-10, Reorganizations, which will serve as the foundation for accounting during bankruptcy. In accordance with ASC 852-10, transactions and events directly associated with the Chapter 11 Cases are required to be distinguished from the ongoing operations of the business. In addition, ASC 852-10 requires changes in the accounting and presentation of liabilities, as well as expenses and income directly associated with the Chapter 11 Cases. Deconsolidation Lamington's and its subsidiaries' (White Eagle and WEGP) filing reorganization of the Chapter 11 Cases was a reconsideration event for Emergent Capital to reevaluate whether consolidation of Lamington and its subsidiaries (White Eagle, WEGP and Lamington Road Bermuda Limited) (the Deconsolidated Entities) continued to be appropriate. Under ASC 810, Consolidation, specifically ASC 810-10-15, consolidation of a majority-owned subsidiary is precluded where control does not rest with the majority owners, for instance, where the subsidiary is in legal reorganization or bankruptcy. Accordingly, when a subsidiary files for bankruptcy, it is appropriate for the parent to deconsolidate the subsidiary. Under ASC 810, this loss of control would likely trigger a gain or loss for the parent as the parent would remeasure its retained noncontrolling investment at fair value. We assessed the inherent uncertainties associated with the outcome of the Chapter 11 reorganization process and the anticipated duration thereof, and concluded that it was appropriate to deconsolidate Lamington and its subsidiaries effective on the Petition Date. Related Party Relationship Upon filing for Chapter 11 and the subsequent deconsolidation, transactions with Lamington are no longer eliminated in consolidation and are treated as related party transactions for Emergent Capital. See Note 5 "Condensed and Consolidated Financial Statements For Entities in Bankruptcy" for all transactions between Emergent Capital and Lamington. Discontinued Operations On October 25, 2013, the Company sold substantially all of the assets comprising its structured settlement business. As a result, the Company has discontinued segment reporting and classified its operating results of the structured settlement business, net of income taxes, as discontinued operations. The accompanying consolidated statements of operations for the three months ended February 28, 2019 and 2018, and the related notes to the consolidated financial statements, reflect the classification of its structured settlement business operating results, net of tax, as discontinued operations. See Note 9, "Discontinued Operations," of the accompanying consolidated financial statements for further information. Unless otherwise noted, the following notes refer to the Company’s continuing operations. Foreign Currency The Company owns certain foreign subsidiary companies formed under the laws of Ireland, the Bahamas and Bermuda. These foreign subsidiary companies utilize the U.S. dollar as their functional currency. The foreign subsidiary companies' financial statements are denominated in U.S. dollars and therefore, there are no translation gains and losses resulting from translating the financial statements at exchange rates other than the functional currency. Any gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the subsidiary companies' functional currency) are included in income. These gains and losses are immaterial to the Company’s financial statements. Use of Estimates The preparation of consolidated financial statements, in conformity with accounting principles generally accepted in the United States of America ("GAAP"), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates and such differences could be material. Significant estimates made by management include income taxes, the valuation of life settlements, the valuation of the debt owing under the White Eagle Revolving Credit Facility, the valuation of equity awards and the valuation investment in deconsolidated entities.

XML 20 R9.htm IDEA: XBRL DOCUMENT

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Feb. 28, 2019
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, "Leases" (Topic 842). The new guidance establishes the principles to report transparent and economically neutral information about the assets and liabilities that arise from leases. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. All leases create an asset and a liability for the lessee in accordance with FASB Concepts Statement No. 6, Elements of Financial Statements, and, therefore, recognition of those lease assets and lease liabilities represents an improvement over previous GAAP, which did not require lease assets and lease liabilities to be recognized for most leases. In December 2018, the Board released the amendments related to 1) sales taxes and other similar taxes collected from lessees that affect all lessors electing the accounting policy election; 2) lessor costs affecting all lessor entities that have lease contracts that either require lessees to pay lessor costs directly to a third party or require lessees to reimburse lessors for costs paid by lessors directly to third parties; and 3) recognition of variable payments for contracts with lease and nonlease components affecting all lessor entities with variable payments related to both lease and nonlease components. During the first quarter of 2019, the FASB issued targeted amendments to ASC 842 that affect how (1) financial institution lessors present lessee payments in their statements of cash flows and (2) lessors that are not manufacturers or dealers determine the fair value of the underlying asset. The FASB also clarified that companies transitioning to ASC 842 do not need to provide the interim transition disclosures required by ASC 250 (accounting changes and error corrections). All entities, including early adopters, must apply the amendments in this Update to all new and existing leases. This ASU is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements. We do not expect that it will have a material impact. In February 2018, the FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" to address stakeholder concerns about the guidance in current generally accepted accounting principles (GAAP) that requires deferred tax liabilities and assets to be adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date. The amendments in this update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements. In July 2018, the FASB issued ASU 2018-11, "Targeted Improvements to Leases" (Topic 842) primarily to provide another transition method in addition to the existing transition method by allowing entities to initially apply the new leases standard at the adoption date (such as January 1, 2019, for calendar year-end public business entities) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers’ requests. The amendments in this Update address stakeholders’ concerns about the requirement for lessors to separate components of a contract by providing lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component, similar to the expedient provided for lessees. The amendments in this Update also clarify which Topic (Topic 842 or Topic 606) applies for the combined component. For entities that have not adopted Topic 842 before the issuance of this Update, the effective date and transition requirements for the amendments in this Update related to separating components of a contract are the same as the effective date and transition requirements in Update 2016-02 In August 2018, the FASB issued ASU 2018-13, "Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement" which modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The following disclosure requirements were removed from Topic 820 among others: 1) The amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy 2) The policy for timing of transfers between levels. The following disclosure requirements were part of the modifications in Topic 820:1) For investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly. The amendments also clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. Lastly, the following disclosure requirements were added to Topic 820: 1) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; 2) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities ("ASU 2018-17"). ASU 2018-17 provides that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. ASU 2018-17 is effective for public companies for annual and interim periods beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements. In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606 ("ASU 2018-18"). ASU 2018-18 clarifies when certain transactions between collaborative arrangement participants should be accounted for under ASC 606 and incorporates unit-of-account guidance consistent with ASC 606 to aid in this determination. ASU 2018-18 is effective for public companies for annual and interim periods beginning after December 15, 2019, with early adoption permitted. ASU 2018-18 should generally be applied retrospectively to the date of initial application of Topic 606. We do not expect this standard to have an impact on our consolidated financial position, results of operations or cash flows.

XML 21 R10.htm IDEA: XBRL DOCUMENT

Deconsolidation of Subsidiaries

3 Months Ended

Feb. 28, 2019

Reorganizations [Abstract]

The fair value of the investment in Lamington is calculated as follows:



Investment in Lamington at December 1, 2018	$	128,795
Increase in basis investment (see below)	711
Less: Change in fair value	(33,965		)
Investment in Lamington at February 28, 2019	$	95,541

The table below summarizes the composition of the Company's investment in the deconsolidated entities at February 28, 2019:



			Increase/Decrease in Basis		Change in Fair Value
	November 30, 2018		Three Months Ended February 28, 2019					February 28, 2019
Equity investment	$	66,251	$	—	$	(33,965	)	$	32,286
Promissory notes	56,596		—		—			56,596
Other liabilities	5,948		711		—			6,659
Total investment	$	128,795	$	711	$	(33,965	)	$	95,541

XML 22 R11.htm IDEA: XBRL DOCUMENT

Condensed and Consolidated Financial Statements for Entities in Bankruptcy

3 Months Ended

Feb. 28, 2019

Condensed Financial Information of Debtor-in-Possession Disclosure [Abstract]

Condensed and Consolidated Financial Statements for Entities in Bankruptcy

Condensed consolidated financial information for Lamington Road DAC is set forth below, presented at historical cost basis

Lamington Road DAC

(Debtor-in-Possession)

Condensed and Consolidated Statements Balance Sheet



	February 28, 2019			November 30, 2018*
	(Unaudited)
	(In thousands except share data)
ASSETS
Assets
Cash and cash equivalents	$	21,742		$	33,719
Prepaid expenses and other assets	833			68
Investment in life settlements, at estimated fair value	494,732			505,235
Receivable for maturity of life settlements	36,754			27,700
Total assets	$	554,061		$	566,722

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities
Accounts payable and accrued expenses	2,702			1,410
Other liabilities (subject to compromise)*	7,181			5,997
Revolving Credit Facility debt, at estimated fair value	365,499			346,671
Promissory notes payable (subject to compromise)*	146,393			137,813
Promissory notes interest payable (subject to compromise)*	—			8,580
Total liabilities	521,775			500,471

Share Capital (1 share of $1 authorized and issued)	—			—
Additional paid in capital	60,602			60,602
Accumulated deficit/retained earnings	(28,316		)	5,649
Total stockholders' equity	32,286			66,251

Total liabilities and stockholders' equity	$	554,061		$	566,722

*Liabilities subject to compromise include pre-petition unsecured claims, which may be settled at amounts different from those recorded in the condensed consolidated balance sheet.

Lamington Road DAC

(Debtor-in-Possession)

Condensed and Consolidated Statements of Operations



	For the Three Months Ended February 28,
	2019			2018
Change in Fair Value of Life Settlements (Notes 11 & 15)	$	(12,750	)	$	11,481
Other Income	234			83
Total income	(12,516		)	11,564

Interest expense	2,400			5,187
Interest expense - affiliate	—			2,375
Change in fair value of White Eagle Revolving Credit Facility (Notes 11 & 15)	14,608			(1,624		)
Participation Interest - Revolving Credit Facility	—			340
Reorganization cost	1,901			—
Legal fees	587			427
Professional fees	428			475
Administrative service fees - affiliate	1,427			1,059
Other general and administrative expenses	98			101
Total expenses	21,449			8,340
Income taxes	—			—
(Loss) income	$	(33,965	)	$	3,224

Lamington Road DAC

(Debtor-in-Possession)

Condensed and Consolidated Statements of Cash Flows



	For the Three Months Ended February 28,
	2019			2018

Net cash used in operating activities	$	(4,951	)	$	(6,540	)
Cash flows from investing activities
Premiums paid on life settlements	(25,247		)	(20,794		)
Proceeds from maturity of life settlements	14,000			10,104
Net cash used in investing activities	$	(11,247	)	$	(10,690	)
Cash flows from financing activities
Repayment of borrowings under White Eagle Revolving Credit Facility	—			(1,763		)
Borrowings from White Eagle Revolving Credit Facility	4,221			23,091
Net cash provided by financing activities	$	4,221		$	21,328
Net increase/(decrease) in cash and cash equivalents	(11,977		)	4,098
Cash and cash equivalents, at beginning of the period	33,719			12,129
Cash and cash equivalents, at end of the period	$	21,742		$	16,227
Supplemental disclosures of cash flow information:
Cash paid for interest during the period	$	2,400		$	5,187

Related Party Transactions

Administrative Services Fees

Promissory Notes Receivable

XML 23 R12.htm IDEA: XBRL DOCUMENT

Consolidation of Variable Interest Entities

3 Months Ended

Feb. 28, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidation of Variable Interest Entities



	Not Primary Beneficiary
	Non-consolidated VIE
	Total Assets		Maximum Exposure To Loss
February 28, 2019	$	2,384	$	2,384
November 30, 2018	$	2,384	$	2,384

XML 24 R13.htm IDEA: XBRL DOCUMENT

Earnings Per Share

3 Months Ended

Feb. 28, 2019

Earnings Per Share [Abstract]

Earnings Per Share

Basic net income per share is computed by dividing the net earnings attributable to common shareholders by the weighted average number of common shares outstanding during the period.

The following table reconciles actual basic and diluted earnings per share for the three months ended February 28, 2019 and 2018 (in thousands except per share data).



	For the Three Months Ended February 28,
	2019(1)			2018(2)
Income (loss) per share:
Numerator:
Net income (loss) from continuing operations	$	(37,459	)	$	4,869
Net income (loss) from discontinued operations	(17		)	(17		)
Numerator for basic EPS - net income (loss) attributable to common stockholders	$	(37,476	)	$	4,852
Add back convertible notes interest	—			824
Numerator for diluted earnings per share - net income (loss) attributable to common stockholders	$	(37,476	)	$	5,676
Basic income (loss) per common share:
Basic income (loss) from continuing operations	$	(0.24	)	$	0.03
Basic income (loss) from discontinued operations	—			—
Basic income (loss) per share available to common shareholders	$	(0.24	)	$	0.03
Diluted income (loss) per common share:
Diluted income (loss) from continuing operations	$	(0.24	)	$	0.03
Diluted income (loss) from discontinued operations	—			—
Diluted income (loss) per share available to common shareholders	$	(0.24	)	$	0.03
Denominator:
Basic	156,919,099			155,893,843
Diluted	156,919,099			216,029,455

(1)


(2)	The computation of diluted EPS does not include 85,000 shares of common stock underlying options, 100,000 shares of stock appreciation rights and 2,000,000 shares of common stock underlying warrants, as the effect of their inclusion would have been anti-dilutive.

XML 25 R14.htm IDEA: XBRL DOCUMENT

Stock-based Compensation

3 Months Ended

Feb. 28, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-based Compensation

Options



Common Stock Options	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding Balance, December 1, 2018	85,000	$	6.94	0.72	$	—
Options granted	—	—		—
Options exercised	—	—		—
Options forfeited	—	$	—	—
Options expired	—	—		—
Options outstanding, February 28, 2019	85,000	$	6.94	0.47	$	—
Exercisable at February 28, 2019	85,000	$	6.94	0.47
Unvested at February 28, 2019	—	—		—	$	—

Restricted Stock

The following table presents the activity of the Company’s unvested shares of restricted stock for the three months ended February 28, 2019:



Common Unvested Shares	Number of Shares
Outstanding Balance, December 1, 2018	1,400,000
Granted	—
Vested	(250,000	)
Forfeited	—
Outstanding February 28, 2019	1,150,000

Stock Appreciation Rights (SARs)

XML 26 R15.htm IDEA: XBRL DOCUMENT

Discontinued Operations

3 Months Ended

Feb. 28, 2019

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Operating results related to the Company’s discontinued structured settlement business are as follows:



	Three Months Ended February 28,
	2019			2018
Total income	$	—		$	—
Total expenses	17			17
Income (loss) before income taxes	(17		)	(17		)
(Benefit) provision for income taxes	—			—
Net income (loss) from discontinued operations, net of income taxes	$	(17	)	$	(17	)

XML 27 R16.htm IDEA: XBRL DOCUMENT

Life Settlements (Life Insurance Policies)

3 Months Ended

Feb. 28, 2019

Investments, All Other Investments [Abstract]

Life Settlements (Life Insurance Policies)

The following describes the Company’s life settlements as of February 28, 2019 (dollars in thousands):

Policies Pledged Under White Eagle Revolving Credit Facility and Deconsolidated

The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by White Eagle at February 28, 2019 was 8.8 years.



Remaining Life Expectancy (In Years)*	Number of Life Settlement Contracts	Estimated Fair Value		Face Value
0 - 1	4	$	19,263	$	23,213
1 - 2	22	59,864		86,746
2 - 3	22	36,313		66,424
3 - 4	37	66,279		158,247
4 - 5	44	75,639		216,350
Thereafter	453	237,373		2,202,270
Total	582	$	494,731	$	2,753,250

The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the White Eagle at November 30, 2018 was 8.9 years.



Remaining Life Expectancy (In Years)*	Number of Life Settlement Contracts	Fair Value		Face Value
0-1	6	$	24,221	$	28,796
1-2	12	30,828		46,390
2-3	31	72,343		126,402
3-4	37	57,874		139,447
4-5	46	77,719		217,450
Thereafter	454	242,251		2,217,430
Total	586	$	505,236	$	2,775,915

The below is an analysis of policy maturities for the three months ended February 28, 2019 and 2018.



	Three Months Ended February 28,
	2019		2018
Face value	$	23,000	$	22,700

Cost*	5,635		6,442
Accumulated Change in Fair Value*	1,673		2,130
Carrying Value	7,308		8,572

Gain on Maturities	$	15,692	$	14,128

Number of Policies	4		4

Estimated premiums to be paid for each of the five succeeding fiscal years and thereafter to keep the life insurance policies in force as of February 28, 2019, are as follows (in thousands):




Remainder of 2019	77,585
2020	108,567
2021	110,681
2022	109,583
2023	106,968
Thereafter	1,027,569
	$	1,540,953

Policies Not Pledged

The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the Company at February 28, 2019 was 12.0 years.



Remaining Life Expectancy (In Years)	Number of Life Settlement Contracts	Fair Value		Face Value
0-1	—	—		—
1-2	—	—		—
2-3	—	—		—
3-4	—	—		—
4-5	—	—		—
Thereafter	2	1,213		12,000
Total	2	$	1,213	$	12,000

The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the Company at November 30, 2018 was 12.2 years.



Remaining Life Expectancy (In Years)*	Number of Life Settlement Contracts		Fair Value		Face Value
0-1	$	—	$	—	$	—
1-2	—		—		—
2-3	—		—		—
3-4	—		—		—
4-5	—		—		—
Thereafter	2		1,172		12,000
Total	$	2	$	1,172	$	12,000

Estimated premiums to be paid for each of the five succeeding fiscal years and thereafter to keep the life insurance policies in force as of February 28, 2019, are as follows (in thousands):



Remainder of 2019	124
2020	190
2021	220
2022	252
2023	283
Thereafter	4,952
	$	6,021

The amount of $6.0 million noted above represents the estimated total future premium payments required to keep the life insurance policies in force during the life expectancies of all the underlying insured lives and does not give effect to projected receipt of death benefits. The estimated total future premium payments could increase or decrease significantly to the extent that insurance carriers increase the cost of insurance on their issued policies or that actual mortalities of insureds differs from the estimated life expectancies.

XML 28 R17.htm IDEA: XBRL DOCUMENT

White Eagle Revolving Credit Facility

3 Months Ended

Feb. 28, 2019

Credit Facility

White Eagle Revolving Credit Facility



LTV	Premiums, Interest & Other Fees	Principal	Distribution to White Eagle - 55%	Lender Participation - 45%
N/A	100%	—%	—%	—%
>65%	N/A	100%	—%	—%
50-65%	N/A	70%	16.5%	13.5%
35-50%	N/A	55%	24.8%	20.3%
0-35%	N/A	45%	30.3%	24.8%

Due to the White Eagle Chapter 11 Case, there was no waterfall distribution for the three month period ended February 28, 2019.



Collection account balance at December 1, 2018	$	28,059
Face value collected in current quarter	14,000
Other collections in current quarter*	2,563
	$	44,622
Expenses paid from the collection account Post-Petition
Premiums	$	(22,880	)
Lender's Interest	(2,400		)
White Eagle Credit Facility expenses	(2,779		)
Total payment	$	(28,059	)

Collection account balance at February 28, 2019	$	16,563

*Includes refund of premiums and interest earned on maturity proceeds



		Three Months Ended February 28, 2018
Clause	Amount			Use of Proceeds
First:		$	84	Custodian and Securities Intermediary
Second:		—		White Eagle - Ongoing Maintenance Cost Reimbursable
Third:		—		Administrative Agent - Protective Advances
Fourth:		10		Administrative Agent - Administrative Agent Fee and Legal Expense Reimbursement
Fifth:		5,187		Administrative Agent - Accrued and Unpaid Interest
Sixth:		1,763		Administrative Agent - Required Amortization
Seventh:		—		Administrative Agent - Amortization Shortfall
Eighth:		340		Administrative Agent - Participation Interest
Ninth:		—		Reserved - $0
Tenth:		—		Administrative Agent Aggregate Unpaid Participation Interest
Eleventh:		—		Administrative Agent - Remaining Available Amount After Clause First to Tenth
Twelfth:		—		Wilmington Trust - Custodian and Securities Intermediary - Unpaid Fees
Thirteenth:		416		Borrower - Any Remaining Available Amount After Clause First to Twelfth
Total Distributions		$	7,800



	Three Months Ended February 28,
	2019		2018

Amount drawn for premium payments	$	4,221	$	22,694
Amount drawn in fees to service providers	—		640
Total amount drawn	$	4,221	$	23,334



	Three Months Ended February 28,
	2019		2018
Interest paid through waterfall	$	—	$	5,187
Interest paid by White Eagle	—		—
Participation interest paid through waterfall	—		340
Interest paid from collection account	2,400		—
Total interest expense	$	2,400	$	5,527

Voluntary Petitions for Relief Under Chapter 11

On December 13, 2018, White Eagle filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Chapter 11 case is being administered under case number 18-12808 the "White Eagle Chapter 11 Case" and, together with the November Chapter 11

Cases, the "Chapter 11 Cases").

The commencement of the White Eagle Chapter 11 Case, together with the related Chapter 11 Cases, constitutes an event of default under the White Eagle’s Revolving credit facility (the "Credit Facility"), resulting in the principal and accrued interest due from White Eagle thereunder becoming immediately due and payable. Lamington and WEGP have pledged their respective interests in White Eagle to secure its obligations under the White Eagle Revolving Credit Facility. Any efforts by LNV to enforce repayment by White Eagle and/or such pledges by Lamington and WEGP of their respective interests in White Eagle in connection with the White Eagle Revolving Credit Facility are automatically stayed as a result of the commencement of the Chapter 11 Cases and LNV’s and CLMG’s rights of enforcement in respect of the White Eagle Revolving Credit Facility are subject to the applicable provisions of the Bankruptcy Code. The previously announced Standstill Agreement among White Eagle, LNV and CLMG expired prior to the filing of the White Eagle Chapter 11 Case.

Beal Litigation

In the Suit, the Plaintiffs allege that the Defendants engaged in a scheme to coerce the Plaintiffs into selling their valuable portfolio of life insurance policies to defendants for well below its true value. Pursuant to the White Eagle Revolving Credit Facility, LNV agreed to lend $370 million to White Eagle, and in connection therewith received a 45% equity stake in White Eagle. That equity stake, and LNV’s significant control over White Eagle under the White Eagle Revolving Credit Facility, creates a joint venture, and gives rise to fiduciary duties to White Eagle and Emergent, on the part of LNV. The Plaintiffs further allege that LNV has been engaged in a concerted campaign to "squeeze" White Eagle and Emergent by improperly restricting their cash flow, in the hopes that White Eagle and Emergent will have no choice but to sell the valuable policy portfolio to LNV or one of its proxies, including Silver Point and/or GWG, at below its true value.

