• Filing Date: 2020-07-09
  • Form Type: 10-Q
  • Description: Quarterly report
v3.20.2
Commitments and Contingencies (Details)
1 Months Ended 3 Months Ended 6 Months Ended
Jan. 29, 2020
Jan. 27, 2020
USD ($)
shares
Dec. 10, 2019
USD ($)
Dec. 04, 2019
USD ($)
contract
Nov. 12, 2019
USD ($)
May 22, 2019
USD ($)
contract
claim
May 11, 2019
USD ($)
Oct. 01, 2018
USD ($)
Mar. 13, 2018
USD ($)
Jul. 29, 2013
USD ($)
Jun. 30, 2019
USD ($)
May 31, 2020
USD ($)
May 31, 2019
USD ($)
May 31, 2020
USD ($)
May 31, 2019
USD ($)
Dec. 01, 2019
USD ($)
Nov. 30, 2019
USD ($)
Jan. 12, 2017
appeal
Apr. 18, 2013
policy
Commitments and Contingencies [Line Items]                                      
Lease expiration date                           Sep. 30, 2020          
Annual base rent                           $ 268,000          
Percentage of annual increase of base rent                           3.00%          
Operating lease liability                       $ 66,000   $ 66,000          
Operating lease assets                       72,000   72,000          
Operating lease expense                       134,000   245,000          
Rent expense under operating lease                         $ 114,000   $ 228,000        
Sublease annual base rent             $ 89,000 $ 78,000                      
Sublease income                       38,000   77,000          
Sublease rental income                         $ 39,000   $ 75,000        
Life settlement receivable                       0   0     $ 1,297,000 [1]    
Investment in life settlements fair value                                 $ 1,297,000    
Proceeds from maturity of life settlements       $ 12,700,000                              
Pending Litigation                                      
Commitments and Contingencies [Line Items]                                      
Life insurance, policies issued | policy                                     28
Compensatory damages sought in addition to an award of punitive damages                   $ 30,000,000                  
Loss contingency, number of appeals | appeal                                   2  
Lincoln Benefit Life Settlement | Settled Litigation                                      
Commitments and Contingencies [Line Items]                                      
Litigation settlement received           $ 21,300,000                          
V.P. Chief Investment Officer                                      
Commitments and Contingencies [Line Items]                                      
Severance annual 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                 60 days                    
V.P. Chief Investment Officer | Mr. Simony Retention Agreement                                      
Commitments and Contingencies [Line Items]                                      
Severance annual salary         $ 1,000,000.0                            
Period covered by COBRA health insurance under employment agreement         12 months                            
Retention percentage payable upon employee entering into agreement 66.00%       66.00%                            
Retention percentage payable upon consummation of restructuring 33.00%       33.00%                            
Period after consummation of restructuring         3 days                            
Period after the amendment date 7 days                                    
V.P. Chief Legal Officer and General Counsel                                      
Commitments and Contingencies [Line Items]                                      
Severance annual 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                 60 days                    
V.P. Chief Legal Officer and General Counsel | Mr. Werblowsky Retention Agreement                                      
Commitments and Contingencies [Line Items]                                      
Severance annual salary         $ 500,000                            
Period covered by COBRA health insurance under employment agreement         12 months                            
Retention percentage payable upon employee entering into agreement         66.00%                            
Retention percentage payable upon consummation of restructuring         33.00%                            
Period after consummation of restructuring         3 days                            
Cheif Financial Officer                                      
Commitments and Contingencies [Line Items]                                      
Severance annual salary                       $ 352,229   $ 352,229          
Severance period                           12 months          
Change in control period                           2 years          
Base salary multiplier                           200.00%          
Cheif Financial Officer | Ms. Martinez Retention Agreement                                      
Commitments and Contingencies [Line Items]                                      
Severance annual salary     $ 700,000                                
Period covered by COBRA health insurance under employment agreement     18 months                                
Retention percentage payable upon employee entering into agreement     66.00%                                
Retention percentage payable upon consummation of restructuring     33.00%                                
Period after consummation of restructuring     3 days                                
Chief Executive Officer | Mr. Simony Bonus                                      
Commitments and Contingencies [Line Items]                                      
