Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jul. 31, 2016 | Oct. 11, 2016 | Jan. 30, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jul. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | SCMR | ||
Entity Registrant Name | SYCAMORE NETWORKS INC | ||
Entity Central Index Key | 1,092,367 | ||
Current Fiscal Year End Date | --07-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 28,882,093 | ||
Entity Public Float | $ 10,383,683 |
Statement of Net Assets in Liqu
Statement of Net Assets in Liquidation - Liquidation Basis of Accounting - USD ($) shares in Thousands, $ in Thousands | Jul. 31, 2016 | Jul. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 3,841 | $ 10,943 |
Land | 2,500 | |
Investment in Tejas | 3,268 | |
Other assets | 58 | 47 |
Total assets | 7,167 | 13,490 |
Liabilities and Net Assets | ||
Accounts payable | 45 | |
Accrued expenses | 47 | |
Reserve for estimated costs during the Dissolution period | 596 | 1,776 |
Other liabilities | 1,587 | |
Total liabilities | 641 | 3,410 |
Net assets in liquidation | $ 6,526 | $ 10,080 |
Shares outstanding | 28,882 | 28,882 |
Net assets in liquidation per share | $ 0.23 | $ 0.35 |
Statement of Changes in Net Ass
Statement of Changes in Net Assets in Liquidation - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2016 | Jul. 31, 2015 | |
Liquidation Basis of Accounting | ||
Net assets in liquidation, beginning balance | $ 10,080 | $ 9,496 |
Liquidating distribution | (8,376) | |
(Increase) decrease in estimated costs during the Dissolution period | (157) | 210 |
Decrease in other liabilities | 1,704 | 281 |
Increase in estimated realizable value for other assets | 7 | 93 |
Increase in estimated realizable value for the investment in Tejas | 3,268 | |
Net assets in liquidation, ending balance | $ 6,526 | $ 10,080 |
Description of Business
Description of Business | 12 Months Ended |
Jul. 31, 2016 | |
Description of Business | 1. Description of Business Prior to February 1, 2013, Sycamore Networks, Inc. (the “Company”) developed and marketed Intelligent Bandwidth Management solutions for fixed line and mobile network operators worldwide and provided services associated with such products (the “Intelligent Bandwidth Management Business”), and, prior to November 1, 2012, the Company also developed and marketed a mobile broadband optimization solution (the “IQstream Business”). On October 23, 2012, the Company entered into an Asset Purchase and Sale Agreement (the “Asset Sale Agreement”) with Sunrise Acquisition Corp. (now known as Coriant America Inc.), a portfolio company of Marlin Equity Partners (“Buyer”), pursuant to which Buyer agreed to acquire substantially all of the assets (the “Asset Sale”) primarily related to the Intelligent Bandwidth Management Business, including inventory, fixed assets, accounts receivable, intellectual property rights (other than patents and patent applications), contracts, certain real estate leases, the Company’s subsidiaries in Shanghai, the Netherlands and Japan, and certain shared facilities and assets for $18.75 million in cash, subject to a working capital adjustment, and the assumption by Buyer of certain liabilities. The Company’s stockholders authorized the Asset Sale at a Special Meeting of Stockholders held on January 29, 2013 (the “Special Meeting”), and the Asset Sale was completed on January 31, 2013 (the transfer of the Company’s equity interests in its Shanghai subsidiary, which was subject to the receipt of government approval, occurred on March 25, 2013). Upon the closing of the Asset Sale, Buyer acquired substantially all of the Company’s operating assets relating to the Intelligent Bandwidth Management Business, including the Company’s accounts receivable, inventories and prepaid and other assets, and assumed most of the Company’s remaining current liabilities, including substantially all of the Company’s deferred revenue and accrued warranty obligations. In conjunction with the approval of the Asset Sale Agreement, the Company’s Board of Directors (the “Board”) also approved the liquidation and dissolution of the Company (the “Dissolution”) pursuant to a Plan of Complete Liquidation and Dissolution (the “Plan of Dissolution”) following the completion of the Asset Sale. The Plan of Dissolution was also approved by the stockholders at the Special Meeting and, following a review of the Company’s strategic alternatives for all of the Company’s assets and available options for providing value to the Company’s stockholders, the Company filed a certificate of dissolution with the Secretary of State of the State of Delaware (the “Certificate of Dissolution”) on March 7, 2013. For additional information regarding the Dissolution, please see the Company’s Definitive Proxy Statement on Schedule 14A filed with the SEC on December 28, 2012 and its Current Report on Form 8-K filed with the SEC on March 8, 2013. In connection with the filing of the Certificate of Dissolution, on March 7, 2013, the Company closed its stock transfer books and discontinued recording transfers of its common stock, $0.001 par value per share (the “Common Stock”). The Common Stock, and stock certificates evidencing shares of the Common Stock, are no longer assignable or transferable on the Company’s books, other than transfers by will, intestate succession or operation of law. The Company also submitted a request to The NASDAQ Stock Market (“NASDAQ”) to suspend trading of the Common Stock on The NASDAQ Global Select Market effective as of the close of trading on March 7, 2013 and, on March 15, 2013, the Company filed a Form 25 with the SEC to delist its Common Stock, which became effective prior to the opening of trading on March 25, 2013. Since the suspension of trading of the Common Stock on The NASDAQ Global Select Market, shares of our Common Stock held in street name with brokers have been trading in the over-the-counter market on the Pink Sheets, an electronic bulletin board established for unlisted securities. As a result of the completion of the Asset Sale and the Company’s previously announced halting of further development and marketing in connection with the IQstream Business, the Company no longer has any operating assets or revenue. Since the filing of the Certificate of Dissolution, the Company has been operating in accordance with the Plan of Dissolution, which contemplates an orderly wind-down of the Company’s business, including the sale or monetization of the Company’s remaining non-cash assets and the satisfaction or settlement of its liabilities and obligations, including contingent liabilities and claims. As of July 31, 2016, the Company had one remaining employee. On October 12, 2016, the Board approved the termination of employment of the Company’s sole remaining employee, David Guerrera, as the Company’s President, General