In connection with the White Eagle Chapter 11 Case, on January 15, 2019, the Bankruptcy Court authorized the Debtors to use the proceeds of the cash collateral for a period of twenty (20) weeks (the "Cash Collateral'). The Cash Collateral may be used solely for the purposes permitted under the budget approved by the Bankruptcy Court, including (i) to provide working capital needs of the Debtors and general corporate purposes of the Debtors, (ii) to make the payments or fund amounts otherwise permitted in the final order that authorized such uses and such budget, (iii) to fund amounts necessary to pay certain fees; and (iv) to fund amounts necessary to pay certain professional fees in accordance with such budget.

Deconsolidation of Subsidiaries

See Note 5, "Condensed and Consolidated Financial Statements for Entities in Bankruptcy," to the accompanying consolidated financial statements for further information.

At February 28, 2019, the fair value of the outstanding debt was $365.5 million with approximately $368.0 million of outstanding principal.

XML 29 R18.htm IDEA: XBRL DOCUMENT

8.50% Senior Unsecured Convertible Notes	3 Months Ended
8.50% Senior Unsecured Convertible Notes	Feb. 28, 2019
8.5% Convertible Notes
Debt Instrument [Line Items]
Senior Notes	8.50% Senior Unsecured Convertible Notes In February 2014, the Company issued $70.7 million in an aggregate principal amount of 8.50% senior unsecured convertible notes due 2019 (the "Convertible Notes" or "8.5% Convertible Notes"). The Convertible Notes were issued pursuant to an indenture dated February 21, 2014, between the Company and U.S. Bank National Association, as trustee (the "Convertible Note Indenture"). The Convertible Notes are general senior unsecured obligations and rank equally in right of payment with all of the Company's other existing and future senior unsecured indebtedness. The Convertible Notes are effectively subordinate to all of the Company's secured indebtedness to the extent of the value of the assets collateralizing such indebtedness. The Convertible Notes are not guaranteed by the Company's subsidiaries. The maturity date of the Convertible Notes is February 15, 2019. The Convertible Notes accrue interest at the rate of 8.50% per annum on the principal amount of the Convertible Notes, payable semi-annually in arrears on August 15 and February 15 of each year. The Convertible Notes are convertible into shares of common stock at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Initially, the Convertible Notes were convertible into shares of common stock at a conversion rate of 147.9290 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to a conversion price of $6.76 per share of common stock). In the second quarter of 2015, the conversion rate was adjusted to 151.7912 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to a conversion price of $6.59 per share of common stock) in connection with an anti-dilution adjustment triggered by a rights offering that resulted in the issuance of 6,688,433 shares of the Company’s common stock. On and after February 15, 2017 and prior to the maturity date, the Company may redeem for cash all, but not less than all, of the Convertible Notes if the last reported sale price of the Company’s common stock equals or exceeds 130% of the applicable conversion price for at least 20 trading days during the 30 consecutive trading day period ending on the trading day immediately prior to the date the Company delivers notice of the redemption. The redemption price will be equal to 100% of the principal amount of the Convertible Notes, plus any accrued and unpaid interest to, but excluding, the redemption date. In addition, if a make-whole fundamental change occurs prior to maturity date, and a holder elects to convert its Convertible Notes in connection therewith, the Company will, in certain circumstances, increase the conversion rate by a number of additional shares of common stock for holders who convert their notes prior to the redemption date. The Company determined that an embedded conversion option existed in the Convertible Notes that was required to be separately accounted for as a derivative under ASC 815 which required the Company to bifurcate the embedded conversion option, record it as a liability at fair value and record a debt discount by an equal amount. Upon receipt of shareholder approval to issue shares of common stock upon conversion of the Convertible Notes in an amount that exceeded applicable New York Stock Exchange limits for issuances without shareholder approval, the Company reclassified the embedded conversion derivative liability to equity. The Convertible Notes are recorded at accreted value and will continue to be accreted up to the par value of the Convertible Notes at maturity. On February 14, 2017, the Company solicited consents (the "Consent Solicitation") to issue additional 8.50% Convertible Notes (the "Additional Convertible Notes") in lieu of a cash payment of interest on February 15, 2017 (the "2017 Interest Payment Date") to holders of the Convertible Notes. On March 14, 2017, the Company issued Additional Convertible Notes for an aggregate principal amount of $3.5 million following the Company’s receipt of the requisite consents of the holders of approximately 98% of the aggregate principal amount of Convertible Notes (the "Consenting Holders"), pursuant to the Consent Solicitation, whereby each Consenting Holder agreed to accept Additional Convertible Notes in lieu of a cash payment of interest on the Convertible Notes due on the 2017 Interest Payment Date. All Additional Convertible Notes issued by the Company to Consenting Holders were issued under the Convertible Note Indenture and such Additional Convertible Notes have identical terms to the existing Convertible Notes. Interest on the Additional Convertible Notes accrued from February 15, 2017. On March 15, 2017 and May 12, 2017, the Company entered into a series of separate Master Transaction Agreements (the "Master Transaction Agreements") by and among the Company, PJC Investments, LLC, a Texas limited liability company ("PJC") and each such Consenting Holder that is a party to such Master Transaction Agreement regarding a series of integrated transactions with the intent to effect a recapitalization of the Company (the "Transaction") which included, among other transactions, a Convertible Note Exchange Offer and a New Convertible Note Indenture providing for the issuance of New Convertible Notes to be delivered in connection with the Transaction (each as defined in the Master Transaction Agreements). As part of the Transaction, on April 18, 2017, the Company launched an exchange offer (the "Convertible Note Exchange Offer") to the existing holders of its outstanding Convertible Notes for 5.0% Senior Unsecured Convertible Notes due 2023 (the "New Convertible Notes" or "5% Convertible Notes"). At least 98% of the holders of the Convertible Notes were required to be tendered in the Convertible Note Exchange Offer as a condition to closing the Transaction. On July 26, 2017, the Company’s offer to exchange its outstanding $74.2 million aggregate principal amount of Convertible Notes for its New Convertible Notes expired. Holders of at least 98% of the holders of the Convertible Notes tendered in the Convertible Note Exchange Offer. On July 28, 2017, the Company consummated a series of integrated transactions to effect a recapitalization of the Company (the "Transaction Closing") pursuant to the Master Transaction Agreements, which transactions included the consummation of the Convertible Note Exchange Offer. The amount exchanged included approximately $73.0 million of principal outstanding prior to the exchange and approximately $2.8 million of interest paid in kind at the exchange date. The outstanding principal amount of the Convertible Notes after the exchange was approximately $1.2 million. In connection with the Transaction Closing, the Company entered into a supplemental indenture (the "Supplemental Convertible Note Indenture") to the Convertible Note Indenture governing the Convertible Notes. The purpose of the Supplemental Convertible Note Indenture was to eliminate substantially all of the restrictive covenants, eliminate certain events of default, eliminate the covenant restricting mergers and consolidations and modify certain provisions relating to defeasance contained in the Convertible Note Indenture and the Convertible Notes (collectively, the "Proposed Amendments") promptly after the receipt of the requisite consents for the Proposed Amendments. The Company performed an assessment of the modification of the Convertible Notes under ASC 470, Debt, and determined the transaction is a troubled debt restructuring. The Company did not recognize any gain as a result of the restructuring, therefore, approximately $7.7 million was reclassified to the New Convertible Notes, including $6.7 million and $1.0 million related to debt discount and origination cost, respectively. See Note 13 "5.0% Senior Unsecured Convertible Notes" for a description of the changes in terms of the Convertible Notes. On February 20, 2019, the Company received written notice from U.S. Bank, National Association, the trustee under New Convertible Note Indenture, that the Company was in default (the "Event of Default") under the New Convertible Note Indenture for failure to pay the principal amount and accrued interest due upon maturity on February 15, 2019 of Convertible Notes due 2019 (the "Convertible Notes"). The outstanding principal amount of the Convertible Notes was $1.2 million and accrued interest thereon was approximately $63,000 as of February 28, 2019. The Event of Default, which caused an automatic acceleration of the outstanding principal and accrued interest, had no practical effect on the Company, as such amounts were already due and payable. The Event of Default did not result in a cross-default under other debt agreements or arrangements of the Company. The total amount of $1.2 million due, consisting of principal and accrued interest, will accrue interest at 8.5% per annum (the original interest rate of the Convertible Notes) until payment thereof is made. As of February 28, 2019, the carrying value of the Convertible Notes was $1.2 million. During the three months ended February 28, 2019, the Company recorded $46,000 of interest expense on the Convertible Notes, including $25,000, $18,000 and $3,000 from interest, amortizing debt discounts and origination costs, respectively, compared to interest expense of $46,000 during the three months ended February 28, 2018, which included $25,000, $18,000 and $3,000 from interest, amortizing debt discounts and origination costs, respectively.

XML 30 R19.htm IDEA: XBRL DOCUMENT

5.0% Senior Unsecured Convertible Notes	3 Months Ended
5.0% Senior Unsecured Convertible Notes	Feb. 28, 2019
5.0% Senior Unsecured Convertible Notes Due 2023
Debt Instrument [Line Items]
Senior Notes	5.0% Senior Unsecured Convertible Notes On July 26, 2017, the Company’s Convertible Note Exchange Offer expired. Holders of at least 98% of the Convertible Notes tendered in the Convertible Note Exchange Offer. In connection with the Transaction Closing, the Company caused to be issued the New Convertible Notes in an aggregate amount of approximately $75.8 million pursuant to the "New Convertible Note Indenture. The terms of the New Convertible Notes are governed by the New Convertible Note Indenture, which provide, among other things, that the New Convertible Notes are unsecured senior obligations of the Company and will mature on February 15, 2023. The New Convertible Notes bear interest at a rate of 5% per annum from the issue date, payable semi-annually on August 15 and February 15 of each year, beginning on August 15, 2017. Holders of New Convertible Notes may convert their New Convertible Notes at their option on any day prior to the close of business on the second scheduled trading day immediately preceding February 15, 2023. Upon conversion, the Company will deliver shares of Common Stock, together with any cash payment for any fractional share of Common Stock. The initial conversion rate for the New Convertible Notes denominated in $1,000 increments will be 500 shares of Common Stock per $1,000 principal amount of New Convertible Notes, which corresponds to an initial conversion price of approximately $2.00 per share of Common Stock. The initial conversion rate for the New Convertible Notes denominated in $1.00 increments will be 0.5 shares of Common Stock per $1.00 principal amount of New Convertible Notes, which corresponds to an initial conversion price of approximately $2.00 per share of Common Stock. The conversion rate will be subject to adjustment in certain circumstances. The Company may redeem, in whole but not in part, the New Convertible Notes at a redemption price of 100% of the principal amount of the New Convertible Notes to be redeemed, plus accrued and unpaid interest and additional interest, if any, if and only if the last reported sale price of the Common Stock equals or exceeds 120% of the conversion price for at least 15 trading days in any period of 30 consecutive trading days. The Company may, at its election, pay or deliver as the case may be, to all Holders of the New Convertible Notes, either (a) solely cash, (b) solely shares of Common Stock, or (c) a combination of cash and shares of Common Stock. The provisions of the New Convertible Note Indenture include a make-whole provision to compensate the Company’s debt holders for the lost option time value and forgone interest payments upon the Company experiencing a Fundamental Change (as defined in the New Convertible Note Indenture). These Fundamental Changes revolve around change in beneficial ownership, the consummation of specified transactions which result in the conversion of common stock into other assets or the sale, transfer or lease of all or substantially all of the Company’s assets, a majority change in the composition of the Company’s Board of Directors, the Company’s stockholders' approval of any plan for liquidation of dissolution of the Company, and the Common Stock ceasing to be listed or quoted on a Trading Market (as defined in the New Convertible Note Indenture). The number of incremental additional shares to be issued as a result of a Fundamental Change is based on a table which calculates the adjustment based on the inputs of time and share value. The New Convertible Note Indenture provides for customary events of default, which include (subject in certain cases to customary grace and cure periods), among others: nonpayment of principal or interest; breach of covenants or other agreements in the New Convertible Note Indenture; defaults or failure to pay certain other indebtedness; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is continuing under the New Convertible Note Indenture, the trustee or the holders of at least 25% in aggregate principal amount of the New Convertible Notes then outstanding may declare all unpaid principal plus accrued interest on the New Convertible Notes immediately due and payable, subject to certain conditions set forth in the New Convertible Note Indenture. In addition, holders of the New Convertible Notes may require the Company to repurchase the New Convertible Notes upon the occurrence of certain designated events at a repurchase price of 100% of the principal amount of the New Convertible Notes, plus accrued and unpaid interest. The New Convertible Note Indenture, among other things, includes provisions such as the Company’s failure to timely file any document or report that is required to be filed with the SEC, as well as a registration statement covering the re-sale by holders of the New Convertible Notes not being declared effective by the SEC; the Company’s failure to cure such a default within 14 days after the occurrence will result in the Company being required to pay additional interest in cash. Additional interest on the New Convertible Notes will accrue with respect to the first 90-day period (or portion thereof) following the restricted transfer triggering date, which is 120 days after the last date on which any securities are originally issued under the New Convertible Note Indenture, if certain circumstances occur resulting in a restricted transfer default. For each day that a restricted transfer default is continuing at a rate equal to 0.25% per annum of the principal amount of New Convertible Notes, which rate will increase by an additional 0.25% per annum of the principal amount of the New Convertible Notes for each subsequent 90- day period (or portion thereof) while a restricted transfer default is continuing until all restricted transfer defaults have been cured, up to a maximum of 0.5% of the principal amount of the securities. Following the cure of all restricted transfer defaults, the accrual of additional interest arising from restricted transfer defaults will cease. The New Convertible Note Indenture states that the sole remedy for an event of default relating to the failure by the Company to comply with the provisions of the New Convertible Note Indenture requiring timely reporting by the Company and for any failure to comply with Section 314(a)(1) of the Trust Indenture Act shall, for the first 365 days after the occurrence of such an Event of Default, consist exclusively of the right to receive special interest on the New Convertible Notes at an annual rate equal to 0.50% of the principal amount of the New Convertible Notes. Voluntary Petitions for Relief Under Chapter 11 On November 14, 2018, the November Chapter 11 Cases were filed, and on December 13, 2018, the White Eagle Chapter 11 Case was filed. The commencement of the Chapter 11 Cases would constitute defaults and events of default under the terms of the Company’s Amended and Restated Senior Secured Indenture and the New Convertible Note Indenture. However, such defaults and events of default and their consequences were waived by holders of a majority of the outstanding principal amounts of each of the 8.5% Senior Secured Notes and the New Convertible Notes, and consequently, the Company believes that no defaults, events of default or acceleration of the payment obligations thereunder, including principal or accrued interest, occurred under either the Company’s Amended and Restated Senior Secured Indenture or the New Convertible Note Indenture. As of February 28, 2019, the carrying value of the New Convertible Notes was $70.0 million, net of unamortized debt discounts and origination costs of $5.1 million and $748,000, respectively. These are being amortized over the remaining life of the New Convertible Notes using the effective interest method. During the three months ended February 28, 2019, the Company recorded $1.2 million of interest expense on the New Convertible Notes, including $948,000, $256,000 and $38,000 from interest, amortization of debt discount and origination costs, respectively, compared to interest expense of $1.2 million during the three months ended February 28, 2018, which included $948,000, $238,000 and $35,000 from interest, amortizing debt discounts and origination costs, respectively.

XML 31 R20.htm IDEA: XBRL DOCUMENT

8.5% Senior Secured Notes	3 Months Ended
8.5% Senior Secured Notes	Feb. 28, 2019
8.5% Senior Secured Notes
Debt Instrument [Line Items]
Senior Notes	8.5% Senior Secured Notes In connection with the Transaction Closing, the Company and the Senior Secured Note Trustee entered into an Amended and Restated Senior Secured Note Indenture to amend and restate the Senior Secured Indenture between the Company (as amended and restated, the “Amended and Restated Senior Note Indenture") and the Senior Secured Note Trustee following the Company’s receipt of requisite consents of the holders of the 15% Senior Secured Notes. Pursuant to the terms of the Amended and Restated Senior Secured Indenture, the Company caused the cancellation of all outstanding 15% Senior Secured Notes and the issuance of 8.5% Senior Secured Notes due 2021 (the "8.5% Senior Secured Notes") in an aggregate amount of $30.0 million. The Amended and Restated Senior Secured Indenture allows for an aggregate of $40.0 million of 8.5% Senior Secured Notes to be issued thereunder. On August 11, 2017 and August 14, 2017 the Company issued an additional $3.5 million and $1.5 million of 8.5% Senior Secured Notes which resulted in total notes issued of $44.4 million. The Amended and Restated Senior Secured Indenture provides, among other things, that the 8.5% Senior Secured Notes will be secured senior obligations of the Company and will mature on July 15, 2021. The 8.5% Senior Secured Notes bear interest at a rate of 8.5% per annum, payable quarterly on March 15, June 15, September 15 and December 15 of each year, beginning on September 15, 2017. Certain holders of the Company's securities that are party to Board Designation Agreements (as discussed below), purchased approximately $24.5 million of the 8.5% Senior Secured Notes that were issued in exchange for 15% Senior Secured Notes during the year ended December 31, 2017. The Amended and Restated Senior Secured Indenture provides that the 8.5% Senior Secured Notes may be optionally redeemed in full by the Company at any time and must be redeemed in full upon additional issuances of debt by the Company, in each case at a price equal to 100% of the principal amount redeemed plus (i) accrued and unpaid interest thereon up to the date of redemption, and (ii) the Applicable Premium, if any, as defined in the Amended and Restated Senior Secured Indenture. Upon a change of control, the Company will be required to make an offer to holders of the 8.5% Senior Secured Notes to repurchase the 8.5% Senior Secured Notes at a price equal to 107.5% of their principal amount, plus accrued and unpaid interest thereon up to the date of redemption. The Amended and Restated Senior Secured Indenture contains negative covenants restricting additional debt incurred by the Company, creation of liens on the collateral securing the 8.5% Senior Secured Notes, and restrictions on dividends and stock repurchases, among other things. The 8.5% Senior Secured Notes are secured by settlement proceeds, if any, received from certain litigation involving the Company, certain notes issued to the Company, and pledges of 65% of the equity interests in Blue Heron Designated Activity Company ("Blue Heron"), OLIPP IV, LLC and Red Reef Alternative Investments, LLC. On January 10, 2018, the Company commenced the process of appointing a liquidator to liquidate Blue Heron. The completion of liquidation formalities of Blue Heron under Irish law is expected to take several months, and liquidation was still pending at February 28, 2019. Blue Heron is an inactive subsidiary of the Company. In connection with liquidation of Blue Heron, the Company and Wilmington Trust, National Association, as trustee under the Amended and Restated Senior Secured Indenture (the "Trustee"),entered into (i) the First Supplemental Indenture (the "First Supplemental Indenture"), dated as of January 10, 2018, to implement certain amendments to the Indenture and (ii) the Amendment to Pledge and Security Agreement ("Pledge and Security Amendment"), dated as of January 10, 2018, to implement certain amendments to the Pledge and Security Agreement Pledge and Security Agreement, dated as of March 11, 2016, between the Company and Trustee. The First Supplemental Indenture and the Pledge and Security Amendment amend the Indenture and Pledge and Security Agreement, respectively, to: (i) remove from the assets pledged to the secured parties under the Amended and Restated Senior Secured Indenture, 65% of the equity and certain other assets of Blue Heron; and (ii) reflect the pledge by the Company, in favor of the secured parties under the Indenture, of the promissory note dated as of December 29, 2016 in the principal sum of $69.6 million issued by OLIPP IV, LLC to Blue Heron and subsequently assigned to the Company. The Amended and Restated Senior Secured Indenture provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others: nonpayment of principal or interest; breach of covenants or other agreements in the Amended and Restated Senior Secured Indenture; defaults in failure to pay certain other indebtedness; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is continuing under the Amended and Restated Senior Secured Indenture, the Senior Secured Note Trustee or the holders of at least 25% in aggregate principal amount of the 8.5% Senior Secured Notes then outstanding may declare the principal of and accrued but unpaid interest, plus a premium, if any, on all the 8.5% Senior Secured Notes immediately due and payable, subject to certain conditions set forth in the Amended and Restated Senior Secured Indenture. On December 10, 2018, the Company and Wilmington Trust, National Association, as indenture trustee, entered into a Second Supplemental Indenture (the "Second Supplemental Indenture") which amended the Amended and Restated Indenture, dated as of July 28, 2017, as amended by the First Supplemental Indenture dated as of January 10, 2018 (as so amended, the "Indenture"), relating to the Company’s 8.5% Senior Secured Notes due July 15, 2021 (the "8.5% Senior Secured Notes"). The Second Supplemental Indenture (i) increased the aggregate principal amount of Notes permitted to be issued under the Indenture from $40 million to $70 million and (ii) provided for interest on the Notes to be paid in kind, such that the principal amount of the relevant holder’s note is increased by the amount of interest, in lieu of cash payment ("PIK"). The Company may elect to pay PIK interest instead of cash interest for any Interest Period (as defined in the Indenture) to holders of Notes who consented to accept PIK interest. Each holder of outstanding Notes made an election with respect to some or all of the outstanding principal amount of such holder’s Notes as to whether or not to accept PIK interest whenever the Company elects to pay interest in PIK in lieu of cash. Any new holder of Notes, other than a transferee who is an affiliate of a transferring holder that did not elect to accept PIK interest, will be deemed to have elected to accept PIK interest. A holder receiving PIK interest shall also automatically receive, for each applicable Interest Period, an amount equal to 3.0% per annum of additional interest on the principal amount of such holder’s Notes for which the holder elected to accept PIK interest. Holders receiving PIK is approximately $26.8 million with approximately $8.2 million electing to be paid by cash. On December 15, 2018, the Company issued an additional $779,000 in additional 8.5% Senior Secured Notes in lieu of a cash payment of interest to the relevant holders of the notes. On December 28, 2018, the Company entered into subscription agreements (the "Subscription Agreements) with several investors (the "Investors"), Pursuant to the Subscription Agreements, the Investors purchased from the Company an aggregate of $5.7 million principal amount of the Company’s 8.5% Senior Secured Notes for an aggregate purchase price of $4.3 million. The transactions were consummated on December 28, 2018. On December 28, 2018, the Company received a commitment letter (the "Commitment Letter") from Ironsides Partners LLC, an entity affiliated with Robert Knapp, a member of the Board, for an aggregate investment, at the Company’s election, of up to $2.0 million principal amount of 8.5% Senior Secured Notes for an aggregate purchase price of up to $1.5 million no later than January 31, 2019. The Commitment Letter contains certain conditions precedent to Ironsides’ obligations to purchase such 8.5% Senior Secured Notes. On January 30, 2019, the Company entered into a Note Purchase Agreement (the "Note Purchase Agreement") with Ironsides Partners Special Situations Master Fund III L.P. (the "Investor"), which is affiliated with Robert Knapp, a member of the Company’s Board of Directors. Pursuant to the Note Purchase Agreement, the Investor purchased from the Company $2.0 million principal amount of the Company’s 8.5% Senior Secured Notes for a purchase price of $1.5 million. On February 11, 2019, the Company entered into a Subscription Agreement (the "Subscription Agreement") with Brennan Opportunities Fund I LP (the "Investor"), which is affiliated with Patrick T. Brennan, a member of the Company’s Board of Directors. Pursuant to the Subscription Agreement, the Investor purchased from the Company $967,000 principal amount of the Company’s 8.5% Senior Secured Notes (the "Senior Notes") for a purchase price of $725,000. The transaction was consummated on February 14, 2019. Voluntary Petitions for Relief Under Chapter 11 On November 14, 2018, the November Chapter 11 Cases were filed, and on December 13, 2018, the White Eagle Chapter 11 Case was filed. The commencement of the Chapter 11 Cases would constitute defaults and events of default under the terms of the Company’s Amended and Restated Senior Secured Indenture and the New Convertible Note Indenture. However, such defaults and events of default and their consequences were waived by holders of a majority of the outstanding principal amounts of each of the 8.5%Senior Secured Notes and the New Convertible Notes, and consequently, the Company believes that no defaults, events of default or acceleration of the payment obligations thereunder, including principal or accrued interest, occurred under either the Company’s Amended and Restated Senior Secured Indenture or the New Convertible Note Indenture. At February 28, 2019, the outstanding principal of the 8.5% Senior Secured Notes was $44.4 million with a carrying value of $41.5 million, net of discount and unamortized debt issuance cost of $2.1 million and $768,000, respectively. During the three months ended February 28, 2019, the Company recorded approximately $1.5 million of interest expense on the 8.5% Senior Secured Notes, which includes $1.3 million of interest expense, $82,000 of closing costs, $61,000 of amortizing debt issuance costs and $60,000 of amortizing of debt discount, respectively, compared to approximately $807,000 of interest expense on the 8.5% Senior Secured Notes, during the three months ended February 28, 2018, which includes $744,000 of interest and $63,000 of amortizing debt issuance costs, respectively.

