Emergent Capital (EMGC) 10-K 14 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 11, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	IFT
Entity Registrant Name	Emergent Capital, Inc.
Entity Central Index Key	1,494,448
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		28,130,508
Entity Public Float			$ 128,848,576

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 12,946	$ 51,166
Certificate of deposit	2,501	0
Prepaid expenses and other assets	1,017	1,502
Deposits - other	1,347	1,340
Deposits on purchases of life settlements	0	1,630
Structured settlement receivables, at estimated fair value	0	384
Structured settlement receivables at cost, net	0	597
Life settlements, at estimated fair value	11,946	82,575
Fixed assets, net	322	355
Investment in affiliates	2,384	2,384
Deferred debt costs, net	1,797	3,936
Total assets	509,857	459,931
Liabilities
Accounts payable and accrued expenses	3,051	6,140
Other liabilities	360	1,256
Convertible Notes, net of discount (Note 10)	58,609	55,881
Secured Notes, net of discount (Note 11)	0	24,036
Revolving Credit Facility debt, at estimated fair value		145,381
Deferred tax liability	0	8,728
Total liabilities	$ 289,500	$ 244,828
Commitments and Contingencies
Stockholders’ Equity
Common stock (par value $0.01 per share, 80,000,000 authorized; 28,130,508 and 21,402,990 issued and outstanding as of December 31, 2015 and 2014, respectively)	$ 281	$ 214
Preferred stock (par value $0.01 per share, 40,000,000 authorized; 0 issued and outstanding as of December 31, 2015 and 2014)	0	0
Treasury stock (608,000 and 0 shares as of December 31, 2015 and 2014, respectively)	(2,534)	0
Additional paid-in-capital	305,450	266,705
Accumulated deficit	(82,840)	(51,816)
Total stockholders’ equity	220,357	215,103
Total liabilities and stockholders’ equity	509,857	459,931
Primary Beneficiary Variable Interest Entity
Assets
Cash and cash equivalents	7,395	3,751
Life settlements, at estimated fair value	449,979	306,311
Receivable for maturity of life settlements (VIE Note 3)	18,223	4,000
Liabilities
Accounts payable and accrued expenses	419	423
Revolving Credit Facility debt, at estimated fair value	169,131	145,831
8.50% Senior Unsecured Convertible Notes Due 2019
Assets
Deferred debt costs, net	1,800
Liabilities
Interest payable	2,272	2,272
Convertible Notes, net of discount (Note 10)	58,600
12.875% Senior Secured Notes Due 2017
Liabilities
Interest payable	0	261
Revolving Credit Facility
Liabilities
Revolving Credit Facility debt, at estimated fair value	55,658	0
Deferred tax liability	$ 0	$ 8,728

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	80,000,000	80,000,000
Common stock, shares issued (shares)	28,130,508	21,402,990
Common stock, shares outstanding (shares)	28,130,508	21,402,990
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	40,000,000	40,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Treasury stock (shares)	608,000	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income
Interest income	$ 22	$ 29	$ 28
Interest and dividends on investment securities available for sale	0	0	14
Loss on life settlements, net	(41)	(426)	(1,990)
Change in fair value of life settlements (Notes 7 & 12)	46,717	44,128	88,686
Servicing fee income	0	0	310
Other income	193	85	2,030
Total income	46,891	43,816	89,078
Expenses
Interest expense	27,286	16,245	13,657
Change in fair value of Revolving Credit Facilities (Notes 8, 9 & 12)	12,197	(5,472)	(9,373)
Change in fair value of conversion derivative liability (Notes 10 & 12)	0	6,759	0
Gain on loan payoffs and settlements, net	0	0	(65)
Amortization of deferred costs	0	0	7
Personnel costs	6,384	8,763	8,177
Legal fees	20,739	13,620	11,701
Professional fees	7,133	5,254	5,281
Insurance	1,275	1,667	1,953
Other selling, general and administrative expenses	2,194	2,006	1,887
Total expenses	85,990	48,842	37,216
(Loss) income from continuing operations before income taxes	(39,099)	(5,026)	51,862
(Benefit) provision for income taxes	(8,719)	125	39
Net (loss) income from continuing operations	(30,380)	(5,151)	51,823
Discontinued Operations:
(Loss) income from discontinued operations, net of income taxes	(644)	(601)	2,198
Gain on disposal of discontinued operations, net of income taxes	0	0	11,311
Income tax benefit	0	232	0
Net (loss) income from discontinued operations	(644)	(369)	13,509
Net (loss) income	$ (31,024)	$ (5,520)	$ 65,332
Basic (loss) earnings per common share
Continuing operations (usd per share)	$ (1.22)	$ (0.24)	$ 2.44
Discontinued operations (usd per share)	(0.03)	(0.02)	0.64
Net (loss) income (usd per share)	(1.25)	(0.26)	3.08
Diluted (loss) earnings per common share
Continuing operations (usd per share)	(1.22)	(0.24)	2.44
Discontinued operations (usd per share)	(0.03)	(0.02)	0.64
Net (loss) income (usd per share)	$ (1.25)	$ (0.26)	$ 3.08
Weighted average shares outstanding:
Basic (shares)	24,851,178	21,354,567	21,216,487
Diluted (shares)	24,851,178	21,354,567	21,218,938
Secured Notes
Expenses
Loss on extinguishment of debt	$ 8,782	$ 0	$ 0
Bridge Facility
Expenses
Loss on extinguishment of debt	$ 0	$ 0	$ 3,991

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (31,024)	$ (5,520)	$ 65,332
Other comprehensive income (loss), net of tax:
Reclassification adjustment for gains included in net income	0	0	3
Comprehensive (loss) income	$ (31,024)	$ (5,520)	$ 65,335

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning Balance (in shares) at Dec. 31, 2012		21,206,121
Beginning Balance at Dec. 31, 2012	$ 126,645	$ 212		$ 238,064	$ (111,628)	$ (3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	65,335				65,332	3
Stock-based compensation	1,316			1,316
Restricted stock issued (in shares)		17,286
Restricted stock issued	69			69
Issuance of common stock (in shares)		13,759
Issuance of common stock	57			57
Reclassification of derivative liability, net of tax	0
Pre-conversion tax adjustment	0
Ending Balance (in shares) at Dec. 31, 2013		21,237,166
Ending Balance at Dec. 31, 2013	193,422	$ 212		239,506	(46,296)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	(5,520)				(5,520)
Stock-based compensation (in shares)		41,060
Stock-based compensation	956	$ 1		955
Issuance of common stock (in shares)		125,628
Issuance of common stock	500	$ 1		499
Retirement of common stock (in shares)		(864)
Reclassification of derivative liability, net of tax	14,069			14,069
Issuance of warrants	5,381			5,381
Pre-conversion tax adjustment	6,295			6,295
Ending Balance (in shares) at Dec. 31, 2014		21,402,990
Ending Balance at Dec. 31, 2014	215,103	$ 214		266,705	(51,816)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income (loss)	(31,024)				(31,024)
Stock-based compensation (in shares)		41,259
Stock-based compensation	490			490
Purchase of treasury stock, net of costs	(2,534)		$ (2,534)
Purchase of treasury stock, net of costs (in shares)			608,000
Common stock issued for rights offering, net of costs	38,334	$ 67		38,267
Common stock issued for rights offering, net of costs (in shares)		6,688,433
Retirement of common stock (in shares)		(2,174)
Retirement of common stock	(12)			(12)	0
Reclassification of derivative liability, net of tax	0
Pre-conversion tax adjustment	0
Ending Balance (in shares) at Dec. 31, 2015		28,130,508	608,000
Ending Balance at Dec. 31, 2015	$ 220,357	$ 281	$ (2,534)	$ 305,450	$ (82,840)	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities
Net (loss) income	$ (31,024)	$ (5,520)	$ 65,332
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation and amortization	113	88	183
Amortization of premiums and accretion of discounts on available for sale securities sale securities	0	0	21
Stock-based compensation	490	956	1,442
Gain on loan payoffs and settlements, net	0	0	(65)
Change in fair value of life settlements	(46,717)	(44,128)	(88,686)
Unrealized change in fair value of structured settlements	(20)	(32)	(1,230)
Change in fair value of Revolving Credit Facilities	12,197	(5,472)	(9,373)
Loss on life settlements	41	426	1,990
Interest income	(87)	(136)	(258)
Amortization of deferred costs	0	0	7
Gain on sale and prepayment of investment securities available for sale	0	0	(22)
Net gain from business dispositions	0	0	(11,311)
Change in value of warrants to be issued	0	0	2,299
Change in fair value of conversion derivative liability	0	6,759	0
Deferred income tax	(8,729)	(107)	39
Change in assets and liabilities:
Restricted cash	0	13,506	(13,506)
Deposits—other	(654)	257	1,258
Investment in affiliates	0	(6)	(165)
Structured settlement receivables	1,065	614	3,124
Prepaid expenses and other assets	(74)	(153)	12,848
Deferred costs	0	(739)	0
Accounts payable and accrued expenses	(3,105)	3,244	(2,938)
Other liabilities	(860)	(14,178)	(1,874)
Interest receivable	0	0	95
Net cash used in operating activities	(54,348)	(32,899)	(24,431)
Cash flows from investing activities
Certificate of deposit	(2,501)	0	0
Purchase of fixed assets, net of disposals	(69)	(256)	(15)
Capital lease asset	0	(8)	0
Proceeds from sale and prepayments of investment securities available for sale	0	0	12,111
Premiums paid on life settlements	(64,923)	(55,458)	(65,121)
Purchases of life settlements	(29,065)	(16,296)	(7,000)
Proceeds from sale of life settlements, net	2,150	4,031	5,780
Proceeds from maturity of life settlements	53,454	23,600	12,039
Proceeds from surrender of life settlement	0	0	1,049
Proceeds from loan payoffs and lender protection insurance claims received in advance	0	0	691
Deposit on purchase of life settlement	0	(1,630)	0
Net proceeds associated with business disposition	0	0	11,422
Net cash used in investing activities	(40,954)	(46,017)	(29,044)
Cash flows from financing activities
Revolving Credit and Bridge Facility origination cost	0	0	(6,731)
Restricted cash	0	0	1,162
Proceeds from rights offering, net	38,334	0	0
Purchase of treasury shares	(2,534)	0	0
Payment under finance lease obligations	(34)	0	0
Net cash provided by financing activities	60,726	111,134	69,173
Net (decrease)/increase in cash and cash equivalents	(34,576)	32,218	15,698
Cash and cash equivalents, at beginning of the year	54,917	22,699	7,001
Cash and cash equivalents, at end of the year	20,341	54,917	22,699
Supplemental disclosures of cash flow information:
Cash paid for interest during the period	13,802	5,414	1,270
Supplemental disclosures of non-cash investing activities:
Life settlements acquired in foreclosure	0	0	3,168
Supplemental disclosures of non-cash financing activities:
Purchase of policies through release of subrogation claim paid by lender	0	0	48,500
Interest payment and fees withheld from borrowings by lender	7,493	6,716	2,378
Reclassification of derivative liability, net of tax	0	14,069	0
Issuance of warrants and common stock in connection with settlement of class action litigation	0	5,881	0
Pre-conversion tax adjustment	0	6,295	0
Revolving Credit Facility | Red Falcon
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Revolving Credit Facility origination cost	3,329	0	0
Cash flows from financing activities
Repayment of borrowings under credit facilities	(4,378)	0	0
Proceeds from lines of credit	5,741	0	0
Red Falcon Revolving Credit Facility origination costs	(483)	0	0
Supplemental disclosures of cash flow information:
Cash paid for interest during the period	1,600
Supplemental disclosures of non-cash financing activities:
Credit facility origination costs paid to lender	2,200	0	0
Interest payment and fees withheld from borrowings by lender	3,300
Repayment of Secured Notes by lender of Red Falcon Revolving Credit Facility	51,800	0	0
Borrowings under Red Falcon Revolving Credit Facility	54,000	0	0
Revolving Credit Facility | White Eagle
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Revolving Credit Facility origination cost	0	0	10,340
Revolving Credit Facilities financing cost and fees	7,493	6,716	2,028
Cash flows from financing activities
Repayment of borrowings under credit facilities	(43,241)	(29,777)	0
Proceeds from lines of credit	47,146	50,518	78,342
Supplemental disclosures of non-cash financing activities:
Credit facility origination costs paid to lender	0	0	4,000
Convertible Notes
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Amortization of discount and deferred cost for Convertible Notes	3,132	2,371	0
Change in assets and liabilities:
Interest payable	0	2,533	0
Cash flows from financing activities
Proceeds from Convertible Notes, net	0	67,893	0
Secured Notes
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Amortization of discount and deferred cost for Convertible Notes	541	102	0
Extinguishment of debt	8,782	0	0
Change in assets and liabilities:
Interest payable	(261)	0	0
Cash flows from financing activities
Revolving Credit and Bridge Facility origination cost	(5)	0	0
Proceeds from Secured Notes, net	23,750	22,500	0
Extinguishment of Secured Notes	(3,570)	0	0
Bridge Facility
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Extinguishment of debt	0	0	3,991
Cash flows from financing activities
Repayment of borrowings under Bridge Facility	0	0	(45,000)
Borrowings from Bridge Facility	$ 0	$ 0	$ 41,400

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS ACTIVITIES	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS ACTIVITIES	ORGANIZATION AND DESCRIPTION OF BUSINESS ACTIVITIES Founded in December 2006 as a Florida limited liability company, Imperial Holdings, LLC, converted into Imperial Holdings, Inc. on February 3, 2011, in connection with the Company’s initial public offering. Effective September 1, 2015, the Company changed its name to Emergent Capital, Inc. (with its subsidiary companies, the “Company” or “Emergent Capital”). Incorporated in Florida, Emergent Capital, through its subsidiary companies, owns a portfolio of 632 life insurance policies, also referred to as life settlements, with a fair value of $461.9 million and an aggregate death benefit of approximately $3.0 billion at December 31, 2015 . The Company primarily earns income on these policies from changes in their fair value and through death benefits. 437 of these policies, with an aggregate death benefit of approximately $2.2 billion and a fair value of $331.3 million at December 31, 2015 are pledged under a $250.0 million , revolving credit agreement (the “White Eagle Revolving Credit Facility”) entered into by the Company’s indirect subsidiary, White Eagle Asset Portfolio, LP (“White Eagle”). Additionally, 156 policies, with an aggregate death benefit of approximately $603.9 million and a fair value of $118.6 million at December 31, 2015 were pledged as collateral under a $110.0 million , revolving credit agreement (the “Red Falcon Revolving Credit Facility” and, together with the White Eagle Revolving Credit Facility, the “Revolving Credit Facilities”) entered into by Red Falcon Trust (“Red Falcon”), a Delaware statutory trust formed by a wholly-owned Irish subsidiary of the Company. At December 31, 2015, 39 policies owned by the Company, with an aggregate death benefit of approximately $185.6 million and a fair value of $11.9 million were not pledged as collateral under either of the Revolving Credit Facilities.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, all of its wholly-owned subsidiary companies and its special purpose entities, with the exception of Imperial Settlements Financing 2010, LLC (“ISF 2010”), an unconsolidated special purpose entity which is accounted for using the cost method of accounting. The special purpose entity has been created to fulfill specific objectives. All significant intercompany balances and transactions have been eliminated in consolidation, including income from services performed by subsidiary companies in connection with the Revolving Credit Facilities. Notwithstanding consolidation, as referenced above, White Eagle is the owner of 437 policies, with an aggregate death benefit of approximately $2.2 billion and an estimated fair value of approximately $331.3 million and Red Falcon is the owner of 156 policies with an aggregate death benefit of approximately $603.9 million and an estimated fair value of approximately $118.6 million , in each case, at December 31, 2015 . Discontinued Operations On October 25, 2013, the Company sold substantially all of the assets comprising its structured settlement business for $12.0 million . As a result, the Company has discontinued segment reporting and classified its operating results of the structured settlement business, net of income taxes, as discontinued operations. The accompanying consolidated balance sheets of the Company as of December 31, 2015 and 2014 , and the related consolidated statements of operations for each of the three years in the period ended December 31, 2015 , and the related notes to the consolidated financial statements have been retrospectively revised to reflect the classification of our structured settlement business operating results, net of tax, as discontinued operations. See Note 6, “Discontinued Operations,” for further information. Unless otherwise noted, the following notes refer to the Company’s continuing operations. Ownership of Life Insurance Policies In the ordinary course of our legacy premium finance business, a large portion of our borrowers defaulted by not paying off their loans and relinquished ownership of their life insurance policies to us in exchange for our release of the obligation to pay amounts due. We also buy life insurance policies in the secondary and tertiary markets. We account for life insurance policies that we own as life settlements (life insurance policies) in accordance with ASC 325-30, Investments in Insurance Contracts , which requires us to either elect the investment method or the fair value method. The election is made on an instrument-by-instrument basis and is irrevocable. We have elected to account for these life insurance policies as investments using the fair value method. We initially record life settlements at the transaction price. For policies acquired upon relinquishment by our borrowers, we determined the transaction price based on fair value of the acquired policies at the date of relinquishment. The difference between the net carrying value of the loan and the transaction price is recorded as a gain (loss) on loan payoffs and settlement. For policies acquired for cash, the transaction price is the amount paid. Valuation of Insurance Policies Our valuation of insurance policies is a critical component of our estimate of the fair value of our life settlements (life insurance policies). We currently use a probabilistic method of valuing life insurance policies, which we believe to be the preferred valuation method in the industry. The most significant assumptions are the Company’s estimate of the life expectancy of the insured and the discount rate. See Note 12, “Fair Value Measurements.” Fair Value Measurement Guidance We follow ASC 820, Fair Value Measurements and Disclosures , which defines fair value as an exit price representing the amount that would be received if an asset were sold or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. Level 1 relates to quoted prices in active markets for identical assets or liabilities. Level 2 relates to observable inputs other than quoted prices included in Level 1. Level 3 relates to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Our investments in life insurance policies, structured settlements and debt under the Revolving Credit Facilities are considered Level 3 as there is currently no active market where we are able to observe quoted prices for identical assets/liabilities and our valuation model incorporates significant inputs that are not observable. See Note 12, “Fair Value Measurements.” Fair Value Option We have elected to account for life settlements using the fair value method. The fair value of the asset is the estimated amount that would be received to sell an asset in an orderly transaction between market participants at the measurement date. We calculate the fair value of the asset using a present value technique to estimate the fair value of its life settlements. The Company currently uses a probabilistic method of valuing life insurance policies, which the Company believes to be the preferred valuation method in the industry. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate. See Note 7, “Life Settlements (Life Insurance Policies)” and Note 12, “Fair Value Measurements.” We have elected to account for the debt under the Revolving Credit Facilities, which includes the interests in policy proceeds to the lender, using the fair value method. The fair value of the debt is the estimated amount that would have to be paid to transfer the debt to a market participant in an orderly transaction. We calculated the fair value of the debt using a discounted cash flow model taking into account the stated interest rate of the applicable credit facility and probabilistic cash flows from the pledged policies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, our estimates are not necessarily indicative of the amounts that we, or holders of the instruments, could realize in a current market exchange. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate. The use of assumptions and/or estimation methodologies could have a material effect on estimated fair values. In February 2014, the Company issued and sold $70.7 million in aggregate principal amount of 8.50% senior unsecured convertible notes due 2019 (the “Convertible Notes”). Prior to shareholder approval on June 5, 2014 to issue shares of common stock upon conversion of the Convertible Notes in excess of New York Stock Exchange limits for share issuances without shareholder approval, the Convertible Notes contained an embedded derivative feature. In accordance with Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging , derivative instruments are recognized as either assets or liabilities on the Company’s balance sheet and are measured at fair value with gains or losses recognized in earnings. Embedded derivatives that are not clearly and closely related to the host contract, such as the Convertible Notes, are bifurcated and recognized at fair value with changes in fair value recognized as either a gain or loss in earnings if they can be reliably measured. The Company determined the fair value of its embedded derivative based upon available market data and unobservable inputs using a Black Scholes pricing model. In accordance with ASC 815, upon receipt of shareholder approval on June 5, 2014, the Company reclassified the embedded derivative to equity along with unamortized transaction costs proportionate to the allocation of the initial debt discount and the principal amount of the Convertible Notes. The Convertible Notes are recorded at accreted value and will continue to be accreted up to the par value of the Convertible Notes at maturity. See Note 10, “8.50% Senior Unsecured Convertible Notes.” Income Recognition from Continuing Operations Our primary sources of income from continuing operations are in the form of changes in fair value and gains on life settlements, net. Our income recognition policies for this source of income is as follows: • Changes in Fair Value of Life Settlements —When the Company acquires certain life insurance policies we initially record these investments at the transaction price, which is the fair value of the policy for those acquired upon relinquishment or the amount paid for policies acquired for cash. The fair value of the investment in insurance policies is evaluated at the end of each reporting period. Changes in the fair value of the investment are recorded as changes in fair value of life settlements in our consolidated statement of operations. The fair value is determined on a discounted cash flow basis that incorporates current life expectancy assumptions. The discount rate incorporates current information about market interest rates, the credit exposure to the insurance company that issued the life insurance policy and our estimate of the risk premium an investor in the policy would require. The Company recognizes income from life settlement maturities upon receipt of a death notice or verified obituary of the insured. This income is the difference between the death benefit and fair value of the policy at the time of maturity. • Gain/ (Loss) on Life Settlements, Net —The Company recognizes gains from the sale of life settlement contracts that the Company owns upon the signed sale agreement and/or filing of ownership forms and funds transferred to escrow. Income Taxes In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). ASU 2013-11 requires, unless certain conditions exists, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, similar tax loss, or a tax credit carryforward. ASU 2013-11 is effective prospectively for reporting periods beginning after December 15, 2013, with early adoption permitted. Retrospective application is permitted. The Company adopted ASU 2013-11 effective on January 1, 2014 , which required the Company to reclassify a $6.3 million current liability for unrecognized tax benefits to deferred taxes. Adoption of this guidance resulted in the recognition of a $3.7 million tax expense in the Company’s consolidated financial statement of operations for the year ended December 31, 2014 , a $2.6 million reduction in the valuation allowance and an increase to additional paid-in-capital of $6.3 million on the Company’s consolidated balance sheet and consolidated statement of stockholders’ equity as of December 31, 2014 . Cash and Cash Equivalents Cash and cash equivalents include cash on hand and all highly liquid instruments purchased with an original maturity of three months or less. The Company maintains the majority of its cash in several operating accounts with two commercial banks. Balances on deposit are insured by the Federal Deposit Insurance Corporation (“FDIC”). However, from time to time, the Company’s balances may exceed the FDIC insurable amount at its banks. Certificate of Deposit The Company maintains a portion of its operating funds in a certificate of deposit. At December 31, 2015, the carrying amount of the certificate of deposit is $2.5 million , which approximates fair value. The certificate of deposit matures on September 22, 2016, and bears interest at a rate of 0.2% . Deferred Debt Costs Deferred debt costs include costs incurred in connection with acquiring and maintaining debt arrangements. These costs are amortized over the life of the related debt instrument using the effective interest method and are classified as interest expense in the accompanying consolidated statement of operations. These deferred costs are related to the Company’s Convertible Notes and 12.875% Secured Notes that were issued by the Company during 2014 and repaid during 2015 (the “Secured Notes”). The Company did not recognize any deferred costs on its Revolving Credit Facilities given all costs were expensed due to electing the fair value option in valuing the Revolving Credit Facilities. Treasury Stock The Company accounts for its treasury stock using the treasury stock method as set forth in ASC 505-30, Treasury Stock . Under the treasury stock method, the total amount paid to acquire the stock is recorded and no gain or loss is recognized at the time of purchase. Gains and losses are recognized at the time the treasury stock is reinstated or retired and are recorded in additional paid in capital or retained earnings. At December 31, 2015, the Company owned 608,000 shares of treasury stock. Stock-Based Compensation We have adopted ASC 718, Compensation—Stock Compensation. ASC 718 addresses accounting for share-based awards, including stock options, restricted stock, performance shares and warrants, with compensation expense measured using fair value and recorded over the requisite service or performance period of the award. The fair value of equity instruments awarded will be determined based on a valuation using an option pricing model that takes into account various assumptions that are subjective. Key assumptions used in the valuation will include the expected term of the equity award taking into account both the contractual term of the award, the effects of expected exercise and post-vesting termination behavior, expected volatility, expected dividends and the risk-free interest rate for the expected term of the award. Compensation expense associated with performance shares is only recognized to the extent that it is probable the performance measurement will be met. Earnings Per Share The Company computes net income per share in accordance with ASC 260, Earnings Per Share . Under the provisions of ASC 260, basic net income per share is computed by dividing the net income available to common shareholders by the weighted average common shares outstanding during the period. Diluted net income per share adjusts basic net income per share for the effects of stock options, warrants and restricted stock awards only in periods in which such effect is dilutive. ASC 260 also requires the Company to present basic and diluted earnings per share information separately for each class of equity instruments that participate in any income distribution with primary equity instruments. Held-for-sale and discontinued operations We report a business as held-for-sale when management has approved or received approval to sell the business and is committed to a formal plan, the business is available for immediate sale, the business is being actively marketed, the sale is anticipated to occur during the ensuing year and certain other specified criteria are met. A business classified as held-for-sale is recorded at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value, a loss is recognized. Depreciation is not recorded on assets of a business classified as held-for-sale. Assets and liabilities related to a business classified as held-for-sale are segregated in the Consolidated Balance Sheet and major classes are separately disclosed in the notes to the Consolidated Financial Statements commencing in the period in which the business is classified as held-for-sale. We report the results of operations of a business as discontinued operations if the business is classified as held-for-sale, the operations and cash flows of the business have been or will be eliminated from the ongoing operations of the Company as a result of a disposal transaction and we will not have any significant continuing involvement in the operations of the business after the disposal transaction. The results of discontinued operations are reported in Discontinued Operations in the Consolidated Statement of Operations for current and prior periods commencing in the period in which the business meets the criteria of a discontinued operation, and include any gain or loss recognized on closing or adjustment of the carrying amount to fair value less cost to sell. During the fourth quarter of 2013, we sold substantially all of our structured settlements business. As a result, we have classified our structured settlement operating results as discontinued operations. Foreign Currency We own certain foreign subsidiary companies formed under the laws of Ireland, Bahamas and Bermuda. These foreign subsidiary companies utilize the U.S. dollar as their functional currency. The foreign subsidiary companies financial statements are denominated in U.S. dollars and therefore, there are no translation gains and losses resulting from converting the financial statements at exchange rates other than the functional currency. Any gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the subsidiary companies functional currency) are included in income. These gains and losses are immaterial to our financial statements. Use of Estimates The preparation of these consolidated financial statements, in conformity with generally accepted accounting principles in the United States of America (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting periods. Actual results could differ from these estimates and such differences could be material. Significant estimates made by management include income taxes, the valuation of life settlements, the valuation of the debt owing under the Revolving Credit Facilities, the valuation of equity awards and the valuation of the conversion derivative liability formerly embedded within the Company’s Convertible Notes. Risks and Uncertainties In the normal course of business, the Company encounters economic, legal and longevity risk. There are two main components of economic risk that could potentially impact the Company: market risk and concentration of credit risk. Market risk for the Company includes interest rate risk. Market risk also reflects the risk of declines in valuation of the Company’s life settlements, including declines caused by the selection of increased discount rates associated with the Company’s fair value model for life settlements. It is reasonably possible that future changes to estimates involved in valuing life settlements could change and result in material effects to the future financial statements. Concentration of credit risk includes the risk that an insurance carrier who has issued life insurance policies held by the Company in its portfolio, does not remit the amount due under those policies due to the deteriorating financial condition of the carrier or otherwise. Legal risk includes the risk that statutes define or courts interpret insurable interest in a manner adverse to the Company’s ownership rights in its portfolio of life insurance policies and the risk that courts allow insurance carriers to retain premiums paid by the Company in respect of insurance policies that have been successfully rescinded or contested. Longevity risk refers to the risk that the Company does not experience the mortalities of insureds in its portfolio of life insurance policies that are anticipated to occur on an actuarial basis in a timely manner, which would result in the Company expending additional amounts for the payment of premiums. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers,” which converges the FASB and the International Accounting Standards Board (“IASB”) standard on revenue recognition. Areas of revenue recognition that will be affected include, but are not limited to, transfer of control, variable consideration, allocation of transfer pricing, licenses, time value of money, contract costs and disclosures. In April 2015, the FASB voted to defer the effective date of the new revenue recognition standard by one year. As a result, the provisions of this ASU are now effective for interim and annual periods beginning after December 15, 2017. The Company does not expect that this guidance will have a material impact on its financial position, results of operations or cash flows. In August 2014, the FASB issued ASU No. 2014-15, “Disclosures of Uncertainties About an Entity’s Ability to Continue as a Going Concern.” The standard provides guidance around management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The Company does not expect that this guidance will have a material impact on its financial position, results of operations or cash flows. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” This guidance focuses on a reporting company’s consolidation evaluation to determine whether they should consolidate certain legal entities. This guidance is effective for annual periods beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company does not expect that this guidance will have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30).” This standard provides guidance on the balance sheet presentation for debt issuance costs and debt discounts and debt premiums. To simplify the presentation of debt issuance costs, this standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This ASU is effective for fiscal years beginning after December 15, 2015. The Company does not expect that this guidance will have a material impact on its consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classifications of Deferred Taxes,” which aligns the FASB and the IASB standard for financial statement presentation of deferred income taxes. To simplify the presentation of deferred income taxes, this standard requires that deferred tax assets and liabilities be presented as noncurrent on the balance sheet. This ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted, including adoption in an interim period. The Company does not expect that this guidance will have a material impact on its consolidated financial statements.