Counsel and Secretary, effective as of October 12, 2016. Pursuant to a Services Consulting Agreement between the Company and Mr. Guerrera dated as of October 12, 2016, Mr. Guerrera will provide certain consulting and other services to the Company relating to the completion of the Dissolution through the end of the Dissolution period, and he will continue to serve as the Company’s President, Secretary and Principal Executive Officer on a non-employee basis. During fiscal year 2014, the Company completed the sale of its patent portfolios. On February 28, 2014, the Company completed the sale of its portfolio of 40 patents and two patent applications related to the Intelligent Bandwidth Management Business (the “IBM Patents”) for $2.0 million to Dragon Intellectual Property, LLC. On May 22, 2014, the Company completed the sale of its portfolio of three United States patents, six United States patent applications and certain foreign patents and patent applications related to the IQstream Business (the “IQstream Patents”) for $0.3 million to Citrix Systems, Inc. Following the sale of the IQstream Patents, the Company has continued to pursue the sale of certain technology and equipment relating to the IQstream Business; however, the Company does not expect to receive any additional material consideration for its remaining IQstream assets. In accordance with the Purchase and Sale Agreement by and between the Company and Princeton Tyngsborough Commons, LLC (“Tyngsborough Commons”) dated October 10, 2014, and amended on each of February 24, 2015, March 27, 2015, March 30, 2015, July 30, 2015, September 15, 2015, September 30, 2015 and October 9, 2015 (as amended, the “Purchase Agreement”), on December 4, 2015 the Company completed the sale of approximately 102 acres of undeveloped land located in Tyngsborough, Massachusetts to Tyngsborough Commons for a total purchase price of $2.5 million. In accordance with the terms of the Purchase Agreement, all representations and warranties which survived the closing expired on February 29, 2016. On April 29, 2016, the Company paid a liquidating cash distribution to stockholders of $0.29 per share of Common Stock, or $8.38 million in the aggregate. The Board declared this liquidating distribution after the Delaware Court of Chancery (the “Court of Chancery”), on February 25, 2016, entered an order extending Sycamore’s corporate existence for an additional period of up to two years, ending on March 7, 2018, or such shorter period as the Board deems necessary, to make a final determination with respect to the Company’s remaining non-cash assets. In accordance with that order, the Court of Chancery affirmed that approximately $3.54 million is sufficient to be retained for anticipated wind down costs and expenses, of which any portion that is not required to cover such wind down costs and expenses may be distributed from time to time to the Company’s stockholders in the discretion of the Board in accordance with its fiduciary duties. On August 2, 2016, the Company completed the sale of all of its equity shares of Tejas Networks Limited, an Indian private company (“Tejas”), to Samena Spectrum Co, a company incorporated under the laws of Mauritius (“Samena”), pursuant to a Share Purchase Agreement dated as of August 2, 2016 (the “Share Purchase Agreement”) for an aggregate purchase price of $3.5 million. Sycamore received net proceeds of approximately $3.27 million after deduction of Indian withholding and stamp duty taxes in the transaction. The Share Purchase Agreement contains certain representations and warranties, covenants and agreements of each of Sycamore and Samena, including a covenant of Sycamore not to adopt a resolution authorizing the completion of the liquidation of Company’s assets and the making of a final liquidating distribution to the Company’s stockholders in accordance with the General Corporation Law of the State of Delaware (the “DGCL”) prior to the expiration of the 90th calendar day following August 2, 2016, the closing date under the Share Purchase Agreement. Certain of the representations and warranties of each of Sycamore and Samena contained in the Share Purchase Agreement, including with respect to Sycamore’s authority to consummate the transactions contemplated by the Share Purchase Agreement, its title to the Tejas shares and its ability to execute, deliver and perform the Share Purchase Agreement consistent with the terms and conditions of the previously adopted Plan of Complete Liquidation and Dissolution, survive the closing through January 29, 2017. However, if the board of directors of Sycamore adopts a resolution on or after November 1, 2016 authorizing the completion of the liquidation of the Company’s assets and the making of a final liquidating distribution to the Company’s stockholders in accordance with the DGCL, Sycamore’s representations and warranties that survived the closing will expire on the date immediately preceding the date of such resolution and the Company will be free to complete its liquidation and dissolution at that time. All other representations and warranties contained in the Share Purchase Agreement expired at the closing. Each of Sycamore and Samena has agreed to indemnify and hold harmless the other party against any and all claims, losses and other expenses incurred as a result of any breach of such first party’s representations and warranties contained in the Share Purchase Agreement that survived the closing. At this time, the Company expects to make a final liquidating distribution and conclude the Dissolution period as promptly as possible following the expiration of the survival period for Sycamore’s representations and warranties and related indemnification obligations under the Share Purchase Agreement, which may occur as early as November 1, 2016. However, the Dissolution process and the payment of any distribution to the Company’s stockholders involve substantial risks and uncertainties. Accordingly, it is not possible to predict the exact timing of the completion of the Dissolution, the exact timing of any further distributions to stockholders or the aggregate amount of any such distributions, and no assurance can be given that the distributions will equal or exceed the estimate of net assets presented in Sycamore’s Statement of Net Assets included in this Annual Report. Sycamore will continue to analyze its estimates of liquidation expenses on an ongoing basis and determine whether further distributions of assets to its stockholders are appropriate at such times. In addition, Samena may assert a claim for indemnification or commence litigation proceedings in connection with the Share Purchase Agreement. No assurance can be given that Samena or another third party will not seek indemnification under the Share Purchase Agreement or otherwise commence litigation in connection with the sale of the Tejas shares prior to the conclusion of the Dissolution period, which may delay the conclusion of the Dissolution period or decrease the amount available for distribution to the Company’s stockholders. