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Repayment of Convertible Notes | 12 Months Ended
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Dec. 31, 2011
Repayment of Convertible Notes [Abstract] |
Repayment of Convertible Notes | 8. Repayment of Convertible Notes On March 4, 2008, we completed a private placement in which we issued and sold $30,000 in aggregate principal amount of senior secured convertible notes (the “Notes”). The Notes were issued on March 4, 2008 and matured at face value on March 4, 2011 (the “Maturity Date”). The Notes accrued interest of 10% per annum. Interest was payable each year in two installments on June 15 and December 15, and the principal was payable on the Maturity Date. The Notes were convertible at the holder's or issuer's discretion in accordance with the terms of the Notes. The holder could convert all or part of the debt underlying the Notes at any time prior to the Maturity Date or the business day immediately preceding the Redemption Date (as defined below) at a price of $6.00 per Common Share (subsequently adjusted to $4.80 per Common Share, as discussed below), subject to adjustment in certain circumstances. The “Redemption Date” represented the date that the Notes would be redeemed in the event that we redeemed the Notes. Pursuant to the terms of the Notes, on March 4, 2009, the conversion price of the Notes was automatically adjusted from $6.00 per Common Share to $4.80 per Common Share. Simultaneously with the issuance of the Notes, we issued to Casimir Capital LP 200,000 Common Share purchase warrants with an exercise price of $6.00 per warrant and an expiration date of March 4, 2011, as partial consideration for acting as agent for the transaction. We also paid to Casimir Capital LP a cash fee of $1,200, being 4% of the gross proceeds of the offering of the Notes. The warrants provided for cashless exercise if the market price of our Common Shares was above the exercise price of the warrants. In addition, the exercise price was subject to standard anti-dilution adjustment provisions. On July 14, 2009, we entered into Note Repurchase Agreements (the “Whitebox Repurchase Agreements”) with each of Whitebox Combined Partners, LP (“Whitebox Combined Partners”), Whitebox Convertible Arbitrage Partners, LP (“Whitebox Convertible Arbitrage”) and Whitebox Special Opportunities Fund Series B Partners, LP (“Whitebox Special Opportunities”) whereby we agreed to repurchase their respective Notes. Pursuant to the Whitebox Repurchase Agreements, we agreed to repurchase $1,333 Notes (i) in the principal amount of $504 from Whitebox Combined Partners for an aggregate purchase price, including interest, of $332; (ii) in the principal amount of $510 from Whitebox Convertible Arbitrage for an aggregate purchase price, including interest, of $336; and (iii) in the principal amount of $319 from Whitebox Special Opportunities for an aggregate purchase price, including interest, of $210, based on a settlement date of July 14, 2009. A gain of $415 was recorded in our Consolidated Statement of Income/(Loss) as a result of the Notes repurchase. On May 20, 2010, we entered into a Notes Repurchase Agreement (the “Agreement”) with Whitebox Advisors LLC (“Whitebox”) whereby we agreed to repurchase Whitebox's remaining Notes. Pursuant to the Agreement, we agreed to repurchase Notes in the principal amount of $5,667 and to settle interest payable through maturity on the Notes of $691. We agreed to pay Whitebox $2,233 in cash and to issue 1,902,684 Common Shares to Whitebox as consideration for the Notes and interest payable of $6,358, in aggregate. A loss of $1,633 was recorded in our Consolidated Statement of Income/(Loss) as a result of the Notes repurchase. As a result of the completion of the Agreement, 4,791,667 Common Shares were issuable upon conversion of the remaining Notes. On March 4, 2011, the Notes reached maturity. We used a portion of the net cash proceeds of $33,067 from our October 22, 2010 private placement to repay the outstanding principal of $23,000 and accrued interest of $504. See Note 9 for further discussion of the private placement.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + 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 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 + Details
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