CONSOLIDATION OF VARIABLE INTER

CONSOLIDATION OF VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
CONSOLIDATION OF VARIABLE INTEREST ENTITIES	CONSOLIDATION OF VARIABLE INTEREST ENTITIES The Company evaluates its interests in variable interest entities (“VIEs”) on an ongoing basis and consolidates those VIEs in which it has a controlling financial interest and is thus deemed to be the primary beneficiary. A controlling financial interest has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact its economic performance; and (ii) the obligation to absorb losses of the VIE that could potentially be significant to it or the right to receive benefits from the VIE that could be significant to the VIE. The following table presents the consolidated assets and consolidated liabilities of VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated in the Company’s consolidated financial statements as of December 31, 2015 and 2014 , as well as non-consolidated VIEs for which the Company has determined it is not the primary beneficiary (in thousands): Primary Beneficiary Not Primary Beneficiary Consolidated VIEs Non-consolidated VIEs Assets Liabilities Total Assets Maximum Exposure To Loss December 31, 2015 $ 475,597 $ 225,208 $ 2,384 $ 2,384 December 31, 2014 $ 314,062 $ 146,254 $ 2,384 $ 2,384 As of December 31, 2015 , 437 life insurance policies owned by White Eagle with an aggregate death benefit of approximately $2.2 billion and an estimated fair value of approximately $331.3 million were pledged as collateral under the White Eagle Revolving Credit Facility. In accordance with ASC 810, Consolidation , the Company consolidated White Eagle in its financial statements for the years ended December 31, 2015 and 2014 . As of December 31, 2015 , 156 life insurance policies owned by Red Falcon with an aggregate death benefit of approximately $603.9 million and an estimated fair value of approximately $118.6 million were pledged as collateral under the Red Falcon Revolving Credit Facility. In accordance with ASC 810, Consolidation , the Company consolidated Red Falcon in its financial statements for the year ended December 31, 2015 .

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE As of December 31, 2015 , 2014 and 2013 , there were 28,130,508 , 21,402,990 and 21,237,166 issued and outstanding shares, respectively. Basic net income per share is computed by dividing the net earnings attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding, increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Conversion or exercise of the potential common shares is not reflected in diluted earnings per share unless the effect is dilutive. The dilutive effect, if any, of outstanding common share equivalents is reflected in diluted earnings per share by application of the treasury stock method, as applicable. The following tables reconcile actual basic and diluted earnings per share for the years ended December 31, 2015 , 2014 and 2013 (in thousands except per share data). 2015 2014 2013 (1) (2) (3) Loss per share: Numerator: Net (loss) income from continuing operations $ (30,380 ) $ (5,151 ) $ 51,823 Net (loss) income from discontinued operations (644 ) (369 ) 13,509 Net (loss) income $ (31,024 ) $ (5,520 ) $ 65,332 Basic (loss) income per common share: Basic (loss) income per share from continuing operations $ (1.22 ) $ (0.24 ) $ 2.44 Basic (loss) income per share from discontinued operations $ (0.03 ) $ (0.02 ) 0.64 Basic (loss) income per share available to common shareholders $ (1.25 ) $ (0.26 ) $ 3.08 Diluted (loss) income per common share: Diluted (loss) income per share from continuing operations $ (1.22 ) $ (0.24 ) $ 2.44 Diluted (loss) income per share from discontinued operations (0.03 ) (0.02 ) 0.64 Diluted (loss) income per share available to common shareholders $ (1.25 ) $ (0.26 ) $ 3.08 Denominator: Basic 24,851,178 21,354,567 21,216,487 Add: Restricted stock — — 2,451 Diluted 24,851,178 21,354,567 21,218,938 (1) The computation of diluted EPS did not include 774,394 options, 6,240,521 warrants, 41,259 shares of restricted stock, up to 10,738,165 shares of underlying common stock issuable upon conversion of the Convertible Notes and 319,500 performance shares for the year ended December 31, 2015 , as the effect of their inclusion would have been anti-dilutive. (2) The computation of diluted EPS did not include 807,949 options, 6,240,521 warrants, 41,060 shares of restricted stock, up to 10,464,941 shares of underlying common stock issuable upon conversion of the Convertible Notes and 323,500 performance shares for the year ended December 31, 2014 , as the effect of their inclusion would have been anti-dilutive. (3) The computation of diluted EPS did not include 831,282 options and 4,240,521 warrants for the year ended December 31, 2013 , as the effect of their inclusion would have been anti-dilutive. The computation of diluted EPS included 2,451 incremental shares of the 17,286 unvested restricted stock outstanding as of December 31, 2013 .

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION On May 28, 2015, the Company amended and restated its 2010 Omnibus Incentive Plan (the “Omnibus Plan”). Awards under the Omnibus Plan may consist of incentive awards, stock options, stock appreciation rights, performance shares, performance units, and shares of common stock, restricted stock, restricted stock units or other stock-based awards as determined by the compensation committee. The Omnibus Plan provides for an aggregate of 2,700,000 shares of common stock to be reserved for issuance under the Omnibus Plan, subject to adjustment as provided in the Omnibus Plan. The Company recognized approximately $238,000 and $765,000 in stock-based compensation expense relating to stock options it granted under the Omnibus Plan during the years ended December 31, 2015 and 2014 , respectively. The Company incurred additional stock-based compensation expense of approximately $252,000 and $191,000 relating to restricted stock granted to its board of directors during the years ended December 31, 2015 and 2014 , respectively. During 2014, the Company awarded 323,500 target performance shares for restricted common stock to its directors and certain employees, of which 150,000 shares were subject to shareholder approval of the Omnibus Plan at the Company’s 2015 annual meeting, which was obtained on May 28, 2015. The issuance of the performance shares is contingent on the Company’s financial performance, as well as the performance of the Company’s common stock through June 30, 2016, with the actual shares to be issued ranging between 0 – 150% of the target performance shares. During the year ended December 31, 2015 , 4,000 of the performance shares were forfeited. The Company evaluates on a quarterly basis whether it is probable that the Company’s financial performance conditions will be achieved. At December 31, 2015 , the Company determined that it was not probable that the performance conditions would be achieved and as a result, no related expense was recognized for the year ended December 31, 2015 . Once issued, the performance shares will be subject to a one year vesting period from the date of issuance. Options As of December 31, 2015 , options to purchase 774,394 shares of common stock were outstanding and unexercised under the Omnibus Plan at a weighted average exercise price of $8.50 per share. The Company has used the Black-Scholes model to calculate fair values of options awarded. This model requires assumptions as to expected volatility, dividends, terms, and risk free rates. The following table presents the activity of the Company’s outstanding stock options of common stock for the year ended December 31, 2015 : Common Stock Options Number of Shares Weighted Average Price per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding, January 1, 2015 807,949 $ 8.50 4.48 $ — Options granted — — — Options exercised — — — Options forfeited (33,555 ) 8.50 — Options expired — — — Options outstanding, December 31, 2015 774,394 $ 8.50 3.47 $ — Exercisable at December 31, 2015 774,394 8.50 3.47 Unvested at December 31, 2015 — $ — — $ — As of December 31, 2015 , all outstanding stock options had an exercise price above the fair market value of the common stock on that date. During the years ended December 31, 2015 and 2014 , the Company recognized expense of $238,000 and $765,000 , respectively related to these options. There are no remaining unamortized amounts to be recognized on these options. Restricted Stock 17,286 shares of restricted stock granted to our directors under the Omnibus Plan vested during the year ended December 31, 2014 . The fair value of the vested restricted stock was valued at $120,138 based on the closing price of the Company’s shares on the grant date. The Company expensed approximately $52,000 in stock based compensation related to the 17,286 shares of restricted stock during the year ended December 31, 2014 . Under the Omnibus Plan, 41,060 shares of restricted stock granted to the Company's directors vested during the year ended December 31, 2015 . The fair value of the vested restricted stock was valued at approximately $255,000 based on the closing price of the Company's shares on the day prior to the grant date. The Company incurred additional stock-based compensation expense of approximately $108,000 and $139,000 related to these 41,060 shares of restricted stock during the years ended December 31, 2015 and 2014 respectively. During the year ended December 31, 2015 , the Company granted 41,259 shares of restricted stock to its directors under the Omnibus Plan subject to a one year vesting schedule that commenced on the date of grant. The fair value of the unvested restricted stock was valued at $255,000 based on the closing price of the Company’s shares on the day prior to the grant date. The Company incurred additional stock-based compensation expense of approximately $144,000 related to these 41,259 shares of restricted stock during the year ended December 31, 2015 . The following table presents the activity of the Company’s unvested restricted stock common shares for the year ended December 31, 2015 : Common Unvested Shares Number of Shares Outstanding January 1, 2015 41,060 Granted 41,259 Vested (41,060 ) Forfeited — Outstanding December 31, 2015 41,259 The aggregate intrinsic value of these awards is $152,000 and the remaining weighted average life of these awards is 0.4 years as of December 31, 2015 . Performance Shares During 2014, the Company awarded 323,500 target performance shares for restricted common stock to its directors and certain employees, of which 150,000 shares were subject to shareholder approval of an amendment to the Omnibus Plan, which was obtained on May 28, 2015 at the Company’s 2015 annual meeting. The issuance of the performance shares is contingent on the Company’s financial performance, as well as the performance of the Company’s common stock through June 30, 2016, with the actual shares to be issued ranging between 0 – 150% of the target performance shares. During the year ended December 31, 2015 , 4,000 of the performance shares were forfeited. At December 31, 2015 , the Company determined that it was not probable that the performance conditions would be achieved and no related expense was recognized for the year ended December 31, 2015 . If issued, the performance shares will be subject to a one year vesting period from the date of issuance. The following table presents the activity of the Company’s performance share awards for the year ended December 31, 2015 : Performance Shares Number of Shares Outstanding January 1, 2014 323,500 Awarded — Vested — Forfeited (4,000 ) Outstanding December 31, 2015 319,500 Warrants On February 11, 2011, three shareholders received warrants that may be exercised for up to a total of 4,240,521 shares of the Company’s common stock at a weighted average exercise price of $14.51 per share. The warrants will expire seven years after the date of issuance and are exercisable as they are fully vested. At December 31, 2015 , all 4,240,521 warrants remained outstanding. In connection with a settlement of class action litigation arising in connection with the investigation by the U.S. Attorney's Office for District of New Hampshire ("USAO") into the Company's now legacy premium finance business (the "USAO Investigation"), the Company issued warrants to purchase two million shares of the Company’s stock into an escrow account in April of 2014. The estimated fair value as of the measurement date of such warrants was $5.4 million , which is included in stockholders’ equity. The warrants were distributed in October 2014 and have a five -year term from the date they are distributed to the class participants with an exercise price of $10.75 . The Company is obligated to file a registration statement to register the shares underlying the warrants with the SEC if shares of the Company’s common stock have an average daily trading closing price of at least $8.50 per share for a 45 day period. The warrants will be exercisable upon effectiveness of the registration statement.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	DISCONTINUED OPERATIONS On October 25, 2013, the Company sold substantially all of the operating assets comprising its structured settlement business to Majestic Opco L.L.C for gross proceeds of $12.0 million pursuant to an Asset Purchase Agreement. No structured settlement receivables were sold and no on-balance sheet liabilities were transferred in connection with the sale. This sale resulted in the recognition of a gain of $11.3 million in the fourth quarter of 2013. As a result of the sale of its structured settlements business, the Company reclassified its structured settlement business operating results as discontinued operations in the accompanying Consolidated Statements of Operations for all periods presented. Operating results related to the Company’s discontinued structured settlement business are as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Total income $ 81 $ 192 $ 11,331 Total expenses (725 ) (793 ) (9,133 ) Income (loss) before income taxes (644 ) (601 ) 2,198 Income tax benefit — 232 — Income (loss) from discontinued operations, net of income taxes $ (644 ) $ (369 ) $ 2,198 Gain on disposal of discontinued operations, net of income taxes — — 11,311 Net income (loss) from discontinued operations $ (644 ) $ (369 ) $ 13,509

LIFE SETTLEMENTS (LIFE INSURANC

LIFE SETTLEMENTS (LIFE INSURANCE POLICIES)	12 Months Ended
	Dec. 31, 2015
Investments, All Other Investments [Abstract]
LIFE SETTLEMENTS (LIFE INSURANCE POLICIES)	LIFE SETTLEMENTS (LIFE INSURANCE POLICIES) The Company accounts for policies it acquires using the fair value method in accordance with ASC 325-30-50 Investments—Other—Investment in Insurance Contracts . Under the fair value method, the Company recognizes the initial investment at the purchase price. For policies that were relinquished in satisfaction of premium finance loans at maturity, the initial investment is the loan carrying value. For policies purchased in the secondary or tertiary markets, the initial investment is the amount of cash outlay at the time of purchase. At each reporting period, the Company re-measures the investment at fair value in its entirety and recognizes changes in fair value in the Statements of Operations in the period in which the changes occur. As of December 31, 2015 and 2014 , the Company owned 632 and 607 policies, respectively, with an aggregate estimated fair value of life settlements of $461.9 million and $388.9 million , respectively. The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the Company at December 31, 2015 was 9.9 years . The following table describes the Company’s life settlements as of December 31, 2015 (dollars in thousands): Remaining Life Expectancy (In Years) Number of Life Settlement Contracts Fair Value Face Value 0-1 — $ — $ — 1-2 12 28,873 42,988 2-3 17 47,272 84,497 3-4 18 24,450 58,154 4-5 31 42,304 124,720 Thereafter 554 319,026 2,668,993 Total 632 $ 461,925 $ 2,979,352 The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the Company at December 31, 2014 was 10.7 years . The following table describes the Company’s life settlements as of December 31, 2014 (dollars in thousands): Remaining Life Expectancy (In Years) Number of Life Settlement Contracts Fair Value Face Value 0-1 — $ — $ — 1-2 4 9,227 12,728 2-3 10 23,202 45,852 3-4 16 29,531 67,735 4-5 19 23,012 65,614 Thereafter 558 303,914 2,739,137 Total 607 $ 388,886 $ 2,931,066 Estimated premiums to be paid for each of the five succeeding fiscal years to keep the life insurance policies in force as of December 31, 2015 , are as follows (in thousands): 2016 $ 68,927 2017 76,405 2018 79,192 2019 86,153 2020 90,138 Thereafter 1,032,771 $ 1,433,586 The amount of $1.43 billion noted above represents the estimated total future premium payments required to keep the life insurance policies in force during the life expectancies of all the underlying insured lives and does not give effect to projected receipt of death benefits, however, gives effect to premium reduction if there is a maturity. The estimated total future premium payments could increase or decrease significantly to the extent that actual mortalities of insureds differs from the estimated life expectancies.