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jul. 31, 2016 | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The accompanying financial statements reflect the application of certain significant accounting policies as described below. The Company believes these accounting policies are significant because they affect judgments, assumptions and estimates we used in preparing our financial statements. Changes in these estimates can materially affect our net assets and changes in net assets. Basis of Consolidation and Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements. Actual results could differ from these estimates. Following the Company’s filing of the Certificate of Dissolution, on March 24, 2013 the Company adopted the liquidation basis of accounting. See “Liquidation Basis of Accounting” below for further information regarding the Company’s use of the liquidation basis of accounting. Cash Distributions The Company paid $8.38 million in a cash distribution to stockholders in fiscal year 2016. Liquidation Basis of Accounting On March 24, 2013, the beginning of the fiscal month following the filing of the Certificate of Dissolution, the Company began reporting on a liquidation basis of accounting. Under the liquidation basis of accounting, assets are measured to reflect the estimated amount of cash or other consideration expected to be collected in settling or disposing of the assets. Liabilities are measured in accordance with the measurement provisions of Accounting Standard Codification Topics that otherwise apply. Additionally, the Company accrued estimated costs associated with carrying out the Plan of Dissolution. These estimates are reviewed periodically and adjusted as appropriate. The measurement of assets and liabilities represent estimates, based on present facts and circumstances, of the realizable value of the assets and the costs associated with carrying out the Plan of Dissolution. The actual values and costs associated with carrying out the Plan of Dissolution may differ from amounts reflected in the financial statements because of the inherent uncertainty in estimating future events. These differences may be material. In particular, the estimates of costs will vary with the length of time necessary to complete the Dissolution process and to resolve any claims. At this time, the Company expects to make a final liquidating distribution and conclude the Dissolution period as promptly as possible following the expiration of the survival period for Sycamore’s representations and warranties and related indemnification obligations under the Share Purchase Agreement, which may occur as early as November 1, 2016. However, the Dissolution process and the payment of any distribution to the Company’s stockholders involve substantial risks and uncertainties. Accordingly, it is not possible to predict the exact timing of the completion of the Dissolution, the exact timing of any further distributions to stockholders or the aggregate amount of any such distributions, and no assurance can be given that the distributions will equal or exceed the estimate of net assets presented in the accompanying Statement of Net Assets. Cash Equivalents and Investments Cash equivalents are short-term, highly liquid investments with original or remaining maturity dates of three months or less at the date of acquisition. Cash equivalents are carried at cost plus accrued interest, which approximates fair market value. As of July 31, 2016 and 2015, aggregate cash and cash equivalents consisted of (in thousands): July 31, 2016: Amortized Cost Gross Gains Gross Losses Fair Value Cash and cash equivalents $ 3,841 $ — $ — $ 3,841 Total $ 3,841 $ — $ — $ 3,841 July 31, 2015: Amortized Cost Gross Gains Gross Losses Fair Value Cash and cash equivalents $ 10,943 $ — $ — $ 10,943 Total $ 10,943 $ — $ — $ 10,943 |
Liquidation Basis of Accounting
Liquidation Basis of Accounting | 12 Months Ended |
Jul. 31, 2016 | |
Liquidation Basis of Accounting | 3. Liquidation Basis of Accounting Fiscal Year 2016 Net assets in liquidation were $6.53 million and $10.08 million as of July 31, 2016 and July 31, 2015, respectively. As of July 31, 2016, assets consisted of cash and cash equivalents of $3.84 million, the Tejas investment valued at $3.27 million and other assets of $0.06 million. Based on our current best estimate of the realizable value of the Company’s remaining assets relating to the IQstream Business, we have assigned a value of $0 to these assets for purposes of the Statement of Net Assets. As of July 31, 2016, liabilities consisted of accounts payable of $0.04 million and our reserve for estimated costs during the Dissolution period of $0.60 million. The Company accrued estimated costs expected to be incurred in carrying out the Plan of Dissolution. Under Delaware law, the Dissolution period was to last a minimum of three years from the filing of the Certificate of Dissolution (or March 7, 2016). On February 25, 2016, the Court of Chancery entered an order extending Sycamore’s corporate existence for an additional period of up to two years, ending on March 7, 2018, or such shorter period as the Board deems necessary, to make a final determination with respect to the Company’s remaining non-cash assets. At this time, the Company expects to make a final liquidating distribution and conclude the Dissolution period as promptly as possible following the expiration of the survival period for Sycamore’s representations and warranties and related indemnification obligations under the Share Purchase Agreement, which may occur as early as November 1, 2016. The Company was required to make certain estimates and exercise judgment in determining the accrued costs of liquidation as of July 31, 2016 and July 31, 2015. The table below summarizes the reserve for estimated costs during the Dissolution period as of July 31, 2016 and July 31, 2015 (in thousands). The estimated costs as of July 31, 2016 assumes that the Dissolution period ends on November 30, 2016. The estimated costs as of July 31, 2015 had assumed the Dissolution period was to end on March 7, 2016: July 31, 2016 July 31, 2015 Compensation $ 297 $ 376 Professional fees 171 568 Other expenses associated with wind-down activities 108 646 Insurance 20 186 $ 596 $ 1,776 During the year ended July 31, 2016, the Company adjusted its estimate of the realizable value of assets and its estimated settlement amounts of liabilities, resulting in a net increase to net assets of $4.83 million. The realizable value of assets increased by $3.28 