XML 32 R21.htm IDEA: XBRL DOCUMENT

Fair Value Measurements

3 Months Ended

Feb. 28, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

Assets and liabilities measured at fair value on a recurring basis

The balances of the Company’s assets measured at fair value on a recurring basis as of February 28, 2019, are as follows (in thousands):



	Level 1		Level 2		Level 3		Total Fair Value
Assets:
Investment in life settlements - Deconsolidated	$	—	$	—	$	494,732	$	494,732
Investment in life settlements - Consolidated	—		—		1,213		1,213
	$	—	$	—	$	495,945	$	495,945

Investment in deconsolidated subsidiaries	$	—	$	—	$	95,541	$	95,541

The balances of the Company’s liabilities measured at fair value on a recurring basis as of February 28, 2019 are as follows (in thousands):



	Level 1		Level 2		Level 3		Total Fair Value
Liabilities:
White Eagle Revolving Credit Facility - Deconsolidated	$	—	$	—	$	365,499	$	365,499
	$	—	$	—	$	365,499	$	365,499

The balances of the Company’s assets measured at fair value on a recurring basis as of November 30, 2018, are as follows (in thousands):



	Level 1		Level 2		Level 3		Total Fair Value
Assets:
Investment in life settlements - Deconsolidated	$	—	$	—	$	505,235	$	505,235
Investment in life settlements - Consolidated	—		—		1,172		1,172
	$	—	$	—	$	506,407	$	506,407

Investment in deconsolidated subsidiaries	$	—	$	—	$	128,795	$	128,795

The balances of the Company’s liabilities measured at fair value on a recurring basis as of November 30, 2018, are as follows (in thousands):



	Level 1		Level 2		Level 3		Total Fair Value
Liabilities:
White Eagle Revolving Credit Facility - Deconsolidated	$	—	$	—	$	346,670	$	346,670
	$	—	$	—	$	346,670	$	346,670



($ in thousands)	Quantitative Information about Level 3 Fair Value Measurements - Deconsolidated
	Fair Value at 2/28/19		Aggregate death benefit at 02/28/19		Valuation Technique	Unobservable Input	Range (Weighted Average)
Non-premium financed - Deconsolidated	$	91,996	$	287,776	Discounted cash flow	Discount rate	12.25%	-	13.25%
						Life expectancy evaluation	(5.5 years)
Premium financed - Deconsolidated	$	402,736	$	2,465,474	Discounted cash flow	Discount rate	12.25%	-	19.25%
						Life expectancy evaluation	(9.1 years)
Life settlements - Deconsolidated	$	494,732	$	2,753,250	Discounted cash flow	Discount rate	13.41%
						Life expectancy evaluation	(8.8 years)
Premium financed - Consolidated	$	1,213	$	12,000	Discounted cash flow	Discount rate	13.25%	-	14.75%
						Life expectancy evaluation	(12.0 years)
Life settlements	$	495,945	$	2,765,250	Discounted cash flow	Discount rate	13.41%
						Life expectancy evaluation	(8.8 years)
Investment in deconsolidated subsidiaries	95,541		$	—	Discounted cash flow	Discount rate	22.50%
						Payoff amount and timeframe
White Eagle Revolving Credit Facility - Deconsolidated	$	365,499	$	2,753,250	Discounted cash flow	Discount rate	23.27%
						Life expectancy evaluation	(8.8 years)

Following is a description of the methodologies used to estimate the fair values of assets and liabilities measured at fair value on a recurring basis and within the fair value hierarchy.

Life expectancy sensitivity analysis



Life Expectancy Months Adjustment - Deconsolidated	Value		Change in Value
+6	$	420,887	$	(73,845	)
-	$	494,732	$	—
-6	$	575,523	$	80,791



Life Expectancy Months Adjustment - Consolidated	Value		Change in Value
+6	$	1,014	$	(199	)
-	$	1,213	$	—
-6	$	1,421	$	208

Discount rate

Credit exposure of insurance company



Carrier - Deconsolidated	Percentage of Total Fair Value		Percentage of Total Death Benefit		Moody's Rating	S&P Rating
Transamerica Life Insurance Company	18.2	%	21.1	%	A1	AA-
Lincoln National Life Insurance Company	23.2	%	19.9	%	A1	AA-



Carrier - Consolidated	Percentage of Total Fair Value		Percentage of Total Death Benefit		Moody’s Rating	S&P Rating
Sun Life Assurance Company of Canada	100	%	100	%	Aa3	AA-

Estimated risk premium

As of February 28, 2019, the life settlement portfolio includes 582 policies held by the deconsolidated subsidiaries

Market interest rate sensitivity analysis

The discount rate incorporates current information about market interest rates, the credit exposure to the insurance company that issued the life insurance policy and our estimate of the risk premium an investor in the policy would require. The extent to which the fair value could vary in the near term has been quantified by evaluating the effect of changes in the weighted average discount rate on the death benefit used to estimate the fair value. If the weighted average discount rate was increased or decreased by 1/2 of 1% and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of February 28, 2019 would be as follows (dollars in thousands):



Weighted Average Rate Calculated Based on Death Benefit - Deconsolidated	Rate Adjustment	Value		Change in Value
12.91%	-0.50%	$	507,495	$	12,763
13.41%	—	$	494,732	$	—
13.91%	+0.50%	$	482,522	$	(12,210	)



Weighted Average Rate Calculated Based on Death Benefit - Consolidated	Rate Adjustment		Value		Change in Value
14.00%	(0.50	)%	$	1,269	$	56
14.50%	—		$	1,213	$	—
15.00%	0.50	%	$	1,161	$	(52	)

Discount rate of the White Eagle Revolving Credit Facility

Market interest rate sensitivity analysis of the White Eagle Revolving Credit Facility



Discount Rate	Rate Adjustment		Fair Value of White Eagle Revolving Credit Facility		Change in Value
22.77%	-0.50	%	$	366,723	$	1,224
23.27%	—		$	365,499	$	—
23.77%	+0.50	%	$	364,284	$	(1,215	)

At February 28, 2019, the fair value of the debt was $365.5 million and the outstanding principal was approximately $368.0 million.

Changes in Fair Value



Life Settlements - Consolidated: :
Balance, December 1, 2018	$	1,172
Purchase of policies	—
Change in fair value	2
Matured/lapsed/sold policies	—
Premiums paid	39
Balance, February 28, 2019	$	1,213
Changes in fair value included in earnings for the period relating to assets held at February 28, 2019	$	1



Life Settlements - Deconsolidated:
Balance, December 1, 2018	$	505,235
Purchase of policies	—
Change in fair value	(12,750		)
Matured/lapsed/sold polices	(23,000		)
Premiums paid	25,247
Balance, February 28, 2019	$	494,732
Changes in fair value included in earnings for the period relating to deconsolidated assets held at February 28, 2019	$	28,430



White Eagle Revolving Credit Facility:
Balance, December 1, 2018	$	346,670
Draws under the White Eagle Revolving Credit Facility	4,221
Payments on White Eagle Revolving Credit Facility	—
Unrealized change in fair value	14,608
Balance, February 28, 2019	$	365,499
Changes in fair value included in earnings for period relating to liabilities held at February 28, 2019	$	14,608



Investment in Deconsolidated Subsidiaries
Investment in Lamington at December 1, 2018	$	128,795
Increase in basis investment	711
Change in fair value	(33,965		)
Investment in Lamington at February 28, 2019	$	95,541



Life Settlements:
Balance, December 1, 2017	$	557,786
Purchase of policies	—
Change in fair value	11,480
Matured/sold policies	(22,700		)
Premiums paid	20,826
Transfers into level 3	—
Transfers out of level 3	—
Balance, February 28, 2018	$	567,392
Changes in fair value included in earnings for the period relating to assets held at February 28, 2018	$	2,665



White Eagle Revolving Credit Facility:
Balance, December 1, 2017	$	326,104
Draws under the White Eagle Revolving Credit Facility	23,334
Payments on White Eagle Revolving Credit Facility	(1,763		)
Unrealized change in fair value	(1,624		)
Transfers into level 3	—
Transfer out of level 3	—
Balance, February 28, 2018	$	346,051
Changes in fair value included in earnings for the period relating to liabilities at February 28, 2018	$	(1,624	)

There were no transfers of financial assets or liabilities between levels of the fair value hierarchy during the three months ended February 28, 2019 and 2018.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Schedule of Fair Value on Investment in Lamington

XML 33 R22.htm IDEA: XBRL DOCUMENT

Segment Information	3 Months Ended
Segment Information	Feb. 28, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information On October 25, 2013, the Company sold its structured settlement business, which was previously reported as an operating segment. The operating results related to the Company’s structured settlement business have been included in discontinued operations in the Company’s Consolidated Statements of Operations for all periods presented and the Company has discontinued segment reporting. See Note 9 "Discontinued Operations" to the accompanying consolidated financial statements for further information. Management views its current operations as one segment.

XML 34 R23.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Feb. 28, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Agreements The Company leases office space under a lease that commenced on October 1, 2014. The lease expires on September 30, 2020. The annual base rent is $261,000, with a provision for a 3% increase on each anniversary of the rent commencement date. Rent expense was approximately $77,000 and $114,000 for the three months ended February 28, 2019 and 2018, respectively. During the eleven months ended November 30, 2018, the Company entered into a sublease agreement with a subtenant that commenced on October 1, 2018 and expires on September 15, 2020. The annual base rent of the subtenant is $78,000. Employment Agreements The Company has entered into employment agreements with certain of its officers, including with its chief financial officer, whose agreement provides for payments in the event that the executive terminates her employment with the Company due to a material change in the geographic location where the chief financial officer performs her duties or upon a material diminution of her base salary or responsibilities, with or without cause (the "2018 Martinez Agreement"). If the Company terminates the 2018 Martinez Agreement without cause or she resigns with Good Reason (as defined in the 2018 Martinez Agreement), she will be entitled to receive her base salary or $352,229, whichever is greater, through the twelve (12) months following such termination (the "Martinez Severance Period") as well as any bonus earned but not yet paid. If Ms. Martinez resigns for good reason, she will also be entitled to have the Company continue to pay its portion of healthcare premiums for plans in which she is participating immediately prior to the termination through the Martinez Severance Period. If such termination or resignation occurs within two years after a change in control (as defined in the 2018 Martinez Agreement), then in lieu of receiving her base salary, Ms. Martinez would be entitled to receive (i) accrued vacation days, (ii) a lump sum payment equal to the sum of two times her then base salary, (iii) a portion of her bonus prorated through the termination date that would be due to her when bonus payments are otherwise made for the year in which the termination occurs, (iv) any unpaid portion of a bonus for the year preceding the termination, and (v) reimbursement of COBRA healthcare costs through the Martinez Severance Period. On March 13, 2018, the Company entered into an employment agreement with Jack Simony (the "Simony Agreement"), pursuant to which Mr. Simony will continue to serve as Vice President and Chief Investment Officer of the Company. The term of the Simony Agreement commenced on March 13, 2018 and continues for one year, with automatic one-year extensions unless (x) either Mr. Simony or the Company gives written notice not to extend at least sixty (60) days’ prior to the end of the then-current term or (y) Mr. Simony’s employment is terminated in accordance with the terms of the Simony Agreement. Pursuant to the Simony Agreement, Mr. Simony will receive an annual base salary of $275,000. The Simony Agreement further provides that Mr. Simony is entitled to participate in all benefit plans provided to executives of the Company. If the Company terminates Mr. Simony’s employment without cause or he resigns with Good Reason (as defined in the Simony Agreement), the Simony Agreement provides that he will be entitled to receive his base salary through the six (6) months following such termination (the "Simony Severance Period") as well as any incentive bonus that has been declared or awarded to him for a prior fiscal year but has not yet been paid. If Mr. Simony resigns for good reason, he will also be entitled to have the Company continue to pay its portion of health care premiums for plans in which he is participating immediately prior to the termination through the Simony Severance Period. On March 13, 2018, the Company entered into an employment agreement with Harvey Werblowsky (the "Werblowsky Agreement"), pursuant to which Mr. Werblowsky will continue to serve as Vice President, Chief Legal Officer and General Counsel of the Company. The term of the Werblowsky Agreement commenced on March 13, 2018 and continues for one year, with automatic one-year extensions unless (x) either Mr. Werblowsky or the Company gives written notice not to extend at least sixty (60) days’ prior to the end of the then-current term or (y) Mr. Werblowsky’s employment is terminated in accordance with the terms of the Werblowsky Agreement. Pursuant to the Werblowsky Agreement, Mr. Werblowsky will receive an annual base salary of $250,000. The Werblowsky Agreement further provides that Mr. Werblowsky is entitled to participate in all benefit plans provided to executives of the Company. If the Company terminates Mr. Werblowsky’s employment without cause or he resigns with Good Reason (as defined in the Werblowsky Agreement), the Werblowsky Agreement provides that he will be entitled to receive his base salary through the six (6) months following such termination (the "Werblowsky Severance Period") as well as any incentive bonus that has been declared or awarded to him for a prior fiscal year but has not yet been paid. If Mr. Werblowsky resigns for good reason, he will also be entitled to have the Company continue to pay its portion of health care premiums for plans in which he is participating immediately prior to the termination through the Werblowsky Severance Period. The Company does not have any general policies regarding the use of employment agreements, but has and may, from time to time, enter into such a written agreement to reflect the terms and conditions of employment of a particular named executive officer, whether at the time of hire or thereafter. Litigation In accordance with applicable accounting guidance, the Company establishes an accrued liability for litigation and regulatory matters when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. When a loss contingency is not both probable and estimable, the Company does not establish an accrued liability. As a litigation or regulatory matter develops, the Company, in conjunction with any outside counsel handling the matter, evaluates on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. If, at the time of evaluation, the loss contingency related to a litigation or regulatory matter is not both probable and estimable, the matter will continue to be monitored for further developments that would make such loss contingency both probable and estimable. When a loss contingency related to a litigation or regulatory matter is deemed to be both probable and estimable, the Company will establish an accrued liability with respect to such loss contingency and record a corresponding amount of litigation-related expense. The Company will then continue to monitor the matter for further developments that could affect the amount of any such accrued liability. Sun Life On April 18, 2013, Sun Life Assurance Company of Canada ("Sun Life") filed a complaint against the Company and several of its affiliates in the United States District Court for the Southern District of Florida, entitled Sun Life Assurance Company of Canada v. Imperial Holdings, Inc., et al. ("Sun Life Case"), asserting, among other things, that at least 28 life insurance policies issued by Sun Life and owned by the Company through certain of its subsidiary companies were invalid. The Sun Life complaint, as amended, asserted the following claims: (1) violations of the federal Racketeer Influenced and Corrupt Organizations ("RICO") Act, (2) conspiracy to violate the RICO Act, (3) common law fraud, (4) aiding and abetting fraud, (5) civil conspiracy to commit fraud, (6) tortious interference with contractual obligations, and (7) a declaration that the policies issued were void. Following the filing of a motion by the Company to dismiss the Sun Life Case, on December 9, 2014, counts (2), (4), (5), (6) and (7) of the Sun Life Case were dismissed with prejudice. The Company then filed a motion for summary judgment on the remaining counts. On February 4, 2015, the Court issued an order (the "Order") granting the Company’s motion for summary judgment on counts (1) and (3), resulting in the Company prevailing on all counts in the Sun Life Case. On July 29, 2013, the Company filed a separate complaint against Sun Life in the United States District Court for the Southern District of Florida, captioned Imperial Premium Finance, LLC v. Sun Life Assurance Company of Canada ("Imperial Case"), which was subsequently consolidated with the Sun Life Case. The Imperial Case asserted claims against Sun Life for breach of contract, breach of the covenant of good faith and fair dealing, and fraud, and sought a judgment declaring that Sun Life is obligated to comply with the promises made by it in certain insurance policies. The Imperial complaint also sought compensatory damages amounting to at least $30.0 million and an award of punitive damages. On August 23, 2013, Sun Life moved to dismiss the complaint, but the Court denied Sun Life’s motion in early 2015. Subsequently, on February 26, 2015, Sun Life appealed the denial to the United States Court of Appeals for the Eleventh Circuit. The Company moved to dismiss Sun Life’s appeal and, on December 17, 2015, the Court of Appeals ruled in favor of the Company, dismissing Sun Life’s appeal. The Imperial Case therefore returned to the District Court. On September 22, 2016, however, the District Court granted summary judgment in favor of Sun Life on the entirety of the Imperial Case. Subsequently, on January 12, 2017, the Company appealed the District Court’s decision, and on January 24, 2017, Sun Life filed its own notice of appeal. As part of these two appeals, the Court of Appeals will review every dispositive order issued by the District Court throughout the consolidated case. Per the Court of Appeals, oral argument will be scheduled in the near future. In January 2018, oral argument was held in the Eleventh Circuit Court of Appeals. In September 2018, the Circuit Court ruled that Florida is the jurisdiction for all the Sun Life cases. Voluntary Petitions for Relief Under Chapter 11 On the Petition Date, the November Chapter 11 Cases were filed. The commencement of the November Chapter 11 Cases constitutes an event of default under the White Eagle Revolving Credit Facility, resulting in the principal and accrued interest due from White Eagle thereunder becoming immediately due and payable. Lamington and WEGP have pledged their respective interests in White Eagle to secure its obligations under the White Eagle Revolving Credit Facility. Any efforts by LNV or CLMG to enforce such pledges by Lamington and WEGP of their respective interests in White Eagle in connection with the White Eagle Revolving Credit Facility are automatically stayed as a result of the commencement of the November Chapter 11 Cases and LNV’s and CLMG’s rights of enforcement in respect of the White Eagle Revolving Credit Facility are subject to the applicable provisions of the Bankruptcy Code. In addition, on November 15, 2018, White Eagle, LNV and CLMG entered into an Agreement Regarding Rights and Remedies (the "Standstill Agreement"), pursuant to which LNV and CLMG agreed to refrain from exercising their rights and remedies in connection with the White Eagle Revolving Credit Facility, subject to the terms and provisions of the Standstill Agreement, until 12:00 p.m. noon Pacific time on November 26, 2018, to facilitate negotiations. On December 13, 2018, the White Eagle Chapter 11 Case was filed. The commencement of the White Eagle Chapter 11 Case would constitute a default and event of default under the terms of the Amended and Restated Senior Note Indenture 8.5% Senior Secured Notes Unsecured and the New Convertible Indenture relating to the New Convertible Notes. However, such defaults and events of default and their consequences were waived by holders of all of the outstanding principal amount of the outstanding 8.5% Senior Secured Notes and by holders of a majority of the outstanding principal amount of the outstanding New Convertible Notes, and consequently, the Company believes that no defaults, events of default or acceleration of the payment obligations thereunder, including principal or accrued interest, occurred under either the Amended and Restated Senior Note Indenture or the New Convertible Note Indenture. Other Litigation Other litigation is defined as smaller claims or litigations that are neither individually nor collectively material. It does not include lawsuits that relate to collections. The Company is party to various other legal proceedings that arise in the ordinary course of business, separate from normal course accounts receivable collections matters. Due to the inherent difficulty of predicting the outcome of these litigations and other legal proceedings, the Company cannot predict the eventual outcome of these matters, and it is reasonably possible that some of them could be resolved unfavorably to the Company. As a result, it is possible that the Company’s results of operations or cash flows in a particular fiscal period could be materially affected by an unfavorable resolution of pending litigation or contingencies. However, the Company believes that the resolution of these other proceedings will not, based on information currently available, have a material adverse effect on the Company’s financial position or results of operations.