WHITE EAGLE REVOLVING CREDIT FA

WHITE EAGLE REVOLVING CREDIT FACILITY	12 Months Ended
	Dec. 31, 2015
Revolving Credit Facility
Debt Instrument [Line Items]
REVOLVING CREDIT FACILITY	WHITE EAGLE REVOLVING CREDIT FACILITY Effective April 29, 2013, White Eagle entered into a 15 -year revolving credit agreement with LNV Corporation, as initial lender, Imperial Finance & Trading, LLC, as servicer and portfolio manager and CLMG Corp., as administrative agent. Proceeds from the initial advance under the facility were used, in part, to retire a bridge facility and to fund a payment to the lender protection insurance provider to release subrogation rights in certain of the policies pledged as collateral for the White Eagle Revolving Credit Facility. On May 16, 2014, White Eagle Asset Portfolio, LLC converted from a Delaware limited liability company to White Eagle Asset Portfolio, LP, a Delaware limited partnership (the “Conversion”) and all of its ownership interests were transferred to an indirect, wholly-owned Irish subsidiary of the Company. In connection with the Conversion, the White Eagle Revolving Credit Facility was amended and restated among White Eagle, as borrower, Imperial Finance and Trading, LLC, as the initial servicer, the initial portfolio manager and guarantor, Lamington Road Bermuda Ltd., as portfolio manager, LNV Corporation, as initial lender, the other financial institutions party thereto as lenders, and CLMG Corp., as administrative agent for the lenders. On November 9, 2015, the White Eagle Revolving Credit Facility was amended. As amended, the White Eagle Revolving Credit Facility may provide earlier participation in the portfolio cash flows if certain loan to value ("LTV") ratios are achieved as more fully described below under "Amortization & Distributions." Additionally, the maximum facility limit was reduced from $300.0 million to $250.0 million , and will generally be reduced annually by $25.0 million beginning on April 29, 2019. Additionally, the interest rate under the facility was increased by 50 basis points. General & Security . The White Eagle Revolving Credit Facility provides for an asset-based revolving credit facility backed by White Eagle’s portfolio of life insurance policies with an aggregate lender commitment, as amended and restated, of up to $250.0 million , subject to borrowing base availability. 437 life insurance policies with an aggregate death benefit of approximately $2.2 billion and an estimated fair value of approximately $331.3 million are pledged as collateral under the White Eagle Revolving Credit Facility at December 31, 2015 . In addition, the equity interests in White Eagle have been pledged under the White Eagle Revolving Credit Facility. Borrowing Base. Borrowing availability under the White Eagle Revolving Credit Facility is subject to a borrowing base, which at any time is equal to the lesser of (A) the sum of all of the following amounts that have been funded or are to be funded through the next distribution date (i) the initial advance and all additional advances to acquire additional pledged policies or that are not for ongoing maintenance advances, plus (ii) 100% of the sum of the ongoing maintenance costs, plus (iii) 100% of accrued and unpaid interest on borrowings (excluding the rate floor portion described below), plus (iv) 100% of any other fees and expenses funded and to be funded as approved by the required lenders, less (v) any required payments of principal and interest previously distributed and to be distributed through the next distribution date; (B) 75% of the valuation of the policies pledged as collateral as determined by the lenders; (C) 50% of the aggregate face amount of the policies pledged as collateral (excluding certain specified life insurance policies); and (D) the then applicable facility limit. At December 31, 2015 , $78.0 million was undrawn and $383,200 was available to borrow under the White Eagle Revolving Credit Facility. Amortization & Distributions. Proceeds from the maturity of the policies pledged as collateral under the White Eagle Revolving Credit Facility are distributed pursuant to a waterfall. As amended, after premium payments, fees to service providers and payments of interest, a percentage of the collections from policy proceeds are to be paid to the lenders, which will vary depending on the then LTV ratio as follows: (1) if the LTV is equal to or greater than 50% , all remaining proceeds will be directed to the lenders to repay the then outstanding principal balance; (2) if the LTV is less than 50% but greater than or equal to 25% , 65% of the remaining proceeds will be directed to the lenders to repay the then outstanding principal balance; or (3) if the LTV is less than 25% , 35% of the remaining proceeds will be directed to the lenders to repay the then outstanding principal balance, in each case, with remaining proceeds ("Excess LTV Payments") directed to White Eagle for so long as the "Net Total Investment Percentage" exceeds 15% and there are at least 75 policies pledged under the White Eagle Revolving Credit Facility representing 75 distinct insureds with any such proceeds to White Eagle decreasing the $76.1 million preference amount (the "preference amount") that would have been distributed to White Eagle prior to the amendment upon the pay down of outstanding indebtedness. Following the satisfaction of the remaining preference payment, 50% of the remaining proceeds will generally be directed to the lenders with the remainder paid to White Eagle and for any unpaid fees to service providers. As of any calculation date, the "Net Total Investment Percentage" will be determined by dividing the difference between the preference amount and the aggregate Excess LTV Payments by the outstanding principal amount under the White Eagle Revolving Credit Facility. With respect to approximately 25% of the face amount of policies pledged as collateral under the White Eagle Revolving Credit Facility, White Eagle has agreed that if policy proceeds that are otherwise due are not paid by an insurance carrier, the foregoing distributions will be altered such that the lenders will receive any “catch-up” payments with respect to amounts that they would have received in the waterfall prior to distributions being made to White Eagle. During the continuance of events of default or unmatured events of default, the amounts from collections of policy proceeds that might otherwise be paid to White Eagle will instead be held in a designated account controlled by the lenders and may be applied to fund operating and third party expenses, interest and principal, “catch-up” payments or percentage payments that would go to the lenders as described above. Use of Proceeds. Generally, ongoing advances may be made for paying premiums on the life insurance policies pledged as collateral and to pay the fees of service providers. Effective with the White Eagle Amendment on November 9, 2015, ongoing advances may no longer be used to pay interest, which will now be paid by White Eagle if there is not otherwise sufficient amounts available from policy proceeds to be distributed to pay interest expense pursuant to the waterfall described above in "Amortization and Distributions." Subsequent advances in respect of newly pledged policies are at the discretion of the lenders and the use of proceeds from those advances are at the discretion of the lenders. Interest. Borrowings under the White Eagle Revolving Credit Facility bear interest at a rate equal to LIBOR or, if LIBOR is unavailable, the base rate, in each case plus an applicable margin of 4.50% , which was increased from 4.00% , and subject to a rate floor component equal to the greater of LIBOR (or the applicable rate) and 1.5% . The base rate under the White Eagle Revolving Credit Facility equals the sum of (i) the weighted average of the interest rates on overnight federal funds transactions or, if unavailable, the average of three federal funds quotations received by the Agent plus 0.75% and (ii) 0.5% . The effective rate at December 31, 2015 was 6.00% compared to 5.50% at December 31, 2014 . Interest expense for the cash portion of interest paid during the period is recorded in the Company’s consolidated financial statements. Accrued interest is reflected as a component of the estimated fair value of the White Eagle Revolving Credit Facility debt. Total interest expense on the facility was $9.2 million , which includes $6.7 million withheld from borrowings by the lender and $2.5 million paid by White Eagle, for the year ended December 31, 2015 . Total interest expense on the facility for the year ended December 31, 2014 was $8.0 million , which includes $5.8 million withheld from borrowings by the lender and $2.2 million paid by White Eagle. Maturity. The term of the White Eagle Revolving Credit Facility expires April 28, 2028, which is also the scheduled commitment termination date (though the lenders’ commitments to fund borrowings may terminate earlier in an event of default). The lenders’ interests in and rights to a portion of the proceeds of the policies does not terminate with the repayment of the principal borrowed and interest accrued thereon, the termination of the White Eagle Revolving Credit Facility or expiration of the lenders’ commitments. Covenants/Events of Defaults . The White Eagle Revolving Credit Facility contains covenants and events of default that are customary for asset-based credit agreements of this type, but also include cross defaults under the servicing, account control, contribution and pledge agreements entered into in connection with the White Eagle Revolving Credit Facility (including in relation to breaches by third parties thereunder), certain changes in law, changes in control of or insolvency or bankruptcy of the Company and relevant subsidiary companies and performance of certain obligations by certain relevant subsidiary companies, White Eagle and third parties. The White Eagle Revolving Credit Facility does not contain any financial covenants, but does contain certain tests relating to asset maintenance, performance and valuation, the satisfaction of which will be determined by the lenders with a high degree of discretion. Remedies. The White Eagle Revolving Credit Facility and ancillary transaction documents afford the lenders a high degree of discretion in their selection and implementation of remedies, including strict foreclosure, in relation to any event of default, including a high degree of discretion in determining whether to foreclose upon and liquidate all or any pledged policies, the interests in White Eagle, and the manner of any such liquidation. White Eagle has limited ability to cure events of default through the sale of policies or the procurement of replacement financing. The Company elected to account for the debt under the White Eagle Revolving Credit Facility, which includes the 50% interest in policy proceeds to the lender, using the fair value method. The fair value of the debt is the amount the Company would have to pay to transfer the debt to a market participant in an orderly transaction. The Company calculated the fair value of the debt using a discounted cash flow model taking into account the stated interest rate of the credit facility and probabilistic cash flows from the pledged policies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the Company’s estimates are not necessarily indicative of the amounts that the Company, or holders of the instruments, could realize in a current market exchange. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate. The use of different assumptions and/or estimation methodologies could have a material effect on the estimated fair values. At December 31, 2015 , the fair value of the outstanding debt was $169.1 million and the borrowing base was approximately $172.4 million , including $172.0 million in outstanding principal. There are no scheduled repayments of principal prior to maturity. Payments are due upon receipt of death benefits and distributed pursuant to the waterfall as described above.

RED FALCON REVOLVING CREDIT FAC

RED FALCON REVOLVING CREDIT FACILITY - Revolving Credit Facility	12 Months Ended
	Dec. 31, 2015
Debt Instrument [Line Items]
REVOLVING CREDIT FACILITY	WHITE EAGLE REVOLVING CREDIT FACILITY Effective April 29, 2013, White Eagle entered into a 15 -year revolving credit agreement with LNV Corporation, as initial lender, Imperial Finance & Trading, LLC, as servicer and portfolio manager and CLMG Corp., as administrative agent. Proceeds from the initial advance under the facility were used, in part, to retire a bridge facility and to fund a payment to the lender protection insurance provider to release subrogation rights in certain of the policies pledged as collateral for the White Eagle Revolving Credit Facility. On May 16, 2014, White Eagle Asset Portfolio, LLC converted from a Delaware limited liability company to White Eagle Asset Portfolio, LP, a Delaware limited partnership (the “Conversion”) and all of its ownership interests were transferred to an indirect, wholly-owned Irish subsidiary of the Company. In connection with the Conversion, the White Eagle Revolving Credit Facility was amended and restated among White Eagle, as borrower, Imperial Finance and Trading, LLC, as the initial servicer, the initial portfolio manager and guarantor, Lamington Road Bermuda Ltd., as portfolio manager, LNV Corporation, as initial lender, the other financial institutions party thereto as lenders, and CLMG Corp., as administrative agent for the lenders. On November 9, 2015, the White Eagle Revolving Credit Facility was amended. As amended, the White Eagle Revolving Credit Facility may provide earlier participation in the portfolio cash flows if certain loan to value ("LTV") ratios are achieved as more fully described below under "Amortization & Distributions." Additionally, the maximum facility limit was reduced from $300.0 million to $250.0 million , and will generally be reduced annually by $25.0 million beginning on April 29, 2019. Additionally, the interest rate under the facility was increased by 50 basis points. General & Security . The White Eagle Revolving Credit Facility provides for an asset-based revolving credit facility backed by White Eagle’s portfolio of life insurance policies with an aggregate lender commitment, as amended and restated, of up to $250.0 million , subject to borrowing base availability. 437 life insurance policies with an aggregate death benefit of approximately $2.2 billion and an estimated fair value of approximately $331.3 million are pledged as collateral under the White Eagle Revolving Credit Facility at December 31, 2015 . In addition, the equity interests in White Eagle have been pledged under the White Eagle Revolving Credit Facility. Borrowing Base. Borrowing availability under the White Eagle Revolving Credit Facility is subject to a borrowing base, which at any time is equal to the lesser of (A) the sum of all of the following amounts that have been funded or are to be funded through the next distribution date (i) the initial advance and all additional advances to acquire additional pledged policies or that are not for ongoing maintenance advances, plus (ii) 100% of the sum of the ongoing maintenance costs, plus (iii) 100% of accrued and unpaid interest on borrowings (excluding the rate floor portion described below), plus (iv) 100% of any other fees and expenses funded and to be funded as approved by the required lenders, less (v) any required payments of principal and interest previously distributed and to be distributed through the next distribution date; (B) 75% of the valuation of the policies pledged as collateral as determined by the lenders; (C) 50% of the aggregate face amount of the policies pledged as collateral (excluding certain specified life insurance policies); and (D) the then applicable facility limit. At December 31, 2015 , $78.0 million was undrawn and $383,200 was available to borrow under the White Eagle Revolving Credit Facility. Amortization & Distributions. Proceeds from the maturity of the policies pledged as collateral under the White Eagle Revolving Credit Facility are distributed pursuant to a waterfall. As amended, after premium payments, fees to service providers and payments of interest, a percentage of the collections from policy proceeds are to be paid to the lenders, which will vary depending on the then LTV ratio as follows: (1) if the LTV is equal to or greater than 50% , all remaining proceeds will be directed to the lenders to repay the then outstanding principal balance; (2) if the LTV is less than 50% but greater than or equal to 25% , 65% of the remaining proceeds will be directed to the lenders to repay the then outstanding principal balance; or (3) if the LTV is less than 25% , 35% of the remaining proceeds will be directed to the lenders to repay the then outstanding principal balance, in each case, with remaining proceeds ("Excess LTV Payments") directed to White Eagle for so long as the "Net Total Investment Percentage" exceeds 15% and there are at least 75 policies pledged under the White Eagle Revolving Credit Facility representing 75 distinct insureds with any such proceeds to White Eagle decreasing the $76.1 million preference amount (the "preference amount") that would have been distributed to White Eagle prior to the amendment upon the pay down of outstanding indebtedness. Following the satisfaction of the remaining preference payment, 50% of the remaining proceeds will generally be directed to the lenders with the remainder paid to White Eagle and for any unpaid fees to service providers. As of any calculation date, the "Net Total Investment Percentage" will be determined by dividing the difference between the preference amount and the aggregate Excess LTV Payments by the outstanding principal amount under the White Eagle Revolving Credit Facility. With respect to approximately 25% of the face amount of policies pledged as collateral under the White Eagle Revolving Credit Facility, White Eagle has agreed that if policy proceeds that are otherwise due are not paid by an insurance carrier, the foregoing distributions will be altered such that the lenders will receive any “catch-up” payments with respect to amounts that they would have received in the waterfall prior to distributions being made to White Eagle. During the continuance of events of default or unmatured events of default, the amounts from collections of policy proceeds that might otherwise be paid to White Eagle will instead be held in a designated account controlled by the lenders and may be applied to fund operating and third party expenses, interest and principal, “catch-up” payments or percentage payments that would go to the lenders as described above. Use of Proceeds. Generally, ongoing advances may be made for paying premiums on the life insurance policies pledged as collateral and to pay the fees of service providers. Effective with the White Eagle Amendment on November 9, 2015, ongoing advances may no longer be used to pay interest, which will now be paid by White Eagle if there is not otherwise sufficient amounts available from policy proceeds to be distributed to pay interest expense pursuant to the waterfall described above in "Amortization and Distributions." Subsequent advances in respect of newly pledged policies are at the discretion of the lenders and the use of proceeds from those advances are at the discretion of the lenders. Interest. Borrowings under the White Eagle Revolving Credit Facility bear interest at a rate equal to LIBOR or, if LIBOR is unavailable, the base rate, in each case plus an applicable margin of 4.50% , which was increased from 4.00% , and subject to a rate floor component equal to the greater of LIBOR (or the applicable rate) and 1.5% . The base rate under the White Eagle Revolving Credit Facility equals the sum of (i) the weighted average of the interest rates on overnight federal funds transactions or, if unavailable, the average of three federal funds quotations received by the Agent plus 0.75% and (ii) 0.5% . The effective rate at December 31, 2015 was 6.00% compared to 5.50% at December 31, 2014 . Interest expense for the cash portion of interest paid during the period is recorded in the Company’s consolidated financial statements. Accrued interest is reflected as a component of the estimated fair value of the White Eagle Revolving Credit Facility debt. Total interest expense on the facility was $9.2 million , which includes $6.7 million withheld from borrowings by the lender and $2.5 million paid by White Eagle, for the year ended December 31, 2015 . Total interest expense on the facility for the year ended December 31, 2014 was $8.0 million , which includes $5.8 million withheld from borrowings by the lender and $2.2 million paid by White Eagle. Maturity. The term of the White Eagle Revolving Credit Facility expires April 28, 2028, which is also the scheduled commitment termination date (though the lenders’ commitments to fund borrowings may terminate earlier in an event of default). The lenders’ interests in and rights to a portion of the proceeds of the policies does not terminate with the repayment of the principal borrowed and interest accrued thereon, the termination of the White Eagle Revolving Credit Facility or expiration of the lenders’ commitments. Covenants/Events of Defaults . The White Eagle Revolving Credit Facility contains covenants and events of default that are customary for asset-based credit agreements of this type, but also include cross defaults under the servicing, account control, contribution and pledge agreements entered into in connection with the White Eagle Revolving Credit Facility (including in relation to breaches by third parties thereunder), certain changes in law, changes in control of or insolvency or bankruptcy of the Company and relevant subsidiary companies and performance of certain obligations by certain relevant subsidiary companies, White Eagle and third parties. The White Eagle Revolving Credit Facility does not contain any financial covenants, but does contain certain tests relating to asset maintenance, performance and valuation, the satisfaction of which will be determined by the lenders with a high degree of discretion. Remedies. The White Eagle Revolving Credit Facility and ancillary transaction documents afford the lenders a high degree of discretion in their selection and implementation of remedies, including strict foreclosure, in relation to any event of default, including a high degree of discretion in determining whether to foreclose upon and liquidate all or any pledged policies, the interests in White Eagle, and the manner of any such liquidation. White Eagle has limited ability to cure events of default through the sale of policies or the procurement of replacement financing. The Company elected to account for the debt under the White Eagle Revolving Credit Facility, which includes the 50% interest in policy proceeds to the lender, using the fair value method. The fair value of the debt is the amount the Company would have to pay to transfer the debt to a market participant in an orderly transaction. The Company calculated the fair value of the debt using a discounted cash flow model taking into account the stated interest rate of the credit facility and probabilistic cash flows from the pledged policies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the Company’s estimates are not necessarily indicative of the amounts that the Company, or holders of the instruments, could realize in a current market exchange. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate. The use of different assumptions and/or estimation methodologies could have a material effect on the estimated fair values. At December 31, 2015 , the fair value of the outstanding debt was $169.1 million and the borrowing base was approximately $172.4 million , including $172.0 million in outstanding principal. There are no scheduled repayments of principal prior to maturity. Payments are due upon receipt of death benefits and distributed pursuant to the waterfall as described above.
Red Falcon
Debt Instrument [Line Items]
REVOLVING CREDIT FACILITY	RED FALCON REVOLVING CREDIT FACILITY Effective July 16, 2015, Red Falcon Trust (“Red Falcon”), a Delaware statutory trust formed by Blue Heron Designated Activity Company (“Blue Heron”), a wholly-owned Irish subsidiary of the Company, entered into a revolving loan and security agreement (together with its ancillary documents, the “Red Falcon Revolving Credit Facility”) with LNV Corporation, as initial lender, the other lenders party thereto from time to time, Imperial Finance & Trading, LLC, as guarantor, Blue Heron as portfolio administrator and CLMG Corp., as administrative agent (the “Agent”). General & Security . The Red Falcon Revolving Credit Facility provides for a revolving credit facility backed by Red Falcon’s portfolio of life insurance policies with an initial aggregate lender commitment of up to $110.0 million , subject to borrowing base availability. As of December 31, 2015 , 156 life insurance policies owned by Red Falcon with an aggregate death benefit of approximately $603.9 million and an estimated fair value of approximately $118.6 million are pledged as collateral under the Red Falcon Revolving Credit Facility. In connection with the Red Falcon Revolving Credit Facility, the residual interests in Red Falcon have also been pledged. Borrowing Base & Availability . Revolving credit borrowings are permitted until July 16, 2020 with the loans under the Red Falcon Revolving Credit Facility maturing on July 15, 2022. Borrowing availability under the Red Falcon Revolving Credit Facility is subject to a borrowing base, which at any time is equal to the lesser of (A) the sum of all of the following amounts that have been funded or are to be funded through the next distribution date (i) the initial advance and all additional advances in respect of newly pledged policies that are not for ongoing maintenance advances, plus (ii) 100% of the sum of the ongoing maintenance costs, less (iii) any required amortization payments previously distributed and to be distributed through the next distribution date; (B) 60% of the valuation of the policies pledged as collateral as determined by the lenders; (C) 45% of the aggregate face amount of the policies pledged as collateral; and (D) $110.0 million . At December 31, 2015 , $54.6 million was undrawn and $1.7 million was available to borrow under the Red Falcon Revolving Credit Facility. Amortization & Distributions. Proceeds from the policies pledged as collateral under the Red Falcon Revolving Credit Facility are distributed pursuant to a waterfall with, subject to yield maintenance provisions, 5% of policy proceeds directed to the lenders. Thereafter proceeds are directed to pay fees to service providers and premiums with any remaining proceeds directed to pay outstanding interest and required amortization of 8% per annum on the greater of the then outstanding balance of the loan or the initial advance. Generally, after payment of interest and required amortization, a percentage of the collections from policy proceeds are to be paid to the lenders, which will vary depending on the then loan to value ratio (“LTV”) as follows: (1) if the LTV is equal to or greater than 50% , all remaining proceeds will be directed to the lenders to repay the then outstanding principal balance; (2) if the LTV is less than 50% but greater than or equal to 25% , 65% of the remaining proceeds will be directed the lenders to repay the then outstanding principal balance; or (3) if the LTV is less than 25% , 35% of the remaining proceeds will be directed to the lenders to repay the then outstanding principal balance, in each case, with remaining proceeds directed to Red Falcon. To the extent there are not sufficient remaining proceeds in the waterfall to satisfy the amount of required interest and amortization then due, Red Falcon will pay any such shortfall amount. Initial Advance and Use of Proceeds. Amounts advanced to Red Falcon following effectiveness of the Red Falcon Revolving Credit Facility were approximately $54.0 million with certain of the proceeds used to pay transaction expenses and to purchase the policies pledged as collateral under the Red Falcon Revolving Credit Facility from certain affiliates of the Company, who then made a distribution to the Company which was used to redeem the Company's Secured Notes. Generally, ongoing advances may be made for paying premiums on the life insurance policies pledged as collateral, and to pay the fees of service providers. Subsequent advances in respect of newly pledged policies are at the discretion of the lenders. Interest. Borrowings under the Red Falcon Revolving Credit Facility bear interest at a rate equal to LIBOR or, if LIBOR is unavailable, the base rate, in each case plus an applicable margin of 4.50% and subject to a rate floor of 1.0% . The base rate under the Red Falcon Revolving Credit Facility equals the sum of (i) the weighted average of the interest rates on overnight federal funds transactions or, if unavailable, the average of three federal funds quotations received by the Agent plus 0.75% and (ii) 0.5% . The effective interest rate at December 31, 2015 was 5.5% . Interest expense for the cash portion of interest paid during the period is recorded in the Company’s consolidated financial statements. Accrued interest is reflected as a component of the estimated fair value of the Red Falcon Revolving Credit Facility. Interest expense on the facility was $4.9 million , which includes $3.3 million relating to the debt issuance cost which was not capitalized as a result of electing the fair value option for valuing this debt, and $1.6 million relating to interest payments paid by Red Falcon, for the year ended December 31, 2015 . Maturity. The term of the Red Falcon Revolving Credit Facility expires July 15, 2022 . Covenants/Events of Defaults . The Red Falcon Revolving Credit Facility contains covenants and events of default, including those that are customary for asset-based credit facilities of this type and including cross defaults under the servicing, portfolio management and sales agreements entered into in connection with the Red Falcon Revolving Credit Facility, changes in control of or insolvency or bankruptcy of the Company and relevant subsidiary companies and performance of certain obligations by certain relevant subsidiary companies, Red Falcon and third parties. The Red Falcon Revolving Credit Facility does not contain any financial covenants, but does contain certain tests relating to asset maintenance, performance and valuation with determinations as to the satisfaction of such tests involving determinations made by the lenders with a high degree of discretion. The Company elected to account for the debt under the Red Falcon Revolving Credit Facility using the fair value method. The fair value of the debt is the amount the Company would have to pay to transfer the debt to a market participant in an orderly transaction. The Company calculated the fair value of the debt using a discounted cash flow model taking into account the stated interest rate of the credit facility and probabilistic cash flows from the pledged policies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the Company’s estimates are not necessarily indicative of the amounts that the Company, or holders of the instruments, could realize in a current market exchange. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate. The use of different assumptions and/or estimation methodologies could have a material effect on the estimated fair values. At December 31, 2015 , the fair value of the outstanding debt was $55.7 million and the borrowing base was approximately $57.1 million , including $55.4 million in outstanding principal.