million as a result of an increase in the estimated value of our Tejas investment. The Company increased its reserve for estimated costs during the Dissolution period by $0.15 million primarily due to the decision to extend the Dissolution period. The Company also decreased other liabilities by $1.70 million primarily related to taxes in certain state and foreign jurisdictions. Fiscal Year 2015 Net assets in liquidation increased $0.58 million during fiscal year 2015. During the year ended July 31, 2015, the Company adjusted its estimate of the realizable value of assets and its estimated settlement amounts of liabilities, resulting in a net increase to net assets of $0.58 million. The realizable value of assets increased by $0.09 million as a result of an increase in other assets primarily related to a miscellaneous receivable. The Company decreased its reserve for estimated costs during the Dissolution period by $0.21 million. The decrease was primarily related to lower professional fees of $0.15 million and other expenses of $0.08 million. The decrease was offset in part by an increase in compensation costs of $0.02 million. The Company also decreased accrued expenses and other liabilities by $0.28 million primarily related to taxes in certain state and foreign jurisdictions. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jul. 31, 2016 | |
Property and Equipment | 4. Property and Equipment None. |
Commitments
Commitments | 12 Months Ended |
Jul. 31, 2016 | |
Commitments | 5. Commitments Operating Leases The Company leases office space from Regis Management Group LLC in Andover, Massachusetts. The term of the Regis lease is not greater than twelve months. |
Income Taxes
Income Taxes | 12 Months Ended |
Jul. 31, 2016 | |
Income Taxes | 6. Income Taxes The components of the Company’s net deferred tax assets at July 31, 2016 and 2015 are as follows (in thousands): July 31, 2016 2015 Deferred tax assets: Net operating loss carryforwards $ 297,870 $ 298,924 Credit carryforwards 20,969 21,301 Restructuring and related accruals — 3,502 Capital loss carryforwards — 672 Depreciation — 971 Other, net — 695 Total net deferred tax assets 318,839 326,065 Valuation allowance (318,839 ) (326,065 ) Net deferred tax assets $ — $ — The Company is currently open to audit under statutes of limitation by the Internal Revenue Service, various foreign jurisdictions, and state jurisdictions for the fiscal years ended July 31, 2009 through July 31, 2016. However, limited adjustments can be made to federal and state tax returns in earlier years in order to reduce net operating loss carryforwards. As of July 31, 2016, the Company had federal and state net operating loss (“NOL”) carryforwards of approximately $846.3 million and $33.47 million, respectively. The federal and state net operating loss carryforwards will expire at various dates through 2034. The Company also has federal and state research and development credit carryforwards of approximately $14.48 million and $9.98 million, respectively, which begin to expire at various dates through 2020. The occurrence of ownership changes, as defined in Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), is not controlled by the Company, and could significantly limit the amount of net operating loss carryforwards and research and development credits that can be utilized annually to offset future taxable income. The Company completed an updated Section 382 study through July 31, 2011 and the results of this study showed that no ownership change within the meaning of the Code had occurred through July 31, 2011 that would limit the annual utilization of available tax attributes. The Company has not, however, conducted a Section 382 study for any periods after July 31, 2011 and, accordingly, the Company cannot provide any assurance that an ownership change within the meaning of the Code has not occurred since that date. The Company has evaluated the positive and negative evidence bearing upon the realization of its deferred tax assets and has established a valuation allowance of $318.84 million and $326.06 million as of July 31, 2016 and July 31, 2015, respectively, for such assets, which are comprised principally of net operating loss carryforwards and research and development credits. Included in the net operating loss carryforwards are stock option deductions of approximately $125.0 million. The benefits of these stock option deductions approximate $47.8 million. As of July 31, 2016 and 2015, the Company had net operating loss carryforwards of approximately $7.1 million related to the exercise of stock options subsequent to the adoption of fair value accounting. This amount represents the excess benefit and has not been included in the gross deferred tax asset reflected for net operating losses. As of July 31, 2016, the total amount of unrecognized tax benefit is $0 million. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands): 2016 2015 Beginning balance . $ 1,587 $ 1,786 Increase for current year . 70 82 Reductions related to expiration of statute of limitations . (1,657 ) (281 ) Ending balance $ — $ 1,587 As of July 31, 2016 and July 31, 2015, the total amount of accrued interest and penalties related to uncertain tax positions is $0 and $0.6 million. The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for federal, international and state income taxes. During the year ended July 31, 2016 the liability was adjusted to $0. This liability is subject to change, perhaps materially. |
Common Stock
Common Stock | 12 Months Ended |
Jul. 31, 2016 | |
Common Stock | 7. Common Stock Prior to the Dissolution, the Company was authorized to issue up to 250,000,000 shares of the Common Stock. The holders of the Common Stock are entitled to one vote for each share held. In connection with the filing of the Certificate of Dissolution, effective as of 5:00 p.m. Eastern Time on March 7, 2013, the Company closed its stock transfer books and discontinued recording transfers of the Common Stock. The Common Stock, and stock certificates evidencing the shares of Common Stock, are no longer assignable or transferable on the Company’s books, other than transfers by will, intestate succession or operation of law, and represent only the right to receive distributions in connection with the Dissolution, if any. The Board will determine, in its sole discretion and in accordance with the Plan of Dissolution and applicable law, the timing, amount and kind of all distributions to be made to stockholders. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jul. 31, 2016 | |
Fair Value Measurements | 8. Fair Value Measurements The fair value measurement rules establish a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 Quoted prices in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset and liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Assets and liabilities of the Company measured at fair value on a recurring basis as of July 31, 2016, are summarized as follows (in thousands): Fair Value Measurements at Reporting Date Using Description July 31, Quoted Prices in Significant Other Significant Unobservable Assets Cash and Cash Equivalents $ 3,841 $ 3,841 $ — $ — Total assets $ 3,841 $ 3,841 $ — $ — Cash and Cash Equivalents Cash and cash equivalents of $3.84 million consisting of money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. Assets and liabilities of the Company measured at fair value on a recurring basis as of July 31, 2015, are summarized as follows (in thousands): Fair Value Measurements at Reporting Date Using Description July 31, Quoted Prices in Significant Other Significant Unobservable Assets Cash and Cash Equivalents $ 10,943 $ 10,943 $ — $ — Total assets $ 10,943 $ 10,943 $ — $ — Cash and Cash Equivalents Cash and cash equivalents of $10.94 million consisting of money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jul. 31, 2016 | |
Commitments and Contingencies | 9. Commitments and Contingencies Tyngsborough Land Litigation On March 26, 2015, the Plaintiffs filed the Complaint in the Land Court Department of the Trial Court of the Commonwealth of Massachusetts against the Company and Charles McAnsin Associates, A Limited Partnership. The Complaint asserted that pursuant to a Reciprocal Easement Agreement, the parties thereto agreed to give each other easements for vehicular access over a certain road. The Complaint further asserted that by an amendment to the Reciprocal Easement Agreement, dated as of October 30, 2000, the parties removed all but one lot owned by the Company’s predecessor-in-title from within the purview of the Reciprocal Easement Agreement, and that consequently the Company had the right to the use of only a portion of the road and with respect to the single lot only. The Complaint stated a claim to quiet title, and sought relief in the form of: (1) a declaration that the Company has the right as appurtenant to the single lot to use the road for access to that lot; (2) a declaration that the Company has no appurtenant right to use the disputed section of the road for any purpose; (3) a declaration that the Company’s only right to use the disputed section of the road is the right appurtenant to the single lot; (4) a declaration that a development proposed on the Tyngsborough Land would not have access over the disputed section of the road; and (5) an award of the Plaintiffs’ costs. On April 16, 2015, the Company filed a special motion to dismiss the Complaint. On May 8, 2015, the Land Court Department of the Trial Court of the Commonwealth of Massachusetts heard oral argument on the motion to dismiss and, after argument, took the matter under advisement. On October 5, 2015, the Company, Tyngsborough Commons, the Plaintiffs and certain other parties named therein entered into the Settlement Agreement providing for, among other things: (i) the filing of a motion to stay the Tyngsborough Litigation upon the parties’ entry into the Settlement Agreement; and (ii) in connection with the closing of the sale of the Tyngsborough Land to Tyngsborough Commons (or its permitted assigns), (A) the filing of a stipulation of dismissal, with prejudice, of the Tyngsborough Litigation, upon the payment by the Company and Tyngsborough Commons to the Plaintiffs of an aggregate amount of $125,000 (the Company and Tyngsborough Commons separately agreed that the Company is only required to pay $50,000 of such settlement amount), (B) the termination of the Reciprocal Easement Agreement and (C) the entry into the New Easement Agreement. In connection with the closing of the sale of the Tyngsborough Land on December 4, 2015, the Settlement Agreement was consummated, in connection with which settlement funds were disbursed to the Plaintiffs, a stipulation of dismissal was filed in the Land Court Department of the Trial Court of the Commonwealth of Massachusetts and the termination of the Reciprocal Easement Agreement and the New Easement Agreement were recorded with the Middlesex North Registry of Deeds in Middlesex County, Massachusetts. Delaware Court of Chancery On February 12, 2016, the Company filed the Petition in the Court of Chancery, requesting an extension in accordance with the DGCL of up to an additional two years of the Company’s wind down period, or such shorter period as the Board deems necessary, to make a final determination with respect to the Company’s Tejas investment. On February 25, 2016, the Court of Chancery entered an order extending Sycamore’s corporate existence for an additional period of up to two years, ending on March 7, 2018, or such shorter period as the Board deems necessary, and affirming that approximately $3.54 million is sufficient to be retained for anticipated wind down costs and expenses, of which any portion that is not required to cover such wind down costs and expenses may be distributed from time to time to the Company’s stockholders in the discretion of the Board in accordance with its fiduciary duties. Guarantees The Company’s guarantees requiring disclosure consist of its indemnification obligations as set forth in the Share Purchase Agreement, indemnification for other claims and indemnification for officers and directors. Prior to the Asset Sale and the Dissolution, in the normal course of business, the Company agreed to indemnify other parties, including customers, lessors and parties to other transactions with the Company with respect to certain matters. Historically, payments made by the Company under these agreements had not had a material impact on the Company’s operating results or financial position. Furthermore, most of these obligations were assumed by Buyer in connection with the Asset Sale. Accordingly, the Company has not recorded a liability for these agreements as of July 31, 2016 or July 31, 2015, as the Company believes the exposure for any related payments is not material. We entered into our standard form of indemnification agreement with each of our current and former directors and executive officers, which is in addition to the indemnification provided for in our amended and restated certificate of incorporation, as amended. The Plan of Dissolution also provides that we continue to indemnify such directors and executive officers in accordance with such agreements and our amended and restated certificate of incorporation, as amended. The indemnification agreements, among other things, provide for indemnification of such directors and executive officers for a number of expenses, including attorneys’ fees and other related expenses, as well as certain judgments, fines, penalties and settlement amounts incurred by any such person in any action, suit