Period after consummation of restructuring   30 days                                  
Period after approval of restructuring   45 days                                  
White Eagle                                      
Commitments and Contingencies [Line Items]                                      
Number of life insurance policies canceled | contract       2                              
Proceeds from maturity of life settlements       $ 2,000,000                              
White Eagle | Lincoln Benefit Life Settlement | Settled Litigation                                      
Commitments and Contingencies [Line Items]                                      
Number of policies owned | contract           55                          
White Eagle | Allstate Life Insurance Company Settlement | Settled Litigation                                      
Commitments and Contingencies [Line Items]                                      
Litigation settlement paid           $ 2,000,000                          
Number of separate legal actions | claim           6                          
Life settlement receivable           $ 39,100,000                          
Receivable for maturity of life settlement write off                     $ 17,800,000                
Proceeds from legal settlement                     $ 2,000,000                
Sun Life                                      
Commitments and Contingencies [Line Items]                                      
Number of life insurance policies canceled | contract       31                              
Investment in life settlements fair value       $ 163,500,000                              
Proceeds from maturity of life settlements       $ 36,100,000                              
Sun Life | Emergent Capital, Inc.                                      
Commitments and Contingencies [Line Items]                                      
Number of life insurance policies canceled | contract       2                              
Investment in life settlements fair value       $ 12,000,000                              
Proceeds from maturity of life settlements       12,700,000                              
Sun Life | Wilmington Trust                                      
Commitments and Contingencies [Line Items]                                      
Payments for maturity of life insurance policies       $ 10,000,000                              
Sun Life | White Eagle                                      
Commitments and Contingencies [Line Items]                                      
Number of policies owned | contract       28                              
Investment in life settlements fair value       $ 141,500,000                              
Number of life insurance policies in receivable for maturity | contract       1                              
Receivable for maturity of life insurance policies       $ 10,000,000                              
Payments for maturity of life insurance policies       $ 13,400,000                              
Payable after the grant | Chief Executive Officer | Mr. Simony Bonus                                      
Commitments and Contingencies [Line Items]                                      
Bonus payable in cash   $ 400,000                                  
Payable upon consummation of Restructuring | Chief Executive Officer | Mr. Simony Bonus                                      
Commitments and Contingencies [Line Items]                                      
Bonus payable in cash   300,000                                  
Payable if the Company effects the Restructuring | Chief Executive Officer | Mr. Simony Bonus                                      
Commitments and Contingencies [Line Items]                                      
Bonus payable in cash   300,000                                  
Payable under the approved Restructuring budget (at least) | Chief Executive Officer | Mr. Simony Bonus                                      
Commitments and Contingencies [Line Items]                                      
Bonus payable in cash   $ 600,000                                  
Restricted Stock | Chief Executive Officer | Mr. Simony Bonus                                      
Commitments and Contingencies [Line Items]                                      
Bonus stock awards reserved for issuance (in shares) | shares   1,000,000                                  
Restricted Stock | First anniversary of the grant date | Chief Executive Officer | Mr. Simony Bonus                                      
Commitments and Contingencies [Line Items]                                      
Bonus awards vesting percentage   33.33%                                  
Restricted Stock | Second anniversary of the grant date | Chief Executive Officer | Mr. Simony Bonus                                      
Commitments and Contingencies [Line Items]                                      
Bonus awards vesting percentage   33.33%                                  
Restricted Stock | Third anniversary of the grant date | Chief Executive Officer | Mr. Simony Bonus                                      
Commitments and Contingencies [Line Items]                                      
Bonus awards vesting percentage   33.33%                                  
ASU 2016-02                                      
Commitments and Contingencies [Line Items]                                      
Operating lease liability                               $ 203,000      
Operating lease assets                               $ 179,000      
[1] Derived from audited consolidated financial statements.