8.50% SENIOR UNSECURED CONVERTI

8.50% SENIOR UNSECURED CONVERTIBLE NOTES	12 Months Ended
	Dec. 31, 2015
8.50% Senior Unsecured Convertible Notes Due 2019
Debt Instrument [Line Items]
DEBT DISCLOSURE	8.5% SENIOR UNSECURED CONVERTIBLE NOTES In February 2014, the Company issued $70.7 million in an aggregate principal amount of 8.50% senior unsecured convertible notes due 2019. The Convertible Notes were sold, in part, to certain accredited investors pursuant to Regulation D under the Securities Act of 1933, as amended (the "Securities Act") and, in part, to an initial purchaser who then resold such Convertible Notes to qualified institutional buyers pursuant to Rule 144A of the Securities Act. The Convertible Notes were issued pursuant to an indenture dated February 21, 2014, between the Company and U.S. Bank National Association, as trustee. Two members of our Board of Directors, Messrs. Dakos and Goldstein, are affiliated with Bulldog Investors, LLC, who purchased Convertible Notes in the aggregate principal amount of $9.2 million in the offering. The Convertible Notes are general senior unsecured obligations and rank equally in right of payment with all of our other existing and future senior unsecured indebtedness. The Convertible Notes are effectively subordinate to all of our secured indebtedness to the extent of the value of the assets collateralizing such indebtedness. The Convertible Notes are not guaranteed by our subsidiaries. The maturity date of the Convertible Notes is February 15, 2019. The Convertible Notes accrue interest at the rate of 8.50% per annum on the principal amount of the Notes, payable semi-annually in arrears on August 15 and February 15 of each year. The Convertible Notes are convertible into shares of common stock at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Initially, the Convertible Notes were convertible into shares of common stock at a conversion rate of 147.9290 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to a conversion price of $6.76 per share of common stock). In the second quarter of 2015, the conversion rate was adjusted to 151.7912 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to a conversion price of $6.59 per share of common stock) in connection with an anti-dilution adjustment triggered by a rights offering that resulted in the issuance of 6,688,433 shares of the Company’s stock. The Company may not redeem the Convertible Notes prior to February 15, 2017. On and after February 15, 2017, and prior to the maturity date, the Company may redeem for cash all, but not less than all, of the Convertible Notes if the last reported sale price of the Company’s common stock equals or exceeds 130% of the applicable conversion price for at least 20 trading days during the 30 consecutive trading day period ending on the trading day immediately prior to the date the Company delivers notice of the redemption. The redemption price will be equal to 100% of the principal amount of the Convertible Notes, plus any accrued and unpaid interest to, but excluding, the redemption date. In addition, if the Company calls the Convertible Notes for redemption, a make-whole fundamental charge will be deemed to occur. As a result, the Company will, in certain circumstances, increase the conversion rate by a number of additional shares of common stock for holders who convert their notes prior to the redemption date. Holders of the Convertible Notes will have the right to require the Company to repurchase the Convertible Notes upon the occurrence of a fundamental change at 100% of their principal amount plus accrued and unpaid interest, if any. A fundamental change under the Convertible Notes is deemed to occur whenever any of the following occurs: (a) the Company's common stock ceases to be listed or quoted on a national securities exchange in the United States, (b) the Company's shareholders approve any plans for liquidation or dissolution, or (c) the Company experiences a change in control represented by: (i) a majority of the members of its board of directors no longer being considered continuing directors, (ii) a transaction whereby its shareholders own less than 50% of the surviving company after the transaction, or (iii) a person or group obtaining more than 50% of the voting power of the common stock. The Company determined that an embedded conversion option existed in the Convertible Notes, prior to June 5, 2014, that was required to be separately accounted for as a derivative under ASC 815 which required the Company to bifurcate the embedded conversion option and record it as a liability at fair value and record a debt discount by an equal amount with changes in the fair value of the conversion derivative liability recorded in earnings and the discount on the debt liability, together with the stated interest on the instrument, amortized to interest expense over the life of the debt using the effective interest method. On June 5, 2014, the Company obtained shareholder approval to issue shares of common stock upon conversion of the Convertible Notes in an amount that exceeded applicable New York Stock Exchange limits for issuances without shareholder approval. In accordance with ASC 815, the Company reclassified the embedded conversion derivative liability to equity along with unamortized transaction costs proportionate to the allocation of the initial debt discount and the principal amount of the Convertible Notes. The Convertible Notes are recorded at accreted value and will continue to be accreted up to the par value of the Convertible Notes at maturity. The fair value of the conversion derivative liability was estimated at June 5, 2014 using a Black Scholes pricing model with the following assumptions: As of June 5, 2014 Expected Volatility 40.0 % Expected Term in Years 4.7 Risk Free Rate 1.5 % At June 5, 2014, the fair value of the conversion derivative liability was $23.7 million . In accordance with ASC 815, the Company reclassified this amount along with $756,000 of unamortized transaction costs offset by deferred taxes of $8.8 million to stockholders’ equity. As of December 31, 2015 , the carrying value of the Notes was $58.6 million . The unamortized debt discount and origination cost of $12.1 million and $1.8 million , respectively, will be amortized over the remaining life of the Convertible Notes, using the effective interest method. The Company recorded $9.1 million of interest expense on the Convertible Notes, including $6.0 million , $2.7 million and $404,000 from interest, amortizing debt discounts and issuance costs, respectively, during the year ended December 31, 2015 . For the year ended December 31, 2014 , the Company recorded $7.5 million of interest expense on the Convertible Notes, including 5.2 million , $2.0 million and $332,000 from interest, amortizing debt discounts and issuance costs, respectively. During year ended December 31, 2014 , the Company recorded a loss on the change in fair value of the conversion derivative liability of $6.8 million .

12.875% SECURED NOTES

12.875% SECURED NOTES	12 Months Ended
	Dec. 31, 2015
12.875% Senior Secured Notes
Debt Instrument [Line Items]
DEBT DISCLOSURE	12.875% SECURED NOTES On November 10, 2014, the Company, as issuer, entered into an indenture with certain of its subsidiary companies, Harbordale, LLC, Imperial Finance & Trading, LLC, Imperial Life and Annuity Services, LLC, Imperial Litigation Funding, LLC, Imperial Premium Finance, LLC, Red Reef Alternative Investments, LLC and Washington Square Financial, LLC, as guarantors (the “Guarantors”), and Wilmington Trust Company, as indenture trustee. The indenture provided for the issuance of up to $100.0 million in senior secured notes (the “Secured Notes), of which $25.0 million were issued by the Company on the Initial Closing Date. The Secured Notes issued on the Initial Closing Date were issued at 96% of their face amount and were purchased under a note purchase agreement (the “Note Purchase Agreement”) with the Company and the Guarantors by an affiliate of Indaba Capital Management, L.P. (the “Purchaser”) in a private transaction pursuant to exemptions from the registration requirements of the Securities Act. On January 21, 2015, the Company issued an additional $25.0 million in aggregate principal amount of Secured Notes, which were purchased by the Purchaser under the Note Purchase Agreement at 96% of their principal amount. Fees and expenses paid by the Company in connection with the initial and subsequent issuances were approximately $1.8 million and $305,000 , respectively. Interest on issued Secured Notes accrued at 12.875% per annum and all Secured Notes issued under the indenture were scheduled to mature on November 10, 2017. The Secured Notes were guaranteed by the Guarantors and were secured by substantially all of the Company’s and Guarantors’ assets, other than those securing the White Eagle Revolving Credit Facility, including cash on account as well as the Company’s life insurance policies that were not pledged as collateral under the White Eagle Revolving Credit Facility. The Secured Notes were also secured by pledges of the equity interests of the Guarantors and by pledges of 65% of their first tier foreign subsidiary companies. On July 16, 2015, the Company redeemed all of the outstanding Secured Notes and discharged the Secured Note indenture. The Secured Notes were redeemed at 106% of their principal amount plus interest up to but excluding November 10, 2015. Effective as of the redemption of the Secured Notes, 159 of the life insurance policies that served as collateral for the Secured Notes were sold to Red Falcon in an internal transfer and pledged as collateral under the Red Falcon Revolving Credit Facility. Approximately $8.8 million was expensed as extinguishment related to the early repayment of the facility, in July 2015. This includes $5.2 million , $171,000 , $1.7 million and $1.7 million related to interest and prepayment penalties, unused fees, write off of debt discount and write off of issuance costs, respectively. The Company recorded $4.0 million of interest expense on the Secured Notes, including $3.2 million , $265,000 , $264,000 and $277,000 from interest, unused fees, amortizing debt discounts and issuance costs, during the year ended December 31, 2015 , respectively. For the year ended December 31, 2014 , the Company recorded $694,000 of interest expense on the Secured Notes, including $592,000 , $36,000 and $66,000 from interest, amortizing debt discounts and issuance costs, respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The Company carries life settlements and debt under the Revolving Credit Facilities at fair value in the consolidated balance sheets. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Fair value measurements are classified based on the following fair value hierarchy: Level 1 —Valuation is based on unadjusted quoted prices in active markets for identical assets and liabilities that are accessible at the reporting date. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Level 2 —Valuation is determined from pricing inputs that are other than quoted prices in active markets that are either directly or indirectly observable as of the reporting date. Observable inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and interest rates and yield curves that are observable at commonly quoted intervals. Level 3—Valuation is based on inputs that are both significant to the fair value measurement and unobservable. Level 3 inputs include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value generally require significant management judgement or estimation. Assets and liabilities measured at fair value on a recurring basis The balances of the Company’s assets measured at fair value on a recurring basis as of December 31, 2015 , are as follows (in thousands): Level 1 Level 2 Level 3 Total Fair Value Assets: Investment in life settlements $ — $ — $ 461,925 $ 461,925 $ — $ — $ 461,925 $ 461,925 The balances of the Company’s liabilities measured at fair value on a recurring basis as of December 31, 2015 , are as follows (in thousands): Level 1 Level 2 Level 3 Total Fair Value Liabilities: White Eagle Revolving Credit Facility $ — $ — $ 169,131 $ 169,131 Red Falcon Revolving Credit Facility — — $ 55,658 55,658 $ — $ — $ 224,789 $ 224,789 The balances of the Company’s assets measured at fair value on a recurring basis as of December 31, 2014 , are as follows (in thousands): Level 1 Level 2 Level 3 Total Fair Value Assets: Investment in life settlements $ — $ — $ 388,886 $ 388,886 Structured settlement receivables — — 384 384 $ — $ — $ 389,270 $ 389,270 The balances of the Company’s liabilities measured at fair value on a recurring basis as of December 31, 2014 , are as follows (in thousands): Level 1 Level 2 Level 3 Total Fair Value Liabilities: White Eagle Revolving Credit Facility $ — $ — $ 145,831 $ 145,381 $ — $ — $ 145,831 $ 145,381 The Company categorizes its investment in life settlement portfolio in two classes, non-premium financed and premium financed. In considering the categories, it is generally believed that market participants would require a lower risk premium for policies that were non-premium financed, while a higher risk premium would be required for policies that were premium financed although the Company believes that this risk premium has been declining. ($ in thousands) Quantitative Information about Level 3 Fair Value Measurements Fair Value at 12/31/15 Aggregate death benefit 12/31/2015 Valuation Technique (s) Unobservable Input Range (Weighted Average) Non-premium financed $ 97,133 $ 339,183 Discounted cash flow Discount rate 15.00% - 21.00% Life expectancy evaluation 6.4 years Premium financed $ 364,792 $ 2,640,169 Discounted cash flow Discount rate 16.00% - 24.50% Life expectancy evaluation 10.3 years Life settlements $ 461,925 $ 2,979,352 Discounted cash flow Discount rate (17.02)% Life expectancy evaluation 9.9 years Discount rate 20.55% White Eagle Revolving Credit Facility $ 169,131 N/A Discounted cash flow Life expectancy evaluation 9.8 years Discount rate 11.65% Red Falcon Revolving Credit Facility $ 55,658 N/A Discounted cash flow Life expectancy evaluation 9.3 years Following is a description of the methodologies used to estimate the fair values of assets and liabilities measured at fair value on a recurring basis and within the fair value hierarchy. Life settlements —The Company has elected to account for the life settlement policies it acquires using the fair value method. The Company uses a present value technique to estimate the fair value of its life settlements, which is a Level 3 fair value measurement as the significant inputs are unobservable and require significant management judgment or estimation. The Company currently uses a probabilistic method of valuing life insurance policies, which the Company believes to be the preferred valuation method in the industry. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate. The Company provides medical records for each insured to independent life expectancy providers (each, an “LE provider”). Each LE provider reviews and analyzes the medical records and identifies all medical conditions it feels are relevant to the life expectancy determination of the insured. Debits and credits are assigned by each LE provider to the individual’s health based on identified medical conditions. The debit or credit that an LE provider assigns to a medical condition is derived from the experience of mortality attributed to this condition in the portfolio of lives that the LE provider monitors. The health of the insured is summarized by the LE provider into a life assessment of the individual’s life expectancy expressed both in terms of months and in mortality factor. The mortality factor represents the degree to which the given life can be considered more or less impaired than a life having similar characteristics (e.g. gender, age, smoking, etc.). For example, a standard insured (the average life for the given mortality table) would carry a mortality rating of 100% . A similar but impaired life bearing a mortality rating of 200% would be considered to have twice the chance of dying earlier than the standard life relative to the LE provider’s population. Since each provider’s mortality factor is based on its own mortality table, the Company calculates its own factors to apply to the table selected by the Company. Since the quarter ended September 30, 2012, the Company has used a modified version of the 2008 Valuation Basic Table (“2008 VBT”), a mortality table developed by the U.S. Society of Actuaries (the “SOA”). The mortality table is created based on the expected rates of death among groups categorized by gender, age, and smoking status. Since the Company uses the 2008 VBT, the Company calculates its own mortality factor that, when applied to the 2008 VBT, produces the same life expectancy provided by each LE provider. The resulting mortality factors are then blended to determine a factor for each insured. To generate the best estimated probabilistic cash flow stream, a mortality curve is generated by calculating the probability of mortality for each period based on the calculated mortality factors and the death rates from the 2008 VBT. The Company modifies the table by incorporating future mortality improvements to better reflect the curves used by the LE providers. A discounted present value calculation is then used to determine the value of the policy. If the insured dies earlier than expected, the return will be higher than if the insured dies when expected or later than expected. The calculation allows for the possibility that if the insured dies earlier than expected, the premiums needed to keep the policy in force will not have to be paid. Conversely, the calculation also considers the possibility that if the insured lives longer than expected, more premium payments will be necessary. Based on these considerations, each possible outcome is assigned a probability and the range of possible outcomes is then used to create a value for the policy. During the third quarter of 2015, the SOA released tables for an updated Valuation Basic Table (the “2015 VBT”). The Company is continuing to monitor the market reaction to the 2015 VBT. Additionally, the Company will continue to monitor its mortality experience to determine whether future adoption of the 2015 VBT would be an appropriate change to the Company’s valuation technique. The 2015 VBT would suggest a reduced probabilistic cash flow stream for us over the next several years. Future changes in the life expectancies could have a material effect on the fair value of the Company’s life settlements, which could have a material adverse effect on its business, financial condition and results of operations. Life expectancy sensitivity analysis If all of the insured lives in the Company’s life settlement portfolio live six months shorter or longer than the life expectancies provided by these third parties, the change in estimated fair value would be as follows (dollars in thousands): Life Expectancy Months Adjustment Value Change in Value +6 $ 388,776 $ (73,149 ) - $ 461,925 — -6 $ 540,821 $ 78,896 Discount rate The discount rate incorporates current information about market interest rates, the credit exposure to the insurance company that issued the life insurance policy and our estimate of the risk premium an investor in the policy would require. The Company re-evaluates its discount rates at the end of every reporting period in order to reflect the estimated discount rates that could reasonably be used in a market transaction involving the Company’s portfolio of life insurance policies. In doing so, the Company relies on management insight, engages third party consultants to corroborate its assessment, engages in discussions with other market participants and extrapolates the discount rate underlying actual sales of policies. Due to the Company’s association with the USAO Investigation and certain civil litigation involving the Company, the Company believes that, when given the choice to invest in a policy that was associated with the Company’s premium finance business and a similar policy without such an association, all else being equal, an investor would have generally opted to invest in the policy that was not associated with the Company’s premium finance business. However, since the Company entered into a non-prosecution agreement, investors have required less of a risk premium to transact in policies associated with the Company’s legacy premium finance business. In general, the Company believes that the risk premium an investor would require to transact in a policy that has been premium financed versus a policy without premium financing is lessening in the current market environment and further expects that, with the passage of time, investors will continue to require less of a risk premium to transact in policies associated with its legacy premium finance business. Credit exposure of insurance company The Company considers the financial standing of the issuer of each life insurance policy. Typically, we seek to hold policies issued by insurance companies that are rated investment grade by the top three credit rating agencies. At December 2015 , the Company had 18 life insurance policies issued by 2 carriers that were rated non-investment grade as of that date. In order to compensate a market participant for the perceived credit and challenge risks associated with these policies, the Company applied an additional 300 basis point risk premium. The following table provides information about the life insurance issuer concentrations that exceed 10% of total death benefit and 10% of total fair value of our life settlements as of December 31, 2015 : Carrier Percentage of Total Fair Value Percentage of Total Death Benefit Moody’s Rating S&P Rating Lincoln National Life Insurance Company 22.5 % 19.7 % A1 AA- Transamerica Life Insurance Company 20.2 % 20.6 % A1 AA- Estimated risk premium As of December 31, 2015 , the Company owned 632 policies with an aggregate investment in life settlements of $461.9 million . Of these 632 policies, 544 were premium financed and are valued using discount rates that range from 16.00% to 24.50% . The remaining 88 policies, which are non-premium financed, are valued using discount rates that range from 15.00% to 21.00% . As of December 31, 2015 , the weighted average discount rate calculated based on death benefit used in valuing the policies in our life settlement portfolio was 17.02% . The discount rate incorporates current information about market interest rates, the credit exposure to the insurance company that issued the life insurance policy and our estimate of the risk premium an investor in the policy would require. The extent to which the fair value could vary in the near term has been quantified by evaluating the effect of changes in the weighted average discount rate on the death benefit used to estimate the fair value. If the weighted average discount rate was increased or decreased by 1/2 of 1% and the other assumptions used to estimate fair value remained the same, the change in estimated fair value would be as follows (dollars in thousands): Market interest rate sensitivity analysis Weighted Average Rate Calculated Based on Death Benefit Rate Adjustment Value Change in Value 16.52% -0.50 % $ 473,585 $ (11,660 ) 17.02% — $ 461,925 $ — 17.52% 0.50 % $ 450,751 $ (11,174 ) Future changes in the discount rates we use to value life insurance policies could have a material effect on our yield on life settlement transactions, which could have a material adverse effect on our business, financial condition and results of our operations. At the end of each reporting period we re-value the life insurance policies using our valuation model in order to update our estimate of fair value for investments in policies held on our balance sheet. This includes reviewing our assumptions for discount rates and life expectancies as well as incorporating current information for premium payments and the passage of time. White Eagle Revolving Credit Facility debt —In connection with the White Eagle Revolving Credit Facility, 437 policies are pledged by White Eagle to serve as collateral for its obligations under the facility. Absent an event of default under the White Eagle Revolving Credit Facility, ongoing borrowings will be used to pay the premiums on these policies and certain approved third party expenses. As more fully described in Note 8, the White Eagle Revolving Credit Facility proceeds from the policies pledged as collateral will be distributed pursuant to a waterfall with 50% of the proceeds remaining following the Excess LTV Payments and/or preference amount, as the case may be, being directed to the lenders with the remainder paid to White Eagle. We have elected to account for this long-term debt, which includes the lender’s interest in policy proceeds, using the fair value method. The fair value of the debt is the amount the Company would have to pay to transfer the debt to a market participant in an orderly transaction. We calculated the fair value of the debt using a discounted cash flow model taking into account the stated interest rate of the White Eagle Revolving Credit Facility and probabilistic cash flows from the pledged policies. Accordingly, our estimates are not necessarily indicative of the amounts that we, or holders of the instruments, could realize in a current market exchange. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate. The use of different assumptions and/or estimation methodologies could have a material effect on the estimated fair values. Life expectancy sensitivity analysis of the policies securing the White Eagle Revolving Credit Facility A considerable portion of the fair value of the White Eagle Revolving Credit Facility is determined by the timing of receipt of future policy proceeds. Should life expectancies lengthen such that policy proceeds are collected further into the future, the fair value of this debt will decline. Conversely, should life expectancies shorten, the fair value of this debt will increase. Considerable judgment is required in interpreting market data to develop the estimates of fair value. If all of the insured lives in the life settlement portfolio pledged under the White Eagle Revolving Credit Facility live six months shorter or longer than the life expectancies used to calculate the estimated fair value of the White Eagle Revolving Credit Facility debt, the change in estimated fair value would be as follows (dollars in thousands): Life Expectancy Months Adjustment Fair Value of White Eagle Revolving Credit Facility Change in Value +6 $ 141,010 $ (28,121 ) - $ 169,131 — -6 $ 198,707 $ 29,576 Future changes in the life expectancies could have a material effect on the fair value of the White Eagle Revolving Credit Facility, which could have a material adverse effect on its business, financial condition and results of operations. Discount rate of the White Eagle Revolving Credit Facility The discount rate incorporates current information about market interest rates, credit exposure to insurance companies and the Company’s estimate of the return a lender lending against the policies would require. Market interest rate sensitivity analysis of the White Eagle Revolving Credit Facility The extent to which the fair value of the White Eagle Revolving Credit Facility could vary in the near term has been quantified by evaluating the effect of changes in the weighted average discount. If the weighted average discount rate were increased or decreased by 1/2 of 1% and the other assumptions used to estimate fair value remained the same, the change in estimated fair value of the White Eagle Revolving Credit Facility as of December 31, 2015 would be as follows (dollars in thousands): Discount Rate Rate Adjustment Fair Value of White Eagle Revolving Credit Facility Change in Value 20.05% -0.50 % $ 172,840 $ 3,709 20.55% — $ 169,131 $ — 21.05% 0.50 % $ 165,557 $ (3,574 ) Future changes in the discount rates could have a material effect on the fair value of the White Eagle Revolving Credit Facility, which could have a material and adverse effect on its business, financial condition and results of its operations. At December 31, 2015 , the fair value of the debt was $169.1 million and the outstanding principal was approximately $172.0 million . Red Falcon Revolving Credit Facility — 156 policies are pledged by Red Falcon to serve as collateral for its obligations under the Red Falcon Revolving Credit Facility. Proceeds from the policies pledged as collateral under the Red Falcon Credit Facility are distributed pursuant to a waterfall with, subject to yield maintenance provisions, 5% of policy proceeds directed to the lenders. Thereafter proceeds are directed to pay fees to service providers and premiums with any remaining proceeds directed to pay outstanding interest and required amortization of 8% per annum on the loan. Generally, after payment of interest and required amortization, a percentage of the collections from policy proceeds are to be paid to the lenders to repay the then outstanding principal balance, which will vary depending on the then loan to value ratio as more fully described in Note 9,“Red Falcon Revolving Credit Facility.” The Company has elected to account for this long-term debt using the fair value method. The fair value of the debt is the amount the Company would have to pay to transfer the debt to a market participant in an orderly transaction. The Company calculated the fair value of the debt using a discounted cash flow model taking into account the stated interest rate of the Red Falcon Revolving Credit Facility and probabilistic cash flows from the pledged policies. Accordingly, the Company’s estimates are not necessarily indicative of the amounts that the Company, or holders of the instruments, could realize in a current market exchange. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate. The use of different assumptions and/or estimation methodologies could have a material effect on the estimated fair values. Life expectancy sensitivity analysis of the policies securing the Red Falcon Revolving Credit Facility A considerable portion of the fair value of the Red Falcon Revolving Credit Facility is determined by the timing of receipt of future policy proceeds. Should life expectancies lengthen such that policy proceeds are collected further into the future, the fair value of this debt will decline. Conversely, should life expectancies shorten; the fair value of this debt will increase. Considerable judgment is required in interpreting market data to develop the estimates of fair value. If all of the insured lives in the life settlement portfolio pledged under the Red Falcon Credit Facility live six months shorter or longer than the life expectancies used to calculate the estimated fair value of the Red Falcon Revolving Credit Facility, the change in estimated fair value would be as follows (dollars in thousands): Life Expectancy Months Adjustment Fair Value of Red Falcon Change in Value +6 $ 53,559 $ (2,099 ) $ 55,658 — -6 $ 57,273 $ 1,615 Future changes in the life expectancies could have a material effect on the fair value of the Red Falcon Revolving Credit Facility, which could have a material adverse effect on its business, financial condition and results of operations. Discount rate of the Red Falcon Revolving Credit Facility The discount rate incorporates current information about market interest rates, credit exposure to insurance companies and the Company’s estimate of the return a lender lending against the policies would require. Market interest rate sensitivity analysis of the Red Falcon Revolving Credit Facility The extent to which the fair value of the Red Falcon Revolving Credit Facility could vary in the near term has been quantified by evaluating the effect of changes in the weighted average discount. If the weighted average discount rate were increased or decreased by 1/2 of 1% and the other assumptions used to estimate fair value remained the same, the change in estimated fair value of the Red Falcon Revolving Credit Facility as of December 31, 2015 would be as follows (dollars in thousands): Discount Rate Rate Adjustment Fair Value of Red Falcon Change in Value 11.15% -0.50 % $ 56,489 $ 831 11.65% — $ 55,658 $ — 12.15% +0.50 % $ 54,848 $ (810 ) Future changes in the discount rates could have a material effect on the fair value of the Red Falcon Revolving Credit Facility, which could have a material adverse effect on its business, financial condition and results of its operations. At December 31, 2015 , the fair value of the debt was $55.7 million and the outstanding principal was approximately $55.4 million . Convertible Notes- The Company determined that an embedded conversion option in the Convertible Notes was required to be separately accounted for as a derivative under Accounting Standards Codification 815, Derivatives and Hedging (“ASC 815”) . ASC 815 required the Company to bifurcate the embedded conversion option and record it as a liability at fair value and reduce the debt liability by a corresponding discount of an equivalent amount. The Company used a Black Scholes pricing model that incorporates present valuation techniques and reflect both the time value and the intrinsic value of the embedded conversion option to approximate the fair value of the conversion derivative liability at the end of each reporting period. This model required assumptions as to expected volatility, dividends, terms, and risk free rates. In accordance with ASC 815, upon receipt of shareholder approval on June 5, 2014, the Company reclassified the embedded derivative to stockholders’ equity along with unamortized transaction costs proportionate to the allocation of the initial debt discount and the principal amount of the Convertible Notes. The Convertible Notes continue to be recorded at accreted value up to the par value of the Convertible Notes at maturity. See Note 10, “8.50% Senior Unsecured Convertible Notes.” Although we believe our valuation method is appropriate, the use of different methodologies or assumptions to determine the fair value could result in different fair values. Changes in Fair Value The following tables provide a roll-forward in the changes in fair value for the year ended December 31, 2015 , for all assets and liabilities for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands): Life Settlements: Balance, January 1, 2015 $ 388,886 Purchase of policies 30,695 Change in fair value 46,717 Matured/lapsed/sold polices (69,296 ) Premiums paid 64,923 Transfers into level 3 — Transfers out of level 3 — Balance, December 31, 2015 $ 461,925 Changes in fair value included in earnings for the period relating to assets held at December 31, 2015 $ (1,442 ) The following table provides a roll-forward in the changes in fair value for the year ended December 31, 2015 , for the White Eagle Revolving Credit Facility for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands): White Eagle Revolving Credit Facility: Balance, January 1, 2015 $ 145,831 Draws under the White Eagle Revolving Credit Facility 54,614 Payments on White Eagle Revolving Credit Facility (43,241 ) Unrealized change in fair value 11,927 Transfers into level 3 — Transfer out of level 3 — Balance, December 31, 2015 $ 169,131 Changes in fair value included in earnings for the period relating to liabilities at December 31, 2015 $ 11,927 The following table provides a roll-forward in the changes in fair value for the year ended December 31, 2015 , for the Red Falcon Revolving Credit Facility for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands): Red Falcon Revolving Credit Facility: Balance, January 1, 2015 $ — Initial advance under the Red Falcon Revolving Credit Facility 54,000 Subsequent draws under the Red Falcon Revolving Credit Facility 5,766 Payments on Red Falcon Revolving Credit Facility (4,378 ) Unrealized change in fair value 270 Transfers into level 3 — Transfer out of level 3 — Balance, December 31, 2015 $ 55,658 Changes in fair value included in earnings for the period relating to liabilities held at December 31, 2015 $ 270 The following tables provide a roll-forward in the changes in fair value for the year ended December 31, 2014 , for all assets and liabilities for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands): Life Settlements: Balance, January 1, 2014 $ 302,961 Purchase of policies 16,296 Change in fair value 44,128 Matured/lapsed/sold polices (29,957 ) Premiums paid 55,458 Transfers into level 3 — Transfers out of level 3 — Balance, December 31, 2014 $ 388,886 Changes in fair value included in earnings for the period relating to assets held at December 31, 2014 $ 22,597 The following tables provide a roll-forward in the changes in fair value for the year ended December 31, 2014 , for the White Eagle Revolving Credit Facility liabilities for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands): White Eagle Revolving Credit Facility: Balance, January 1, 2014 $ 123,847 Draws under the White Eagle Revolving Credit Facility 57,233 Payments on White Eagle Revolving Credit Facility (29,777 ) Unrealized change in fair value (5,472 ) Transfers into level 3 — Transfer out of level 3 — Balance, December 31, 2014 $ 145,831 Changes in fair value included in earnings for the period relating to liabilities at December 31, 2014 $ (5,472 ) There were no transfers of financial assets between levels of the fair value hierarchy during the years ended December 31, 2015 and 2014 . Other Fair Value Considerations - Carrying value of certificate of deposits, prepaid expenses and other assets, receivable for maturity of life settlements, investment in affiliates, accounts payable and accrued expenses approximate fair value due to their short-term maturities and/or low credit risk.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION On October 25, 2013, the Company sold its structured settlement business, which was previously reported as an operating segment. The operating results related to the Company’s structured settlement business have been included in discontinued operations in the Company’s Consolidated Statements of Operations for all periods presented and the Company has discontinued segment reporting

