XML 28 R18.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Long-term Debt | 6 Months Ended
--- | ---
Jun. 30, 2016
Debt Disclosure [Abstract] |
Long-term Debt | Long-term debt
(Expressed in thousands) |  |  |  |  |
Issued | Maturity Date |  | At June 30, 2016 |  | At December 31, 2015
Senior Secured Notes | 4/15/2018 |  | $ | 150,000 |  |  | $ | 150,000 |
Unamortized Debt Issuance Costs |  |  | 890 |  |  | 1,132 |
|  |  | $ | 149,110 |  |  | $ | 148,868 |
On April 12, 2011, the Company completed the private placement of $200 million in aggregate principal amount of 8.75% Senior Secured Notes due April 15, 2018 (the "Notes") at par. The interest on the Notes is payable semi-annually on April 15 th and October 15 th. On April 15, 2014, the Company retired early a total of $50.0 million (25%) of the Notes. The indenture for the Notes contains covenants which place restrictions on the incurrence of indebtedness, the payment of dividends, sale of assets, mergers and acquisitions and the granting of liens. The Notes provide for events of default including nonpayment, misrepresentation, breach of covenants and bankruptcy. The Company’s obligations under the Notes are guaranteed, subject to certain limitations. These guarantees may be shared, on a senior basis, under certain circumstances, with newly incurred debt outstanding in the future. At June 30, 2016, the Company was in compliance with all of its covenants. As discussed in Note 3, "Discontinued operations", the Company has sold most of the assets of its Commercial Mortgage Banking business which operates out of its OMHHF subsidiary. Under the indenture for the Notes, OMHHF is a restricted subsidiary and the Company has pledged its equity interests in OMHHF as collateral for the Notes. Net proceeds received by the Company and restricted subsidiaries from asset sales must either be used within twelve months from the date to make an offer to repurchase the Notes or to make an investment in Replacement Assets, as defined in the indenture, or if any such proceeds are not so applied, and the total thereof is at least $15.0 million, the Company must offer to purchase Notes at par with an aggregate principal amount equal to the amount of such proceeds. Interest expense for both the three and six months ended June 30, 2016 and 2015 on the Notes was $3.3 million and $6.6 million, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration