XML 76 R20.htm IDEA: XBRL DOCUMENT v3.3.0.814
Mezzanine Equity
9 Months Ended
Sep. 30, 2015
Mezzanine Equity [Abstract]  
Mezzanine Equity

Note 15 – Mezzanine Equity

 

In connection with the CT Energy transaction described in Note 1 – Organization, the Company also issued CT Energy 69.75 shares of its newly created Series C preferred stock, par value $0.01 per share.  The primary purpose of the Series C preferred stock was to provide the holder of the 9.0% Note with voting rights equivalent to the common stock underlying the unconverted portion of the 9.0% Note.  The Series C preferred stock was not entitled to receive dividends, had perpetual maturity, and had a $1.00 per share liquidation preference.  On September 15, 2015, upon the conversion of the 9.0% Note, the shares of Series C preferred stock were redeemed.

As discussed in Note 10 – Debt and Financing, no value was attributed to the Series C preferred stock.  Shares of the Series C preferred stock were recorded in temporary equity prior to its redemption in accordance with ASC 480 – Distinguishing Liabilities from Equity, as the redemption of the shares was outside of the control of the Company.