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Lease Agreements The Company leases office space under a lease that commenced on October 1, 2014. The lease expires on September 30, 2020 . The annual base rent is $231,900 , with a provision for a 3% increase on each anniversary of the rent commencement date. Rent expense was approximately $423,000 , $513,000 and $438,000 for the years ended December 31, 2015 , 2014 and 2013 , respectively. Future minimum payments under operating leases for each of the five succeeding years subsequent to December 31, 2015 are as follows (in thousands): December 31, 2016 $ 234 2017 241 2018 248 2019 255 2020 196 $ 1,174 Employment Agreements The Company has entered into employment agreements with certain of its officers, including with its chief executive officer, whose agreement provides for substantial payments in the event that the executive terminates his employment with the Company due to a material change in the geographic location where the chief executive officer performs his duties or upon a material diminution of his base salary or responsibilities, with or without cause. These payments are equal to three times the sum of the chief executive officer’s base salary and the average of the preceding three years’ annual cash bonus. The Company does not have any general policies regarding the use of employment agreements, but has and may, from time to time, enter into such a written agreement to reflect the terms and conditions of employment of a particular named executive officer, whether at the time of hire or thereafter. Separation Agreement On April 26, 2012, the Company entered into a Separation Agreement and General Release of Claims (the “Separation Agreement”) with its former chief operating officer, Jonathan Neuman. The Separation Agreement obligates the Company to indemnify Mr. Neuman for his legal expenses, including expenses incurred as part of the USAO Investigation. The Company recognized indemnification expenses of $8.5 million , $2.1 million and $2.8 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. On December 31, 2015 , the Company received a letter from the USAO indicating that the USAO had concluded the USAO Investigation. Accordingly, the Company does not expect to incur advancement or indemnification expenses related to the USAO Investigation that are incurred after December 31, 2015 . Litigation In accordance with applicable accounting guidance, the Company establishes an accrued liability for litigation and regulatory matters when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. When a loss contingency is not both probable and estimable, the Company does not establish an accrued liability. As a litigation or regulatory matter develops, the Company, in conjunction with any outside counsel handling the matter, evaluates on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. If, at the time of evaluation, the loss contingency related to a litigation or regulatory matter is not both probable and estimable, the matter will continue to be monitored for further developments that would make such loss contingency both probable and estimable. When a loss contingency related to a litigation or regulatory matter is deemed to be both probable and estimable, the Company will establish an accrued liability with respect to such loss contingency and record a corresponding amount of litigation-related expense. The Company will then continue to monitor the matter for further developments that could affect the amount of any such accrued liability. Non-Prosecution Agreement & Indemnification Obligations On September 27, 2011, the Company was informed that it was being investigated by the U.S. Attorney’s Office for the District of New Hampshire in connection with the Company’s now legacy premium finance loan business. On April 30, 2012, the Company entered into a Non-Prosecution Agreement (the “Non-Prosecution Agreement”) with the USAO, which agreed not to prosecute the Company for its involvement in the making of misrepresentations on life insurance applications in connection with its premium finance business or any potential securities fraud claims related to its now legacy premium finance business. The Non-Prosecution Agreement had a term of three years and expired in accordance with its terms on April 30, 2015. On December 31, 2015, the Company received a letter from the USAO indicating that the USAO Investigation has formally concluded, that the Company fully complied with all of its obligations under the Non-Prosecution Agreement and that the Company was released from any further obligations under the Non-Prosecution Agreement. While the Non-Prosecution Agreement effectively resolved the USAO Investigation as it pertains to the Company, the Company had continuing cooperation obligations to the USAO and, since entering the Non-Prosecution Agreement, the USAO had also been continuing to investigate certain individuals and entities formerly associated with the Company’s legacy premium finance business. Settlements of certain civil litigation with the Company’s director and officer liability insurance carriers related to the USAO Investigation and other contractual obligations require the Company to advance legal fees to and indemnify these individuals and entities. On December 31, 2015, the USAO filed civil forfeiture complaints with respect to compensation received by three former employees of the Company in the United States District Court for the District of New Hampshire. In each case, the former employees resolved the civil forfeiture actions without admitting any of the allegations in the complaints. In connection with the foregoing, the Company made a $6.5 million payment pursuant to the Company’s indemnification obligations on December 31, 2015 . USAO litigation-related fees (inclusive of indemnification and advancement expenses) of $17.0 million , $5.0 million and $4.5 million were recognized for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Company does not expect to indemnify any further amounts in connection with the USAO Investigation. SEC Investigation On February 17, 2012, the Company received an initial subpoena issued by the staff of the SEC seeking documents from 2007 through the date of the subpoena, generally related to the Company’s premium finance business and corresponding financial reporting. The SEC is investigating whether any violations of federal securities laws have occurred and the Company has been cooperating with the SEC regarding this matter. The Company is unable to predict what action, if any, might be taken in the future by the SEC or its staff as a result of the investigation or what impact, if any, the cost of responding to the SEC might have on the Company’s financial position, results of operations, or cash flows. The Company has not established any provision for losses in respect of this matter. Sun Life On April 18, 2013, Sun Life Assurance Company of Canada (“Sun Life”) filed a complaint against the Company and several of its affiliates in the United States District Court for the Southern District of Florida, entitled Sun Life Assurance Company of Canada v. Imperial Holdings, Inc., et al . (“ Sun Life Case ”), asserting, among other things, that at least 28 life insurance policies issued by Sun Life and owned by the Company through certain of its subsidiary companies were invalid. The Sun Life complaint, as amended, asserted the following claims: (1) violations of the federal Racketeer Influenced and Corrupt Organizations (“RICO”) Act, (2) conspiracy to violate the RICO Act, (3) common law fraud, (4) aiding and abetting fraud, (5) civil conspiracy to commit fraud, (6) tortious interference with contractual obligations, and (7) a declaration that the policies issued were void. Following the filing of a motion by the Company to dismiss the Sun Life Case, on December 9, 2014, counts (2), (4), (5), (6) and (7) of the Sun Life Case were dismissed with prejudice. The Company then filed a motion for summary judgment on the remaining counts. On February 4, 2015, the Court issued an order (the “Order”) granting the Company’s motion for summary judgment on counts (1) and (3), resulting in the Company prevailing on all counts in the Sun Life Case. On July 29, 2013, the Company filed a separate complaint against Sun Life in United States District Court for the Southern District of Florida, entitled Imperial Premium Finance, LLC v. Sun Life Assurance Company of Canada (“ Imperial Case ”), which was subsequently consolidated with the Sun Life Case. The Imperial complaint asserts claims against Sun Life for breach of contract, breach of the covenant of good faith and fair dealing, and fraud, and seeks a judgment declaring that Sun Life is obligated to comply with the promises made by it in certain insurance policies. The complaint also seeks compensatory damages of no less than $30.0 million in addition to an award of punitive damages. On August 23, 2013, Sun Life moved to dismiss the complaint, which was denied by the Court as part of the Order. On February 26, 2015, Sun Life filed a Notice of Appeal to the United States Court of Appeals for the Eleventh Circuit from the Order, which had denied Sun Life’s motion to dismiss. On December 17, 2015, after the matter was fully briefed, the Circuit Court issued an order granting the Company’s motion to dismiss and sent the case back to the District Court. The District Court lifted the stay and ordered Sun Life to file its Answer to the Imperial Case by January 22, 2016. On February 3, 2016, the District Court set a trial date of the Imperial Case for October 31, 2016. The District Court has stayed the Imperial Case until Sun Life’s appeal is resolved by the Eleventh Circuit, which has been fully briefed by the parties. IRS Investigation The Internal Revenue Service (“IRS”) Criminal Investigation Division notified the Company in February 2014 that it is conducting an investigation related to the Company and its legacy structured settlements business. The Company believes that it has been cooperating with the investigation and is unable, at this time, to predict what action, if any, might be taken in the future by the IRS. If the investigation results in a determination by the IRS that the Company has failed to comply with any of its obligations under the Internal Revenue Code or regulations thereunder, the Company could incur additional tax liability, restitution payment obligations, penalties, fines or other liabilities, including criminal penalties and fines and a reduction in the Company’s net operating losses, that could have a material adverse effect on the Company, its personnel, its financial condition, cash flows and its results of operations. The Company has not established any provision for losses related to this matter. Class Action Litigation On January 20, 2015, a purported shareholder of the Company filed a putative class action complaint against the Company, and the individual members of the Board of Directors, in the Circuit Court of the 15th Judicial Circuit, in and for Palm Beach County, entitled Harry Rothenberg v. Imperial Holdings, Inc., et al. (the “State Court Complaint”). The Rothenberg State Court Complaint alleged breaches of fiduciary duties of due care and sought to invalidate a by-law amendment adopted by the Board of Directors on October 30, 2014, which requires current and former shareholders who wish to file a class or derivative action against the Company, its directors or its officers to first obtain written consent from shareholders beneficially owning at least 3% of the outstanding shares of the Company. On March 2, 2015, the Company filed a motion to dismiss and motion to strike certain allegations in the State Court Complaint. On April 20, 2015, Mr. Rothenberg filed a Verified Shareholder Class Action and Derivative Complaint (the “Federal Court Complaint”) in the United States District Court for the Southern District of Florida, which named the same defendants and asserted similar claims as in the State Court Complaint. The Federal Court Complaint also alleged violations of Sections 14(a) and 20(a) of the 1934 Securities Act, and asserted derivative claims for breach of fiduciary duty, among other claims, based on the previously disclosed IRS Investigation and allegations regarding the Company’s prior structured settlement business made in a case styled Michael Lafontant v. Washington Square Financial, LLC, et al. (“Lafontant Complaint”), which was filed in the United States District Court for the Southern District of New York. The Company moved to dismiss the Lafontant Complaint based on contractual arbitration provisions and on February 2, 2016 the District Court stayed the case pending the outcome of arbitration. On April 21, 2015, Mr. Rothenberg voluntarily dismissed the State Court Complaint, without prejudice. On June 9, 2015, Mr. Rothenberg filed an Amended Complaint. On June 29, 2015, the Company filed a motion to dismiss the Amended Complaint for lack of subject matter jurisdiction due to lack of injury in fact and ripeness and failure to state a claim pursuant to the Federal Rules of Civil Procedure. On September 10, 2015, the United States District Court for the Southern District of Florida issued an order (the “Order”) granting Plaintiff’s Unopposed Motion for Approval of Dismissal of Shareholder’s Derivative Claims and Class Action Claims. As contemplated in the Order, the Federal Court Complaint was dismissed with prejudice, and the case was closed on October 14, 2015. Other Litigation A complaint was filed against the Company’s subsidiary, styled Kenneth Jennings v. Washington Square Financial, LLC d/b/a Imperial Structured Settlements (“Washington Square”), and is currently pending in the United States District Court for the Northern District of Illinois. The plaintiff seeks, in a purported class action, to represent all individuals who sold all or a part of a structured settlement annuity to Washington Square under the Illinois Structured Settlement Protections Act (the “Illinois Act”), where the underlying annuity contract contained an anti-assignment clause, and where a court issued an order under the Illinois Act approving the transaction. The complaint seeks, among other things, a declaration that all such transactions are void and compensatory and punitive damages. The Company has not established any provision for losses in respect of this matter. The Company is party to various other legal proceedings that arise in the ordinary course of business. Due to the inherent difficulty of predicting the outcome of litigation and other legal proceedings, the Company cannot predict the eventual outcome of these matters, and it is reasonably possible that some of them could be resolved unfavorably to the Company. As a result, it is possible that the Company’s results of operations or cash flows in a particular fiscal period could be materially affected by an unfavorable resolution of pending litigation or contingencies. However, the Company believes that the resolution of these other proceedings will not, based on information currently available, have a material adverse effect on the Company’s financial position or results of operations.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY During the second quarter of 2015, the Company commenced a rights offering and distributed one non-transferable subscription right for every four shares of common stock owned by its shareholders of record at the close of business on May 26, 2015. Each right entitled its holder to subscribe for one share of common stock at a price of $5.75 per share. Additionally, the Company allocated an additional 1,337,686 shares to honor over-subscription requests. The rights offering was over-subscribed and the Company issued 6,688,433 shares of common stock. The Company has reserved an aggregate of 2,700,000 shares of common stock under its Omnibus Plan, of which 774,394 options to purchase shares of common stock granted to existing employees were outstanding as of December 31, 2015 , and 103,112 shares of restricted stock had been granted to directors under the plan with 41,259 shares subject to vesting. During 2014, upon receipt of shareholder approval, the Company reclassified the embedded derivative contained in its Convertible Notes to stockholders’ equity along with unamortized transaction costs proportionate to the allocation of the initial debt discount and the principal amount of the Convertible Notes. This resulted in an increase to additional paid-in-capital of $14.1 million , net of taxes on the Company’s consolidated balance sheet and consolidated statement of stockholders’ equity as of December 31, 2014 . See Note 10, 8.50% Senior Unsecured Convertible Notes ." In connection with the settlement of derivative litigation, the Company issued 125,628 shares of the Company’s stock, which were issued in the first quarter of 2014 and are included in stockholders’ equity. In connection with the settlement of class litigation filing in connection with the USAO Investigation, the Company issued warrants to purchase two million shares of the Company’s stock into an escrow account in April 2014 and were distributed in October 2014. The estimated fair value at the measurement date of such warrants was $5.4 million , which is included in stockholder’s equity. The warrants have a five -year term from the date of their distribution with an exercise price of $10.75 . The Company is obligated to file a registration statement to register the shares underlying the warrants with the SEC if shares of the Company’s common stock have an average daily trading closing price of at least $8.50 per share for a 45 day period. The warrants will be exercisable upon effectiveness of the registration statement. During 2014, the Company awarded 323,500 target performance shares for restricted common stock to its directors and certain employees, of which 150,000 shares were subject to shareholder approval of the Omnibus Plan, which was obtained at the Company’s 2015 annual meeting on May 28, 2015. During 2015 , 4,000 of these shares were forfeited, with 319,500 remaining. The issuance of the performance shares is contingent on the Company’s financial performance as well as the performance of the Company’s common stock through June 30, 2016, with the actual shares to be issued ranging between 0% – 150% of the target performance shares. As a result, the Company determined that it is not probable that the performance conditions will be achieved and no related expense was recognized for the year ended December 31, 2015 . If issued, the performance shares will be subject to a one year vesting period from the date of issuance. Exclusive of the 319,500 target performance shares awarded to its directors, named executive officers and certain employees, there were 1,808,735 securities remaining for future issuance under the Omnibus Plan as of December 31, 2015 . During the year ended December 31, 2014 , the Company adopted ASU No. 2013-11, resulting in an increase to additional paid-in-capital of $6.3 million on the Company’s consolidated balance sheet and consolidated statement of stockholders’ equity as of December 31, 2014 . See Note 18, "Income Taxes." On September 1, 2015, the Company announced that its Board of Directors authorized a $10.0 million share and note repurchase program. The program has a two -year expiration date, and authorizes the Company to repurchase up to $10.0 million of its common stock and/or its Convertible Notes due 2019. For the year ended December 31, 2015 , the Company purchased 608,000 shares for a total cost of approximately $2.5 million , which is an average cost of $4.17 per share including transaction fees. As of December 31, 2015 , the Company may purchase up to approximately $7.5 million of additional common stock or Convertible Notes under its board authorized plan.

