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Financials

v3.19.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Nov. 30, 2018
Dec. 31, 2017
Assets    
Cash and cash equivalents $ 1,209 $ 18,131
Certificate of deposit 500 1,010
Prepaid expenses and other assets 657 617
Deposits - other 1,377 1,377
Life settlements, at estimated fair value   750
Fixed assets, net 78 145
Promissory Notes Receivable (Note 4) 0 0
Promissory Notes Interest Receivable (Note 4) 0 0
Investment in deconsolidated subsidiaries (Note 3) 128,795 0
Investment in affiliates 2,384 2,384
Deferred tax asset 576 0
Total assets 136,748 634,390
Liabilities    
Accounts payable and accrued expenses 2,446 2,015
Other liabilities 194 451
Total liabilities 109,506 437,748
Commitments and Contingencies (Note 18)
Stockholders’ Equity    
Common stock (par value $0.01 per share, 415,000,000 authorized at November 30, 2018 and December 31, 2017; 158,733,928 issued and 158,125,928 outstanding as of November 30, 2018; 158,495,399 issued and 157,887,399 outstanding as of December 31, 2017) 1,587 1,585
Preferred stock, $0.01 par value (40,000,000 authorized; 0 issued and outstanding as of November 30, 2018 and December 31, 2017) 0 0
Treasury stock (608,000 shares as of November 30, 2018 and December 31, 2017) (2,534) (2,534)
Additional paid-in-capital 334,198 333,629
Accumulated deficit (306,009) (136,038)
Total stockholders’ equity 27,242 196,642
Total liabilities and stockholders’ equity 136,748 634,390
8.50% Convertible Notes    
Liabilities    
Interest payable 37 46
Convertible Notes, net of discount and deferred costs 1,173 1,098
5.0% Convertible Notes    
Liabilities    
Interest payable 1,116 1,432
Convertible Notes, net of discount and deferred costs 69,742 68,654
8.5% Senior Secured Notes    
Liabilities    
Interest payable 628 132
8.5% Senior Secured Notes, net of deferred debt costs (Note 14) 34,170 33,927
Primary Beneficiary    
Assets    
Cash and cash equivalents 0 13,136
Prepaid expenses and other assets 0 53
Life settlements, at estimated fair value 0 566,742
Receivable for maturity of life settlements (VIE) 0 30,045
Liabilities    
Accounts payable and accrued expenses 0 753
Primary Beneficiary | White Eagle Revolving Credit Facility    
Liabilities    
White Eagle Revolving Credit Facility, at estimated fair value (VIE Note 5) $ 0 $ 329,240
v3.19.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
11 Months Ended 12 Months Ended
Nov. 30, 2018
Dec. 31, 2017
Dec. 31, 2016
Income (Loss)      
Change in fair value of life settlements $ (46,879) $ 51,551 $ 864
Other income 1,351 322 251
Total (loss) income (45,528) 51,873 1,115
Expenses      
Interest expense 30,845 32,797 29,439
Change in fair value of Revolving Credit Facilities (70,900) 4,501 (1,898)
Loss on extinguishment of debt 0 2,018 554
Change in fair value of investment in deconsolidated subsidiaries 150,894 0 0
Personnel costs 2,707 5,070 6,070
Legal fees 3,052 3,721 6,427
Professional fees 5,475 4,445 7,081
Insurance 734 783 835
Other selling, general and administrative expenses 1,562 1,776 2,036
Total (income) expenses 124,369 55,111 50,544
(Loss) income from continuing operations before income taxes (169,897) (3,238) (49,429)
(Benefit) provision for income taxes 45 0 0
Net (loss) income from continuing operations (169,942) (3,238) (49,429)
Discontinued Operations:      
(Loss) income from discontinued operations, net of income taxes (29) (271) (260)
Benefit for income taxes 0 0 0
Net (loss) income from discontinued operations (29) (271) (260)
Net (loss) income $ (169,971) $ (3,509) $ (49,689)
Basic and diluted (loss) income per share      
Continuing operations (in dollars per share) $ (1.09) $ (0.04) $ (1.79)
Discontinued operations (in dollars per share) 0.00 0.00 (0.01)
Net (loss) income - basic and diluted (in dollars per share) $ (1.09) $ (0.04) $ (1.80)
Weighted average shares outstanding:      
Basic and diluted (in shares) 155,949,444 82,323,050 27,660,711
v3.19.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
11 Months Ended 12 Months Ended
Nov. 30, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities      
Net income (loss) $ (169,971) $ (3,509) $ (49,689)
Adjustments to reconcile net (loss) income to net cash used in operating activities:      
Depreciation and amortization 81 102 108
Revolving Credit Facilities financing cost and fees withheld by lender 927 931 1,020
Debt modification costs 0 2,537 0
Stock-based compensation 562 388 403
Change in fair value of life settlements 46,879 (51,551) (864)
Change in fair value of Revolving Credit Facilities (70,900) 4,501 (1,898)