XML 35 R24.htm IDEA: XBRL DOCUMENT

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Feb. 28, 2019
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The Company has reserved an aggregate of 12,600,000 shares of common stock under its Omnibus Plan, pursuant to which, as of February 28, 2019, options to purchase 85,000 shares of common stock granted to existing employees were outstanding, 100,000shares of stock appreciation rights had been granted to directors and were fully vested and outstanding, 633,215 shares of restricted stock had been granted to directors and were fully vested 2,270,000 shares of restricted stock units had been granted to certain employees, with a total of 1,150,000 shares subject to vesting. Approximately 1,120,000 shares have been vested since granted. There were 9,511,785 securities remaining for future issuance under the Omnibus Plan as of February 28, 2019. On September 1, 2015, the Company announced that its Board of Directors authorized a $10.0 million share and note repurchase program. The program had a two-year expiration date, and authorized the Company to repurchase up to $10.0 million of its common stock and/or its Convertible Notes due 2019. During 2015, the Company purchased 608,000 shares for a total cost of approximately $2.5 million, which is an average cost of $4.17 per share, including transaction fees. As of December 31, 2017, the repurchase program has terminated. Warrants In connection with a settlement of class action litigation arising in connection with the investigation by the U.S. Attorney's Office for District of New Hampshire ("USAO") into the Company's now legacy premium finance business (the "USAO Investigation"), the Company issued warrants to purchase 2,000,000 shares of the Company’s stock into an escrow account in April of 2014. The estimated fair value as of the measurement date of such warrants was $5.4 million, which is included in stockholders’ equity. The warrants were distributed in October 2014 and have a five-year term from the date they were distributed to the class participants with an exercise price of $10.75. The Company is obligated to file a registration statement to register the shares underlying the warrants with the SEC if shares of the Company’s common stock have an average daily trading closing price of at least $8.50 per share for a 45 day period. The warrants will be exercisable upon effectiveness of the registration statement. On July 28, 2017, in connection with the recapitalization transaction, the Company issued common stock purchase warrants to certain investors to purchase up to an aggregate of 42,500,000 shares of the Company’s common stock at an exercise price of $0.20 per share (the "Warrant Shares"). The warrants shall vest and become exercisable as follows: (i) with respect to 17,500,000 Warrant Shares, immediately upon the issuance of the warrants, and (ii) with respect to the remaining 25,000,000 Warrant Shares, at later times tied to the conversion of the Company’s Convertible Notes and New Convertible Notes (each as defined below) outstanding on July 28, 2017 into shares of the Company’s common stock or, if earlier, upon the date that all Convertible Notes or New Convertible Notes are no longer outstanding. The warrants have an eight year term. The Warrant are subject to anti-dilution adjustment provisions. Recapitalization Transactions On July 28, 2017, the Company consummated a series of integrated transactions to effect a recapitalization of the Company (the "Transaction Closing") pursuant to the Master Transaction Agreements. Common Stock Purchase Agreement In connection with the Transaction Closing, the Company entered into a Common Stock Purchase Agreement (the "Stock Purchase Agreement") by and among the Company, PJC, certain investors jointly designated by PJC and Triax Capital Advisors LLC, a New York limited liability company ("Triax"), to be party to the Stock Purchase Agreement (collectively, the "Common Stock Investors"), and certain Convertible Note Holders that were a party to the Stock Purchase Agreement (collectively, the "Convertible Note Holder Purchasers," and together with PJC and the Common Stock Investors, the "Purchasers"). Pursuant to the Stock Purchase Agreement, the Company issued and sold to the Purchasers 115,000,000 shares (the "Stock Purchase Agreement Shares") of the Company’s Common Stock at a price of $0.20 per share for an aggregate purchase price of $23.0 million, of which PJC and the Common Stock Investors purchased 75,000,000 Stock Purchase Agreement Shares for an aggregate purchase price of $15.0 million and the Convertible Note Holder Purchasers, pursuant to the previously announced rights offering which expired on July 26, 2017, purchased 40,000,000 Stock Purchase Agreement Shares for an aggregate purchase price of $8.0 million, of which PJC purchased 19,320,038 shares in connection with the exercise of rights assigned to it by certain Convertible Note Holder Purchasers. The Stock Purchase Agreement contained customary representations, warranties, and covenants. In August 2017, the Company entered into a Securities Purchase Agreement (the "Securities Purchase Agreement") by and between the Company and Brennan Opportunities Fund I LP ("Brennan"). Pursuant to the Securities Purchase Agreement, Brennan purchased from the Company 12,500,000 shares (the "Brennan Shares") of Common Stock at a price of $0.40 per share for an aggregate purchase price of $5.0 million. Articles Amendment Effective on July 17, 2017, the Company filed an Articles of Amendment to Articles of Incorporation (the "Articles Amendment") to increase the authorized Common Stock from 80,000,000 shares to 415,000,000 shares. As previously disclosed, the Articles Amendment was approved by the Company’s shareholders at the Company’s 2017 Annual Meeting. The adoption of the Articles Amendment results in a greater number of shares of Common Stock available for issuance. Change in Significant Holders As a result of the consummation of the Master Transaction Agreements, on the date of the Transaction Closing, a change in significant holders of the Company's common stock occurred. PJC and Triax, together with certain of their affiliates, acquired beneficial ownership of approximately 38.9% of the then outstanding Common Stock, based on their aggregate acquisition of 39,320,038 shares of Common Stock and warrants to purchase 27,150,000 shares of Common Stock. Other investors designated by PJC and Triax acquired beneficial ownership of approximately 43.6% of the then outstanding Common Stock, based on their aggregate acquisition of 55,000,000 shares of Common Stock and warrants to purchase 13,350,000 shares of Common Stock. Additionally, pursuant to the Board Designation Agreements, PJC and Triax designated two of seven directors to the Company’s Board, two other investors designated a third new director and a fourth new director, and a fifth new director was designated by a holder of New Convertible Notes, collectively resulting in a change in the majority of the Company’s Board.

XML 36 R25.htm IDEA: XBRL DOCUMENT

Income Taxes	3 Months Ended
Income Taxes	Feb. 28, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s provision for income taxes from continuing operations is estimated to result in an annual effective tax rate of 0.0% for the three months ended February 28, 2019. The Company’s quarterly effective income tax rates are based upon the Company’s annual estimated tax rate. The Company’s annual estimated tax rate varies based upon the Company’s expected annual federal taxable earnings, as well as on a mix of taxable earnings in the various state and foreign jurisdictions. The Company’s estimated annual effective rate is principally due to expected income inclusions under the GILTI tax regime, limitations imposed on the use of historical NOLs, and interest expense limitations under IRC Sec. 264(a)(4) that are expected to apply when determining tested income for the GILTI inclusion. Based on the Company's evaluation, a deferred tax valuation allowance was established against its net deferred tax assets. In its evaluation, management considers taxable loss carryback availability, expectations of sufficient future taxable income, trends in earnings, existence of taxable income in recent years, the future reversal of temporary differences, and available tax planning strategies that could be implemented, if required. Valuation allowances are established based on the consideration of all available evidence using a more likely than not standard. This valuation allowance was determined to be necessary as an offset to the full amount of the federal and state deferred tax asset. During the three months ended February 28, 2019, the Company does not expect that position to change and therefore is not recording any income tax benefit. For tax years beginning after December 31, 2017 under certain circumstances, Section 245A enacted by the TCJA eliminated U.S. federal income tax on dividends received from foreign subsidiaries of domestic corporations under a new participation exemption. However, the TCJA also created a new tax on certain foreign income under new Section 951A. Specifically, for tax years beginning after December 31, 2017, income earned in excess of a deemed return on tangible assets held by a CFC (the excess referred to as "GILTI") must generally be included as U.S. taxable income on a current basis by its U.S. shareholders. In general, the gross income inclusion can be offset by a deduction in an amount up to 50% of the inclusion (through the end of 2025, thereafter the deduction is reduced to 37.5%) subject to certain limitations. The Company changed the tax year of its U.S. parent (Emergent Capital, Inc.) from December 31st to November 30th coupled with a concurrent change to the tax year of Lamington Road Designated Activity Company ("Lamington"), its wholly-owned Irish subsidiary. The change was timely made by filing Form 1128, Application to Adopt, Change, or Retain a Tax Year, in accordance with Rev. Proc. 2006-45 and resulted in a short tax year ended November 30, 2017. The Company timely filed federal and state tax returns for the short period ended November 30, 2017. As a result of the change in tax year, the Company is subject to GILTI for its first tax year beginning on December 1, 2018. Based on the Company’s life settlement assets held within Ireland, the net income generated from these activities qualify entirely as GILTI. On January 10, 2018 the FASB provided guidance on how to account for deferred tax assets and liabilities expected to reverse in future years as GILTI. The FASB provided that a Company may either (1) elect to treat taxes due on future U.S. inclusions of GILTI as a current-period expense when incurred or (2) factor such amounts into the Company’s measurement of its deferred taxes. For ASC 740 purposes, the Company adopted an accounting policy to treat any future GILTI inclusion as a current-period expense instead of providing for U.S. deferred taxes on all temporary differences related to future GILTI items. The Company and its subsidiary companies are subject to U.S. federal income tax, as well as to income tax in Florida and other states and foreign jurisdictions in which it operates.

XML 37 R26.htm IDEA: XBRL DOCUMENT

Principles of Consolidation and Basis of Presentation (Policies)	3 Months Ended
	Feb. 28, 2019
Accounting Policies [Abstract]
Change in Fiscal Year End	Change in Financial Year End On September 7, 2018, the Board of Directors of the Company (the "Board") adopted resolutions to change the Company’s fiscal year end, and therefore the Company and its direct and indirect subsidiaries changed their fiscal year ends, from December 31 to November 30, effective immediately. The Company filed a Transition Report on Form 10-KT in accordance with SEC rules and regulations for the fiscal period ended November 30, 2018, which covered transactions from January 1, 2018 to November 30, 2018. This Form 10Q covers the period beginning December 1, 2018 and ending February 28, 2019 compared to December 1, 2017 to February 28, 2018. As a result, the Form 10Q will not be comparable to the results filed for the first quarter of 2018 covering January 1, 2018 to March 31, 2018.
Consolidation	The accompanying consolidated financial statements include the accounts of the Company, all of its wholly-owned subsidiary companies and its special purpose entities, with the exception of the Deconsolidated Entities and Imperial Settlements Financing 2010, LLC ("ISF 2010"), an unconsolidated special purpose entity which is accounted for using the measurement alternative, which is measured at cost less impairment. The special purpose entity was to fulfill specific objectives. All significant intercompany balances and transactions except those related to Lamington after November 13, 2018 (see Note 4) have been eliminated in consolidation, including income from services performed by subsidiary companies in connection with the White Eagle Revolving Credit Facility, as detailed herein.
Basis of Presentation	The unaudited consolidated financial statements have been prepared in conformity with the rules and regulations of the SEC for Form 10-Q and therefore do not include certain information, accounting policies, and footnote disclosure information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles. However, all adjustments (consisting of normal recurring accruals), which, in the opinion of management, are necessary for a fair presentation of the financial statements, have been included. Operating results for the three months ended February 28, 2019 are not necessarily indicative of the results that may be expected for future periods or for the year ending November 30, 2019. These interim financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in Emergent Capital's Transition Report on Form 10-KT for the fiscal year ended November 30, 2018.
Foreign Currency	Foreign Currency The Company owns certain foreign subsidiary companies formed under the laws of Ireland, the Bahamas and Bermuda. These foreign subsidiary companies utilize the U.S. dollar as their functional currency. The foreign subsidiary companies' financial statements are denominated in U.S. dollars and therefore, there are no translation gains and losses resulting from translating the financial statements at exchange rates other than the functional currency. Any gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the subsidiary companies' functional currency) are included in income. These gains and losses are immaterial to the Company’s financial statements.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements, in conformity with accounting principles generally accepted in the United States of America ("GAAP"), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from these estimates and such differences could be material. Significant estimates made by management include income taxes, the valuation of life settlements, the valuation of the debt owing under the White Eagle Revolving Credit Facility, the valuation of equity awards and the valuation investment in deconsolidated entities.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, "Leases" (Topic 842). The new guidance establishes the principles to report transparent and economically neutral information about the assets and liabilities that arise from leases. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. All leases create an asset and a liability for the lessee in accordance with FASB Concepts Statement No. 6, Elements of Financial Statements, and, therefore, recognition of those lease assets and lease liabilities represents an improvement over previous GAAP, which did not require lease assets and lease liabilities to be recognized for most leases. In December 2018, the Board released the amendments related to 1) sales taxes and other similar taxes collected from lessees that affect all lessors electing the accounting policy election; 2) lessor costs affecting all lessor entities that have lease contracts that either require lessees to pay lessor costs directly to a third party or require lessees to reimburse lessors for costs paid by lessors directly to third parties; and 3) recognition of variable payments for contracts with lease and nonlease components affecting all lessor entities with variable payments related to both lease and nonlease components. During the first quarter of 2019, the FASB issued targeted amendments to ASC 842 that affect how (1) financial institution lessors present lessee payments in their statements of cash flows and (2) lessors that are not manufacturers or dealers determine the fair value of the underlying asset. The FASB also clarified that companies transitioning to ASC 842 do not need to provide the interim transition disclosures required by ASC 250 (accounting changes and error corrections). All entities, including early adopters, must apply the amendments in this Update to all new and existing leases. This ASU is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements. We do not expect that it will have a material impact. In February 2018, the FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" to address stakeholder concerns about the guidance in current generally accepted accounting principles (GAAP) that requires deferred tax liabilities and assets to be adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date. The amendments in this update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements. In July 2018, the FASB issued ASU 2018-11, "Targeted Improvements to Leases" (Topic 842) primarily to provide another transition method in addition to the existing transition method by allowing entities to initially apply the new leases standard at the adoption date (such as January 1, 2019, for calendar year-end public business entities) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers’ requests. The amendments in this Update address stakeholders’ concerns about the requirement for lessors to separate components of a contract by providing lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component, similar to the expedient provided for lessees. The amendments in this Update also clarify which Topic (Topic 842 or Topic 606) applies for the combined component. For entities that have not adopted Topic 842 before the issuance of this Update, the effective date and transition requirements for the amendments in this Update related to separating components of a contract are the same as the effective date and transition requirements in Update 2016-02 In August 2018, the FASB issued ASU 2018-13, "Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement" which modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The following disclosure requirements were removed from Topic 820 among others: 1) The amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy 2) The policy for timing of transfers between levels. The following disclosure requirements were part of the modifications in Topic 820:1) For investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly. The amendments also clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. Lastly, the following disclosure requirements were added to Topic 820: 1) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; 2) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities ("ASU 2018-17"). ASU 2018-17 provides that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. ASU 2018-17 is effective for public companies for annual and interim periods beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements. In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606 ("ASU 2018-18"). ASU 2018-18 clarifies when certain transactions between collaborative arrangement participants should be accounted for under ASC 606 and incorporates unit-of-account guidance consistent with ASC 606 to aid in this determination. ASU 2018-18 is effective for public companies for annual and interim periods beginning after December 15, 2019, with early adoption permitted. ASU 2018-18 should generally be applied retrospectively to the date of initial application of Topic 606. We do not expect this standard to have an impact on our consolidated financial position, results of operations or cash flows.

XML 38 R27.htm IDEA: XBRL DOCUMENT

Deconsolidation of Subsidiaries (Tables)

3 Months Ended

Feb. 28, 2019

Reorganizations [Abstract]

The fair value of the investment in Lamington is calculated as follows:



Investment in Lamington at December 1, 2018	$	128,795
Increase in basis investment (see below)	711
Less: Change in fair value	(33,965		)
Investment in Lamington at February 28, 2019	$	95,541

Schedule of Company's Investment in Deconsoliated Entities

The table below summarizes the composition of the Company's investment in the deconsolidated entities at February 28, 2019:



			Increase/Decrease in Basis		Change in Fair Value
	November 30, 2018		Three Months Ended February 28, 2019					February 28, 2019
Equity investment	$	66,251	$	—	$	(33,965	)	$	32,286
Promissory notes	56,596		—		—			56,596
Other liabilities	5,948		711		—			6,659
Total investment	$	128,795	$	711	$	(33,965	)	$	95,541

XML 39 R28.htm IDEA: XBRL DOCUMENT

Condensed and Consolidated Financial Statements for Entities in Bankruptcy (Tables)

3 Months Ended

Feb. 28, 2019

Condensed Financial Information of Debtor-in-Possession Disclosure [Abstract]

Schedule of Condensed Consolidated Financial Information for Lamington Road DAC

Condensed consolidated financial information for Lamington Road DAC is set forth below, presented at historical cost basis

Lamington Road DAC

(Debtor-in-Possession)

Condensed and Consolidated Statements Balance Sheet



	February 28, 2019			November 30, 2018*
	(Unaudited)
	(In thousands except share data)
ASSETS
Assets
Cash and cash equivalents	$	21,742		$	33,719
Prepaid expenses and other assets	833			68
Investment in life settlements, at estimated fair value	494,732			505,235
Receivable for maturity of life settlements	36,754			27,700
Total assets	$	554,061		$	566,722

LIABILITIES AND STOCKHOLDERS' EQUITY

Liabilities
Accounts payable and accrued expenses	2,702			1,410
Other liabilities (subject to compromise)*	7,181			5,997
Revolving Credit Facility debt, at estimated fair value	365,499			346,671
Promissory notes payable (subject to compromise)*	146,393			137,813
Promissory notes interest payable (subject to compromise)*	—			8,580
Total liabilities	521,775			500,471

Share Capital (1 share of $1 authorized and issued)	—			—
Additional paid in capital	60,602			60,602
Accumulated deficit/retained earnings	(28,316		)	5,649
Total stockholders' equity	32,286			66,251

Total liabilities and stockholders' equity	$	554,061		$	566,722

*Liabilities subject to compromise include pre-petition unsecured claims, which may be settled at amounts different from those recorded in the condensed consolidated balance sheet.

Lamington Road DAC

(Debtor-in-Possession)

Condensed and Consolidated Statements of Operations



	For the Three Months Ended February 28,
	2019			2018
Change in Fair Value of Life Settlements (Notes 11 & 15)	$	(12,750	)	$	11,481
Other Income	234			83
Total income	(12,516		)	11,564

Interest expense	2,400			5,187
Interest expense - affiliate	—			2,375
Change in fair value of White Eagle Revolving Credit Facility (Notes 11 & 15)	14,608			(1,624		)
Participation Interest - Revolving Credit Facility	—			340
Reorganization cost	1,901			—
Legal fees	587			427
Professional fees	428			475
Administrative service fees - affiliate	1,427			1,059
Other general and administrative expenses	98			101
Total expenses	21,449			8,340
Income taxes	—			—
(Loss) income	$	(33,965	)	$	3,224

Lamington Road DAC

(Debtor-in-Possession)

Condensed and Consolidated Statements of Cash Flows



	For the Three Months Ended February 28,
	2019			2018

Net cash used in operating activities	$	(4,951	)	$	(6,540	)
Cash flows from investing activities
Premiums paid on life settlements	(25,247		)	(20,794		)
Proceeds from maturity of life settlements	14,000			10,104
Net cash used in investing activities	$	(11,247	)	$	(10,690	)
Cash flows from financing activities
Repayment of borrowings under White Eagle Revolving Credit Facility	—			(1,763		)
Borrowings from White Eagle Revolving Credit Facility	4,221			23,091
Net cash provided by financing activities	$	4,221		$	21,328
Net increase/(decrease) in cash and cash equivalents	(11,977		)	4,098
Cash and cash equivalents, at beginning of the period	33,719			12,129
Cash and cash equivalents, at end of the period	$	21,742		$	16,227
Supplemental disclosures of cash flow information:
Cash paid for interest during the period	$	2,400		$	5,187

XML 40 R29.htm IDEA: XBRL DOCUMENT

Consolidation of Variable Interest Entities (Tables)

3 Months Ended

Feb. 28, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Consolidation of Variable Interest Entities



	Not Primary Beneficiary
	Non-consolidated VIE
	Total Assets		Maximum Exposure To Loss
February 28, 2019	$	2,384	$	2,384
November 30, 2018	$	2,384	$	2,384

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

Schedule of Reconciliation of Actual Basic and Diluted Earnings Per Share

XML 41 R30.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Tables)

3 Months Ended

Feb. 28, 2019

Earnings Per Share [Abstract]

The following table reconciles actual basic and diluted earnings per share for the three months ended February 28, 2019 and 2018 (in thousands except per share data).



	For the Three Months Ended February 28,
	2019(1)			2018(2)
Income (loss) per share:
Numerator:
Net income (loss) from continuing operations	$	(37,459	)	$	4,869
Net income (loss) from discontinued operations	(17		)	(17		)
Numerator for basic EPS - net income (loss) attributable to common stockholders	$	(37,476	)	$	4,852
Add back convertible notes interest	—			824
Numerator for diluted earnings per share - net income (loss) attributable to common stockholders	$	(37,476	)	$	5,676
Basic income (loss) per common share:
Basic income (loss) from continuing operations	$	(0.24	)	$	0.03
Basic income (loss) from discontinued operations	—			—
Basic income (loss) per share available to common shareholders	$	(0.24	)	$	0.03
Diluted income (loss) per common share:
Diluted income (loss) from continuing operations	$	(0.24	)	$	0.03
Diluted income (loss) from discontinued operations	—			—
Diluted income (loss) per share available to common shareholders	$	(0.24	)	$	0.03
Denominator:
Basic	156,919,099			155,893,843
Diluted	156,919,099			216,029,455

(1)


(2)	The computation of diluted EPS does not include 85,000 shares of common stock underlying options, 100,000 shares of stock appreciation rights and 2,000,000 shares of common stock underlying warrants, as the effect of their inclusion would have been anti-dilutive.

XML 42 R31.htm IDEA: XBRL DOCUMENT

Stock-based Compensation (Tables)

3 Months Ended

Feb. 28, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Common Stock Option Activity

The following table presents the activity of the Company’s outstanding stock options of common stock for the three months ended February 28, 2019:



Common Stock Options	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding Balance, December 1, 2018	85,000	$	6.94	0.72	$	—
Options granted	—	—		—
Options exercised	—	—		—
Options forfeited	—	$	—	—
Options expired	—	—		—
Options outstanding, February 28, 2019	85,000	$	6.94	0.47	$	—
Exercisable at February 28, 2019	85,000	$	6.94	0.47
Unvested at February 28, 2019	—	—		—	$	—

Schedule of Activity of Unvested Shares of Restricted Stock

The following table presents the activity of the Company’s unvested shares of restricted stock for the three months ended February 28, 2019:



Common Unvested Shares	Number of Shares
Outstanding Balance, December 1, 2018	1,400,000
Granted	—
Vested	(250,000	)
Forfeited	—
Outstanding February 28, 2019	1,150,000

XML 43 R32.htm IDEA: XBRL DOCUMENT

Discontinued Operations (Tables)

3 Months Ended

Feb. 28, 2019

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Operating Results of Discontinued Structured Settlement Business

Operating results related to the Company’s discontinued structured settlement business are as follows:



	Three Months Ended February 28,
	2019			2018
Total income	$	—		$	—
Total expenses	17			17
Income (loss) before income taxes	(17		)	(17		)
(Benefit) provision for income taxes	—			—
Net income (loss) from discontinued operations, net of income taxes	$	(17	)	$	(17	)

XML 44 R33.htm IDEA: XBRL DOCUMENT

Life Settlements (Life Insurance Policies) (Tables)

3 Months Ended

Feb. 28, 2019

Investments, All Other Investments [Abstract]

Schedule of Life Settlements

The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the Company at February 28, 2019 was 12.0 years.



