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Note 21 - Subsequent Events | 6 Months Ended
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Apr. 30, 2018
Notes to Financial Statements |
Subsequent Events [Text Block] |
21 . | Subsequent events
On May 29, 2018, K. Hovnanian completed the redemption of $65.7 million aggregate principal amount of the 8.0% Notes with borrowings of the Delayed Draw Term Loans under the Unsecured Term Loan Facility. See Note 11 for further information. On May 30, 2018, the parties to the Solus litigation signed a stipulation of dismissal of all claims with prejudice. As part of the case resolution, on May 30, 2018, K. Hovnanian paid the overdue interest on the 8.0% Notes held by Sunrise Trail that was originally due on May 1, 2018, and as a result of such payment, the “Default” under the Indenture governing the 8.0% Notes was cured. The case resolution does not involve any settlement payment or admission of wrongdoing by any of the Hovnanian-related parties. On May 31, 2018, the Court so-ordered the stipulation and closed the case. See Note 7 for further information.

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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