XML 50 R45.htm IDEA: XBRL DOCUMENT v2.4.0.8
Related Party Transactions (Narrative) (Details) (USD $)
In Thousands, except Share data, unless otherwise specified
 12 Months Ended 0 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Counsel Loan [Member]
Dec. 31, 2012
Counsel Loan [Member]
Feb. 29, 2012
Heritage Global Partners, Inc [Member]
Jul. 26, 2013
Co Chief Executive Officers [Member]
Aug. 10, 2012
Co Chief Executive Officers [Member]
Dec. 31, 2013
Co Chief Executive Officers [Member]
Due from Related Parties, Current $ 0 $ 2,929   $ 2,929 $ 151      
Related Party Accrued Interest 168   168          
Related Party Debt Interest Rate 10.00%              
Related Party Transaction, Description of Transaction Beginning in December 2004, HGI and Counsel have entered into successive annual management services agreements (collectively, the “Agreement”). Under the terms of the Agreement, HGI has agreed to pay Counsel for ongoing services provided to HGI by Counsel personnel. These services include preparation of the Company’s financial statements and regulatory filings, taxation matters, stock-based compensation administration, Board administration, patent portfolio administration and litigation matters. The Counsel employees providing the services are: 1) its Executive Vice President, Secretary and Chief Financial Officer, 2) its Tax Manager, 3) an Accounting Manager, and 4) its Accounts Payable Clerk. These employees have the same or similar positions with HGI, but none of them receive compensation from HGI. Rather, Counsel allocates to HGI a percentage, based on time incurred, of the employees’ base compensation paid by Counsel. Beginning in the first quarter of 2011, additional amounts were charged to HGI for Counsel services relating to the ongoing operations of HGI’s asset liquidation business. The amounts due under the Agreement are payable within 30 days following the respective year end, subject to applicable restrictions. Any unpaid amounts bear interest at 10% per annum commencing on the day after such year end.On March 20, 2014, Counsel declared a dividend in kind, consisting of Counsel’s distribution of its majority interest in HGI to Counsel shareholders. The record date is April 1, 2014 and the payment date is April 30, 2014. This transaction completes Counsel’s planned disposition of its interest in HGI, as announced in the first quarter of 2013. Following this declaration, the Company and Counsel have agreed to enter into a replacement management services agreement (the “Services Agreement”). Under the terms of the agreement, Counsel will remain as external manager and will continue to provide the same services, at similar rates. Payment will be due within thirty days following the end of each quarter. Unpaid balances will accrue interest at a rate per annum equal to the lesser of the then current rate announced from time to time by the Wall Street Journal as the “prime rate”, plus two percent (2%), or the maximum rate allowable by law. The Services Agreement has an initial term of one year, which renews automatically for successive one-year terms unless notice by either party is given within ninety days before the expiration. The Services Agreement may be terminated at any time upon mutual agreement of the Company and Counsel. The Company is currently considering the internalization of its management in the future, but expects that it will continue to avail itself of the services provided under the Services Agreeement until such time.              
Debt Payable to Related Parties 2,550 0 2,550 0 1,000      
Interest rate, unpaid balances Unpaid balances will accrue interest at a rate per annum equal to the lesser of the then current rate announced from time to time by the Wall Street Journal as the "prime rate", plus 2%, or the maximum rate allowable by law              
Common Stock Shares Issued for Each Co-CEO             400,000  
Common shares valued at           624 1,054  
Stock Based Compensation Including Value of Licensing Agreements 532 1,647         1,054  
Intellectual property licensing revenue $ 624 $ 0           $ 624