XML 42 R31.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 7 - Liability for Estimated Costs in Excess of Receipts During Liquidation - Accrued Revenues and Expenses Expected to be Earned During Liquidation (Details) - Liquidation Basis of Accounting [Member] - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Rents and reimbursements $ 3,667,809 $ 6,440,325
Property operating expenses 2,139,526 (3,596,704)
Capital expenditures excluding land development costs and land purchases 392,418 (612,704)
Land development costs 2,384,245 (3,154,490)
Corporate expenditures(1) 5,761,925 (7,778,675) [1]
Estimated real estate selling costs 1,734,600 (2,817,000)
Retention bonus payments to Directors [2] 153,063 (1,263,730)
Retention bonus payments to executives and other employees [2] 82,418 (680,470)
Less prepaid expenses and other assets 427,837 443,108
Liability for estimated costs in excess of estimated receipts during liquidation $ (8,552,549) $ (13,020,340)
[1] Includes all general and administrative fees, litigation settlement, director and officer liability and reimbursement post liquidation insurance tail coverage policy and final liquidation costs.
[2] The value of the real estate reported in the Statement of Net Assets as of September 30, 2016 does not include the appreciation that may result from the estimated land development costs. As a result, fair value as reported does not exceed the adjusted appraised value under the Retention Bonus Plan (the appraisal of the real estate in late 2013 plus the estimated development costs) and accordingly the Company has not included any retention bonuses on the sale of the Cortlandt Manor or Flowerfield Properties in the estimated costs in excess of receipt. However, if the Company concludes in future periodic filings that the value of the real estate exceeds the minimum value required to pay bonuses under the retention bonus plan (whether due to appreciation of the underlying real estate and/or a reduction in estimated land development costs), then the Company will report the updated estimated real estate value and the estimated bonuses related to the value of the Cortlandt Manor and/or Flowerfield Properties in accordance with the provisions of the retention bonus plan.