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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes [Abstract]

Components of Income Tax Expense (Benefit)

INCOME TAX EXPENSE
(Dollars in Thousands)
		Year Ended December 31,
		2015			2014			2013
Current income tax expense (benefit):
Federal income tax expense (benefit)		$	61		$	-		$	(1,442)
Foreign income tax expense (benefit)			108			228			8
State and local income tax expense (benefit)			-			-			(58)
			169			228			(1,492)
Deferred income tax expense (benefit)
Federal income tax expense (benefit)			(143)			(566)			(1,827)
Foreign income tax expense (benefit)			-			-			-
State and local income tax expense (benefit)			59			(76)			(246)
			(84)			(642)			(2,073)
Total		$	85		$	(414)		$	(3,565)

Schedule of Income before Income Tax, Domestic and Foreign

INCOME (LOSS) BEFORE INCOME TAXES
(Dollars in Thousands)
		Year Ended December 31,
		2015			2014			2013
Domestic		$	(2,392)		$	(2,583)		$	(20,404)
Foreign			(3,191)			(1,503)			(3,080)
Total Income (loss) before income taxes		$	(5,583)		$	(4,086)		$	(23,484)

Effective Income Tax Rate Reconciliation

INCOME TAX RATE RECONCILIATION
(Dollars in Thousands)
		Year Ended December 31,
		2015			2014			2013
Federal statutory rate - 35%		$	(1,954)		$	(1,430)		$	(8,220)
Pass thru impact			520			375			2,581
Deferred tax valuation allowance			1,291			489			3,812
Recognition of previously unrecognized tax benefit			-			-			(1,231)
Other			228			152			(507)
Total		$	85		$	(414)		$	(3,565)

Schedule of Deferred Tax Assets and Liabilities

DEFERRED TAX ASSET AND LIABILITY
(Dollars in Thousands)
		December 31, 2015									December 31, 2014
		Asset			Liability			Net			Asset			Liability			Net
Federal net operating loss carry-forward		$	33,577		$	-		$	33,577		$	34,788		$	-		$	34,788
State net operating loss carry-forward			5,372			-			5,372			5,791			-			5,791
Federal capital loss carry-forward			54,445			-			54,445			10,597			-			10,597
Unrealized gain on debt			-			(11,938)			(11,938)			-			(12,426)			(12,426)
Unrealized loss on investment in Operating LLC			49,736			-			49,736			68,813			-			68,813
Other			834			-			834			754			-			754
Gross deferred tax asset / (liability)			143,964			(11,938)			132,026			120,743			(12,426)			108,317
Less: valuation allowance			(135,830)			-			(135,830)			(112,205)			-			(112,205)
Net deferred tax asset / (liability)		$	8,134		$	(11,938)		$	(3,804)		$	8,538		$	(12,426)		$	(3,888)

Schedule of Unrecognized Tax Benefits

UNRECOGNIZED TAX BENEFITS
(Dollars in Thousands)
		Year Ended
		(Dollars in Thousands)
		2015			2014			2013
Unrecognized tax benefits as of January 1		$	-		$	-		$	1,231
Increases due to tax positions taken during prior periods			-			-			-
Increases due to tax positions taken in current period			-			-			-
Decreases due to settlements with tax authorities			-			-			-
Reductions due to lapse of applicable statute of limitations			-			-			(1,231)
Unrecognized tax benefits as of December 31		$	-		$	-		$	-

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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