Interest income (517) (76) (67)
Loss on extinguishment of Debt 0 2,018 554
Change in fair value of investment in deconsolidated subsidiaries 150,894 0 0
Interest Paid in Kind on Senior Unsecured Convertible Notes 0 6,288 0
Deferred tax asset (576) 0 0
Change in assets and liabilities:      
Deposits—other 0 (30) 0
Prepaid expenses and other assets (59) 323 161
Accounts payable and accrued expenses 877 779 (287)
Other liabilities (1,001) 116 34
Net cash used in operating activities (41,225) (34,847) (45,555)
Cash flows from investing activities      
Purchase of fixed assets, net of disposals (5) (4) (9)
Certificate of deposit 516 5,025 (3,500)
Premiums paid on life settlements (78,706) (84,718) (71,681)
Purchases of life settlements 0 0 (1,390)
Deconsolidation of subsidiaries (cash) (30,010) 0 0
Proceeds from maturity of life settlements 90,780 42,131 50,460
Net cash used in investing activities (17,425) (37,566) (26,120)
Cash flows from financing activities      
Proceeds from issue of common stock, net 0 19,188 1,803
Payment under finance lease obligations 0 (25) (35)
Payment of Recapitalization Transaction Closing Cost 0 (1,287) 0
Net cash provided by financing activities 28,592 92,362 62,652
Net (decrease)/increase in cash and cash equivalents (30,058) 19,949 (9,023)
Cash and cash equivalents, at beginning of the year 31,267 11,318 20,341
Cash and cash equivalents, at end of the year 1,209 31,267 11,318
Supplemental disclosures of cash flow information:      
Cash paid for interest during the period 29,255 21,379 24,337
Supplemental disclosures of non-cash investing activities:      
Deconsolidation of life settlement, November 13, 2018 504,712 0 0
Supplemental disclosures of non-cash financing activities:      
Issue of 8.5% Senior Secured Notes through Recapitalization Transaction 0 30,000 0
Recapitalization Transaction Closing Cost and Other Costs withheld from Proceeds 0 4,338 0
Deconsolidation of White Eagle Revolving Credit Facility, November 13, 2018 287,859 0 0
Red Falcon Revolving Credit Facility      
Adjustments to reconcile net (loss) income to net cash used in operating activities:      
Debt origination costs 0 0 297
Cash flows from financing activities      
Repayment of borrowings under credit facilities 0 0 (10,452)
Borrowings from White Eagle Revolving Credit Facility 0 0 19,673
Extinguishment of debt 0 0 (315)
Origination debt deferred costs 0 0 (150)
White Eagle Revolving Credit Facility      
Adjustments to reconcile net (loss) income to net cash used in operating activities:      
Debt origination costs 0 0 388
Cash flows from financing activities      
Repayment of borrowings under credit facilities (52,683) (19,633) (34,799)
Borrowings from White Eagle Revolving Credit Facility 81,275 86,356 57,978
Supplemental disclosures of non-cash financing activities:      
Repayment of Red Falcon Revolving Credit Facility through borrowings by White Eagle Revolving Credit Facility 0 0 64,965
8.50% Convertible Notes      
Adjustments to reconcile net (loss) income to net cash used in operating activities:      
Amortization of discount and deferred debt costs 76 2,433 3,724
Change in assets and liabilities:      
Interest payable (8) (2,226) 0
15.0% Senior Secured Notes      
Adjustments to reconcile net (loss) income to net cash used in operating activities:      
Amortization of discount and deferred debt costs 0 184 348
Change in assets and liabilities:      
Interest payable 0 (213) 213
Cash flows from financing activities      
Proceeds from Secured Notes, net 0 0 30,000
Origination debt deferred costs 0 0 (1,051)
Supplemental disclosures of non-cash financing activities:      
Repayment of debt 0 31,675 0
5.0% Convertible Notes      
Adjustments to reconcile net (loss) income to net cash used in operating activities:      
Amortization of discount and deferred debt costs 1,087 496 0
Change in assets and liabilities:      
Interest payable (316) 1,432 0
8.5% Senior Secured Notes      
Adjustments to reconcile net (loss) income to net cash used in operating activities:      
Amortization of discount and deferred debt costs 244 98 0
Change in assets and liabilities:      
Interest payable 496 132 0
Cash flows from financing activities      
Proceeds from Secured Notes, net 0 5,000 0
15.0% Promissory Note      
Cash flows from financing activities      
Borrowings from White Eagle Revolving Credit Facility 0 2,763 0
Supplemental disclosures of non-cash financing activities:      
Repayment of debt $ 0 $ 2,799 $ 0

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