or proceeding, including any action by or in the right of the Company, arising out of such person’s service as a director or executive officer of the Company or any other company or enterprise to which the person provided services at our request. The Company did not incur any expense under these arrangements during fiscal year 2016 or fiscal year 2015. Due to the Company’s inability to estimate liabilities in connection with these agreements, if and when they might be incurred, the Company has not recorded any liability for these agreements as of July 31, 2016 or July 31, 2015. During the Dissolution period, we intend to continue to indemnify each of our current and former directors and executive officers to the extent permitted under Delaware law, our amended and restated certificate of incorporation, as amended, and the indemnification agreements. The Company has also continued to maintain directors’ and officers’ insurance coverage since the filing of the Certificate of Dissolution, and intends to maintain such coverage through the end of the Dissolution period. In connection with the closing of the sale of the Tejas shares, the Company agreed to indemnify Samena for any damages arising out of a breach of certain representations or warranties as set forth in the Share Purchase Agreement, including with respect to the Company’s authority to consummate the transactions contemplated by the Share Purchase Agreement, its title to the Tejas shares and its ability to execute, deliver and perform the Share Purchase Agreement consistent with the terms and conditions of the previously adopted Plan of Complete Liquidation and Dissolution. The Company’s aggregate indemnification liability for breaches of representations or warranties is limited to $3.5 million. All of the Company’s indemnification obligations for breaches of representations or warranties under the Share Purchase Agreement are set to expire no later than January 29, 2017. However, if the board of directors of the Company adopts a resolution on or after November 1, 2016 authorizing the completion of the liquidation of the Company’s assets and the making of a final liquidating distribution to the Company’s stockholders in accordance with the DGCL, the Company’s representations and warranties that survived the closing will expire on the date immediately preceding the date of such resolution and the Company will be free to complete its liquidation and dissolution at that time. The Company has not received any claims for indemnification under the Share Purchase Agreement and therefore has not recorded, nor does it expect to record, any liability in connection with its indemnification obligations under the Share Purchase Agreement. Other Matters Prior to April 7, 2016, the Company’s 401(k) was the subject of a scheduled investigation by the U.S. Department of Labor (the “DOL”). On April 7, 2016, the DOL informed the Company that its investigation had concluded and that no further action by the DOL was then contemplated. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jul. 31, 2016 | |
Subsequent Events | 10. Subsequent Events On August 2, 2016, the Company completed the sale of all of its equity shares of Tejas, to Samena pursuant to the Share Purchase Agreement for an aggregate purchase price of $3.5 million. Sycamore received net proceeds of approximately $3.27 million after deduction of Indian withholding and stamp duty taxes in the transaction. The Share Purchase Agreement contains certain representations and warranties, covenants and agreements of each of Sycamore and Samena, including a covenant of Sycamore not to adopt a resolution authorizing the completion of the liquidation of Company’s assets and the making of a final liquidating distribution to the Company’s stockholders in accordance with the DGCL prior to the expiration of the 90th calendar day following August 2, 2016, the closing date under the Share Purchase Agreement, or October 31, 2016. |
Summary of Significant Accoun14
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jul. 31, 2016 | |
Basis of Consolidation and Presentation | Basis of Consolidation and Presentation The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the dates of the financial statements. Actual results could differ from these estimates. Following the Company’s filing of the Certificate of Dissolution, on March 24, 2013 the Company adopted the liquidation basis of accounting. See “Liquidation Basis of Accounting” below for further information regarding the Company’s use of the liquidation basis of accounting. |
Cash Distributions | Cash Distributions The Company paid $8.38 million in a cash distribution to stockholders in fiscal year 2016. |
Liquidation Basis of Accounting | Liquidation Basis of Accounting On March 24, 2013, the beginning of the fiscal month following the filing of the Certificate of Dissolution, the Company began reporting on a liquidation basis of accounting. Under the liquidation basis of accounting, assets are measured to reflect the estimated amount of cash or other consideration expected to be collected in settling or disposing of the assets. Liabilities are measured in accordance with the measurement provisions of Accounting Standard Codification Topics that otherwise apply. Additionally, the Company accrued estimated costs associated with carrying out the Plan of Dissolution. These estimates are reviewed periodically and adjusted as appropriate. The measurement of assets and liabilities represent estimates, based on present facts and circumstances, of the realizable value of the assets and the costs associated with carrying out the Plan of Dissolution. The actual values and costs associated with carrying out the Plan of Dissolution may differ from amounts reflected in the financial statements because of the inherent uncertainty in estimating future events. These differences may be material. In particular, the estimates of costs will vary with the length of time necessary to complete the Dissolution process and to resolve any claims. At this time, the Company expects to make a final liquidating distribution and conclude the Dissolution period as promptly as possible following the expiration of the survival period for Sycamore’s representations and warranties and related indemnification obligations under the Share Purchase Agreement, which may occur as early as November 1, 2016. However, the Dissolution process and the payment of any distribution to the Company’s stockholders involve substantial risks and uncertainties. Accordingly, it is not possible to predict the exact timing of the completion of the Dissolution, the exact timing of any further distributions to stockholders or the aggregate amount of any such distributions, and no assurance can be given that the distributions will equal or exceed the estimate of net assets presented in the accompanying Statement of Net Assets. |