Remaining Life Expectancy (In Years)	Number of Life Settlement Contracts	Fair Value		Face Value
0-1	—	—		—
1-2	—	—		—
2-3	—	—		—
3-4	—	—		—
4-5	—	—		—
Thereafter	2	1,213		12,000
Total	2	$	1,213	$	12,000

The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the Company at November 30, 2018 was 12.2 years.



Remaining Life Expectancy (In Years)*	Number of Life Settlement Contracts		Fair Value		Face Value
0-1	$	—	$	—	$	—
1-2	—		—		—
2-3	—		—		—
3-4	—		—		—
4-5	—		—		—
Thereafter	2		1,172		12,000
Total	$	2	$	1,172	$	12,000

The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by White Eagle at February 28, 2019 was 8.8 years.



Remaining Life Expectancy (In Years)*	Number of Life Settlement Contracts	Estimated Fair Value		Face Value
0 - 1	4	$	19,263	$	23,213
1 - 2	22	59,864		86,746
2 - 3	22	36,313		66,424
3 - 4	37	66,279		158,247
4 - 5	44	75,639		216,350
Thereafter	453	237,373		2,202,270
Total	582	$	494,731	$	2,753,250

The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the White Eagle at November 30, 2018 was 8.9 years.



Remaining Life Expectancy (In Years)*	Number of Life Settlement Contracts	Fair Value		Face Value
0-1	6	$	24,221	$	28,796
1-2	12	30,828		46,390
2-3	31	72,343		126,402
3-4	37	57,874		139,447
4-5	46	77,719		217,450
Thereafter	454	242,251		2,217,430
Total	586	$	505,236	$	2,775,915

Schedule of Analysis of Policy Maturity

The below is an analysis of policy maturities for the three months ended February 28, 2019 and 2018.



	Three Months Ended February 28,
	2019		2018
Face value	$	23,000	$	22,700

Cost*	5,635		6,442
Accumulated Change in Fair Value*	1,673		2,130
Carrying Value	7,308		8,572

Gain on Maturities	$	15,692	$	14,128

Number of Policies	4		4

Schedule of Estimated Premiums To Be Paid

Estimated premiums to be paid for each of the five succeeding fiscal years and thereafter to keep the life insurance policies in force as of February 28, 2019, are as follows (in thousands):



Remainder of 2019	124
2020	190
2021	220
2022	252
2023	283
Thereafter	4,952
	$	6,021

Estimated premiums to be paid for each of the five succeeding fiscal years and thereafter to keep the life insurance policies in force as of February 28, 2019, are as follows (in thousands):




Remainder of 2019	77,585
2020	108,567
2021	110,681
2022	109,583
2023	106,968
Thereafter	1,027,569
	$	1,540,953

XML 45 R34.htm IDEA: XBRL DOCUMENT

White Eagle Revolving Credit Facility (Tables)

3 Months Ended

Feb. 28, 2019

Schedule of Interest Expense on Facility

Total interest expense on the facility during the three months ended February 28, 2019 and 2018 paid from maturity proceeds or paid directly by White Eagle was as follows (in thousands):



	Three Months Ended February 28,
	2019		2018
Interest paid through waterfall	$	—	$	5,187
Interest paid by White Eagle	—		—
Participation interest paid through waterfall	—		340
Interest paid from collection account	2,400		—
Total interest expense	$	2,400	$	5,527

Revolving Credit Facility | White Eagle

Schedule of Payouts Based on LTV

After distributions for premium payments, fees to service providers and payments of interest, a percentage of the collections from policy proceeds are to be paid to the Company, which will vary depending on the then LTV ratio as illustrated below where the valuation is determined by the lenders:



LTV	Premiums, Interest & Other Fees	Principal	Distribution to White Eagle - 55%	Lender Participation - 45%
N/A	100%	—%	—%	—%
>65%	N/A	100%	—%	—%
50-65%	N/A	70%	16.5%	13.5%
35-50%	N/A	55%	24.8%	20.3%
0-35%	N/A	45%	30.3%	24.8%

Schedule of Reconciliation of Proceeds Distributed



Collection account balance at December 1, 2018	$	28,059
Face value collected in current quarter	14,000
Other collections in current quarter*	2,563
	$	44,622
Expenses paid from the collection account Post-Petition
Premiums	$	(22,880	)
Lender's Interest	(2,400		)
White Eagle Credit Facility expenses	(2,779		)
Total payment	$	(28,059	)

Collection account balance at February 28, 2019	$	16,563

*Includes refund of premiums and interest earned on maturity proceeds

Schedule of Distribution of Proceeds



		Three Months Ended February 28, 2018
Clause	Amount			Use of Proceeds
First:		$	84	Custodian and Securities Intermediary
Second:		—		White Eagle - Ongoing Maintenance Cost Reimbursable
Third:		—		Administrative Agent - Protective Advances
Fourth:		10		Administrative Agent - Administrative Agent Fee and Legal Expense Reimbursement
Fifth:		5,187		Administrative Agent - Accrued and Unpaid Interest
Sixth:		1,763		Administrative Agent - Required Amortization
Seventh:		—		Administrative Agent - Amortization Shortfall
Eighth:		340		Administrative Agent - Participation Interest
Ninth:		—		Reserved - $0
Tenth:		—		Administrative Agent Aggregate Unpaid Participation Interest
Eleventh:		—		Administrative Agent - Remaining Available Amount After Clause First to Tenth
Twelfth:		—		Wilmington Trust - Custodian and Securities Intermediary - Unpaid Fees
Thirteenth:		416		Borrower - Any Remaining Available Amount After Clause First to Twelfth
Total Distributions		$	7,800

Schedule of Advances For Premium Payments and Fees

During the three months ended February 28, 2019 and 2018, advances for premium payments and fees to service providers amounted to (in thousands):



	Three Months Ended February 28,
	2019		2018

Amount drawn for premium payments	$	4,221	$	22,694
Amount drawn in fees to service providers	—		640
Total amount drawn	$	4,221	$	23,334

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

XML 46 R35.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

3 Months Ended

Feb. 28, 2019

Schedule of Assets And Liabilities Measured at Fair Value on Recurring Basis

The balances of the Company’s assets measured at fair value on a recurring basis as of February 28, 2019, are as follows (in thousands):



	Level 1		Level 2		Level 3		Total Fair Value
Assets:
Investment in life settlements - Deconsolidated	$	—	$	—	$	494,732	$	494,732
Investment in life settlements - Consolidated	—		—		1,213		1,213
	$	—	$	—	$	495,945	$	495,945

Investment in deconsolidated subsidiaries	$	—	$	—	$	95,541	$	95,541

The balances of the Company’s liabilities measured at fair value on a recurring basis as of February 28, 2019 are as follows (in thousands):



	Level 1		Level 2		Level 3		Total Fair Value
Liabilities:
White Eagle Revolving Credit Facility - Deconsolidated	$	—	$	—	$	365,499	$	365,499
	$	—	$	—	$	365,499	$	365,499

The balances of the Company’s assets measured at fair value on a recurring basis as of November 30, 2018, are as follows (in thousands):



	Level 1		Level 2		Level 3		Total Fair Value
Assets:
Investment in life settlements - Deconsolidated	$	—	$	—	$	505,235	$	505,235
Investment in life settlements - Consolidated	—		—		1,172		1,172
	$	—	$	—	$	506,407	$	506,407

Investment in deconsolidated subsidiaries	$	—	$	—	$	128,795	$	128,795

The balances of the Company’s liabilities measured at fair value on a recurring basis as of November 30, 2018, are as follows (in thousands):



	Level 1		Level 2		Level 3		Total Fair Value
Liabilities:
White Eagle Revolving Credit Facility - Deconsolidated	$	—	$	—	$	346,670	$	346,670
	$	—	$	—	$	346,670	$	346,670

Schedule of Quantitative Information about Level 3 Fair Value Measurements



($ in thousands)	Quantitative Information about Level 3 Fair Value Measurements - Deconsolidated
	Fair Value at 2/28/19		Aggregate death benefit at 02/28/19		Valuation Technique	Unobservable Input	Range (Weighted Average)
Non-premium financed - Deconsolidated	$	91,996	$	287,776	Discounted cash flow	Discount rate	12.25%	-	13.25%
						Life expectancy evaluation	(5.5 years)
Premium financed - Deconsolidated	$	402,736	$	2,465,474	Discounted cash flow	Discount rate	12.25%	-	19.25%
						Life expectancy evaluation	(9.1 years)
Life settlements - Deconsolidated	$	494,732	$	2,753,250	Discounted cash flow	Discount rate	13.41%
						Life expectancy evaluation	(8.8 years)
Premium financed - Consolidated	$	1,213	$	12,000	Discounted cash flow	Discount rate	13.25%	-	14.75%
						Life expectancy evaluation	(12.0 years)
Life settlements	$	495,945	$	2,765,250	Discounted cash flow	Discount rate	13.41%
						Life expectancy evaluation	(8.8 years)
Investment in deconsolidated subsidiaries	95,541		$	—	Discounted cash flow	Discount rate	22.50%
						Payoff amount and timeframe
White Eagle Revolving Credit Facility - Deconsolidated	$	365,499	$	2,753,250	Discounted cash flow	Discount rate	23.27%
						Life expectancy evaluation	(8.8 years)

Schedule of Changes in Estimated Fair Value, If All of Insured Lives in Company's Life Settlement Portfolio Live Six Months Shorter or Longer Than Life Expectancies Provided by Third Parties



Life Expectancy Months Adjustment - Deconsolidated	Value		Change in Value
+6	$	420,887	$	(73,845	)
-	$	494,732	$	—
-6	$	575,523	$	80,791



Life Expectancy Months Adjustment - Consolidated	Value		Change in Value
+6	$	1,014	$	(199	)
-	$	1,213	$	—
-6	$	1,421	$	208

Schedule of Life Insurance Issuer Concentrations



Carrier - Deconsolidated	Percentage of Total Fair Value		Percentage of Total Death Benefit		Moody's Rating	S&P Rating
Transamerica Life Insurance Company	18.2	%	21.1	%	A1	AA-
Lincoln National Life Insurance Company	23.2	%	19.9	%	A1	AA-



Carrier - Consolidated	Percentage of Total Fair Value		Percentage of Total Death Benefit		Moody’s Rating	S&P Rating
Sun Life Assurance Company of Canada	100	%	100	%	Aa3	AA-

Schedule of Changes in Fair Value for All Assets Using Material Level of Unobservable (Level 3) Inputs



Life Settlements:
Balance, December 1, 2017	$	557,786
Purchase of policies	—
Change in fair value	11,480
Matured/sold policies	(22,700		)
Premiums paid	20,826
Transfers into level 3	—
Transfers out of level 3	—
Balance, February 28, 2018	$	567,392
Changes in fair value included in earnings for the period relating to assets held at February 28, 2018	$	2,665



Life Settlements - Consolidated: :
Balance, December 1, 2018	$	1,172
Purchase of policies	—
Change in fair value	2
Matured/lapsed/sold policies	—
Premiums paid	39
Balance, February 28, 2019	$	1,213
Changes in fair value included in earnings for the period relating to assets held at February 28, 2019	$	1



Life Settlements - Deconsolidated:
Balance, December 1, 2018	$	505,235
Purchase of policies	—
Change in fair value	(12,750		)
Matured/lapsed/sold polices	(23,000		)
Premiums paid	25,247
Balance, February 28, 2019	$	494,732
Changes in fair value included in earnings for the period relating to deconsolidated assets held at February 28, 2019	$	28,430

Schedule of Changes in Fair Value for All Liabilities Using Material Level of Unobservable (Level 3) Inputs



White Eagle Revolving Credit Facility:
Balance, December 1, 2017	$	326,104
Draws under the White Eagle Revolving Credit Facility	23,334
Payments on White Eagle Revolving Credit Facility	(1,763		)
Unrealized change in fair value	(1,624		)
Transfers into level 3	—
Transfer out of level 3	—
Balance, February 28, 2018	$	346,051
Changes in fair value included in earnings for the period relating to liabilities at February 28, 2018	$	(1,624	)



White Eagle Revolving Credit Facility:
Balance, December 1, 2018	$	346,670
Draws under the White Eagle Revolving Credit Facility	4,221
Payments on White Eagle Revolving Credit Facility	—
Unrealized change in fair value	14,608
Balance, February 28, 2019	$	365,499
Changes in fair value included in earnings for period relating to liabilities held at February 28, 2019	$	14,608



Investment in Deconsolidated Subsidiaries
Investment in Lamington at December 1, 2018	$	128,795
Increase in basis investment	711
Change in fair value	(33,965		)
Investment in Lamington at February 28, 2019	$	95,541

Market Approach Valuation Technique

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Market Interest Rate Sensitivity Analysis

If the weighted average discount rate was increased or decreased by 1/2 of 1% and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of February 28, 2019 would be as follows (dollars in thousands):



Weighted Average Rate Calculated Based on Death Benefit - Deconsolidated	Rate Adjustment	Value		Change in Value
12.91%	-0.50%	$	507,495	$	12,763
13.41%	—	$	494,732	$	—
13.91%	+0.50%	$	482,522	$	(12,210	)



Weighted Average Rate Calculated Based on Death Benefit - Consolidated	Rate Adjustment		Value		Change in Value
14.00%	(0.50	)%	$	1,269	$	56
14.50%	—		$	1,213	$	—
15.00%	0.50	%	$	1,161	$	(52	)

Market Approach Valuation Technique | Revolving Credit Facility

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Market Interest Rate Sensitivity Analysis

If the weighted average discount rate were increased or decreased by 1/2 of 1% and the other assumptions used to estimate fair value remained the same, the change in estimated fair value of the White Eagle Revolving Credit Facility as of February 28, 2019 would be as follows (dollars in thousands):



Discount Rate	Rate Adjustment		Fair Value of White Eagle Revolving Credit Facility		Change in Value
22.77%	-0.50	%	$	366,723	$	1,224
23.27%	—		$	365,499	$	—
23.77%	+0.50	%	$	364,284	$	(1,215	)

XML 47 R36.htm IDEA: XBRL DOCUMENT

Description of Business (Details)	Jan. 25, 2019 USD ($)	Jan. 15, 2019	Nov. 14, 2018	Feb. 28, 2019 USD ($) contract policy	Dec. 13, 2018	Nov. 30, 2018 USD ($) contract	Dec. 29, 2016 USD ($) contract	Nov. 09, 2015 USD ($)	Apr. 29, 2013 USD ($)
Organization and Nature of Operations [Line Items]
Number of policies owned \| contract				584
Life insurance estimated fair value				$ 495,900,000		$ 506,400,000
Life insurance policies with aggregate death benefit				$ 2,800,000,000
8.5% Senior Secured Notes and New Convertible Notes
Organization and Nature of Operations [Line Items]
Debt instrument, interest rate					8.50%
Subsidiaries \| LNV
Organization and Nature of Operations [Line Items]
Equity stake percentage	45.00%
Subsidiaries \| LNV \| Loan Given in Exchange of Equity Stake
Organization and Nature of Operations [Line Items]
Amount of debt committed to in connection with receiving an equity stake percentage	$ 370,000,000
Subsidiaries \| Limited Partner \| IRELAND \| Lamington
Organization and Nature of Operations [Line Items]
Ownership interest percentage			99.99%
Subsidiaries \| General Partner \| WEGP
Organization and Nature of Operations [Line Items]
Ownership interest percentage			0.01%
Not pledged as collateral
Organization and Nature of Operations [Line Items]
Number of policies owned \| contract				2		2,000
Life insurance estimated fair value				$ 1,213,000		$ 1,172,000
Life insurance policies with aggregate death benefit				$ 12,000,000		$ 12,000,000
Revolving Credit Facility
Organization and Nature of Operations [Line Items]
Number of unencumbered policies \| contract				2
Revolving Credit Facility \| White Eagle
Organization and Nature of Operations [Line Items]
Revolving credit facility, current borrowing capacity								$ 250,000,000.0	$ 300,000,000.0
Period during which debtors are authorized to use proceeds from pre-petition cash collateral (equivalent to 20 weeks)		5 months
Revolving Credit Facility \| Collateral pledged \| White Eagle
Organization and Nature of Operations [Line Items]
Number of policies owned \| contract				582		586	190
Life insurance estimated fair value				$ 494,731,000		$ 505,236,000
Life insurance policies with aggregate death benefit				2,753,250,000		2,775,915,000
Revolving credit facility, current borrowing capacity				370,000,000		$ 370,000,000.0	$ 370,000,000.0
Revolving Credit Facility \| Not pledged as collateral
Organization and Nature of Operations [Line Items]
Life insurance estimated fair value				1,200,000
Life insurance policies with aggregate death benefit				$ 12,000,000
Number of unencumbered policies \| policy				2

XML 48 R37.htm IDEA: XBRL DOCUMENT

Principles of Consolidation and Basis of Presentation (Details)
$ in Thousands

3 Months Ended

11 Months Ended

12 Months Ended

Apr. 10, 2019

USD ($)

Jan. 15, 2019

Feb. 28, 2019

USD ($)

contract

policy

Feb. 28, 2018

USD ($)

Nov. 30, 2018

USD ($)

contract

Nov. 30, 2019

USD ($)

Dec. 29, 2016

contract

Organization and Nature of Operations [Line Items]

Number of policies owned | contract

584

Life insurance policies with aggregate death benefit

$ 2,800,000

Cash flows used in operating activities

495,900

$ 506,400

Accumulated deficit

343,485

306,009

^[1]

3,831

$ 11,079

41,200

Cash and cash equivalents, at carrying value

3,800

Cash available to pay premiums

503

500

^[1]

Other overhead expenses

2,763

7,602

$ 3,813

$ 1,209

^[1]

Subsequent Event

Organization and Nature of Operations [Line Items]

Cash available to pay premiums

$ 503

2,800

Revolving Credit Facility

Organization and Nature of Operations [Line Items]

Number of unencumbered policies | contract

Not pledged as collateral

Organization and Nature of Operations [Line Items]

Number of policies owned | contract

2,000

Life insurance policies with aggregate death benefit

$ 12,000

Not pledged as collateral | Revolving Credit Facility

1,213

1,172

Organization and Nature of Operations [Line Items]

Life insurance policies with aggregate death benefit

12,000

Number of unencumbered policies | policy

$ 1,200

Not pledged as collateral | Revolving Credit Facility | Scenario, Forecast

Organization and Nature of Operations [Line Items]

Other overhead expenses

$ 124

White Eagle | Subsequent Event

Organization and Nature of Operations [Line Items]

Restricted cash

$ 17,600

Organization and Nature of Operations [Line Items]

Period during which debtors are authorized to use proceeds from pre-petition cash collateral (equivalent to 20 weeks)

$ 16,563

$ 28,059

Other overhead expenses

$ 2,400

$ 5,527

5 months

White Eagle | Revolving Credit Facility | Subsequent Event

Organization and Nature of Operations [Line Items]

Period during which debtors are authorized to use proceeds from pre-petition cash collateral (equivalent to 20 weeks)

5 months

White Eagle | Collateral pledged | Revolving Credit Facility

Organization and Nature of Operations [Line Items]

Number of policies owned | contract

582

586

190

Life insurance policies with aggregate death benefit

$ 2,753,250

$ 2,775,915

Cash and cash equivalents

$ 494,731

$ 505,236

[1]	Derived from audited consolidated financial statements.

XML 49 R38.htm IDEA: XBRL DOCUMENT

Deconsolidation of Subsidiaries - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Nov. 14, 2018	Nov. 30, 2018	Feb. 28, 2019	Feb. 28, 2018	Nov. 13, 2018
Noncontrolling Interest [Line Items]
Change in fair value of investment in deconsolidated subsidiaries			$ 33,965	$ 0
Subsidiaries \| Lamington
Noncontrolling Interest [Line Items]
Investment at fair value		$ 128,795	95,541		$ 278,400
Change in fair value of investment in deconsolidated subsidiaries		149,600	33,965
Limited Partner \| IRELAND \| Subsidiaries \| Lamington
Noncontrolling Interest [Line Items]
Ownership interest percentage	99.99%
General Partner \| Subsidiaries \| WEGP
Noncontrolling Interest [Line Items]
Ownership interest percentage	0.01%
Equity investment \| Subsidiaries \| Lamington
Noncontrolling Interest [Line Items]
Investment at fair value		66,251	32,286		127,300
Change in fair value of investment in deconsolidated subsidiaries			33,965
Promissory notes \| Subsidiaries \| Lamington
Noncontrolling Interest [Line Items]
Investment at fair value		56,596	56,596		145,900
Change in fair value of investment in deconsolidated subsidiaries			0
Other liabilities \| Subsidiaries \| Lamington
Noncontrolling Interest [Line Items]
Investment at fair value		$ 5,948	6,659		$ 5,200
Change in fair value of investment in deconsolidated subsidiaries			$ 0

XML 50 R39.htm IDEA: XBRL DOCUMENT

Deconsolidation of Subsidiaries - Fair Value of Investment in Lamington (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Nov. 30, 2018	Feb. 28, 2019	Feb. 28, 2018
Investment in Deconsolidated Subsidiary [Roll Forward]
Less: Change in fair value		$ (33,965)	$ 0
Subsidiaries \| Lamington
Investment in Deconsolidated Subsidiary [Roll Forward]
Investment in Lamington at December 1, 2018		128,795
Increase in basis investment		711
Less: Change in fair value	$ (149,600)	(33,965)
Investment in Lamington at February 28, 2019	$ 128,795	$ 95,541

XML 51 R40.htm IDEA: XBRL DOCUMENT

Deconsolidation of Subsidiaries - Company's Investment in Deconsolidated Entities (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Nov. 30, 2018	Feb. 28, 2019	Feb. 28, 2018
Investment in Deconsolidated Subsidiary [Roll Forward]
Change in fair value		$ (33,965)	$ 0
Subsidiaries \| Lamington
Investment in Deconsolidated Subsidiary [Roll Forward]
Investment in Lamington at December 1, 2018		128,795
Increase/Decrease in Basis		711
Change in fair value	$ (149,600)	(33,965)
Investment in Lamington at February 28, 2019	128,795	95,541
Subsidiaries \| Lamington \| Equity investment
Investment in Deconsolidated Subsidiary [Roll Forward]
Investment in Lamington at December 1, 2018		66,251
Increase/Decrease in Basis		0
Change in fair value		(33,965)
Investment in Lamington at February 28, 2019	66,251	32,286
Subsidiaries \| Lamington \| Promissory notes
Investment in Deconsolidated Subsidiary [Roll Forward]
Investment in Lamington at December 1, 2018		56,596
Increase/Decrease in Basis		0
Change in fair value		0
Investment in Lamington at February 28, 2019	56,596	56,596
Subsidiaries \| Lamington \| Other liabilities
Investment in Deconsolidated Subsidiary [Roll Forward]
Investment in Lamington at December 1, 2018		5,948
Increase/Decrease in Basis		711
Change in fair value		0
Investment in Lamington at February 28, 2019	$ 5,948	$ 6,659

XML 52 R41.htm IDEA: XBRL DOCUMENT

Condensed and Consolidated Financial Statements for Entities in Bankruptcy - Condensed and Consolidated Statements Balance Sheets (Details) - USD ($)
$ / shares in Units, $ in Thousands

Feb. 28, 2019

Nov. 30, 2018

Feb. 28, 2018

Jul. 17, 2017

Jun. 30, 2017

ASSETS

$ 3,813

$ 1,209

^[1]

Life settlements, at estimated fair value

1,213

1,172

^[1]

Total assets

106,482

136,748

^[1]

Accounts payable and accrued expenses

1,919

2,446

^[1]

Total liabilities

116,618

109,506

^[1]

Share Capital (1 share of $1 authorized and issued)

1,587

^[1]

Additional paid-in-capital

334,296

334,198

^[1]

Accumulated deficit/retained earnings

(343,485)

(306,009)

^[1]

Total stockholders’ deficit/equity

(10,136)

27,242

^[1]

Total liabilities and stockholders’ deficit/equity

$ 106,482

$ 136,748

^[1]

Common stock, par value (in dollars per share)

$ 0.01

^[1]

415,000,000

^[1]

415,000,000

80,000,000

Cash and cash equivalents

158,659,803

158,733,928

^[1]

158,475,399

Subsidiaries | Lamington

ASSETS

$ 21,742

$ 33,719

Prepaid expenses and other assets

833

Life settlements, at estimated fair value

494,732

505,235

Receivable for maturity of life settlements

36,754

27,700

Total assets

554,061

566,722

Accounts payable and accrued expenses

2,702

1,410

Other liabilities (subject to compromise)

7,181

5,997

Revolving Credit Facility debt, at estimated fair value

365,499

346,671

Promissory notes payable (subject to compromise)

146,393

137,813

Promissory notes interest payable (subject to compromise)

8,580

Total liabilities

521,775

500,471

Share Capital (1 share of $1 authorized and issued)

Additional paid-in-capital

60,602

Accumulated deficit/retained earnings

(28,316)

5,649

Total stockholders’ deficit/equity

32,286

66,251

Total liabilities and stockholders’ deficit/equity

$ 554,061

$ 566,722

Common stock, par value (in dollars per share)

$ 1

[1]	Derived from audited consolidated financial statements.