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN	12 Months Ended
	Dec. 31, 2015
Postemployment Benefits [Abstract]
EMPLOYEE BENEFIT PLAN	EMPLOYEE BENEFIT PLAN The Company has adopted a 401(k) plan that covers employees that have reached 18 years of age and completed three months of service. The plan provides for voluntary employee contributions through salary deductions, as well as discretionary employer contributions. For the years ended December 31, 2015 , 2014 and 2013 , there were no employer contributions made.

SUMMARY OF QUARTERLY FINANCIAL

SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED)	SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED) The following tables set forth our unaudited consolidated financial data regarding continuing operations for each quarter of fiscal 2015 and 2014 (in thousands). This information, in the opinion of management, includes all adjustments necessary, consisting only of normal and recurring adjustments, to state fairly the information set forth therein. Certain amounts previously reported have been reclassified to conform to the current presentation. These reclassifications had no net impact on the results of operations (in thousands). Fiscal 2015 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total income 12,980 28,034 2,769 3,108 (Loss)/income from continuing operations before taxes (6,102 ) 644 (18,212 ) (15,429 ) Net (loss)/income from continuing operations (4,165 ) 966 (13,491 ) (13,690 ) (Loss)/income per share from continuing operations: Basic $ (0.19 ) $ 0.04 $ (0.48 ) $ (0.49 ) (1) Diluted $ (0.19 ) $ 0.04 $ (0.48 ) $ (0.49 ) (1) Fiscal 2014 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total income 13,602 8,996 (3,617 ) 24,835 (Loss)/income from continuing operations before income taxes 658 (10,474 ) (6,499 ) 11,289 Net (loss)/income from continuing operations (3,318 ) (2 ) (6,281 ) (4,264 ) 8,712 (Loss)/income per share from continuing operations: Basic $ (0.16 ) $ (0.29 ) $ (0.20 ) $ 0.41 Diluted $ (0.16 ) $ (0.29 ) $ (0.20 ) $ 0.32 (1) (1) The sum of the basic and diluted earnings per share amounts for each quarter in fiscal year 2015 and the diluted for 2014 do not equal the amount presented in the statements of operations for the years ended December 31, 2015 and December 31, 2014 due to the Company having a net loss for the years ended December 31, 2015 and December 31, 2014 and therefore all common stock equivalents were antidilutive. (2) The Company recorded an income tax expense of $3.7 million , in the first quarter of 2014 upon the adoption of ASU 2013-11.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The provision (benefit) for income taxes from continuing operations consisted of (in thousands): December 31, 2015 December 31, 2014 December 31, 2013 Continuing operations $ (8,719 ) $ 125 $ 39 Discontinued operations — (232 ) — Provision (benefit) for income taxes $ (8,719 ) $ (107 ) $ 39 Current Federal $ 10 $ — $ — State — — — $ 10 $ — $ — Deferred Federal (9,375 ) 5,214 17,182 State (3,869 ) (2,522 ) 2,857 (13,244 ) 2,692 20,039 Valuation allowance increase (decrease) 4,515 (2,567 ) (20,000 ) $ (8,729 ) $ 125 $ 39 Provision (benefit) for income taxes from continuing operations $ (8,719 ) $ 125 $ 39 U.S. and foreign components of income (loss) from continuing operations before income taxes were as follows (in thousands): December 31, 2015 December 31, 2014 December 31, 2013 U.S. $ (51,749 ) $ (10,824 ) $ 51,862 Foreign 12,650 5,798 — $ (39,099 ) $ (5,026 ) $ 51,862 The Company’s actual provision (benefit) for income taxes from continuing operations differ from the Federal expected income tax provision as follows (in thousands): 2015 2014 2013 Amount Rate Amount Rate Amount Rate Tax provision (benefit) at statutory rate $ (13,685 ) 35.00 % $ (1,759 ) 35.00 % $ 18,152 35.00 % Increase (decrease) in taxes resulting from: State tax (net of federal benefit) (1,617 ) 4.14 (364 ) 7.24 1,857 3.58 Impact of rate changes 23 (0.06 ) (1,851 ) 36.84 — — Litigation settlement 2,275 (5.82 ) — — — — Other permanent items 18 (0.05 ) 371 (7.40 ) 30.00 0.06 Adoption of ASU 2013-11 — — 6,295 (125.26 ) — — Valuation allowance (decrease) increase 4,267 (10.91 ) (2,567 ) 51.08 (20,000 ) (38.56 ) Provision (benefit) for income taxes $ (8,719 ) 22.30 % $ 125 (2.50 )% $ 39 0.08 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and tax liabilities were (in thousands): December 31, 2015 December 31, 2014 Deferred tax assets: Federal and State net operating loss carryforward $ 31,588 $ 28,864 Litigation reserves — 328 Revolving credit facility 8,973 1,735 Deferred gain 13,423 2,367 Other 1,960 1,592 Total gross deferred tax assets 55,944 34,886 Less valuation allowance (4,515 ) — Total deferred tax assets 51,429 34,886 Deferred tax liabilities: Unrealized gains on life and structured settlements 29,473 32,568 Gain on structured settlements deferred for tax purposes 4,607 4,443 Convertible debt discount 4,681 5,733 Deferred income 12,668 870 Total deferred tax liabilities 51,429 43,614 Total net deferred tax asset (liability) $ — $ (8,728 ) The Company evaluates its deferred tax assets to determine if valuation allowances are required. In its evaluation, management considers taxable loss carryback availability, expectations of sufficient future taxable income, trends in earnings, existence of taxable income in recent years, the future reversal of temporary differences, and available tax planning strategies that could be implemented, if required. Valuation allowances are established based on the consideration of all available evidence using a more likely than not standard. Based on the Company’s evaluation, a deferred tax valuation allowance was established against its net deferred tax assets as of December 31, 2015 . This valuation allowance was determined to be necessary as an offset to the full amount of the federal and state deferred tax asset. The Company recorded a deferred tax asset for the increase in tax basis associated with the transfer of assets to subsidiaries located in Ireland. The net deferred asset with respect to these transactions is $13.4 million and $2.4 million for the years ended December 31, 2015 and December 31, 2014 , respectively that will serve as a tax benefit upon reversal as life settlements mature or are sold. Generally, the amount of tax expense or benefit allocated to continuing operations is determined without regard to the tax effects of other categories of income or loss, such as other comprehensive income. However, an exception to the general rule is provided when, in the presence of a valuation allowance against deferred tax assets, there is a pretax loss from continuing operations and pretax income from other categories. In such instances, income from other categories must offset the current loss from operations, the tax benefit of such offset being reflected in continuing operations. For the year ended December 31, 2013 we increased our deferred tax valuation allowance from continuing operations by $56,000 to reflect the taxable income associated with unrealized gains in accumulated other comprehensive income. The Federal and state net operating loss carryovers (“NOLs”) generated by the Company since its conversion to a corporation are approximately $88.0 million that expire beginning in 2031. Prior to the Company’s initial public offering in 2011, one of the founding members entered into a reorganization that allowed the Company to assume the corporate shareholder’s tax attributes. These tax attributes include approximately $11.2 million of NOLs. The utilization of the acquired NOLs is subject to an annual limitation under Section 382 based on the value of the Company at the time they were acquired. These NOLs begin to expire in 2028. Tax years prior to 2012 are no longer subject to IRS examination. Various state jurisdiction tax years remain open to examination. The Company recognizes interest and penalties accrued related to unrecognized tax benefits in tax expense. A reconciliation of the total amounts of unrecognized benefits at the beginning and end of the period was as follows (in thousands): December 31, 2015 December 31, 2014 December 31, 2013 Balance as of beginning of period $ 6,295 $ 6,295 $ 6,295 Additions based on tax positions taken in the current year — — — Reductions of tax positions for prior years — — — Balance as of end of period $ 6,295 $ 6,295 $ 6,295 The unrecognized benefit is reflected as a reduction of the deferred tax asset related to the Federal and State net operating loss carryforward. The recognition of the unrecognized tax benefits would result in a $6.3 million decrease in the Company’s effective tax rate.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On March 11, 2016 (the “Initial Closing Date”), Emergent, as issuer, entered into an indenture with Wilmington Trust Company, as indenture trustee. The indenture provides for the issuance of up to $30.0 million in senior secured notes (the “New Notes”), of which approximately $21.2 million was issued by Emergent on the Initial Closing Date. The New Notes issued on the Initial Closing Date were purchased in a private transaction exempt from the registration requirements of the Securities Act of 1933, as amended under note purchase agreements with certain accredited investors and non U.S. persons, including certain members of Emergent's board of directors, management and their affiliates who purchased approximately $3.3 million of the New Notes issued on the Initial Closing Date. Interest on issued New Notes accrues at 15.0% per annum payable quarterly and all New Notes issued under the indenture will mature on September 14, 2018 (the “Maturity Date”). The New Notes may be optionally redeemed in full by Emergent at any time and must be redeemed in full upon additional issuances of debt by Emergent Capital, Inc., in each case, at a price equal to 100% of the principal amount redeemed plus (i) accrued and unpaid interest on the New Notes redeemed up to the date of redemption, and (ii) the present value of all remaining interest payments through the Maturity Date using a discount rate equal to the yield to maturity at the time of computation on the US treasury security with a constant maturity most nearly equal to the period from the redemption date to the Maturity Date plus 50 basis points. Upon a change of control, Emergent will be required to make an offer to holders of the New Notes to repurchase the New Notes at a price equal to 107.5% of their principal amount. The New Notes contain negative covenants restricting additional debt incurred by Emergent Capital, Inc., creation of liens on the collateral securing the New Notes, and restrictions on dividends and stock repurchases. The New Notes may be used for general corporate purposes and are secured by settlement proceeds, if any, received from certain litigation involving Emergent, certain notes issued to Emergent and pledges of 65% of the equity interests in Blue Heron Designated Activity Company, OLIPP IV, LLC and Red Reef Alternative Investments, LLC.

SUMMARY OF SIGNIFICANT ACCOUN27

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company, all of its wholly-owned subsidiary companies and its special purpose entities, with the exception of Imperial Settlements Financing 2010, LLC (“ISF 2010”), an unconsolidated special purpose entity which is accounted for using the cost method of accounting. The special purpose entity has been created to fulfill specific objectives. All significant intercompany balances and transactions have been eliminated in consolidation, including income from services performed by subsidiary companies in connection with the Revolving Credit Facilities.
Ownership of Life Insurance Policies	Ownership of Life Insurance Policies In the ordinary course of our legacy premium finance business, a large portion of our borrowers defaulted by not paying off their loans and relinquished ownership of their life insurance policies to us in exchange for our release of the obligation to pay amounts due. We also buy life insurance policies in the secondary and tertiary markets. We account for life insurance policies that we own as life settlements (life insurance policies) in accordance with ASC 325-30, Investments in Insurance Contracts , which requires us to either elect the investment method or the fair value method. The election is made on an instrument-by-instrument basis and is irrevocable. We have elected to account for these life insurance policies as investments using the fair value method. We initially record life settlements at the transaction price. For policies acquired upon relinquishment by our borrowers, we determined the transaction price based on fair value of the acquired policies at the date of relinquishment. The difference between the net carrying value of the loan and the transaction price is recorded as a gain (loss) on loan payoffs and settlement. For policies acquired for cash, the transaction price is the amount paid.
Valuation of Insurance Policies	Valuation of Insurance Policies Our valuation of insurance policies is a critical component of our estimate of the fair value of our life settlements (life insurance policies). We currently use a probabilistic method of valuing life insurance policies, which we believe to be the preferred valuation method in the industry. The most significant assumptions are the Company’s estimate of the life expectancy of the insured and the discount rate. See Note 12, “Fair Value Measurements.”
Fair Value Measurement Guidance	Fair Value Measurement Guidance We follow ASC 820, Fair Value Measurements and Disclosures , which defines fair value as an exit price representing the amount that would be received if an asset were sold or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. Level 1 relates to quoted prices in active markets for identical assets or liabilities. Level 2 relates to observable inputs other than quoted prices included in Level 1. Level 3 relates to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Our investments in life insurance policies, structured settlements and debt under the Revolving Credit Facilities are considered Level 3 as there is currently no active market where we are able to observe quoted prices for identical assets/liabilities and our valuation model incorporates significant inputs that are not observable. See Note 12, “Fair Value Measurements.”
Fair Value Option	Fair Value Option We have elected to account for life settlements using the fair value method. The fair value of the asset is the estimated amount that would be received to sell an asset in an orderly transaction between market participants at the measurement date. We calculate the fair value of the asset using a present value technique to estimate the fair value of its life settlements. The Company currently uses a probabilistic method of valuing life insurance policies, which the Company believes to be the preferred valuation method in the industry. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate. See Note 7, “Life Settlements (Life Insurance Policies)” and Note 12, “Fair Value Measurements.” We have elected to account for the debt under the Revolving Credit Facilities, which includes the interests in policy proceeds to the lender, using the fair value method. The fair value of the debt is the estimated amount that would have to be paid to transfer the debt to a market participant in an orderly transaction. We calculated the fair value of the debt using a discounted cash flow model taking into account the stated interest rate of the applicable credit facility and probabilistic cash flows from the pledged policies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, our estimates are not necessarily indicative of the amounts that we, or holders of the instruments, could realize in a current market exchange. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate. The use of assumptions and/or estimation methodologies could have a material effect on estimated fair values. In February 2014, the Company issued and sold $70.7 million in aggregate principal amount of 8.50% senior unsecured convertible notes due 2019 (the “Convertible Notes”). Prior to shareholder approval on June 5, 2014 to issue shares of common stock upon conversion of the Convertible Notes in excess of New York Stock Exchange limits for share issuances without shareholder approval, the Convertible Notes contained an embedded derivative feature. In accordance with Accounting Standards Codification (“ASC”) 815, Derivatives and Hedging , derivative instruments are recognized as either assets or liabilities on the Company’s balance sheet and are measured at fair value with gains or losses recognized in earnings. Embedded derivatives that are not clearly and closely related to the host contract, such as the Convertible Notes, are bifurcated and recognized at fair value with changes in fair value recognized as either a gain or loss in earnings if they can be reliably measured. The Company determined the fair value of its embedded derivative based upon available market data and unobservable inputs using a Black Scholes pricing model. In accordance with ASC 815, upon receipt of shareholder approval on June 5, 2014, the Company reclassified the embedded derivative to equity along with unamortized transaction costs proportionate to the allocation of the initial debt discount and the principal amount of the Convertible Notes. The Convertible Notes are recorded at accreted value and will continue to be accreted up to the par value of the Convertible Notes at maturity. See Note 10, “8.50% Senior Unsecured Convertible Notes.”
Income Recognition from Continuing Operations	Income Recognition from Continuing Operations Our primary sources of income from continuing operations are in the form of changes in fair value and gains on life settlements, net. Our income recognition policies for this source of income is as follows: • Changes in Fair Value of Life Settlements —When the Company acquires certain life insurance policies we initially record these investments at the transaction price, which is the fair value of the policy for those acquired upon relinquishment or the amount paid for policies acquired for cash. The fair value of the investment in insurance policies is evaluated at the end of each reporting period. Changes in the fair value of the investment are recorded as changes in fair value of life settlements in our consolidated statement of operations. The fair value is determined on a discounted cash flow basis that incorporates current life expectancy assumptions. The discount rate incorporates current information about market interest rates, the credit exposure to the insurance company that issued the life insurance policy and our estimate of the risk premium an investor in the policy would require. The Company recognizes income from life settlement maturities upon receipt of a death notice or verified obituary of the insured. This income is the difference between the death benefit and fair value of the policy at the time of maturity. • Gain/ (Loss) on Life Settlements, Net —The Company recognizes gains from the sale of life settlement contracts that the Company owns upon the signed sale agreement and/or filing of ownership forms and funds transferred to escrow.
Income Taxes	Income Taxes In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). ASU 2013-11 requires, unless certain conditions exists, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, similar tax loss, or a tax credit carryforward. ASU 2013-11 is effective prospectively for reporting periods beginning after December 15, 2013, with early adoption permitted. Retrospective application is permitted.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand and all highly liquid instruments purchased with an original maturity of three months or less. The Company maintains the majority of its cash in several operating accounts with two commercial banks. Balances on deposit are insured by the Federal Deposit Insurance Corporation (“FDIC”). However, from time to time, the Company’s balances may exceed the FDIC insurable amount at its banks.
Deferred Debt Costs	Deferred Debt Costs Deferred debt costs include costs incurred in connection with acquiring and maintaining debt arrangements. These costs are amortized over the life of the related debt instrument using the effective interest method and are classified as interest expense in the accompanying consolidated statement of operations. These deferred costs are related to the Company’s Convertible Notes and 12.875% Secured Notes that were issued by the Company during 2014 and repaid during 2015 (the “Secured Notes”). The Company did not recognize any deferred costs on its Revolving Credit Facilities given all costs were expensed due to electing the fair value option in valuing the Revolving Credit Facilities.
Treasury stock	Treasury Stock The Company accounts for its treasury stock using the treasury stock method as set forth in ASC 505-30, Treasury Stock . Under the treasury stock method, the total amount paid to acquire the stock is recorded and no gain or loss is recognized at the time of purchase. Gains and losses are recognized at the time the treasury stock is reinstated or retired and are recorded in additional paid in capital or retained earnings.
Stock-Based Compensation	Stock-Based Compensation We have adopted ASC 718, Compensation—Stock Compensation. ASC 718 addresses accounting for share-based awards, including stock options, restricted stock, performance shares and warrants, with compensation expense measured using fair value and recorded over the requisite service or performance period of the award. The fair value of equity instruments awarded will be determined based on a valuation using an option pricing model that takes into account various assumptions that are subjective. Key assumptions used in the valuation will include the expected term of the equity award taking into account both the contractual term of the award, the effects of expected exercise and post-vesting termination behavior, expected volatility, expected dividends and the risk-free interest rate for the expected term of the award. Compensation expense associated with performance shares is only recognized to the extent that it is probable the performance measurement will be met.
Earnings Per Share	Earnings Per Share The Company computes net income per share in accordance with ASC 260, Earnings Per Share . Under the provisions of ASC 260, basic net income per share is computed by dividing the net income available to common shareholders by the weighted average common shares outstanding during the period. Diluted net income per share adjusts basic net income per share for the effects of stock options, warrants and restricted stock awards only in periods in which such effect is dilutive. ASC 260 also requires the Company to present basic and diluted earnings per share information separately for each class of equity instruments that participate in any income distribution with primary equity instruments.
Held-for-sale and discontinued operations	Held-for-sale and discontinued operations We report a business as held-for-sale when management has approved or received approval to sell the business and is committed to a formal plan, the business is available for immediate sale, the business is being actively marketed, the sale is anticipated to occur during the ensuing year and certain other specified criteria are met. A business classified as held-for-sale is recorded at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value, a loss is recognized. Depreciation is not recorded on assets of a business classified as held-for-sale. Assets and liabilities related to a business classified as held-for-sale are segregated in the Consolidated Balance Sheet and major classes are separately disclosed in the notes to the Consolidated Financial Statements commencing in the period in which the business is classified as held-for-sale. We report the results of operations of a business as discontinued operations if the business is classified as held-for-sale, the operations and cash flows of the business have been or will be eliminated from the ongoing operations of the Company as a result of a disposal transaction and we will not have any significant continuing involvement in the operations of the business after the disposal transaction. The results of discontinued operations are reported in Discontinued Operations in the Consolidated Statement of Operations for current and prior periods commencing in the period in which the business meets the criteria of a discontinued operation, and include any gain or loss recognized on closing or adjustment of the carrying amount to fair value less cost to sell. During the fourth quarter of 2013, we sold substantially all of our structured settlements business. As a result, we have classified our structured settlement operating results as discontinued operations.
Foreign Currency	Foreign Currency We own certain foreign subsidiary companies formed under the laws of Ireland, Bahamas and Bermuda. These foreign subsidiary companies utilize the U.S. dollar as their functional currency. The foreign subsidiary companies financial statements are denominated in U.S. dollars and therefore, there are no translation gains and losses resulting from converting the financial statements at exchange rates other than the functional currency. Any gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the subsidiary companies functional currency) are included in income. These gains and losses are immaterial to our financial statements.
Use of Estimates	Use of Estimates The preparation of these consolidated financial statements, in conformity with generally accepted accounting principles in the United States of America (“GAAP”), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting periods. Actual results could differ from these estimates and such differences could be material. Significant estimates made by management include income taxes, the valuation of life settlements, the valuation of the debt owing under the Revolving Credit Facilities, the valuation of equity awards and the valuation of the conversion derivative liability formerly embedded within the Company’s Convertible Notes.
Risks and Uncertainties	Risks and Uncertainties In the normal course of business, the Company encounters economic, legal and longevity risk. There are two main components of economic risk that could potentially impact the Company: market risk and concentration of credit risk. Market risk for the Company includes interest rate risk. Market risk also reflects the risk of declines in valuation of the Company’s life settlements, including declines caused by the selection of increased discount rates associated with the Company’s fair value model for life settlements. It is reasonably possible that future changes to estimates involved in valuing life settlements could change and result in material effects to the future financial statements. Concentration of credit risk includes the risk that an insurance carrier who has issued life insurance policies held by the Company in its portfolio, does not remit the amount due under those policies due to the deteriorating financial condition of the carrier or otherwise. Legal risk includes the risk that statutes define or courts interpret insurable interest in a manner adverse to the Company’s ownership rights in its portfolio of life insurance policies and the risk that courts allow insurance carriers to retain premiums paid by the Company in respect of insurance policies that have been successfully rescinded or contested. Longevity risk refers to the risk that the Company does not experience the mortalities of insureds in its portfolio of life insurance policies that are anticipated to occur on an actuarial basis in a timely manner, which would result in the Company expending additional amounts for the payment of premiums.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers,” which converges the FASB and the International Accounting Standards Board (“IASB”) standard on revenue recognition. Areas of revenue recognition that will be affected include, but are not limited to, transfer of control, variable consideration, allocation of transfer pricing, licenses, time value of money, contract costs and disclosures. In April 2015, the FASB voted to defer the effective date of the new revenue recognition standard by one year. As a result, the provisions of this ASU are now effective for interim and annual periods beginning after December 15, 2017. The Company does not expect that this guidance will have a material impact on its financial position, results of operations or cash flows. In August 2014, the FASB issued ASU No. 2014-15, “Disclosures of Uncertainties About an Entity’s Ability to Continue as a Going Concern.” The standard provides guidance around management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. The Company does not expect that this guidance will have a material impact on its financial position, results of operations or cash flows. In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” This guidance focuses on a reporting company’s consolidation evaluation to determine whether they should consolidate certain legal entities. This guidance is effective for annual periods beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company does not expect that this guidance will have a material impact on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, “Interest—Imputation of Interest (Subtopic 835-30).” This standard provides guidance on the balance sheet presentation for debt issuance costs and debt discounts and debt premiums. To simplify the presentation of debt issuance costs, this standard requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This ASU is effective for fiscal years beginning after December 15, 2015. The Company does not expect that this guidance will have a material impact on its consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classifications of Deferred Taxes,” which aligns the FASB and the IASB standard for financial statement presentation of deferred income taxes. To simplify the presentation of deferred income taxes, this standard requires that deferred tax assets and liabilities be presented as noncurrent on the balance sheet. This ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted, including adoption in an interim period. The Company does not expect that this guidance will have a material impact on its consolidated financial statements.

