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RECENT ACTIVITIES
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3 Months Ended |
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Mar. 31, 2015
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| Subsequent Events [Abstract] | |
| RECENT ACTIVITIES |
20. RECENT
ACTIVITIES
These financial statements include a discussion of material events, if any, that have occurred subsequent to March 31, 2015 (referred to as “subsequent events”) through the issuance of these consolidated financial statements. Events subsequent to that date have not been considered in these financial statements.
In April 2015, Newcastle closed on the sale of its commercial real estate properties in Beavercreek, OH for $7.0 million, net of closing costs and recognized a net gain on the sale of these assets of approximately $0.3 million. In addition, Newcastle repaid the related debt on this property of $6.0 million held within CDO IX, which was eliminated in consolidation.
On May 7, 2015, and pursuant to the anti-dilution provisions of the Option Plans (as defined herein), Newcastle’s board of directors approved an equitable adjustment of all outstanding options in order to account for the impact of the 2014 return of capital distributions. The equitable adjustment entails a strike price adjustment and the issuance of additional options, and the number of additional options to be issued will be determined so as to restore the loss in value that would otherwise occur in the absence of an equitable adjustment as a result of the 2014 return of capital distributions.
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- Details
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- Definition
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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