XML 53 R42.htm IDEA: XBRL DOCUMENT

Condensed and Consolidated Financial Statements for Entities in Bankruptcy - Condensed and Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Condensed Income Statements, Captions [Line Items]
Change in fair value of life settlements (Notes 10 & 15)	$ 2	$ 11,480
Other income	10	125
Total income	12	11,605
Interest expense	2,763	7,602
Change in fair value of White Eagle Revolving Credit Facility	0	(1,624)
Legal fees	(5)	1,551
Professional fees	335	955
Other selling, general and administrative expenses	65	480
Total expenses	37,471	9,946
Income taxes	0	(3,210)
Net income (loss) from continuing operations	(37,459)	4,869
Subsidiaries \| Lamington
Condensed Income Statements, Captions [Line Items]
Change in fair value of life settlements (Notes 10 & 15)	(12,750)	11,481
Other income	234	83
Total income	(12,516)	11,564
Interest expense	2,400	5,187
Interest expense - affiliate	0	2,375
Change in fair value of White Eagle Revolving Credit Facility	14,608	(1,624)
Participation Interest - Revolving Credit Facility	0	340
Reorganization cost	1,901	0
Legal fees	587	427
Professional fees	428	475
Administrative service fees - affiliate	1,427	1,059
Other selling, general and administrative expenses	98	101
Total expenses	21,449	8,340
Income taxes	0	0
Net income (loss) from continuing operations	$ (33,965)	$ 3,224

XML 54 R43.htm IDEA: XBRL DOCUMENT

Condensed and Consolidated Financial Statements for Entities in Bankruptcy - Condensed and Consolidated Cash Flow Statements (Details) - USD ($) $ in Thousands	3 Months Ended		11 Months Ended
	Feb. 28, 2019	Feb. 28, 2018	Nov. 30, 2018
Condensed Cash Flow Statements, Captions [Line Items]
Net cash used in operating activities	$ (3,831)	$ (11,079)	$ (41,200)
Cash flows from investing activities
Premiums paid on life settlements	(39)	(20,826)
Proceeds from maturity of life settlements	0	10,104
Net cash used in investing activities	(41)	(10,722)
Cash flows from financing activities
Repayment of borrowings under White Eagle Revolving Credit Facility	0	(1,763)
Borrowings from White Eagle Revolving Credit Facility	0	23,091
Net cash provided by financing activities	6,476	21,328
Net increase/(decrease) in cash and cash equivalents	2,604	(473)
Cash and cash equivalents, at beginning of the period	1,209	31,208
Cash and cash equivalents, at end of the period	3,813	30,735	1,209
Supplemental disclosures of cash flow information:
Cash paid for interest during the period	2,072	7,600
Subsidiaries \| Lamington
Condensed Cash Flow Statements, Captions [Line Items]
Net cash used in operating activities	(4,951)	(6,540)
Cash flows from investing activities
Premiums paid on life settlements	(25,247)	(20,794)
Proceeds from maturity of life settlements	14,000	10,104
Net cash used in investing activities	(11,247)	(10,690)
Cash flows from financing activities
Repayment of borrowings under White Eagle Revolving Credit Facility	0	(1,763)
Borrowings from White Eagle Revolving Credit Facility	4,221	23,091
Net cash provided by financing activities	4,221	21,328
Net increase/(decrease) in cash and cash equivalents	(11,977)	4,098
Cash and cash equivalents, at beginning of the period	33,719	12,129
Cash and cash equivalents, at end of the period	21,742	16,227	$ 33,719
Supplemental disclosures of cash flow information:
Cash paid for interest during the period	$ 2,400	$ 5,187

XML 55 R44.htm IDEA: XBRL DOCUMENT

Condensed and Consolidated Financial Statements for Entities in Bankruptcy - Narrative (Details) - Lamington - USD ($)			3 Months Ended
	Jul. 28, 2017	May 16, 2014	Feb. 28, 2019	Feb. 28, 2018	Nov. 30, 2018
Senior Notes \| Unsecured Promissory Note
Condensed Financial Statements, Captions [Line Items]
Debt instrument term		10 years
Debt instrument issued		$ 59,300,000
Debt instrument, interest rate		8.50%
Period to capitalize outstanding principal balance		7 days
Outstanding principal balance			$ 87,100,000
Capitalized interest included in outstanding principal balance			27,700,000
Interest expense debt			0	$ 1,700,000
Principal payments due prior to maturity date			0
Senior Notes \| Special Dividend Note
Condensed Financial Statements, Captions [Line Items]
Debt instrument issued	$ 57,000,000
Debt instrument, interest rate	5.00%
Outstanding principal balance			60,600,000
Capitalized interest included in outstanding principal balance			3,600,000
Interest expense debt			0	718,000
Principal payments due prior to maturity date			0
Period after which interest shall be capitalized if accrued interest is not paid	7 days
Interest payments			0	570,000
Carrying value of notes			56,600,000
Combined fair value of notes			147,600,000	137,800,000
Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Administrative service fees - affiliate			1,427,000	$ 1,059,000
Amount due from administrative expenses, net of repayments			7,181,000		$ 5,997,000
Other liabilities \| Subsidiaries
Condensed Financial Statements, Captions [Line Items]
Amount due from administrative expenses, net of repayments			$ 7,200,000

XML 56 R45.htm IDEA: XBRL DOCUMENT

Consolidation of Variable Interest Entities - Assets and Liabilities of VIEs (Details) - USD ($)
$ in Thousands

Feb. 28, 2019

Nov. 30, 2018

Not primary beneficiary consolidated VIEs, total assets

$ 2,384

^[1]

Not Primary Beneficiary

Not primary beneficiary consolidated VIEs, total assets

2,384

Not primary beneficiary consolidated VIEs, maximum exposure to loss

$ 2,384

[1]	Derived from audited consolidated financial statements.

XML 57 R46.htm IDEA: XBRL DOCUMENT

Consolidation of Variable Interest Entities - Narrative (Details) - USD ($)
$ in Thousands

Feb. 28, 2019

Nov. 30, 2018

ISF 2010 | Affiliated Entity

Investment in affiliates

$ 2,384

^[1]

Investment in affiliates

$ 2,400

[1]	Derived from audited consolidated financial statements.

XML 58 R47.htm IDEA: XBRL DOCUMENT

Earnings Per Share - Narrative (Details) - shares

Feb. 28, 2019

Nov. 30, 2018

^[1]

Feb. 28, 2018

Earnings Per Share [Abstract]

Common stock, shares outstanding (in shares)

158,659,803

158,733,928

158,475,399

158,051,803

158,125,928

157,867,399

Treasury stock (in shares)

608,000

[1]	Derived from audited consolidated financial statements.

XML 59 R48.htm IDEA: XBRL DOCUMENT

Earnings Per Share - Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Numerator:
Net income (loss) from continuing operations	$ (37,459)	$ 4,869
Net income (loss) from discontinued operations	(17)	(17)
Numerator for basic EPS - net income (loss) attributable to common stockholders	(37,476)	4,852
Add back convertible notes interest	0	824
Numerator for diluted earnings per share - net income (loss) attributable to common stockholders	$ (37,476)	$ 5,676
Basic income (loss) per common share:
Basic income (loss) from continuing operations (in dollars per share)	$ (0.24)	$ 0.03
Basic income (loss) from discontinued operations (in dollars per share)	0.00	0.00
Net income (loss) - basic (in dollars per share)	(0.24)	0.03
Diluted income (loss) per common share:
Diluted income (loss) from continuing operations (in dollars per share)	(0.24)	0.03
Diluted income (loss) from discontinued operations (in dollars per share)	0.00	0.00
Net income (loss) - diluted (in dollars per share)	$ (0.24)	$ 0.03
Denominator:
Basic (in shares)	156,919,099	155,893,843
Diluted (in shares)	156,919,099	216,029,455

XML 60 R49.htm IDEA: XBRL DOCUMENT

Earnings Per Share - Reconciliation Narrative (Details) - shares	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
5.0% Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stated interest rate percentage	5.00%
8.5% Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stated interest rate percentage	8.50%
Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)		85,000
Stock Option \| 5.0% Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)	85,000
Stock Appreciation Rights
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)		100,000
Stock Appreciation Rights \| 5.0% Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)	100,000
Restricted Stock \| 5.0% Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)	1,150,000.00
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)		2,000,000
Warrants \| 5.0% Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)	44,500,000
Convertible Debt Securities \| 5.0% Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)	37,918,483
Convertible Debt Securities \| 8.5% Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)	181,249.2

XML 61 R50.htm IDEA: XBRL DOCUMENT

Stock-based Compensation - Narrative (Details) - USD ($)		3 Months Ended		11 Months Ended	12 Months Ended
	Jun. 27, 2017	Feb. 28, 2019	Feb. 28, 2018	Nov. 30, 2018	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)		85,000		85,000
Options outstanding, weighted average price (in dollars per share)		$ 6.94		$ 6.94
Weighted average remaining contractual term of unvested awards		5 months 19 days		8 months 19 days
Options granted (in shares)		0
Exercise price of options (in dollars per share)		$ 0.00
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation not yet recognized				$ 0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)		0
Awards vested (in shares)		250,000
Awards forfeited (in shares)		0
Awards subject to vesting (in shares)		1,150,000		1,400,000
Restricted Stock \| Board and Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 98,000	$ 49,000
SARs \| Sole Non-employee Member of Ad Hoc Capital Structure Committee of the Board
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			9,000
Fair value of unvested awards				$ 9,000
Options granted (in shares)				100,000
Expiration period of options				10 years
Exercise price of options (in dollars per share)				$ 1.00
Options vested (in shares)		100,000
Options unexercised (in shares)		100,000
Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares of common stock authorized for issuance (in shares)	9,900,000
Omnibus Plan \| Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved for issuance (in shares)		12,600,000
Stock-based compensation expense		$ 0	0
Options outstanding, weighted average price (in dollars per share)		$ 6.94
Omnibus Plan \| Options \| Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)		85,000
Options granted (in shares)		85,000
Omnibus Plan \| Restricted Stock \| Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation not yet recognized		$ 302,000
Awards granted (in shares)		2,270,000
Awards subject to vesting (in shares)		1,150,000
Omnibus Plan \| Restricted Stock \| Certain Employees \| 2016 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 0	91,000
Awards granted (in shares)						200,000
Awards vesting period						2 years
Fair value of unvested awards						$ 674,000
Awards vested (in shares)				74,000	46,000
Awards forfeited (in shares)				20,000	60,000
Awards subject to vesting (in shares)		0
Omnibus Plan \| Restricted Stock \| Certain Employees \| 2017 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 92,000	141,000
Awards granted (in shares)					2,000,000
Awards vesting period					2 years
Fair value of unvested awards					$ 745,000
Awards vested (in shares)		250,000		750,000
Awards subject to vesting (in shares)		1,000,000
Aggregate intrinsic value of unvested awards		$ 267,000
Weighted average remaining contractual term of unvested awards		8 months 19 days
Omnibus Plan \| Restricted Stock \| Certain Employees \| 2018 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 6,000	0
Fair value of unvested awards		$ 58,000
Awards subject to vesting (in shares)		150,000
Aggregate intrinsic value of unvested awards		$ 34,000
Weighted average remaining contractual term of unvested awards		1 year 4 months 17 days
Omnibus Plan \| Restricted Stock \| Certain Employees \| 2018 Grant \| Vesting in two years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period		2 years
Awards subject to vesting (in shares)				100,000
Omnibus Plan \| Restricted Stock \| Certain Employees \| 2018 Grant \| Vesting in three years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period		3 years
Awards subject to vesting (in shares)				50,000
Omnibus Plan \| Restricted Stock \| Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)		633,215
Awards vested (in shares)		1,120,000
Omnibus Plan \| Restricted Stock \| Directors \| 2017 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 0	$ 0
Awards granted (in shares)					51,132
Awards vesting period					1 year
Fair value of unvested awards					$ 17,000
Awards vested (in shares)				8,522	42,610
Omnibus Plan \| Restricted Stock Units (RSUs) [Member] \| Certain Employees \| 2018 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)				150,000
Omnibus Plan \| SARs \| Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)		100,000
Options granted (in shares)				100,000

XML 62 R51.htm IDEA: XBRL DOCUMENT

Stock-based Compensation - Common Stock Options Activity (Details) - USD ($)	3 Months Ended	11 Months Ended
	Feb. 28, 2019	Nov. 30, 2018
Number of Shares
Options outstanding, beginning balance (in shares)	85,000
Options granted (in shares)	0
Options exercised (in shares)	0
Options forfeited (in shares)	0
Options expired (in shares)	0
Options outstanding, ending balance (in shares)	85,000	85,000
Exercisable at end of period (in shares)	85,000
Unvested at end of period (in shares)	0
Weighted Average Exercise Price per Share
Options outstanding, beginning balance (in dollars per share)	$ 6.94
Options granted (in dollars per share)	0.00
Options exercised (in dollars per share)	0.00
Options forfeited (in dollars per share)	0.00
Options expired (in dollars per share)	0.00
Options outstanding, ending balance (in dollars per share)	6.94	$ 6.94
Exercisable at end of period (in dollars per share)	6.94
Unvested at end of period (in dollars per share)	$ 0.00
Weighted Average Remaining Contractual Term
Options outstanding, weighted average remaining contractual term	5 months 19 days	8 months 19 days
Exercisable, weighted average remaining contractual term	5 months 19 days
Aggregate Intrinsic Value
Options outstanding, beginning balance	$ 0.00
Options outstanding, ending balance	0.00	$ 0.00
Unvested at end of period	$ 0.00

XML 63 R52.htm IDEA: XBRL DOCUMENT

Stock-based Compensation - Activity of Unvested Shares of Restricted Stock (Details) - Restricted Stock	3 Months Ended
	Feb. 28, 2019 shares
Number of Shares
Outstanding, beginning balance (in shares)	1,400,000
Granted (in shares)	0
Vested (in shares)	(250,000)
Forfeited (in shares)	0
Outstanding, ending balance (in shares)	1,150,000

XML 64 R53.htm IDEA: XBRL DOCUMENT

Discontinued Operations - Operating Results of Structured Settlement Business (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) before income taxes	$ (17)	$ (17)
(Benefit) provision for income taxes	0	0
Net income (loss) from discontinued operations	(17)	(17)
Discontinued operations, disposed of by sale \| Structured Settlement Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total income	0	0
Total expenses	17	17
Income (loss) before income taxes	(17)	(17)
(Benefit) provision for income taxes	0	0
Net income (loss) from discontinued operations	$ (17)	$ (17)

Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

XML 65 R54.htm IDEA: XBRL DOCUMENT

Life Settlements (Life Insurance Policies) - Narrative (Details)	3 Months Ended		11 Months Ended
	Feb. 28, 2019 USD ($) contract policy	Feb. 28, 2018 USD ($) contract	Nov. 30, 2018 USD ($) contract	Dec. 29, 2016 USD ($) contract	Nov. 09, 2015 USD ($)	Apr. 29, 2013 USD ($)
Financial Instruments Owned and Pledged as Collateral [Line Items]
Number of consolidated policies owned \| contract	584		588
Life insurance estimated fair value	$ 495,900,000		$ 506,400,000
Number of policies owned \| contract	584
Life insurance policies with aggregate death benefit	$ 2,800,000,000
Number of life insurance policies that experienced maturity \| contract	4	4
Face value of life insurance policies that experienced maturity	$ 23,000,000	$ 22,700,000
Gain on life insurance contracts that experienced maturity	$ 15,700,000	$ 14,100,000
Revolving Credit Facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Number of unencumbered policies \| contract	2
Revolving Credit Facility \| White Eagle
Financial Instruments Owned and Pledged as Collateral [Line Items]
Revolving credit facility, current borrowing capacity					$ 250,000,000.0	$ 300,000,000.0
Policies pledged \| Revolving Credit Facility \| White Eagle
Financial Instruments Owned and Pledged as Collateral [Line Items]
Life insurance estimated fair value	$ 494,731,000		$ 505,236,000
Number of policies owned \| contract	582		586	190
Revolving credit facility, current borrowing capacity	$ 370,000,000		$ 370,000,000.0	$ 370,000,000.0
Life insurance policies with aggregate death benefit	$ 2,753,250,000		$ 2,775,915,000
Average life expectancy on death benefits insured	8 years 9 months 18 days		8 years 10 months 30 days
Number of life insurance policies that experienced maturity \| contract	4	4
Face value of life insurance policies that experienced maturity	$ 23,000,000
Gain on life insurance contracts that experienced maturity	15,692,000	$ 14,128,000
Estimated future premium payments	1,540,953,000
Policies not pledged
Financial Instruments Owned and Pledged as Collateral [Line Items]
Life insurance estimated fair value	$ 1,213,000		$ 1,172,000
Number of policies owned \| contract	2		2,000
Life insurance policies with aggregate death benefit	$ 12,000,000		$ 12,000,000
Average life expectancy on death benefits insured	12 years		12 years 2 months 12 days
Estimated future premium payments	$ 6,021,000
Policies not pledged \| Revolving Credit Facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Life insurance estimated fair value	$ 1,200,000
Number of unencumbered policies \| policy	2
Life insurance policies with aggregate death benefit	$ 12,000,000
Deconsolidated Entity
Financial Instruments Owned and Pledged as Collateral [Line Items]
Life insurance estimated fair value	$ 494,700,000
Number of policies owned \| contract	582
Deconsolidated Entity \| Policies pledged \| Revolving Credit Facility \| White Eagle
Financial Instruments Owned and Pledged as Collateral [Line Items]
Life insurance estimated fair value	$ 493,600,000
Number of policies owned \| contract	582
Parent Company
Financial Instruments Owned and Pledged as Collateral [Line Items]
Life insurance estimated fair value	$ 1,200,000
Number of policies owned \| contract	2
Parent Company \| Policies not pledged \| Revolving Credit Facility
Financial Instruments Owned and Pledged as Collateral [Line Items]
Life insurance estimated fair value	$ 1,200,000
Number of unencumbered policies \| policy	2
Life insurance policies with aggregate death benefit	$ 12,000,000

XML 66 R55.htm IDEA: XBRL DOCUMENT

Life Settlements (Life Insurance Policies) - Schedule of Life Settlements (Details) $ in Thousands	Feb. 28, 2019 USD ($) contract	Nov. 30, 2018 USD ($) contract	Dec. 29, 2016 contract
Number of Life Settlement Contracts
Total \| contract	584
Fair Value
Total	$ 495,900	$ 506,400
Face Value
Total	$ 2,800,000
Policies not pledged
Number of Life Settlement Contracts
0-1 \| contract	0	0
1-2 \| contract	0	0
2-3 \| contract	0	0
3-4 \| contract	0	0
4-5 \| contract	0	0
Thereafter \| contract	2	2,000
Total \| contract	2	2,000
Fair Value
0-1	$ 0	$ 0
1-2	0	0
2-3	0	0
3-4	0	0
4-5	0	0
Thereafter	1,213	1,172
Total	1,213	1,172
Face Value
0-1	0	0
1-2	0	0
2-3	0	0
3-4	0	0
4-5	0	0
Thereafter	12,000	12,000
Total	12,000	$ 12,000
Revolving Credit Facility \| Policies not pledged
Fair Value
Total	1,200
Face Value
Total	$ 12,000
White Eagle \| Revolving Credit Facility \| Policies pledged
Number of Life Settlement Contracts
0-1 \| contract	4	6
1-2 \| contract	22	12
2-3 \| contract	22	31
3-4 \| contract	37	37
4-5 \| contract	44	46
Thereafter \| contract	453	454
Total \| contract	582	586	190
Fair Value
0-1	$ 19,263	$ 24,221
1-2	59,864	30,828
2-3	36,313	72,343
3-4	66,279	57,874
4-5	75,639	77,719
Thereafter	237,373	242,251
Total	494,731	505,236
Face Value
0-1	23,213	28,796
1-2	86,746	46,390
2-3	66,424	126,402
3-4	158,247	139,447
4-5	216,350	217,450
Thereafter	2,202,270	2,217,430
Total	$ 2,753,250	$ 2,775,915