Cash Equivalents and Investments | Cash Equivalents and Investments Cash equivalents are short-term, highly liquid investments with original or remaining maturity dates of three months or less at the date of acquisition. Cash equivalents are carried at cost plus accrued interest, which approximates fair market value. As of July 31, 2016 and 2015, aggregate cash and cash equivalents consisted of (in thousands): July 31, 2016: Amortized Cost Gross Gains Gross Losses Fair Value Cash and cash equivalents $ 3,841 $ — $ — $ 3,841 Total $ 3,841 $ — $ — $ 3,841 July 31, 2015: Amortized Cost Gross Gains Gross Losses Fair Value Cash and cash equivalents $ 10,943 $ — $ — $ 10,943 Total $ 10,943 $ — $ — $ 10,943 |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Aggregate Cash and Cash Equivalents | As of July 31, 2016 and 2015, aggregate cash and cash equivalents consisted of (in thousands): July 31, 2016: Amortized Cost Gross Gains Gross Losses Fair Value Cash and cash equivalents $ 3,841 $ — $ — $ 3,841 Total $ 3,841 $ — $ — $ 3,841 July 31, 2015: Amortized Cost Gross Gains Gross Losses Fair Value Cash and cash equivalents $ 10,943 $ — $ — $ 10,943 Total $ 10,943 $ — $ — $ 10,943 |
Liquidation Basis of Accounti16
Liquidation Basis of Accounting (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Reserve for Estimated Costs | The table below summarizes the reserve for estimated costs during the Dissolution period as of July 31, 2016 and July 31, 2015 (in thousands). The estimated costs as of July 31, 2016 assumes that the Dissolution period ends on November 30, 2016. The estimated costs as of July 31, 2015 had assumed the Dissolution period was to end on March 7, 2016: July 31, 2016 July 31, 2015 Compensation $ 297 $ 376 Professional fees 171 568 Other expenses associated with wind-down activities 108 646 Insurance 20 186 $ 596 $ 1,776 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Net Deferred Tax Assets | The components of the Company’s net deferred tax assets at July 31, 2016 and 2015 are as follows (in thousands): July 31, 2016 2015 Deferred tax assets: Net operating loss carryforwards $ 297,870 $ 298,924 Credit carryforwards 20,969 21,301 Restructuring and related accruals — 3,502 Capital loss carryforwards — 672 Depreciation — 971 Other, net — 695 Total net deferred tax assets 318,839 326,065 Valuation allowance (318,839 ) (326,065 ) Net deferred tax assets $ — $ — |
Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands): 2016 2015 Beginning balance . $ 1,587 $ 1,786 Increase for current year . 70 82 Reductions related to expiration of statute of limitations . (1,657 ) (281 ) Ending balance $ — $ 1,587 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jul. 31, 2016 | |
Assets and Liabilities Fair Value Measurements on Recurring Basis | Assets and liabilities of the Company measured at fair value on a recurring basis as of July 31, 2016, are summarized as follows (in thousands): Fair Value Measurements at Reporting Date Using Description July 31, Quoted Prices in Significant Other Significant Unobservable Assets Cash and Cash Equivalents $ 3,841 $ 3,841 $ — $ — Total assets $ 3,841 $ 3,841 $ — $ — Assets and liabilities of the Company measured at fair value on a recurring basis as of July 31, 2015, are summarized as follows (in thousands): Fair Value Measurements at Reporting Date Using Description July 31, Quoted Prices in Significant Other Significant Unobservable Assets Cash and Cash Equivalents $ 10,943 $ 10,943 $ — $ — Total assets $ 10,943 $ 10,943 $ — $ — |
Description of Business - Addit
Description of Business - Additional Information (Detail) $ / shares in Units, $ in Thousands | Aug. 02, 2016USD ($) | Apr. 29, 2016USD ($)$ / shares | Feb. 25, 2016USD ($) | May 22, 2014USD ($)Patent | Feb. 28, 2014USD ($)Patent | Jan. 31, 2013USD ($) | Jul. 31, 2016aEmployee | Oct. 10, 2014USD ($) | Mar. 07, 2013$ / shares |
Entity Information [Line Items] | |||||||||
Sale of shared facilities and assets, value | $ 18,750 | ||||||||
Common stock, par value | $ / shares | $ 0.001 | ||||||||
Number of employees | Employee | 1 | ||||||||
Liquidating cash distribution, per share | $ / shares | $ 0.29 | ||||||||
Liquidating distribution | $ 8,380 | ||||||||
Expected liquidation date | Jan. 29, 2017 | ||||||||
Subsequent Event | Tejas | |||||||||
Entity Information [Line Items] | |||||||||
Aggregate purchase price of investment sold | $ 3,500 | ||||||||
Proceeds from equity method investment net of tax | $ 3,270 | ||||||||
Delaware Court of Chancery | |||||||||
Entity Information [Line Items] | |||||||||
Additional wind down period | 2 years | ||||||||
Anticipated wind down costs and expenses | $ 3,540 | ||||||||
Tyngsborough Massachusetts | |||||||||
Entity Information [Line Items] | |||||||||
Sale of facilities and assets, value | $ 2,500 | ||||||||
Tyngsborough Massachusetts | Termination of Restated Purchase and Sale Agreement with Tyngsborough Commons, LLC | |||||||||
Entity Information [Line Items] | |||||||||
Ownership of land | a | 102 | ||||||||
IBM Patents | |||||||||
Entity Information [Line Items] | |||||||||
Patent sale agreement, number of patents | Patent | 40 | ||||||||
Patent sale agreement, number of patent applications | Patent | 2 | ||||||||
Amount received from sale of patents | $ 2,000 | ||||||||
IQstream Patents | |||||||||
Entity Information [Line Items] | |||||||||
Patent sale agreement, number of patents | Patent | 3 | ||||||||
Patent sale agreement, number of patent applications | Patent | 6 | ||||||||
Amount received from sale of patents | $ 300 |
Summary of Significant Accoun20
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 29, 2016 | Jul. 31, 2016 | Jul. 31, 2015 |
Summary Of Significant Accounting Policies [Line Items] | |||
Liquidating distribution | $ 8,380 | ||
Liquidation Basis of Accounting | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Liquidating distribution | $ 8,376 |
Aggregate Cash and Cash Equival
Aggregate Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Jul. 31, 2016 | Jul. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 3,841 | $ 10,943 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Market Value | 3,841 | 10,943 |
Cash and cash equivalents | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 3,841 | 10,943 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Market Value | $ 3,841 | $ 10,943 |
Liquidation Basis of Accounti22
Liquidation Basis of Accounting - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 25, 2016 | Jul. 31, 2016 | Jul. 31, 2015 | Jul. 29, 2014 |
Statutory Accounting Practices [Line Items] | ||||
Increase in net assets | $ 4,830 | $ 580 | ||
Other expenses associated with wind-down activities | ||||
Statutory Accounting Practices [Line Items] | ||||