CONSOLIDATION OF VARIABLE INT28

CONSOLIDATION OF VARIABLE INTEREST ENTITIES (Tables)	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated Assets and Consolidated Liabilities of VIEs	The following table presents the consolidated assets and consolidated liabilities of VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated in the Company’s consolidated financial statements as of December 31, 2015 and 2014 , as well as non-consolidated VIEs for which the Company has determined it is not the primary beneficiary (in thousands): Primary Beneficiary Not Primary Beneficiary Consolidated VIEs Non-consolidated VIEs Assets Liabilities Total Assets Maximum Exposure To Loss December 31, 2015 $ 475,597 $ 225,208 $ 2,384 $ 2,384 December 31, 2014 $ 314,062 $ 146,254 $ 2,384 $ 2,384

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Reconciliation of Actual Basic and Diluted Earnings Per Share	The following tables reconcile actual basic and diluted earnings per share for the years ended December 31, 2015 , 2014 and 2013 (in thousands except per share data). 2015 2014 2013 (1) (2) (3) Loss per share: Numerator: Net (loss) income from continuing operations $ (30,380 ) $ (5,151 ) $ 51,823 Net (loss) income from discontinued operations (644 ) (369 ) 13,509 Net (loss) income $ (31,024 ) $ (5,520 ) $ 65,332 Basic (loss) income per common share: Basic (loss) income per share from continuing operations $ (1.22 ) $ (0.24 ) $ 2.44 Basic (loss) income per share from discontinued operations $ (0.03 ) $ (0.02 ) 0.64 Basic (loss) income per share available to common shareholders $ (1.25 ) $ (0.26 ) $ 3.08 Diluted (loss) income per common share: Diluted (loss) income per share from continuing operations $ (1.22 ) $ (0.24 ) $ 2.44 Diluted (loss) income per share from discontinued operations (0.03 ) (0.02 ) 0.64 Diluted (loss) income per share available to common shareholders $ (1.25 ) $ (0.26 ) $ 3.08 Denominator: Basic 24,851,178 21,354,567 21,216,487 Add: Restricted stock — — 2,451 Diluted 24,851,178 21,354,567 21,218,938 (1) The computation of diluted EPS did not include 774,394 options, 6,240,521 warrants, 41,259 shares of restricted stock, up to 10,738,165 shares of underlying common stock issuable upon conversion of the Convertible Notes and 319,500 performance shares for the year ended December 31, 2015 , as the effect of their inclusion would have been anti-dilutive. (2) The computation of diluted EPS did not include 807,949 options, 6,240,521 warrants, 41,060 shares of restricted stock, up to 10,464,941 shares of underlying common stock issuable upon conversion of the Convertible Notes and 323,500 performance shares for the year ended December 31, 2014 , as the effect of their inclusion would have been anti-dilutive. (3) The computation of diluted EPS did not include 831,282 options and 4,240,521 warrants for the year ended December 31, 2013 , as the effect of their inclusion would have been anti-dilutive. The computation of diluted EPS included 2,451 incremental shares of the 17,286 unvested restricted stock outstanding as of December 31, 2013 .

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Common Stock Option Activity	The following table presents the activity of the Company’s outstanding stock options of common stock for the year ended December 31, 2015 : Common Stock Options Number of Shares Weighted Average Price per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding, January 1, 2015 807,949 $ 8.50 4.48 $ — Options granted — — — Options exercised — — — Options forfeited (33,555 ) 8.50 — Options expired — — — Options outstanding, December 31, 2015 774,394 $ 8.50 3.47 $ — Exercisable at December 31, 2015 774,394 8.50 3.47 Unvested at December 31, 2015 — $ — — $ —
Activity of Unvested Restricted Stock Common Shares	The following table presents the activity of the Company’s unvested restricted stock common shares for the year ended December 31, 2015 : Common Unvested Shares Number of Shares Outstanding January 1, 2015 41,060 Granted 41,259 Vested (41,060 ) Forfeited — Outstanding December 31, 2015 41,259
Activity of Performance Share Awards	The following table presents the activity of the Company’s performance share awards for the year ended December 31, 2015 : Performance Shares Number of Shares Outstanding January 1, 2014 323,500 Awarded — Vested — Forfeited (4,000 ) Outstanding December 31, 2015 319,500

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Operating Results of Discontinued Structured Settlement Business	Operating results related to the Company’s discontinued structured settlement business are as follows: Year Ended December 31, 2015 2014 2013 (in thousands) Total income $ 81 $ 192 $ 11,331 Total expenses (725 ) (793 ) (9,133 ) Income (loss) before income taxes (644 ) (601 ) 2,198 Income tax benefit — 232 — Income (loss) from discontinued operations, net of income taxes $ (644 ) $ (369 ) $ 2,198 Gain on disposal of discontinued operations, net of income taxes — — 11,311 Net income (loss) from discontinued operations $ (644 ) $ (369 ) $ 13,509

LIFE SETTLEMENTS (LIFE INSURA32

LIFE SETTLEMENTS (LIFE INSURANCE POLICIES) (Tables)	12 Months Ended
	Dec. 31, 2015
Investments, All Other Investments [Abstract]
Investments in Life Settlements	The following table describes the Company’s life settlements as of December 31, 2015 (dollars in thousands): Remaining Life Expectancy (In Years) Number of Life Settlement Contracts Fair Value Face Value 0-1 — $ — $ — 1-2 12 28,873 42,988 2-3 17 47,272 84,497 3-4 18 24,450 58,154 4-5 31 42,304 124,720 Thereafter 554 319,026 2,668,993 Total 632 $ 461,925 $ 2,979,352 The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the Company at December 31, 2014 was 10.7 years . The following table describes the Company’s life settlements as of December 31, 2014 (dollars in thousands): Remaining Life Expectancy (In Years) Number of Life Settlement Contracts Fair Value Face Value 0-1 — $ — $ — 1-2 4 9,227 12,728 2-3 10 23,202 45,852 3-4 16 29,531 67,735 4-5 19 23,012 65,614 Thereafter 558 303,914 2,739,137 Total 607 $ 388,886 $ 2,931,066
Estimated Premiums To Be Paid	premiums to be paid for each of the five succeeding fiscal years to keep the life insurance policies in force as of December 31, 2015 , are as follows (in thousands): 2016 $ 68,927 2017 76,405 2018 79,192 2019 86,153 2020 90,138 Thereafter 1,032,771 $ 1,433,586

8.50% SENIOR UNSECURED CONVER33

8.50% SENIOR UNSECURED CONVERTIBLE NOTES (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Fair Value of Conversion Derivative Liability	The fair value of the conversion derivative liability was estimated at June 5, 2014 using a Black Scholes pricing model with the following assumptions: As of June 5, 2014 Expected Volatility 40.0 % Expected Term in Years 4.7 Risk Free Rate 1.5 %

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Assets And Liabilities Measured at Fair Value on Recurring Basis	The balances of the Company’s assets measured at fair value on a recurring basis as of December 31, 2015 , are as follows (in thousands): Level 1 Level 2 Level 3 Total Fair Value Assets: Investment in life settlements $ — $ — $ 461,925 $ 461,925 $ — $ — $ 461,925 $ 461,925 The balances of the Company’s liabilities measured at fair value on a recurring basis as of December 31, 2015 , are as follows (in thousands): Level 1 Level 2 Level 3 Total Fair Value Liabilities: White Eagle Revolving Credit Facility $ — $ — $ 169,131 $ 169,131 Red Falcon Revolving Credit Facility — — $ 55,658 55,658 $ — $ — $ 224,789 $ 224,789 The balances of the Company’s assets measured at fair value on a recurring basis as of December 31, 2014 , are as follows (in thousands): Level 1 Level 2 Level 3 Total Fair Value Assets: Investment in life settlements $ — $ — $ 388,886 $ 388,886 Structured settlement receivables — — 384 384 $ — $ — $ 389,270 $ 389,270 The balances of the Company’s liabilities measured at fair value on a recurring basis as of December 31, 2014 , are as follows (in thousands): Level 1 Level 2 Level 3 Total Fair Value Liabilities: White Eagle Revolving Credit Facility $ — $ — $ 145,831 $ 145,381 $ — $ — $ 145,831 $ 145,381
Quantitative Information about Level 3 Fair Value Measurements	In considering the categories, it is generally believed that market participants would require a lower risk premium for policies that were non-premium financed, while a higher risk premium would be required for policies that were premium financed although the Company believes that this risk premium has been declining. ($ in thousands) Quantitative Information about Level 3 Fair Value Measurements Fair Value at 12/31/15 Aggregate death benefit 12/31/2015 Valuation Technique (s) Unobservable Input Range (Weighted Average) Non-premium financed $ 97,133 $ 339,183 Discounted cash flow Discount rate 15.00% - 21.00% Life expectancy evaluation 6.4 years Premium financed $ 364,792 $ 2,640,169 Discounted cash flow Discount rate 16.00% - 24.50% Life expectancy evaluation 10.3 years Life settlements $ 461,925 $ 2,979,352 Discounted cash flow Discount rate (17.02)% Life expectancy evaluation 9.9 years Discount rate 20.55% White Eagle Revolving Credit Facility $ 169,131 N/A Discounted cash flow Life expectancy evaluation 9.8 years Discount rate 11.65% Red Falcon Revolving Credit Facility $ 55,658 N/A Discounted cash flow Life expectancy evaluation 9.3 years
Changes in Estimated Fair Value, If All of Insured Lives in Company's Life Settlement Portfolio Live Six Months Shorter or Longer Than Life Expectancies Provided by Third Parties	If all of the insured lives in the Company’s life settlement portfolio live six months shorter or longer than the life expectancies provided by these third parties, the change in estimated fair value would be as follows (dollars in thousands): Life Expectancy Months Adjustment Value Change in Value +6 $ 388,776 $ (73,149 ) - $ 461,925 — -6 $ 540,821 $ 78,896
Life Insurance Issuer concentrations	The following table provides information about the life insurance issuer concentrations that exceed 10% of total death benefit and 10% of total fair value of our life settlements as of December 31, 2015 : Carrier Percentage of Total Fair Value Percentage of Total Death Benefit Moody’s Rating S&P Rating Lincoln National Life Insurance Company 22.5 % 19.7 % A1 AA- Transamerica Life Insurance Company 20.2 % 20.6 % A1 AA-
Market Interest Rate Sensitivity Analysis	The extent to which the fair value of the White Eagle Revolving Credit Facility could vary in the near term has been quantified by evaluating the effect of changes in the weighted average discount. If the weighted average discount rate were increased or decreased by 1/2 of 1% and the other assumptions used to estimate fair value remained the same, the change in estimated fair value of the White Eagle Revolving Credit Facility as of December 31, 2015 would be as follows (dollars in thousands): Discount Rate Rate Adjustment Fair Value of White Eagle Revolving Credit Facility Change in Value 20.05% -0.50 % $ 172,840 $ 3,709 20.55% — $ 169,131 $ — 21.05% 0.50 % $ 165,557 $ (3,574 ) The extent to which the fair value of the Red Falcon Revolving Credit Facility could vary in the near term has been quantified by evaluating the effect of changes in the weighted average discount. If the weighted average discount rate were increased or decreased by 1/2 of 1% and the other assumptions used to estimate fair value remained the same, the change in estimated fair value of the Red Falcon Revolving Credit Facility as of December 31, 2015 would be as follows (dollars in thousands): Discount Rate Rate Adjustment Fair Value of Red Falcon Change in Value 11.15% -0.50 % $ 56,489 $ 831 11.65% — $ 55,658 $ — 12.15% +0.50 % $ 54,848 $ (810 ) Market interest rate sensitivity analysis Weighted Average Rate Calculated Based on Death Benefit Rate Adjustment Value Change in Value 16.52% -0.50 % $ 473,585 $ (11,660 ) 17.02% — $ 461,925 $ — 17.52% 0.50 % $ 450,751 $ (11,174 )
Changes in Fair Value for All Assets Using Material Level of Unobservable (Level 3) Inputs	The following tables provide a roll-forward in the changes in fair value for the year ended December 31, 2015 , for all assets and liabilities for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands): Life Settlements: Balance, January 1, 2015 $ 388,886 Purchase of policies 30,695 Change in fair value 46,717 Matured/lapsed/sold polices (69,296 ) Premiums paid 64,923 Transfers into level 3 — Transfers out of level 3 — Balance, December 31, 2015 $ 461,925 Changes in fair value included in earnings for the period relating to assets held at December 31, 2015 $ (1,442 ) The following tables provide a roll-forward in the changes in fair value for the year ended December 31, 2014 , for all assets and liabilities for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands): Life Settlements: Balance, January 1, 2014 $ 302,961 Purchase of policies 16,296 Change in fair value 44,128 Matured/lapsed/sold polices (29,957 ) Premiums paid 55,458 Transfers into level 3 — Transfers out of level 3 — Balance, December 31, 2014 $ 388,886 Changes in fair value included in earnings for the period relating to assets held at December 31, 2014 $ 22,597
Changes in Fair Value for All Liabilities Using Material Level of Unobservable (Level 3) Inputs	The following tables provide a roll-forward in the changes in fair value for the year ended December 31, 2014 , for the White Eagle Revolving Credit Facility liabilities for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands): White Eagle Revolving Credit Facility: Balance, January 1, 2014 $ 123,847 Draws under the White Eagle Revolving Credit Facility 57,233 Payments on White Eagle Revolving Credit Facility (29,777 ) Unrealized change in fair value (5,472 ) Transfers into level 3 — Transfer out of level 3 — Balance, December 31, 2014 $ 145,831 Changes in fair value included in earnings for the period relating to liabilities at December 31, 2014 $ (5,472 ) The following table provides a roll-forward in the changes in fair value for the year ended December 31, 2015 , for the White Eagle Revolving Credit Facility for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands): White Eagle Revolving Credit Facility: Balance, January 1, 2015 $ 145,831 Draws under the White Eagle Revolving Credit Facility 54,614 Payments on White Eagle Revolving Credit Facility (43,241 ) Unrealized change in fair value 11,927 Transfers into level 3 — Transfer out of level 3 — Balance, December 31, 2015 $ 169,131 Changes in fair value included in earnings for the period relating to liabilities at December 31, 2015 $ 11,927 The following table provides a roll-forward in the changes in fair value for the year ended December 31, 2015 , for the Red Falcon Revolving Credit Facility for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands): Red Falcon Revolving Credit Facility: Balance, January 1, 2015 $ — Initial advance under the Red Falcon Revolving Credit Facility 54,000 Subsequent draws under the Red Falcon Revolving Credit Facility 5,766 Payments on Red Falcon Revolving Credit Facility (4,378 ) Unrealized change in fair value 270 Transfers into level 3 — Transfer out of level 3 — Balance, December 31, 2015 $ 55,658 Changes in fair value included in earnings for the period relating to liabilities held at December 31, 2015 $ 270
Revolving Credit Facility
Changes in Fair Value for All Liabilities Using Material Level of Unobservable (Level 3) Inputs	If all of the insured lives in the life settlement portfolio pledged under the Red Falcon Credit Facility live six months shorter or longer than the life expectancies used to calculate the estimated fair value of the Red Falcon Revolving Credit Facility, the change in estimated fair value would be as follows (dollars in thousands): Life Expectancy Months Adjustment Fair Value of Red Falcon Change in Value +6 $ 53,559 $ (2,099 ) $ 55,658 — -6 $ 57,273 $ 1,615 If all of the insured lives in the life settlement portfolio pledged under the White Eagle Revolving Credit Facility live six months shorter or longer than the life expectancies used to calculate the estimated fair value of the White Eagle Revolving Credit Facility debt, the change in estimated fair value would be as follows (dollars in thousands): Life Expectancy Months Adjustment Fair Value of White Eagle Revolving Credit Facility Change in Value +6 $ 141,010 $ (28,121 ) - $ 169,131 — -6 $ 198,707 $ 29,576

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Payments under Operating Leases	Future minimum payments under operating leases for each of the five succeeding years subsequent to December 31, 2015 are as follows (in thousands): December 31, 2016 $ 234 2017 241 2018 248 2019 255 2020 196 $ 1,174

SUMMARY OF QUARTERLY FINANCIA36

SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Summary Of Quarterly Financial Information	The following tables set forth our unaudited consolidated financial data regarding continuing operations for each quarter of fiscal 2015 and 2014 (in thousands). This information, in the opinion of management, includes all adjustments necessary, consisting only of normal and recurring adjustments, to state fairly the information set forth therein. Certain amounts previously reported have been reclassified to conform to the current presentation. These reclassifications had no net impact on the results of operations (in thousands). Fiscal 2015 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total income 12,980 28,034 2,769 3,108 (Loss)/income from continuing operations before taxes (6,102 ) 644 (18,212 ) (15,429 ) Net (loss)/income from continuing operations (4,165 ) 966 (13,491 ) (13,690 ) (Loss)/income per share from continuing operations: Basic $ (0.19 ) $ 0.04 $ (0.48 ) $ (0.49 ) (1) Diluted $ (0.19 ) $ 0.04 $ (0.48 ) $ (0.49 ) (1) Fiscal 2014 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Total income 13,602 8,996 (3,617 ) 24,835 (Loss)/income from continuing operations before income taxes 658 (10,474 ) (6,499 ) 11,289 Net (loss)/income from continuing operations (3,318 ) (2 ) (6,281 ) (4,264 ) 8,712 (Loss)/income per share from continuing operations: Basic $ (0.16 ) $ (0.29 ) $ (0.20 ) $ 0.41 Diluted $ (0.16 ) $ (0.29 ) $ (0.20 ) $ 0.32 (1) (1) The sum of the basic and diluted earnings per share amounts for each quarter in fiscal year 2015 and the diluted for 2014 do not equal the amount presented in the statements of operations for the years ended December 31, 2015 and December 31, 2014 due to the Company having a net loss for the years ended December 31, 2015 and December 31, 2014 and therefore all common stock equivalents were antidilutive. (2) The Company recorded an income tax expense of $3.7 million , in the first quarter of 2014 upon the adoption of ASU 2013-11.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Provision (Benefit) for Income Taxes from Continuing Operations	The provision (benefit) for income taxes from continuing operations consisted of (in thousands): December 31, 2015 December 31, 2014 December 31, 2013 Continuing operations $ (8,719 ) $ 125 $ 39 Discontinued operations — (232 ) — Provision (benefit) for income taxes $ (8,719 ) $ (107 ) $ 39 Current Federal $ 10 $ — $ — State — — — $ 10 $ — $ — Deferred Federal (9,375 ) 5,214 17,182 State (3,869 ) (2,522 ) 2,857 (13,244 ) 2,692 20,039 Valuation allowance increase (decrease) 4,515 (2,567 ) (20,000 ) $ (8,729 ) $ 125 $ 39 Provision (benefit) for income taxes from continuing operations $ (8,719 ) $ 125 $ 39
U.S. and Foreign Components of Income (Loss) From Continuing Operations before Income Taxes	U.S. and foreign components of income (loss) from continuing operations before income taxes were as follows (in thousands): December 31, 2015 December 31, 2014 December 31, 2013 U.S. $ (51,749 ) $ (10,824 ) $ 51,862 Foreign 12,650 5,798 — $ (39,099 ) $ (5,026 ) $ 51,862
Actual Provision (Benefit) for Income Taxes from Continuing operations Differ from Federal Expected Income Tax Provision	The Company’s actual provision (benefit) for income taxes from continuing operations differ from the Federal expected income tax provision as follows (in thousands): 2015 2014 2013 Amount Rate Amount Rate Amount Rate Tax provision (benefit) at statutory rate $ (13,685 ) 35.00 % $ (1,759 ) 35.00 % $ 18,152 35.00 % Increase (decrease) in taxes resulting from: State tax (net of federal benefit) (1,617 ) 4.14 (364 ) 7.24 1,857 3.58 Impact of rate changes 23 (0.06 ) (1,851 ) 36.84 — — Litigation settlement 2,275 (5.82 ) — — — — Other permanent items 18 (0.05 ) 371 (7.40 ) 30.00 0.06 Adoption of ASU 2013-11 — — 6,295 (125.26 ) — — Valuation allowance (decrease) increase 4,267 (10.91 ) (2,567 ) 51.08 (20,000 ) (38.56 ) Provision (benefit) for income taxes $ (8,719 ) 22.30 % $ 125 (2.50 )% $ 39 0.08 %
Significant Portions of Deferred Tax Assets and Tax Liabilities	The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and tax liabilities were (in thousands): December 31, 2015 December 31, 2014 Deferred tax assets: Federal and State net operating loss carryforward $ 31,588 $ 28,864 Litigation reserves — 328 Revolving credit facility 8,973 1,735 Deferred gain 13,423 2,367 Other 1,960 1,592 Total gross deferred tax assets 55,944 34,886 Less valuation allowance (4,515 ) — Total deferred tax assets 51,429 34,886 Deferred tax liabilities: Unrealized gains on life and structured settlements 29,473 32,568 Gain on structured settlements deferred for tax purposes 4,607 4,443 Convertible debt discount 4,681 5,733 Deferred income 12,668 870 Total deferred tax liabilities 51,429 43,614 Total net deferred tax asset (liability) $ — $ (8,728 )
Reconciliation of Total Amounts of Unrecognized Benefits	A reconciliation of the total amounts of unrecognized benefits at the beginning and end of the period was as follows (in thousands): December 31, 2015 December 31, 2014 December 31, 2013 Balance as of beginning of period $ 6,295 $ 6,295 $ 6,295 Additions based on tax positions taken in the current year — — — Reductions of tax positions for prior years — — — Balance as of end of period $ 6,295 $ 6,295 $ 6,295