XML 67 R56.htm IDEA: XBRL DOCUMENT

Life Settlements (Life Insurance Policies) - Analysis of Policy Maturity (Details) $ in Thousands	3 Months Ended
	Feb. 28, 2019 USD ($) contract	Feb. 28, 2018 USD ($) contract
Financial Instruments Owned and Pledged as Collateral [Line Items]
Face value	$ 23,000	$ 22,700
Gain on Maturities	$ 15,700	$ 14,100
Number of Policies \| contract	4	4
Policies pledged \| Revolving Credit Facility \| White Eagle
Financial Instruments Owned and Pledged as Collateral [Line Items]
Face value	$ 23,000
Cost	5,635	$ 6,442
Accumulated Change in Fair Value	1,673	2,130
Carrying Value	7,308	8,572
Gain on Maturities	$ 15,692	$ 14,128
Number of Policies \| contract	4	4

XML 68 R57.htm IDEA: XBRL DOCUMENT

Life Settlements (Life Insurance Policies) - Estimated Premiums to be Paid (Details) $ in Thousands	Feb. 28, 2019 USD ($)
Policies pledged \| Revolving Credit Facility \| White Eagle
Financial Instruments Owned and Pledged as Collateral [Line Items]
Remainder of 2019	$ 77,585
2020	108,567
2021	110,681
2022	109,583
2023	106,968
Thereafter	1,027,569
Total	1,540,953
Policies not pledged
Financial Instruments Owned and Pledged as Collateral [Line Items]
Remainder of 2019	124
2020	190
2021	220
2022	252
2023	283
Thereafter	4,952
Total	$ 6,021

XML 69 R58.htm IDEA: XBRL DOCUMENT

White Eagle Revolving Credit Facility - Narrative (Details)

3 Months Ended

Jan. 25, 2019

USD ($)

Jan. 15, 2019

Nov. 14, 2018

Dec. 29, 2016

USD ($)

contract

Nov. 09, 2015

USD ($)

Apr. 29, 2013

USD ($)

Feb. 28, 2019

USD ($)

contract

Feb. 28, 2018

USD ($)

Dec. 13, 2018

Nov. 30, 2018

USD ($)

contract

Oct. 04, 2017

Aug. 14, 2017

USD ($)

Jul. 28, 2017

USD ($)

Jul. 26, 2017

USD ($)

Apr. 18, 2017

Feb. 28, 2014

USD ($)

Number of policies owned (contracts) | contract

584

Borrowings from White Eagle Revolving Credit Facility

$ 0

$ 23,091,000

Life insurance policies with aggregate death benefit

2,800,000,000

8.5% Senior Secured Notes

495,900,000

$ 506,400,000

Restricted cash

$ 503,000

500,000

^[1]

$ 44,413,236

$ 30,000,000

8.50%

5.0% Convertible Notes

5.00%

8.5% Convertible Notes

Senior Secured Notes | 8.5% Senior Secured Notes

8.50%

Senior Secured Notes | 5.0% Convertible Notes | Maximum

$ 44,400,000

Convertible Notes | 5.0% Convertible Notes

$ 75,800,000

Convertible Notes | 8.5% Convertible Notes

5.00%

$ 73,000,000

$ 74,200,000

$ 70,700,000

Outstanding principal balance

8.50%

$ 1,200,000

Revolving Credit Facility

Revolving Credit Facility | White Eagle Asset Portfolio, LLC

$ 365,499,000

Cash interest coverage ratio required, minimum

2.0

Percent of face amount pledged as collateral (as percent)

50.00%

Revolving Credit Facility | White Eagle Asset Portfolio, LLC | After June 30, 2019

Cash interest coverage ratio required, minimum

1.75

Cash interest coverage ratio required number of consecutive days

60 days

Revolving credit facility effective date

Apr. 29, 2013

Revolving credit facility period

15 years

Revolving credit facility, current borrowing capacity

$ 250,000,000.0

$ 300,000,000.0

Basis points interest rate increase (as percent)

0.50%

Borrowings from White Eagle Revolving Credit Facility

$ 4,221,000

23,334,000

Cash interest coverage ratio required, minimum

2.0

Cash sweep percentage required (as percent)

100.00%

Cash interest coverage ratio, actual (as percent)

3.74

Cash sweep percentage, actual (as percent)

83.00%

Collateral pledge percentage for distributions to be altered (as percent)

25.00%

Distribution of proceeds

$ 7,800,000

Base rate (as percent)

0.50%

Debt instrument effective rate (as percent)

9.51%

6.61%

Credit agreement expiration date

Dec. 31, 2031

Period during which debtors are authorized to use proceeds from pre-petition cash collateral (equivalent to 20 weeks)

5 months

Revolving credit facility debt, outstanding

$ 365,500,000

368,000,000

Restricted cash

$ 16,563,000

28,059,000

White Eagle | Revolving Credit Facility | LIBOR

White Eagle | Revolving Credit Facility | Federal Funds Rate

4.00%

4.50%

White Eagle | Revolving Credit Facility | Floor Rate

0.75%

White Eagle | Revolving Credit Facility | Base Rate

2.11%

3.01%

Debt instrument, basis spread over variable rate in event of default

1.50%

Debt instrument, additional percentage over spread on variable rate in event of default

6.50%

White Eagle | Revolving Credit Facility | Maintenance costs

Line of credit borrowing base percentage

100.00%

White Eagle | Revolving Credit Facility | Accrued and Unpaid Interest

Line of credit borrowing base percentage

100.00%

White Eagle | Revolving Credit Facility | Policies pledged as collateral as determined by the lenders

Line of credit borrowing base percentage

75.00%

White Eagle | Revolving Credit Facility | Minimum

Line of credit, loan to value ratio (as percent)

45.00%

White Eagle | Revolving Credit Facility | Minimum | LIBOR

White Eagle | Revolving Credit Facility | Collateral pledged

1.50%

Revolving credit facility, current borrowing capacity

$ 370,000,000.0

$ 370,000,000

$ 370,000,000.0

Number of policies owned (contracts) | contract

190

582

586

Borrowings from White Eagle Revolving Credit Facility

$ 71,100,000

Life insurance policies with aggregate death benefit

$ 2,753,250,000

$ 2,775,915,000

Lamington | Subsidiaries | Limited Partner | IRELAND

$ 494,731,000

$ 505,236,000

Ownership interest percentage

99.99%

WEGP | Subsidiaries | General Partner

Ownership interest percentage

0.01%

LNV | Subsidiaries

Loan Given in Exchange of Equity Stake | LNV | Subsidiaries

Equity stake percentage

45.00%

Amount of debt committed to in connection with receiving an equity stake percentage

$ 370,000,000

[1]	Derived from audited consolidated financial statements.

XML 70 R59.htm IDEA: XBRL DOCUMENT

White Eagle Revolving Credit Facility - Payouts based on LTV (Details)	3 Months Ended
	Feb. 28, 2019
Lender
Debt Instrument [Line Items]
Distribution to White Eagle - 55%, Lender Participation - 45%	45.00%
White Eagle
Debt Instrument [Line Items]
Distribution to White Eagle - 55%, Lender Participation - 45%	55.00%
Revolving Credit Facility \| White Eagle \| Minimum
Debt Instrument [Line Items]
LTV	45.00%
White Eagle Amendment \| Revolving Credit Facility \| LTV N/A
Debt Instrument [Line Items]
Collections from policy proceeds percentage	0.00%
White Eagle Amendment \| Revolving Credit Facility \| LTV greater than 65%
Debt Instrument [Line Items]
Collections from policy proceeds percentage	0.00%
White Eagle Amendment \| Revolving Credit Facility \| LTV 50-65%
Debt Instrument [Line Items]
Collections from policy proceeds percentage	13.50%
White Eagle Amendment \| Revolving Credit Facility \| LTV 35-50%
Debt Instrument [Line Items]
Collections from policy proceeds percentage	20.30%
White Eagle Amendment \| Revolving Credit Facility \| LTV 0-35%
Debt Instrument [Line Items]
Collections from policy proceeds percentage	24.80%
White Eagle Amendment \| Revolving Credit Facility \| White Eagle \| LTV N/A
Debt Instrument [Line Items]
Premiums, Interest & Other Fees	100.00%
Principal	0.00%
Collections from policy proceeds percentage	0.00%
White Eagle Amendment \| Revolving Credit Facility \| White Eagle \| LTV greater than 65%
Debt Instrument [Line Items]
Principal	100.00%
Collections from policy proceeds percentage	0.00%
White Eagle Amendment \| Revolving Credit Facility \| White Eagle \| LTV greater than 65% \| Minimum
Debt Instrument [Line Items]
LTV	65.00%
White Eagle Amendment \| Revolving Credit Facility \| White Eagle \| LTV 50-65%
Debt Instrument [Line Items]
Principal	70.00%
Collections from policy proceeds percentage	16.50%
White Eagle Amendment \| Revolving Credit Facility \| White Eagle \| LTV 50-65% \| Minimum
Debt Instrument [Line Items]
LTV	50.00%
White Eagle Amendment \| Revolving Credit Facility \| White Eagle \| LTV 50-65% \| Maximum
Debt Instrument [Line Items]
LTV	65.00%
White Eagle Amendment \| Revolving Credit Facility \| White Eagle \| LTV 35-50%
Debt Instrument [Line Items]
Principal	55.00%
Collections from policy proceeds percentage	24.80%
White Eagle Amendment \| Revolving Credit Facility \| White Eagle \| LTV 35-50% \| Minimum
Debt Instrument [Line Items]
LTV	35.00%
White Eagle Amendment \| Revolving Credit Facility \| White Eagle \| LTV 35-50% \| Maximum
Debt Instrument [Line Items]
LTV	50.00%
White Eagle Amendment \| Revolving Credit Facility \| White Eagle \| LTV 0-35%
Debt Instrument [Line Items]
Principal	45.00%
Collections from policy proceeds percentage	30.30%
White Eagle Amendment \| Revolving Credit Facility \| White Eagle \| LTV 0-35% \| Minimum
Debt Instrument [Line Items]
LTV	0.00%
White Eagle Amendment \| Revolving Credit Facility \| White Eagle \| LTV 0-35% \| Maximum
Debt Instrument [Line Items]
LTV	35.00%

XML 71 R60.htm IDEA: XBRL DOCUMENT

White Eagle Revolving Credit Facility - Reconciliation of Proceeds Distributed (Details)
$ in Thousands

3 Months Ended

Feb. 28, 2019

USD ($)

Reconciliation of Proceeds

Collection account balance at December 1, 2018

$ 500

^[1]

Expenses paid from the collection account Post-Petition

Collection account balance at February 28, 2019

503

Collection account balance at December 1, 2018

Reconciliation of Proceeds

28,059

Face value collected in current quarter

14,000

Other collections in current quarter

2,563

Face value collected

44,622

Expenses paid from the collection account Post-Petition

Premiums

(22,880)

Lender's Interest

(2,400)

White Eagle Credit Facility expenses

(2,779)

Total payment

(28,059)

Collection account balance at February 28, 2019

$ 16,563

[1]	Derived from audited consolidated financial statements.

XML 72 R61.htm IDEA: XBRL DOCUMENT

White Eagle Revolving Credit Facility - Distribution of Proceeds (Details) - White Eagle - Revolving Credit Facility	3 Months Ended
	Feb. 28, 2018 USD ($)
Debt Instrument [Line Items]
Distribution of proceeds	$ 7,800,000
First:
Debt Instrument [Line Items]
Distribution of proceeds	84,000
Second:
Debt Instrument [Line Items]
Distribution of proceeds	0
Third:
Debt Instrument [Line Items]
Distribution of proceeds	0
Fourth:
Debt Instrument [Line Items]
Distribution of proceeds	10,000
Fifth:
Debt Instrument [Line Items]
Distribution of proceeds	5,187,000
Sixth:
Debt Instrument [Line Items]
Distribution of proceeds	1,763,000
Seventh:
Debt Instrument [Line Items]
Distribution of proceeds	0
Eighth:
Debt Instrument [Line Items]
Distribution of proceeds	340,000
Ninth:
Debt Instrument [Line Items]
Distribution of proceeds	0
Distribution of proceeds, reserve	0
Tenth:
Debt Instrument [Line Items]
Distribution of proceeds	0
Eleventh:
Debt Instrument [Line Items]
Distribution of proceeds	0
Twelfth:
Debt Instrument [Line Items]
Distribution of proceeds	0
Thirteenth:
Debt Instrument [Line Items]
Distribution of proceeds	$ 416,000

XML 73 R62.htm IDEA: XBRL DOCUMENT

White Eagle Revolving Credit Facility - Advances For Premium Payments and Fees (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Debt Instrument [Line Items]
Total amount drawn	$ 0	$ 23,091
Revolving Credit Facility \| White Eagle
Debt Instrument [Line Items]
Amount drawn for premium payments	4,221	22,694
Amount drawn in fees to service providers	0	640
Total amount drawn	$ 4,221	$ 23,334

XML 74 R63.htm IDEA: XBRL DOCUMENT

White Eagle Revolving Credit Facility - Interest Expense on Facility (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Feb. 28, 2018
Debt Instrument [Line Items]
Total interest expense	$ 2,763	$ 7,602
Revolving Credit Facility \| White Eagle
Debt Instrument [Line Items]
Interest paid through waterfall	0	5,187
Interest paid by White Eagle	0	0
Participation interest paid through waterfall	0	340
Interest paid from collection account	2,400	0
Total interest expense	$ 2,400	$ 5,527

XML 75 R64.htm IDEA: XBRL DOCUMENT

8.50% Senior Unsecured Convertible Notes (Details)

1 Months Ended

3 Months Ended

Jul. 28, 2017

USD ($)

Jul. 26, 2017

USD ($)

Apr. 18, 2017

Mar. 14, 2017

USD ($)

Feb. 15, 2017

Feb. 21, 2014

Feb. 28, 2014

USD ($)

$ / shares

Feb. 28, 2019

USD ($)

Feb. 28, 2018

USD ($)

Jun. 30, 2015

$ / shares

Dec. 15, 2018

USD ($)

Dec. 10, 2018

USD ($)

Nov. 30, 2018

USD ($)

^[1]

Feb. 14, 2017

Existing Note Holders | Exchange Offers

Interest paid in kind

$ 779,000

$ 0

Percentage of holders tendering exchange offer, minimum (as percent)

98.00%

8.5% Convertible Notes

8.50%

5.0% Senior Unsecured Convertible Notes Due 2023

$ 1,194,000

$ 1,173,000

Accrued interest payable

$ 63,000

37,000

5.00%

New Convertible Notes Indenture

$ 70,036,000

69,742,000

Accrued interest payable

$ 169,000

$ 1,116,000

Convertible Notes | 8.5% Convertible Notes

$ 40,000,000

$ 779,000

$ 70,000,000

73,000,000

$ 74,200,000

$ 70,700,000

Debt instrument, issuance date

8.50%

Feb. 21, 2014

Debt instrument, maturity date

Feb. 15, 2019

Debt instrument, frequency of periodic payment

semi-annually in arrears on August 15 and February 15 of each year

Debt instrument, conversion shares per $1,000 of principal amount (in shares)

147.9290

151.7912

Debt instrument, conversion rate

0.147929

Debt instrument, conversion price (in dollars per share) | $ / shares

$ 6.76

$ 6.59

Common stock issued for rights offering, net of costs (in shares) | shares

6,688,433

Debt instrument, redemption start date

Feb. 15, 2017

Debt instrument, convertible, minimum percentage of common stock price (as percent)

130.00%

Debt instrument, convertible, threshold trading days | d

Debt instrument, convertible, threshold consecutive trading days | d

Debt instrument, redemption price, percentage (as percent)

100.00%

Interest paid in kind

2,800,000

Outstanding principal balance

1,200,000

Debt restructuring, amount reclassified to succeeding debt instrument

7,700,000

Debt restructuring, debt discount reclassified to succeeding instrument

6,700,000

Debt instrument, debt issuance costs reclassified to succeeding debt instrument

1,000,000

Interest expense debt

$ 46,000

46,000

Interest included in interest expense

25,000

Deferred cost

18,000

Payments of debt issuance costs

$ 3,000

Convertible Notes | Additional 8.50% Convertible Notes

$ 3,500,000

Percentage of aggregate principal amount of convertible notes (as percent)

8.50%

98.00%

Convertible Notes | 5.0% Senior Unsecured Convertible Notes Due 2023

Percentage of holders tendering exchange offer, minimum (as percent)

5.00%

98.00%

Convertible Notes | New Convertible Notes Indenture

$ 75,800,000

5.0% Senior Unsecured Convertible Notes Due 2023

$ 1,200,000

Accrued interest payable

$ 63,000

[1]	Derived from audited consolidated financial statements.

XML 76 R65.htm IDEA: XBRL DOCUMENT

5.0% Senior Unsecured Convertible Notes (Details)

3 Months Ended

Jul. 28, 2017

USD ($)

$ / shares

Jul. 26, 2017

Feb. 28, 2019

USD ($)

Feb. 28, 2018

USD ($)

Dec. 15, 2018

USD ($)

Dec. 10, 2018

USD ($)

Nov. 30, 2018

USD ($)

^[1]

Apr. 18, 2017

5.00%

New Convertible Notes Indenture

$ 70,036,000

$ 69,742,000

Convertible Notes | 5.0% Senior Unsecured Convertible Notes Due 2023

$ 40,000,000

$ 779,000

$ 70,000,000

Percentage of holders tendering exchange offer, minimum (as percent)

98.00%

Convertible Notes | New Convertible Notes Indenture

5.00%

Debt instrument, required percentage of trustees or holders to declare Notes immediately due and payable (as percent)

$ 75,800,000

25.00%

Debt instrument, required percentage of principal for each day of default

0.25%

Debt instrument, additional required percentage of principal for each day of restricted transfer default

0.25%

Debt instrument, maximum required percentage of principal restricted transfer default

0.50%

Debt instrument, debt default, special interest percentage of principal

0.50%

Convertible Notes | New Convertible Notes

$ 1,200,000

Debt instrument, conversion price (in dollars per share) | $ / shares

$ 2.00

Debt instrument, conversion rate

0.5

Debt instrument, redemption price, percentage (as percent)

100.00%

Debt instrument, convertible, minimum percentage of common stock price (as percent)

120.00%

Debt instrument, convertible, threshold trading days | d

Debt instrument, convertible, threshold consecutive trading days | d

Debt unamortized discount

70,000,000

5,100,000

Debt unamortized issuance cost

748,000

Interest expense debt

1,200,000

$ 1,200,000

Interest included in interest expense

948,000

Deferred cost

256,000

238,000

Amortization of debt issuance costs

$ 38,000

$ 35,000

[1]	Derived from audited consolidated financial statements.

XML 77 R66.htm IDEA: XBRL DOCUMENT

8.5% Senior Secured Notes (Details) - USD ($)

3 Months Ended

Jul. 28, 2017

Feb. 28, 2019

Feb. 28, 2018

Feb. 11, 2019

Jan. 30, 2019

Dec. 28, 2018

Dec. 15, 2018

Dec. 13, 2018

Dec. 10, 2018

Nov. 30, 2018

Jan. 10, 2018

Aug. 14, 2017

Aug. 11, 2017

Dec. 29, 2016

15.0% Senior Secured Notes

8.5% Senior Secured Notes

15.00%

8.50%

Debt instrument, repurchased amount

$ 30,000,000

$ 44,413,236

$ 967,000

$ 2,000,000

$ 5,700,000

Purchase price of debt

$ 725,250

$ 1,500,000

4,300,000

$ 24,500,000

Additional interest rate percentage to be paid to holders who accept interest paid-in-kind interest

3.00%

Senior notes, net

$ 41,546,000

$ 34,170,000

^[1]

New Convertible Notes Indenture

Paid in kind interest to be received by holders

$ 40,000,000

$ 779,000

$ 70,000,000

26,800,000

Paid-in-kind interest to be received by holders electing to be paid in cash

$ 8,200,000

Senior Secured Notes | 15.0% Senior Secured Notes

Senior Secured Notes | 15.0% Senior Secured Notes | Change in control

$ 69,600,000.0

Debt instrument, redemption price, percentage (as percent)

107.50%

Senior Secured Notes | 8.5% Senior Secured Notes

Debt unamortized discount

44,400,000

Senior notes, net

41,500,000

2,100,000

Debt unamortized issuance cost

768,000

Interest expense debt

1,500,000

$ 807,000

Interest included in interest expense

1,300,000

744,000

Closing costs

82,000

Amortization of debt issuance costs

61,000

$ 63,000

Amortization of debt discount

$ 60,000

Senior Secured Notes | Brennan Notes

Debt instrument, repurchased amount

$ 1,500,000

$ 3,500,000

Senior Secured Notes | New Senior Secured Notes

Percentage of senior debt to be purchased, maximum (as percent)

100.00%

Convertible Notes | New Convertible Notes Indenture

Debt instrument, required percentage pledged to equity interest

$ 75,800,000

65.00%

Equity interests pledged as collateral (as percent)

65.00%

Debt instrument, required percentage of trustees or holders to declare Notes immediately due and payable (as percent)

25.00%

Board of Directors Member | 8.5% Senior Secured Notes

Debt instrument, repurchased amount

2,000,000

Purchase price of debt

$ 1,500,000

[1]	Derived from audited consolidated financial statements.

XML 78 R67.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Assets And Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands

Feb. 28, 2019

Nov. 30, 2018

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

$ 495,900

$ 506,400

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

95,541

128,795

^[1]

Deconsolidated Entity

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

494,700

Level 1

Level 1 | Deconsolidated Entity

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 1 | Deconsolidated Entity | Revolving Credit Facility | White Eagle

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Revolving Credit Facility debt, at estimated fair value

Level 2

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Deconsolidated Entity

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Level 2 | Deconsolidated Entity | Revolving Credit Facility | White Eagle

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Revolving Credit Facility debt, at estimated fair value

Level 3

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

1,213

1,172

495,945

506,407

Level 3 | Deconsolidated Entity

365,499

346,670

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

494,732

505,235

Level 3 | Deconsolidated Entity | Revolving Credit Facility | White Eagle

95,541

128,795

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Revolving Credit Facility debt, at estimated fair value

365,499

346,670

Total Fair Value

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

1,213

1,172

495,945

506,407

Total Fair Value | Deconsolidated Entity

365,499

346,670

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

494,732

505,235

Total Fair Value | Deconsolidated Entity | Revolving Credit Facility | White Eagle

95,541

128,795

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Revolving Credit Facility debt, at estimated fair value

$ 365,499

$ 346,670

[1]	Derived from audited consolidated financial statements.