(Increase) decrease in estimated costs during the Dissolution period | 80 | |||
Delaware Court of Chancery | ||||
Statutory Accounting Practices [Line Items] | ||||
Additional wind down period | 2 years | |||
Tejas | ||||
Statutory Accounting Practices [Line Items] | ||||
Increase (Decrease) in estimated net realizable value on asset | 3,280 | |||
IQstream Patents | ||||
Statutory Accounting Practices [Line Items] | ||||
Net assets in liquidation | 0 | |||
Professional fees | ||||
Statutory Accounting Practices [Line Items] | ||||
(Increase) decrease in estimated costs during the Dissolution period | 150 | |||
Compensation | ||||
Statutory Accounting Practices [Line Items] | ||||
(Increase) decrease in estimated costs during the Dissolution period | (20) | |||
Liquidation Basis of Accounting | ||||
Statutory Accounting Practices [Line Items] | ||||
Net assets in liquidation | 6,526 | 10,080 | $ 9,496 | |
Cash and cash equivalents | 3,841 | 10,943 | ||
Other assets | 58 | 47 | ||
Investment in Tejas | 3,268 | |||
Accounts payable | 45 | |||
Reserve for estimated costs during the Dissolution period | 596 | 1,776 | ||
(Increase) decrease in estimated costs during the Dissolution period | (157) | 210 | ||
Decrease in other liabilities | 1,704 | 281 | ||
Increase (Decrease) in estimated net realizable value on asset | 7 | 93 | ||
Increase (decrease) of net assets | 580 | |||
Liquidation Basis of Accounting | Professional fees | ||||
Statutory Accounting Practices [Line Items] | ||||
Reserve for estimated costs during the Dissolution period | 171 | 568 | ||
Liquidation Basis of Accounting | Compensation | ||||
Statutory Accounting Practices [Line Items] | ||||
Reserve for estimated costs during the Dissolution period | $ 297 | $ 376 |
Reserve for Estimated Costs (De
Reserve for Estimated Costs (Detail) - Liquidation Basis of Accounting - USD ($) $ in Thousands | Jul. 31, 2016 | Jul. 31, 2015 |
Accrued Expenses [Line Items] | ||
Reserve for estimated costs during the Dissolution period | $ 596 | $ 1,776 |
Compensation | ||
Accrued Expenses [Line Items] | ||
Reserve for estimated costs during the Dissolution period | 297 | 376 |
Professional fees | ||
Accrued Expenses [Line Items] | ||
Reserve for estimated costs during the Dissolution period | 171 | 568 |
Other expenses associated with wind-down activities | ||
Accrued Expenses [Line Items] | ||
Reserve for estimated costs during the Dissolution period | 108 | 646 |
Insurance | ||
Accrued Expenses [Line Items] | ||
Reserve for estimated costs during the Dissolution period | $ 20 | $ 186 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) | 12 Months Ended |
Jul. 31, 2016 | |
Operating Leased Assets [Line Items] | |
Term of lease | 12 months |
Net Deferred Tax Assets (Detail
Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Jul. 31, 2016 | Jul. 31, 2015 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 297,870 | $ 298,924 |
Credit carryforwards | 20,969 | 21,301 |
Restructuring and related accruals | 3,502 | |
Capital loss carryforwards | 672 | |
Depreciation | 971 | |
Other, net | 695 | |
Total net deferred tax assets | 318,839 | 326,065 |
Valuation allowance | (318,839) | (326,065) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jul. 31, 2016 | Jul. 31, 2015 | Jul. 29, 2014 | |
Schedule Of Income Taxes [Line Items] | |||
Deferred tax assets, valuation allowance | $ 318,839 | $ 326,065 | |
Net operating loss carry forwards, stock option deductions | 125,000 | ||
Benefits of stock option deductions | 47,800 | ||
Net operating loss carry forwards related to exercise of stock option | 7,100 | 7,100 | |
Total unrecognized tax benefit | 0 | 1,587 | $ 1,786 |
Unrecognized tax benefit uncertain tax position | 0 | $ 600 | |
Federal | |||
Schedule Of Income Taxes [Line Items] | |||
Net operating loss carry forwards | $ 846,300 | ||
Operating Loss Carry forwards Expiration Year | 2,034 | ||
Research and development credit carry forwards | $ 14,480 | ||
Research and Development Credit Carry forwards Expiration Year | 2,020 | ||
State and Local Jurisdiction | |||
Schedule Of Income Taxes [Line Items] | |||
Net operating loss carry forwards | $ 33,470 | ||
Operating Loss Carry forwards Expiration Year | 2,034 | ||
Research and development credit carry forwards | $ 9,980 | ||
Research and Development Credit Carry forwards Expiration Year | 2,020 |
Reconciliation of Beginning and
Reconciliation of Beginning and Ending Amount of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jul. 31, 2016 | Jul. 31, 2015 | |
Schedule Of Income Taxes [Line Items] | ||
Beginning balance | $ 1,587 | $ 1,786 |
Increase for current year | 70 | 82 |
Reductions related to expiration of statute of limitations | (1,657) | (281) |
Ending balance | $ 0 | $ 1,587 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) - shares | 12 Months Ended | |
Jul. 31, 2016 | Mar. 07, 2013 | |
Class of Stock [Line Items] | ||
Common stock, shares authorized | 250,000,000 | |
Common stock, voting rights | One vote for each share held |
Assets and Liabilities Fair Val
Assets and Liabilities Fair Value Measurements on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jul. 31, 2016 | Jul. 31, 2015 |
Assets | ||
Cash and Cash Equivalents | $ 3,841 | $ 10,943 |
Total assets | 3,841 | 10,943 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Cash and Cash Equivalents | 3,841 | 10,943 |
Total assets | $ 3,841 | $ 10,943 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jul. 31, 2016 | Jul. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents | $ 3,841 | $ 10,943 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents | $ 3,841 | $ 10,943 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Feb. 25, 2016 | Feb. 12, 2016 | Oct. 05, 2015 | Jul. 31, 2016 |
Indemnification Agreement | ||||
Commitment And Contingencies [Line Items] | ||||
Asset sale agreement, maximum indemnification liability | $ 3,500,000 | |||
Share purchase agreement expiration date | Jan. 29, 2017 | |||
Complaint | Settled Litigation | ||||
Commitment And Contingencies [Line Items] | ||||
Litigation settlement amount | $ 125,000 | |||
Complaint | Settled Litigation | Sycamore Networks Incorporation | ||||
Commitment And Contingencies [Line Items] | ||||
Litigation settlement amount | $ 50,000 | |||
Delaware Court of Chancery | ||||
Commitment And Contingencies [Line Items] | ||||
Additional wind down period | 2 years | |||
Anticipated wind down costs and expenses | $ 3,540,000 | |||
Delaware Court of Chancery | Tejas | ||||
Commitment And Contingencies [Line Items] | ||||
Additional wind down period | 2 years |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event - Tejas $ in Thousands | Aug. 02, 2016USD ($) |
Subsequent Event [Line Items] | |
Aggregate purchase price of investment sold | $ 3,500 |
Proceeds from equity method investment net of tax | $ 3,270 |