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Subsequent Events
 12 Months Ended
Dec. 31, 2013
Subsequent Events  
Subsequent Events

NOTE 25. Subsequent Events

        The Company evaluated subsequent events through the date of issuance of the accompanying consolidated financial statements. Refer to Note 1herein regarding the Company's proposed dissolution and liquidation. There were no events requiring disclosure.

 

SELECTED QUARTERLY FINANCIAL DATA
(Unaudited)
(In thousands of dollars, except for per share data)

 
   Three Months Ended  
 
   Mar 2013   Jun 2013   Sep 2013   Dec 2013  

Total revenues

   $ 402   $ (499 ) $ 255   $ 1,775  

Total expenses

     6,313     6,360     11,599     5,270  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Loss from continuing operations before income taxes and discontinued operations

     (5,911 )   (6,859 )   (11,344 )   (3,495 )

Income tax (benefit)/expense

     (50 )   69     74     (1,175 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Loss from continuing operations

     (5,861 )   (6,928 )   (11,418 )   (2,320 )

Loss from discontinued operations, net of taxes

     (12,110 )   (54,567 )   (5,728 )   (600 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net loss

   $ (17,971 ) $ (61,495 ) $ (17,146 ) $ (2,920 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Loss per share:

                          

Basic loss per share

                          

Continuing operations

   $ (0.98 ) $ (1.13 ) $ (1.85 ) $ (0.37 )

Discontinued operations

     (2.03 )   (8.89 )   (0.92 )   (0.10 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net loss per share

   $ (3.01 ) $ (10.02 ) $ (2.77 ) $ (0.47 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Dilutive loss per share

                          

Continuing operations

   $ (0.98 ) $ (1.13 ) $ (1.85 ) $ (0.37 )

Discontinued operations

     (2.03 )   (8.89 )   (0.92 )   (0.10 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net loss per share

   $ (3.01 ) $ (10.02 ) $ (2.77 ) $ (0.47 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

SELECTED QUARTERLY FINANCIAL DATA
(Unaudited)
(In thousands of dollars, except for per share data)

        The sum of the quarter earnings per share amount does not always equal the full fiscal year's amount due to the effect of averaging the number of shares of common stock and common stock equivalents throughout the year.

 
   Three Months Ended  
 
   Mar 2012   Jun 2012   Sep 2012   Dec 2012  

Total revenues

   $ 558   $ (76 ) $ 385   $ 1,215  

Total expenses

     6,811     8,103     8,054     6,120  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Loss from continuing operations before income taxes and discontinued operations

     (6,253 )   (8,179 )   (7,669 )   (4,905 )

Income tax (benefit)/expense

     (2,316 )   27,286     (2,223 )   193  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Loss from continuing operations

     (3,937 )   (35,465 )   (5,446 )   (5,098 )

(Loss)/income from discontinued operations, net of taxes

     (747 )   (23,508 )   2,677     (6,166 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net loss

   $ (4,684 ) $ (58,973 ) $ (2,769 ) $ (11,264 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Loss per share:

                          

Basic (loss)/income per share

                          

Continuing operations

   $ (0.65 ) $ (5.93 ) $ (0.92 ) $ (0.86 )

Discontinued operations

     (0.13 )   (3.93 )   0.45     (1.03 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net loss per share

   $ (0.78 ) $ (9.86 ) $ (0.47 ) $ (1.89 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

Dilutive (loss)/income per share

                          

Continuing operations

   $ (0.65 ) $ (5.93 ) $ (0.92 ) $ (0.86 )

Discontinued operations

     (0.13 )   (3.93 )   0.45     (1.03 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net loss per share

   $ (0.78 ) $ (9.86 ) $ (0.47 ) $ (1.89 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

        The sum of the quarter earnings per share amount does not always equal the full fiscal year's amount due to the effect of averaging the number of shares of common stock and common stock equivalents throughout the year.

        Correction of an Error.    During the preparation of the Annual Report on Form 10-K for the year ended December 31, 2012, the Company determined that in the second quarter of 2012, we incorrectly provided for a valuation allowance on $1.9 million of net operating losses ("NOLs") that were realizable by the Company. This had the effect of overstating income tax expense by approximately $1.9 million in the Form 10-Q for the three and six months ended June 30, 2012 and nine months ended September 30, 2012. We evaluated the effects of this error and concluded that it is not material to the Company's previously issued Quarterly Report on Form 10-Q for the three and six months ended June 30, 2012 and nine months ended September 30, 2012. Nevertheless, we revised in this report, our Consolidated Statement of Operations to correct for the effect of this error in our financial statements for the three and six months ended June 30, 2012 and for the nine month ended September 30, 2012 and will include this revision in future filings. We determined that correcting the misstatement in the fourth quarter of 2012 would have been material to the results of the three months ended December 31, 2012 and thus revised the results of the three months ended June 30, 2012. The revision does not affect net operating, investing or financing cash flows reported within the Consolidated Statement of Cash Flows and has an insignificant effect on the Company's Consolidated Statement of Financial Condition for all periods.

        The amounts on prior period Consolidated Statements of Operations and earnings per share ("EPS") that have been revised is summarized below:

(in thousands, except per share amounts)
  Three Months
Ended June 30,
2012		   Six Months
Ended June 30,
2012		   Nine Months
Ended September 30,
2012		  

Net loss—as previously reported

   $ (60,832 ) $ (65,516 ) $ (68,285 )

Adjustment

     1,859     1,859     1,859  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net loss—as revised

   $ (58,973 ) $ (63,657 ) $ (66,426 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
               

EPS—Basic and Diluted

                    

EPS—as previously reported

   $ (10.18 ) $ (10.99 ) $ (11.48 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

EPS—as revised

   $ (9.86 ) $ (10.68 ) $ (11.17 )
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​