XML 16 R42.htm IDEA: XBRL DOCUMENT v3.2.0.727
COMMITMENTS AND CONTINGENCIES AND LIQUIDITY (Details Narrative) - USD ($)
$ in Thousands
1 Months Ended 6 Months Ended
Feb. 28, 2014
Jan. 31, 2012
Oct. 31, 2011
Jun. 30, 2015
Dec. 31, 2012
Dec. 17, 2007
Notes oustanding balance       $ 774,669    
Clapper Parties [Member]            
Damages sought value     $ 74,000      
Actual damages sought value     26,000      
Interest damages sought value     $ 48,000      
Description of plaintiff    

Mr. David Clapper and entities related to Mr. Clapper

     
Description of defendant    

A formerly owned entity (American Realty Trust, Inc.) and its former subsidiary (ART Midwest, Inc.)

     
Description of allegation    

The matter originally involved a transaction in 1998 in which ART Midwest, Inc. was to acquire eight residential apartment complexes from the Clapper Parties.

     
Description of action taken by court

The Court of Appeals affirmed a portion of the judgment in favor of the Clapper Parties, but also ruled that a double counting of a significant portion of the damages had occurred and remanded the case back to the trial court to recalculate the damage award, as well as pre and post-judgment interest thereon.

         
Litigation Case Against Major National Law Firm [Member]            
Description of plaintiff      

A formerly owned entity (American Realty Trust, Inc.) and its former subsidiary (ART Midwest, Inc.)

   
Description of defendant      

Against a major national law firm over the initial transaction.

   
Description of allegation      

That action was initially abated while the principal case with the Clapper Parties was pending, but the abatement was recently lifted and the action against the law firm is expected to move forward.

   
Net worth         $ 10,000  
Litigation Case Against Major National Law Firm [Member] | Unrelated Party [Member]            
Proceeds from issuance of notes   $ 10,000        
LK-FOUR HICKORY, LLC [Member]            
Notes oustanding balance       $ 22,100   $ 28,000