COMMITMENTS AND CONTINGENCIES (Details Narrative)
$ in Thousands

1 Months Ended

12 Months Ended

Feb. 28, 2014

Apr. 27, 2012

USD ($)

Oct. 31, 2011

USD ($)

Dec. 31, 2015

USD ($)

Jan. 01, 2005

a

Area of land | a

10.08

Clapper Parties [Member]

Damages sought value

$ 74,000

Actual damages sought value

26,000

Interest damages sought value

$ 48,000

Description of plaintiff

David M. Clapper and two entities related to Mr. Clapper (all, collectively, the “Clapper Parties”)

Description of defendant

American Realty Trust, Inc. (“ART”) and its former subsidiary, ART Midwest, Inc.

Description of allegation

Originally arising out of a transaction in 1998, in which ART and the Clapper Parties were to form a partnership to own eight residential apartment complexes.

Description of action taken by court

The Court of Appeals affirmed a portion of the judgment in favor of the Clapper Parties but also ruled that a double counting of a significant portion of the damages had occurred and remanded the case back to the trial court to recalculate the damage award, as well as pre and post-judgment interest thereon.

ABCLD [Member]

Description of plaintiff

ABCLD Real Estate, LLC ("ABCLD")

Description of defendant

Lender

Description of action taken by court

On April 27, 2012, ABCLD filed a lawsuit for wrongful foreclosure against the lender.  On September 9, 2014, the court entered a final judgement declaring that the foreclosure was void as a matter of law.  ABCLD subsequently paid $7 million to get the property back.

          The plaintiffs appealed the final judgement and alleged that ABCLD and other various entities were responsible for deficiencies, unpaid interest and related attorney fees.  With the $7 million that was applied to the outstanding loan balance, the potential loss is significantly reduced, and the amount of final damages is contingent upon the outcome of the appeal.  As part of a settlement agreement, ABCLD paid an additional $2.6 million to regain ownership of the parcel.  As of December 31, 2015 the Company has no further obligations related to this parcel.

The plaintiffs appealed the final judgement and alleged that ABCLD and other various entities were responsible for deficiencies, unpaid interest and related attorney fees.  With the $7 million that was applied to the outstanding loan balance, the potential loss is significantly reduced, and the amount of final damages is contingent upon the outcome of the appeal.  As part of a settlement agreement, ABCLD paid an additional $2.6 million to regain ownership of the parcel.  As of December 31, 2015 the Company has no further obligations related to this parcel.

Amount paid to acquire property

$ 7,000

$ 2,600