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Related Party Transactions
9 Months Ended
Sep. 30, 2014
Related Party Transactions [Abstract]  
Related Party Transactions

Promissory Notes with Shareholder, Costa Brava

 

 See Note 8 “Long-Term Debt” to the Consolidated Financial Statements regarding promissory notes held by Costa Brava, an entity that owned, at September 30, 2014, approximately 47.4%, or 57.0% on an as converted basis, of the Company’s common stock.  The Chairman of the Company’s Board of Directors, Mr. Seth Hamot, is the President and sole member of Roark, Rearden & Hamot, LLC, which is the sole general partner of Costa Brava. As of September 30 2014, Mr. Hamot owns approximately 48.6% or 58.0% on a converted basis, of the Company’s common stock.

 

 As of September 30, 2014 and December 31, 2013, the Company has outstanding borrowings of $19.8 million (including $4.2 million accrued PIK Interest and $0.1 million unamortized debt premium) and $19.7 million (including $4.2 million Accrued PIK Interest), respectively with Costa Brava.

 

Convertible Notes with Shareholder, Harlingwood

 

 See Note 8, “Long-Term Debt” to the Consolidated Financial Statements regarding $1.5 million in total promissory notes held by Harlingwood, an entity that owned, at September 30, 2014, approximately 5.3%, or 13.4% on an as converted basis, of the Company’s common stock.  Mr. Fir Geenen, a member of the Company’s Board of Directors, is the manager of a limited liability company that manages Harlingwood.

 

 The total outstanding borrowings under all promissory notes issued by the Company to Harlingwood at September 30, 2014 and December 31, 2013 was $1.7 million (including less than $0.2 million Accrued PIK Interest), respectively.