XML 79 R68.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Details)

3 Months Ended

Feb. 28, 2019

USD ($)

Nov. 30, 2018

USD ($)

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

$ 495,900,000

$ 506,400,000

95,541,000

$ 128,795,000

^[1]

Measurement Input, Discount Rate | Life Finance

$ 2,800,000,000

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | Life Finance

0.1342

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Minimum | Measurement Input, Discount Rate | Non Premium Financed

0.1341

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Minimum | Measurement Input, Discount Rate | Premium Financed

0.1225

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Maximum | Measurement Input, Discount Rate | Non Premium Financed

0.1225

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Maximum | Measurement Input, Discount Rate | Premium Financed

0.1325

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Revolving Credit Facility

0.1925

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Revolving Credit Facility | White Eagle

$ 365,499,000

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Revolving Credit Facility | Measurement Input, Discount Rate

$ 365,500,000

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

0.2327

Deconsolidated Entity

Deconsolidated Entity | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | Life Finance

$ 494,700,000

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

0.1341

Level 3

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

$ 1,213,000

$ 1,172,000

Level 3 | Life Finance

495,945,000

Level 3 | Life Finance | Premium Financed

2,765,250,000

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

1,213,000

Level 3 | Measurement input, Expected term | Life Finance

$ 12,000,000

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Level 3 | Measurement input, Expected term | Life Finance | Premium Financed

8.8

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Level 3 | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | Life Finance

12.00

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

0.1341

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

0.1325

Level 3 | Deconsolidated Entity

0.1475

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

$ 494,732,000

505,235,000

Investment in deconsolidated subsidiary, aggregate death benefit

95,541,000

$ 128,795,000

Level 3 | Deconsolidated Entity | Life Finance

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

494,732,000

Level 3 | Deconsolidated Entity | Life Finance | Non Premium Financed

2,753,250,000

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

91,996,000

Level 3 | Deconsolidated Entity | Life Finance | Premium Financed

287,776,000

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

402,736,000

Level 3 | Deconsolidated Entity | Measurement input, Expected term | Life Finance

$ 2,465,474,000

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Level 3 | Deconsolidated Entity | Measurement input, Expected term | Life Finance | Non Premium Financed

8.8

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Level 3 | Deconsolidated Entity | Measurement input, Expected term | Life Finance | Premium Financed

5.5

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Level 3 | Deconsolidated Entity | Valuation Technique, Discounted Cash Flow

9.1

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Weighted average discount rate (as percent)

22.50%

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

0.1225

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

0.1225

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

0.1325

Level 3 | Deconsolidated Entity | Revolving Credit Facility | White Eagle

0.1925

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

$ 365,499,000

Level 3 | Deconsolidated Entity | Revolving Credit Facility | Measurement input, Expected term | White Eagle

$ 2,753,250,000

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Level 3 | Deconsolidated Entity | Revolving Credit Facility | Valuation Technique, Discounted Cash Flow | White Eagle

8.8

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Weighted average discount rate (as percent)

23.27%

[1]	Derived from audited consolidated financial statements.

XML 80 R69.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Narrative (Details) claim in Thousands, $ in Thousands		1 Months Ended	3 Months Ended		11 Months Ended
	Oct. 18, 2018 USD ($)	Nov. 30, 2018 USD ($) contract	Feb. 28, 2019 USD ($) yr contract policy carrier claim	Feb. 28, 2018 USD ($)	Nov. 30, 2018 USD ($) contract	Dec. 13, 2018	Nov. 13, 2018 USD ($)	Oct. 29, 2018	Jul. 28, 2017	Apr. 18, 2017	Dec. 29, 2016 contract
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Mortality rate (as percent)			100.00%
Number of policies owned (contracts) \| contract			584
Life insurance estimated fair value		$ 506,400	$ 495,900		$ 506,400
Change in fair value of investment in deconsolidated subsidiaries			$ 33,965	$ 0
8.5% Senior Secured Notes
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Stated interest rate percentage			8.50%			8.50%			8.50%
5.0% Senior Unsecured Convertible Notes Due 2023
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Stated interest rate percentage			5.00%
5.0% Senior Unsecured Convertible Notes Due 2023 \| Convertible Notes
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Stated interest rate percentage			5.00%							5.00%
Revolving Credit Facility
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of outstanding debt			$ 365,499
White Eagle \| Revolving Credit Facility
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Increase in fair value of line of credit facility			66,700
Fair value of outstanding debt			365,500
Revolving credit facility debt, outstanding			$ 368,000
White Eagle \| Revolving Credit Facility \| Collateral pledged
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of policies owned (contracts) \| contract		586	582		586						190
Life insurance estimated fair value		$ 505,236	$ 494,731		$ 505,236
Minimum \| White Eagle \| Revolving Credit Facility
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Line of credit, loan to value ratio (as percent)			45.00%
Premium Financed
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of policies owned (contracts) \| contract			512
Non Premium Financed
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of policies owned (contracts) \| contract			72
Noninvestment grade
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of policies owned (contracts) \| policy			19
Number of carriers related to non-investment grade policies \| carrier			3
Additional basis points			3.00%
Valuation Basic Table 2015
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of policies \| policy			266,000,000
Number of claims on policies \| claim			2,550
Number of carriers related to non-investment grade policies \| carrier			51
Impaired life bearing
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Mortality rate (as percent)			200.00%
Measurement Input, Discount Rate \| Revolving Credit Facility
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlement contracts, measurement input			0.2327
Measurement Input, Discount Rate \| Premium Financed \| Minimum
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlement contracts, measurement input			0.1225
Measurement Input, Discount Rate \| Premium Financed \| Maximum
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlement contracts, measurement input			0.1925
Measurement Input, Discount Rate \| Non Premium Financed \| Minimum
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlement contracts, measurement input			0.1225
Measurement Input, Discount Rate \| Non Premium Financed \| Maximum
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlement contracts, measurement input			0.1325
Measurement Input, Discount Rate \| Life Finance
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlement contracts, measurement input		0.1342			0.1342
Company D [Member] \| Measurement input, Expected term \| Life Finance
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Increase in percentage of length of life insurance	9.00%		27.60%
Increase (decrease) in fair value of life settlements	$ 124,000				$ 23,100
Number of policies with updated life expectancy reports \| contract			95
Company E [Member] \| Measurement input, Expected term \| Life Finance
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Increase in percentage of length of life insurance								13.00%
Valuation Technique, Discounted Cash Flow \| Measurement Input, Discount Rate \| Life Finance
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlement contracts, measurement input			0.1341
Subsidiaries \| Lamington
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of outstanding debt		$ 346,671	$ 365,499		346,671
Basis investment in Lamington							$ 278,400
Investment at fair value		128,795	95,541		128,795		278,400
Change in fair value of investment in deconsolidated subsidiaries		149,600	33,965
Equity investment \| Subsidiaries \| Lamington
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment at fair value		66,251	32,286		66,251		$ 127,300
Change in fair value of investment in deconsolidated subsidiaries			$ 33,965
Deconsolidated Entity
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of policies owned (contracts) \| contract			582
Life insurance estimated fair value			$ 494,700
Deconsolidated Entity \| White Eagle \| Revolving Credit Facility \| Collateral pledged
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of policies owned (contracts) \| contract			582
Life insurance estimated fair value			$ 493,600
Deconsolidated Entity \| Valuation Technique, Discounted Cash Flow \| Measurement Input, Discount Rate \| Life Finance
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlement contracts, measurement input			0.1341
Parent Company
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of policies owned (contracts) \| contract			2
Life insurance estimated fair value			$ 1,200
Level 3
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life insurance estimated fair value		1,172	1,213		1,172
Level 3 \| Life Finance
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life insurance estimated fair value			495,945
Level 3 \| Life Finance \| Premium Financed
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life insurance estimated fair value			$ 1,213
Level 3 \| Measurement input, Expected term \| Life Finance
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlement contracts, measurement input \| yr			8.8
Level 3 \| Measurement input, Expected term \| Life Finance \| Premium Financed
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlement contracts, measurement input \| yr			12.00
Level 3 \| Valuation Technique, Discounted Cash Flow \| Measurement Input, Discount Rate \| Life Finance
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlement contracts, measurement input			0.1341
Level 3 \| Valuation Technique, Discounted Cash Flow \| Measurement Input, Discount Rate \| Life Finance \| Premium Financed \| Minimum
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlement contracts, measurement input			0.1325
Level 3 \| Valuation Technique, Discounted Cash Flow \| Measurement Input, Discount Rate \| Life Finance \| Premium Financed \| Maximum
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlement contracts, measurement input			0.1475
Level 3 \| Subsidiaries \| Lamington
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment at fair value		128,795	$ 95,541		128,795
Level 3 \| Deconsolidated Entity
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life insurance estimated fair value		$ 505,235	494,732		$ 505,235
Level 3 \| Deconsolidated Entity \| White Eagle \| Revolving Credit Facility
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of outstanding debt			365,499
Level 3 \| Deconsolidated Entity \| Life Finance
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life insurance estimated fair value			494,732
Level 3 \| Deconsolidated Entity \| Life Finance \| Premium Financed
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life insurance estimated fair value			402,736
Level 3 \| Deconsolidated Entity \| Life Finance \| Non Premium Financed
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life insurance estimated fair value			$ 91,996
Level 3 \| Deconsolidated Entity \| Measurement input, Expected term \| White Eagle \| Revolving Credit Facility
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlement contracts, measurement input \| yr			8.8
Level 3 \| Deconsolidated Entity \| Measurement input, Expected term \| Life Finance
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlement contracts, measurement input \| yr			8.8
Level 3 \| Deconsolidated Entity \| Measurement input, Expected term \| Life Finance \| Premium Financed
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlement contracts, measurement input \| yr			9.1
Level 3 \| Deconsolidated Entity \| Measurement input, Expected term \| Life Finance \| Non Premium Financed
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlement contracts, measurement input \| yr			5.5
Level 3 \| Deconsolidated Entity \| Valuation Technique, Discounted Cash Flow \| Measurement Input, Discount Rate \| Life Finance \| Premium Financed \| Minimum
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlement contracts, measurement input			0.1225
Level 3 \| Deconsolidated Entity \| Valuation Technique, Discounted Cash Flow \| Measurement Input, Discount Rate \| Life Finance \| Premium Financed \| Maximum
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlement contracts, measurement input			0.1925
Level 3 \| Deconsolidated Entity \| Valuation Technique, Discounted Cash Flow \| Measurement Input, Discount Rate \| Life Finance \| Non Premium Financed \| Minimum
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlement contracts, measurement input			0.1225
Level 3 \| Deconsolidated Entity \| Valuation Technique, Discounted Cash Flow \| Measurement Input, Discount Rate \| Life Finance \| Non Premium Financed \| Maximum
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life settlement contracts, measurement input			0.1325

XML 81 R70.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Changes in Life Expectancy Used to Estimate Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Nov. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	$ 495,900	$ 506,400
Deconsolidated Entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	494,700
+6 Life Expectancy Months Adjustment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	1,014
Change in Value	(199)
+6 Life Expectancy Months Adjustment \| Deconsolidated Entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	420,887
Change in Value	(73,845)
-6 Life Expectancy Months Adjustment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	1,421
Change in Value	208
-6 Life Expectancy Months Adjustment \| Deconsolidated Entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	575,523
Change in Value	80,791
No change in Life Expectancy
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	1,213
Change in Value	0
No change in Life Expectancy \| Deconsolidated Entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	494,732
Change in Value	$ 0

XML 82 R71.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Life Insurance Issuer Concentrations (Details) - Credit Concentration Risk - S&P Rating AA-	3 Months Ended
	Feb. 28, 2019
Transamerica Life Insurance Company \| Percentage of Total Fair Value \| Moody's Rating A1
Concentration Risk [Line Items]
Concentrations risk percentage	18.20%
Transamerica Life Insurance Company \| Percentage of Total Death Benefit \| Moody's Rating A1
Concentration Risk [Line Items]
Concentrations risk percentage	21.10%
Lincoln National Life Insurance Company \| Percentage of Total Fair Value \| Moody's Rating A1
Concentration Risk [Line Items]
Concentrations risk percentage	23.20%
Lincoln National Life Insurance Company \| Percentage of Total Death Benefit \| Moody's Rating A1
Concentration Risk [Line Items]
Concentrations risk percentage	19.90%
Sun Life Assurance Company of Canada \| Percentage of Total Fair Value \| Moody's Rating Aa3
Concentration Risk [Line Items]
Concentrations risk percentage	100.00%
Sun Life Assurance Company of Canada \| Percentage of Total Death Benefit \| Moody's Rating Aa3
Concentration Risk [Line Items]
Concentrations risk percentage	100.00%

XML 83 R72.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Changes in Weighted Average Discount Rate Used to Estimate Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Feb. 28, 2019	Nov. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Life insurance estimated fair value	$ 495,900	$ 506,400
Deconsolidated Entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Life insurance estimated fair value	$ 494,700
.50% Decrease in Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average discount rate calculated based on death benefits (as percent)	14.00%
Life insurance estimated fair value	$ 1,269
Change in Value	$ 56
.50% Decrease in Discount Rate \| Deconsolidated Entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average discount rate calculated based on death benefits (as percent)	12.91%
Life insurance estimated fair value	$ 507,495
Change in Value	$ 12,763
No Change in Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average discount rate calculated based on death benefits (as percent)	14.50%
Life insurance estimated fair value	$ 1,213
Change in Value	$ 0
No Change in Discount Rate \| Deconsolidated Entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average discount rate calculated based on death benefits (as percent)	13.41%
Life insurance estimated fair value	$ 494,732
Change in Value	$ 0
.50% Increase in Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average discount rate calculated based on death benefits (as percent)	15.00%
Life insurance estimated fair value	$ 1,161
Change in Value	$ (52)
.50% Increase in Discount Rate \| Deconsolidated Entity
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average discount rate calculated based on death benefits (as percent)	13.91%
Life insurance estimated fair value	$ 482,522
Change in Value	$ (12,210)

XML 84 R73.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Changes in Weighted Average Discount Rate Used to Estimate Fair Value of Revolving Credit Facility (Details) - Revolving Credit Facility $ in Thousands	3 Months Ended
	Feb. 28, 2019 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of outstanding debt	$ 365,499
Change in Value	0
.50% Decrease in Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of outstanding debt	366,723
Change in Value	1,224
.50% Increase in Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of outstanding debt	364,284
Change in Value	$ (1,215)
Measurement Input, Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount Rate	0.2327
Measurement Input, Discount Rate \| .50% Decrease in Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount Rate	0.2277
Measurement Input, Discount Rate \| .50% Increase in Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount Rate	0.2377

XML 85 R74.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Changes in Fair Value for All Assets and Liabilities Using Material Level of Unobservable (Level 3) Inputs (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Nov. 30, 2018	Feb. 28, 2019	Feb. 28, 2018
Investment in Deconsolidated Subsidiary [Roll Forward]
Change in fair value		$ (33,965)	$ 0
Subsidiaries \| Lamington
Investment in Deconsolidated Subsidiary [Roll Forward]
Investment in Lamington at December 1, 2018		128,795
Increase in basis investment		711
Change in fair value	$ (149,600)	(33,965)
Investment in Lamington at February 28, 2019	128,795	95,541
Level 3 \| White Eagle \| Revolving Credit Facility
Fair Value, Liabilities, Unobservable Input Reconciliation [Roll Forward]
Beginning balance		346,670	326,104
Draws under the White Eagle Revolving Credit Facility		4,221	23,334
Payments on White Eagle Revolving Credit Facility		0	(1,763)
Unrealized change in fair value		14,608	(1,624)
Transfers into level 3			0
Transfer out of level 3			0
Ending balance	346,670	365,499	346,051
Changes in fair value included in earnings for period relating to liabilities held at the end of the period		14,608	(1,624)
Level 3 \| Subsidiaries \| Lamington
Investment in Deconsolidated Subsidiary [Roll Forward]
Investment in Lamington at December 1, 2018		128,795
Increase in basis investment		711
Investment in Lamington at February 28, 2019	128,795	95,541
Level 3 \| Life Finance
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward]
Beginning balance		1,172	557,786
Purchase of policies		0	0
Change in fair value		2	11,480
Matured/lapsed/sold policies		0	(22,700)
Premiums paid		39	20,826
Transfers into level 3			0
Transfers out of level 3			0
Ending balance	1,172	1,213	567,392
Changes in fair value included in earnings for the period relating to assets held at the end of the period		1	$ 2,665
Level 3 \| Life Finance \| Deconsolidated Entity
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward]
Beginning balance		505,235
Purchase of policies		0
Change in fair value		(12,750)
Matured/lapsed/sold policies		(23,000)
Premiums paid		25,247
Ending balance	$ 505,235	494,732
Changes in fair value included in earnings for the period relating to assets held at the end of the period		$ 28,430

XML 86 R75.htm IDEA: XBRL DOCUMENT

Segment Information (Details)	3 Months Ended
Segment Information (Details)	Feb. 28, 2019 segment
Segment Reporting [Abstract]
Number of reportable segments	1

XML 87 R76.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details)			3 Months Ended
Commitments and Contingencies (Details)	Mar. 13, 2018 USD ($)	Jul. 29, 2013 USD ($)	Feb. 28, 2019 USD ($)	Feb. 28, 2018 USD ($)	Dec. 13, 2018	Jul. 28, 2017	Jan. 12, 2017 appeal	Apr. 18, 2013 policy
Commitments and Contingencies [Line Items]
Lease expiration date			Sep. 30, 2020
Annual base rent			$ 261,000
Percentage of annual increase of base rent (as percent)			3.00%
Rent expense under operating lease			$ 77,000	$ 114,000
Sublease annual base rent			$ 78,000
8.5% Senior Secured Notes
Commitments and Contingencies [Line Items]
Debt instrument, interest rate			8.50%		8.50%	8.50%
Pending Litigation
Commitments and Contingencies [Line Items]
Insurance policies issued (at least) \| policy								28
Compensatory damages sought in addition to an award of punitive damages (at least)		$ 30,000,000
Loss contingency, number of appeals \| appeal							2
Chief Financial Officer
Commitments and Contingencies [Line Items]
Severance annual base salary			$ 352,229
Severance period			12 months
Period within change of control			2 years
Base salary multiplier			200.00%
Vice President and Chief Investment Officer
Commitments and Contingencies [Line Items]
Severance annual base salary	$ 275,000
Severance period	6 months
Employee agreement term	1 year
Employee agreement extension period	1 year
Period to give written notice to terminate employment agreement	60 days
Vice President, Chief Legal Officer and General Counsel
Commitments and Contingencies [Line Items]
Severance annual base salary	$ 250,000
Severance period	6 months
Employee agreement term	1 year
Employee agreement extension period	1 year
Period to give written notice to terminate employment agreement	60 days

XML 88 R77.htm IDEA: XBRL DOCUMENT

Stockholders' Equity (Details)

1 Months Ended

3 Months Ended

11 Months Ended

12 Months Ended

Aug. 11, 2017

USD ($)

$ / shares

Jul. 28, 2017

USD ($)

director

$ / shares

Sep. 01, 2015

USD ($)

Oct. 31, 2014

$ / shares

Apr. 30, 2014

USD ($)

Feb. 28, 2019

USD ($)

Nov. 30, 2018

USD ($)

Dec. 31, 2015

USD ($)

$ / shares

Jul. 17, 2017

Jun. 30, 2017

Stock options granted (in shares)

Stock options outstanding (shares)

85,000

Share and note repurchase program, authorized amount | $

$ 10,000,000

Stock repurchase program, term of plan

2 years

Shares purchased (in shares)

608,000

Cost of shares purchased | $

$ 2,534,000

^[1]

$ 2,500,000

Average cost per share purchased (in dollars per share) | $ / shares

$ 4.17

Number of board of directors | director

415,000,000

^[1]

415,000,000

80,000,000

Common Stock Purchase Agreement

Sale of stock, price per share (in dollars per share) | $ / shares

115,000,000

$ 0.20

Common stock issued value | $

$ 23,000,000

Immediately Upon Issuance | Convertible Notes

At Later Times After Conversion of Notes | Convertible Notes

17,500,000

25,000,000

Term of warrants

8 years

Warrant Investors

Exercise price of warrants (in dollars per share) | $ / shares

$ 0.2

PJC, Triax and Other Affiliates

42,500,000

27,150,000

PJC, Triax and Other Affiliates | Emergent Capital, Inc.

39,320,038

Percentage of ownership after sale of stocks (as percent)

38.90%

PJC, Triax and Other Affiliates | Common Stock Purchase Agreement

Common stock issued value | $

75,000,000

$ 15,000,000

Convertible Notes Holders Investors | Common Stock Purchase Agreement

Common stock issued value | $

40,000,000

$ 8,000,000

PJC Investments, LLC | Common Stock Purchase Agreement

Brennan | Common Stock Purchase Agreement

19,320,038

Securities remaining for future issuance (in shares)

12,500,000

Sale of stock, price per share (in dollars per share) | $ / shares

$ 0.40

Sale of stock, aggregate purchase price | $

$ 5,000,000

Other Investors Designated by PJC and Triax

13,350,000

Other Investors Designated by PJC and Triax | Emergent Capital, Inc.

55,000,000

Percentage of ownership after sale of stocks (as percent)

43.60%

USAO Investigation

Exercise price of warrants (in dollars per share) | $ / shares

$ 10.75

Litigation settlement, shares to escrow (in shares)

2,000,000

Estimated fair value of warrants | $

$ 5,400,000

Common stock warrants term

5 years

Average daily trading closing price (in dollars per share) | $ / shares

$ 8.50

Average daily trading closing price, period

45 days

Restricted Stock

Awards granted (in shares)

Awards subject to vesting (in shares)

1,150,000

1,400,000

Awards vested (in shares)

250,000

Omnibus Plan

Securities remaining for future issuance (in shares)

9,511,785

Omnibus Plan | Stock Options

Shares of common stock reserved for future grant (in shares)

12,600,000

Omnibus Plan | Stock Options | Employees

Stock options granted (in shares)

85,000

Stock options outstanding (shares)

85,000

Omnibus Plan | Stock Appreciation Rights | Directors

Stock options granted (in shares)

100,000

Stock options outstanding (shares)

100,000

Omnibus Plan | Restricted Stock | Employees

Awards granted (in shares)

2,270,000

Awards subject to vesting (in shares)

1,150,000

Omnibus Plan | Restricted Stock | Directors