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Subsequent Events (Notes) | 6 Months Ended
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Jun. 30, 2015
Subsequent Events [Abstract] |
Subsequent Events | Following the completion by the Special Committee of the Board of Directors (the "Special Committee") of its review of perquisites and payments made by the Company for the benefit of Miles Nadal and Nadal Management Limited, and in connection with the SEC's ongoing investigation of the Company, the Special Committee and its counsel recently identified additional expenses that were improperly paid to an entity controlled by Mr. Nadal. Mr. Nadal has agreed to repay $1,877 to the Company in connection with these and other recently identified expenses, in four equal installments, with the last to be paid on November 30, 2015. This amount is in addition to $8,600 of perquisites and payments previously identified by the Special Committee and fully repaid by Mr. Nadal in April and May 2015. In addition, Mr. Nadal agreed to repay to the Company $10,582 in connection with amounts required to be repaid pursuant to cash bonus awards previously paid to Mr. Nadal, with such repayments to be made in five installments, with the last to be paid on December 31, 2017. At June 30, 2015, these bonus awards were included in the Company's balance sheet in other current assets and in other assets since they are subject to retention agreements. The SEC investigation of these expenses and related matters remains ongoing. For the three and six months ended June 30, 2015, the Company has incurred $3,882 and $9,644, respectively, of expenses relating to the ongoing SEC investigation. The $8,600 repayment was recorded as a reduction to office and general expenses on the Company’s Statement of Operations for the three months ended June 30, 2015. The Company expects to record a charge of approximately $6,000 in the third quarter for the balance of prior cash bonus award amounts that will not be recovered in excess of the $10,582 repayment. The Company will record income in the third quarter relating to the additional $1,877 to be repaid by Mr. Nadal. Acquisition of outstanding interests in majority owned subsidiary On August 6, 2015, the Company acquired the remaining outstanding equity interest in 72andSunny Partners LLC, an existing subsidiary of the Company (“72andSunny”). 72andSunny, included within the Company’s Strategic Marketing Services segment since 2010, is a full service advertising agency that conceives and executes integrated campaigns across all media for top global brands. Pursuant to the transaction, the management owners have extended their employment terms and will retain a significant financial interest in the agency’s performance. The related deferred acquisition payments, which are contingent on the future financial results of 72andSunny through 2021, will be estimated and recorded on the Company’s balance sheet for the period ending September 30, 2015 together with a corresponding reduction to redeemable noncontrolling interests and changes to paid in capital. A certain portion of the consideration is contingent on employment and will be recorded as stock-based compensation over the retention period.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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