ORGANIZATION AND DESCRIPTION 38

ORGANIZATION AND DESCRIPTION OF BUSINESS ACTIVITIES (Detail)	Dec. 31, 2015Contract	Dec. 31, 2015policy	Dec. 31, 2015USD ($)	Nov. 09, 2015USD ($)	Nov. 08, 2015USD ($)	Jul. 16, 2015USD ($)	Dec. 31, 2014USD ($)Contract
Organization and Nature of Operations [Line Items]
Number of policies owned	632	39					607
Life insurance estimated fair value			$ 461,925,000				$ 388,886,000
Life insurance policies with aggregate death benefit			2,979,352,000				2,931,066,000
Secured debt			0				$ 24,036,000
White Eagle | 12.875% Senior Secured Notes Due 2017 | Securities Pledged as Collateral
Organization and Nature of Operations [Line Items]
Secured debt			110,000,000
Revolving Credit Facility
Organization and Nature of Operations [Line Items]
Life insurance estimated fair value			11,900,000
Life insurance policies with aggregate death benefit			185,600,000
Portfolio of life insurance			172,400,000
Revolving Credit Facility | White Eagle
Organization and Nature of Operations [Line Items]
Portfolio of life insurance				$ 250,000,000	$ 300,000,000
Revolving Credit Facility | White Eagle | Securities Pledged as Collateral
Organization and Nature of Operations [Line Items]
Number of policies owned | Contract	437
Life insurance estimated fair value			331,300,000
Life insurance policies with aggregate death benefit			2,200,000,000
Portfolio of life insurance			250,000,000
Red Falcon | Revolving Credit Facility
Organization and Nature of Operations [Line Items]
Portfolio of life insurance			57,100,000			$ 110,000,000
Red Falcon | Revolving Credit Facility | Securities Pledged as Collateral
Organization and Nature of Operations [Line Items]
Number of policies owned | Contract	156
Life insurance estimated fair value			118,600,000
Life insurance policies with aggregate death benefit			$ 603,900,000

SUMMARY OF SIGNIFICANT ACCOUN39

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail) $ in Thousands	Jan. 01, 2014USD ($)	Oct. 25, 2013USD ($)	Dec. 31, 2015USD ($)Contract	Dec. 31, 2014USD ($)Contractshares	Dec. 31, 2013USD ($)	Dec. 31, 2015shares	Dec. 31, 2015policy	Dec. 31, 2015USD ($)	Jul. 16, 2015Contract	Nov. 10, 2014	Feb. 28, 2014USD ($)
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of policies owned			632	607			39
Life insurance policies with aggregate death benefit				$ 2,931,066				$ 2,979,352
Life insurance estimated fair value				$ 388,886				461,925
Treasury stock (shares) | shares				0		608,000
Provision for income taxes			$ (8,719)	$ 125	$ 39
Valuation allowance increase (decrease) during period					$ 56
Certificates of Deposit, at carrying value								2,500
Certificate of Deposit, interest rate			0.20%
ASU No. 2013-11
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Reclassification of current liability for unrecognized tax benefits to deferred taxes	$ 6,300			6,300
Provision for income taxes				3,700
Valuation allowance increase (decrease) during period				$ 2,600
Revolving Credit Facility
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Life insurance policies with aggregate death benefit								185,600
Life insurance estimated fair value								11,900
Red Falcon | Revolving Credit Facility | Securities Pledged as Collateral
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of policies owned | Contract			156
Life insurance policies with aggregate death benefit								603,900
Life insurance estimated fair value								118,600
White Eagle | Revolving Credit Facility | Securities Pledged as Collateral
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of policies owned | Contract			437
Life insurance policies with aggregate death benefit								2,200,000
Life insurance estimated fair value								$ 331,300
8.50% Senior Unsecured Convertible Notes Due 2019
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Debt instrument issued											$ 70,700
Debt instrument, interest rate											8.50%
12.875% Senior Secured Notes Due 2017
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of policies owned | Contract									159
12.875% Senior Secured Notes Due 2017 | Securities Pledged as Collateral
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Debt instrument, interest rate				12.875%						12.875%
Structured settlements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Sale of structured settlement business		$ 12,000

CONSOLIDATION OF VARIABLE INT40

CONSOLIDATION OF VARIABLE INTEREST ENTITIES - Consolidated Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Primary Beneficiary Variable Interest Entity
Variable Interest Entity [Line Items]
Primary Beneficiary Consolidated VIEs, assets	$ 475,597	$ 314,062
Primary Beneficiary Consolidated VIEs, liabilities	225,208	146,254
Not Primary Beneficiary Variable Interest Entity
Variable Interest Entity [Line Items]
Not Primary Beneficiary Non-consolidated VIEs, total assets	2,384	2,384
Not Primary Beneficiary Non-consolidated VIEs, Maximum Exposure to Loss	$ 2,384	$ 2,384

CONSOLIDATION OF VARIABLE INT41

CONSOLIDATION OF VARIABLE INTEREST ENTITIES - Narrative (Detail) $ in Thousands	Dec. 31, 2015Contract	Dec. 31, 2015policy	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)Contract
Variable Interest Entity [Line Items]
Number of policies owned	632	39		607
Life insurance policies with aggregate death benefit			$ 2,979,352	$ 2,931,066
Life insurance estimated fair value			461,925	$ 388,886
Revolving Credit Facility
Variable Interest Entity [Line Items]
Life insurance policies with aggregate death benefit			185,600
Life insurance estimated fair value			11,900
Red Falcon | Revolving Credit Facility | Securities Pledged as Collateral
Variable Interest Entity [Line Items]
Number of policies owned | Contract	156
Life insurance policies with aggregate death benefit			603,900
Life insurance estimated fair value			$ 118,600

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Detail) - shares	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
Common stock, shares issued (shares)	28,130,508	21,402,990	21,237,166
Common stock, shares outstanding (shares)	28,130,508	21,402,990	21,237,166

EARNINGS PER SHARE - Loss Per S

EARNINGS PER SHARE - Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Numerator:
Net (loss) income from continuing operations									$ (30,380)	$ (5,151)	$ 51,823
Net (loss) income from discontinued operations									(644)	(369)	13,509
Net (loss) income	$ (13,690)	$ (13,491)	$ 966	$ (4,165)	$ 8,712	$ (4,264)	$ (6,281)	$ (3,318)	$ (31,024)	$ (5,520)	$ 65,332
Basic (loss) income per common share:
Basic (loss) income per share from continuing operations (usd per share)									$ (1.22)	$ (0.24)	$ 2.44
Basic (loss) income per share from discontinued operations (usd per share)									(0.03)	(0.02)	0.64
Basic (loss) income per share available to common shareholders (usd per share)	$ (0.49)	$ (0.48)	$ 0.04	$ (0.19)	$ 0.41	$ (0.20)	$ (0.29)	$ (0.16)	(1.25)	(0.26)	3.08
Diluted income (loss) per common share:
Diluted (loss) income per share from continuing operations (usd per share)									(1.22)	(0.24)	2.44
Diluted (loss) income per share from discontinued operations (usd per share)									(0.03)	(0.02)	0.64
Diluted (loss) income per share available to common shareholders (usd per share)	$ (0.49)	$ (0.48)	$ 0.04	$ (0.19)	$ 0.32	$ (0.20)	$ (0.29)	$ (0.16)	$ (1.25)	$ (0.26)	$ 3.08
Denominator:
Basic (shares)									24,851,178	21,354,567	21,216,487
Add: Restricted stock (shares)									0	0	2,451
Diluted (shares)									24,851,178	21,354,567	21,218,938

EARNINGS PER SHARE - Additional

EARNINGS PER SHARE - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Incremental restricted shares in computation of diluted earnings per share (shares)	0	0	2,451
Stock Option
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)	774,394	807,949	831,282
Warrant
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)	6,240,521	6,240,521	4,240,521
Restricted Stock
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)	41,259	41,060
Incremental restricted shares in computation of diluted earnings per share (shares)			2,451
Unvested restricted stock outstanding (shares)			17,286
Performance Shares
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)	319,500	323,500
Maximum | Convertible Debt Securities
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)	10,738,165	10,464,941

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Detail) - USD ($)	Feb. 11, 2011	Apr. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	May. 28, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted strike price (usd per share)			$ 0
Options granted (shares)			0
Stock-based compensation expense			$ 490,000	$ 956,000	$ 1,442,000
Options outstanding and unexercised (shares)			774,394	807,949
Options outstanding and unexercised, weighted average price (usd per share)			$ 8.50	$ 8.50
Expected issuance of warrants for shares (shares)		2,000,000
Exercise price of warrants (usd per share)	$ 14.51		$ 10.75
Warrant expiration period	7 years
Estimated fair value of warrants			$ 5,400,000
Common stock warrants term			5 years
Maximum | Including Overallotment Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected issuance of warrants for shares (shares)	4,240,521		4,240,521
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average daily trading closing price (usd per share)			$ 8.50
Average daily trading closing price, period			45 days
Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding and unexercised (shares)			774,394
Options outstanding and unexercised, weighted average price (usd per share)			$ 8.50
Stock Option | Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved for future grant (shares)			2,700,000			2,700,000
Options outstanding and unexercised (shares)			774,394
Stock Options | Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 238,000	$ 765,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted (shares)			41,259
Stock vested (shares)			41,060
Restricted stock, aggregate intrinsic value			$ 152,000
Forfeited (shares)			0
Restricted Stock | Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding and unexercised, vesting period			1 year
Stock granted (shares)			41,259
Fair value of stock granted			$ 255,000
Stock-based compensation expense			$ 144,000
Stock vested (shares)				17,286
Fair value of stock vested				$ 120,138
Restricted stock, weighted average remaining life			4 months 24 days
Restricted Stock | Omnibus Plan | Restricted Stock One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense				$ 52,000
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding and unexercised, vesting period			1 year
Stock granted (shares)			0
Stock vested (shares)			0
Forfeited (shares)			4,000
Performance Shares | Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock granted (shares)			319,500	323,500
Stock granted, subject to shareholders' approval of an amendment and restatement (shares)				150,000
Forfeited (shares)			4,000
Performance Shares | Omnibus Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Actual shares to be issued			150.00%	150.00%
Performance Shares | Omnibus Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Actual shares to be issued			0.00%	0.00%
USAO Investigation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of warrants (usd per share)			$ 10.75
Litigation settlement, shares to escrow (shares)			2,000,000
Estimated fair value of warrants			$ 5,400,000
Common stock warrants term			5 years
USAO Investigation | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average daily trading closing price (usd per share)			$ 8.50
Average daily trading closing price, period			45 days
Director | Restricted Stock | Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 252,000	$ 191,000
Stock vested (shares)			41,060
Fair value of stock vested			$ 255,000
Director | Restricted Stock | Omnibus Plan | Restricted Stock One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			$ 108,000	$ 139,000

STOCK-BASED COMPENSATION - Comm

STOCK-BASED COMPENSATION - Common Stock Options Activity (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Number of Shares
Options outstanding, Beginning Balance (shares)	807,949
Options granted (shares)	0
Options exercised (shares)	0
Options forfeited (shares)	(33,555)
Options expired (shares)	0
Options outstanding, Ending Balance (shares)	774,394	807,949
Exercisable at end of period (shares)	774,394
Unvested at end of period (shares)	0
Weighted Average Price per Share
Options outstanding, Beginning Balance (usd per share)	$ 8.50
Options granted (usd per share)	0
Options exercised (usd per share)	0
Options forfeited (usd per share)	8.50
Options expired (usd per share)	0
Options outstanding, Ending Balance (usd per share)	8.50	$ 8.50
Exercisable at end of period (usd per share)	8.50
Unvested at end of period (usd per share)	$ 0
Weighted Average Remaining Contractual Term
Options outstanding	3 years 5 months 19 days	4 years 5 months 23 days
Exercisable at end of period	3 years 5 months 19 days
Aggregate Intrinsic Value
Options outstanding, Beginning Balance	$ 0
Options granted
Options exercised
Options forfeited
Options expired
Options outstanding, Ending Balance	$ 0	$ 0
Exercisable at end of period
Unvested at end of period	$ 0

STOCK-BASED COMPENSATION - Acti

STOCK-BASED COMPENSATION - Activity of Unvested Restricted Stock Common Shares (Detail) - Restricted Stock	12 Months Ended
	Dec. 31, 2015shares
Number of Shares
Beginning balance (shares)	41,060
Granted (shares)	41,259
Vested (shares)	(41,060)
Forfeited (shares)	0
Ending Balance (shares)	41,259

STOCK-BASED COMPENSATION - Ac48

STOCK-BASED COMPENSATION - Activity of Performance Share Awards (Detail) - Performance Shares	12 Months Ended
	Dec. 31, 2015shares
Number of Shares
Beginning balance (shares)	323,500
Granted (shares)	0
Vested (shares)	0
Forfeited (shares)	(4,000)
Ending Balance (shares)	319,500

DISCONTINUED OPERATIONS - Narra

DISCONTINUED OPERATIONS - Narrative (Detail) - Structured settlements - USD ($) $ in Millions	Oct. 25, 2013	Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale of structured settlement business	$ 12
Recognized a gain on structured settlement assets		$ 11.3

DISCONTINUED OPERATIONS - Opera

DISCONTINUED OPERATIONS - Operating Results of Structured Settlement Business (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]
Total income	$ 81	$ 192	$ 11,331
Total expenses	(725)	(793)	(9,133)
Income (loss) before income taxes	(644)	(601)	2,198
Income tax benefit	0	232	0
Income (loss) from discontinued operations, net of income taxes	(644)	(369)	2,198
Gain on disposal of discontinued operations, net of income taxes	0	0	11,311
Net (loss) income from discontinued operations	$ (644)	$ (369)	$ 13,509

LIFE SETTLEMENTS (LIFE INSURA51

LIFE SETTLEMENTS (LIFE INSURANCE POLICIES)- Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015Contract	Dec. 31, 2014USD ($)Contract	Dec. 31, 2015policy	Dec. 31, 2015USD ($)
Investments, All Other Investments [Abstract]
Number of policies owned	632	607	39
Life insurance estimated fair value		$ 388,886		$ 461,925
Average life expectancy of insured	9 years 10 months 24 days	10 years 8 months 12 days
Estimated future premium payments				$ 1,433,586

LIFE SETTLEMENTS (LIFE INSURA52

LIFE SETTLEMENTS (LIFE INSURANCE POLICIES) - Investments in Life Settlements (Detail) $ in Thousands	Dec. 31, 2015Contract	Dec. 31, 2015policy	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)Contract
Number of Life Settlement Contracts
0-1 | Contract	0			0
1-2 | Contract	12			4
2-3 | Contract	17			10
3-4 | Contract	18			16
4-5 | Contract	31			19
Thereafter | Contract	554			558
Total	632	39		607
Fair Value
0-1			$ 0	$ 0
1-2			28,873	9,227
2-3			47,272	23,202
3-4			24,450	29,531
4-5			42,304	23,012
Thereafter			319,026	303,914
Total			461,925	388,886
Face Value
0-1			0	0
1-2			42,988	12,728
2-3			84,497	45,852
3-4			58,154	67,735
4-5			124,720	65,614
Thereafter			2,668,993	2,739,137
Total			$ 2,979,352	$ 2,931,066

LIFE SETTLEMENTS (LIFE INSURA53

LIFE SETTLEMENTS (LIFE INSURANCE POLICIES) - Estimates (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Investments, All Other Investments [Abstract]
2,016	$ 68,927
2,017	76,405
2,018	79,192
2,019	86,153
2,020	90,138
Thereafter	1,032,771
Estimated future premium payments	$ 1,433,586

WHITE EAGLE REVOLVING CREDIT 54

WHITE EAGLE REVOLVING CREDIT FACILITY (Details)	Apr. 29, 2013	Dec. 31, 2015USD ($)Contract	Dec. 31, 2014USD ($)Contract	Dec. 31, 2013USD ($)	Dec. 31, 2015	Dec. 31, 2015policy	Dec. 31, 2015USD ($)	Nov. 09, 2015USD ($)	Nov. 08, 2015USD ($)
Debt Instrument [Line Items]
Number of policies owned		632	607			39
Life insurance policies with aggregate death benefit			$ 2,931,066,000				$ 2,979,352,000
Life insurance estimated fair value			388,886,000				461,925,000
Interest expense on the facility		$ 27,286,000	16,245,000	$ 13,657,000
Interest expense withheld from borrowings by lender		7,493,000	6,716,000	2,378,000
Interest paid		$ 13,802,000	5,414,000	$ 1,270,000
Revolving Credit Facility debt, at estimated fair value			$ 145,381,000
Revolving Credit Facility
Debt Instrument [Line Items]
Portfolio of life insurance							172,400,000
Life insurance policies with aggregate death benefit							185,600,000
Life insurance estimated fair value							11,900,000
White Eagle | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility period	15 years
Portfolio of life insurance								$ 250,000,000	$ 300,000,000
Annual decrease in borrowing capacity								$ 25,000,000
Increase on basis spread on variable rate		0.50%
Line of credit facility, maximum borrowing capacity							78,000,000
Line of credit facility, remaining borrowing capacity							383,200
Collateral pledge percentage for distributions to be altered					25.00%
Base rate					0.50%
Debt instrument effective rate			5.50%		6.00%
Interest expense on the facility			$ 8,000,000
Payment of Debt Interest Cost			2,200,000
Revolving Credit Facility debt, at estimated fair value							169,100,000
Revolving Credit Facility debt, outstanding							172,000,000
White Eagle | Revolving Credit Facility | Maintenance Costs
Debt Instrument [Line Items]
Line of credit borrowing base percentage					100.00%
White Eagle | Revolving Credit Facility | Accrued and Unpaid Interest
Debt Instrument [Line Items]
Line of credit borrowing base percentage					100.00%
White Eagle | Revolving Credit Facility | Other fees and expense
Debt Instrument [Line Items]
Line of credit borrowing base percentage					100.00%
White Eagle | Revolving Credit Facility | Policies pledged as collateral as determined by the lenders
Debt Instrument [Line Items]
Line of credit borrowing base percentage					75.00%
White Eagle | Revolving Credit Facility | Securities Pledged as Collateral
Debt Instrument [Line Items]
Portfolio of life insurance							250,000,000
Number of policies owned | Contract		437
Life insurance policies with aggregate death benefit							2,200,000,000
Life insurance estimated fair value							$ 331,300,000
White Eagle | Revolving Credit Facility | Floor Rate
Debt Instrument [Line Items]
Basis spread on variable rate		1.50%
White Eagle | Revolving Credit Facility | Applicable Margin
Debt Instrument [Line Items]
Basis spread on variable rate		4.00%
White Eagle | Revolving Credit Facility | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.75%
White Eagle | White Eagle Asset Portfolio, LLC | Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds to be paid to White Eagle after payment of loan		$ 76,100,000
Interest expense on the facility		9,200,000
Interest expense withheld from borrowings by lender		6,700,000
Interest paid		$ 2,500,000
White Eagle Amendment | White Eagle
Debt Instrument [Line Items]
Number of policies owned | policy						75
Net total investment percentage, minimum		15.00%
White Eagle Amendment | White Eagle | Revolving Credit Facility | Applicable Margin
Debt Instrument [Line Items]
Basis spread on variable rate		4.50%
White Eagle Amendment | White Eagle | White Eagle Asset Portfolio, LLC | Revolving Credit Facility
Debt Instrument [Line Items]
Percentage of remaining proceeds		50.00%
White Eagle Amendment | Scenario 2 | White Eagle | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility percentage of remaining outstanding balance		65.00%
White Eagle Amendment | Scenario 3 | White Eagle | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility percentage of remaining outstanding balance		35.00%
White Eagle Amendment | Minimum | Scenario 1 | White Eagle | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility covenant terms loan to value ratio		50.00%
White Eagle Amendment | Minimum | Scenario 2 | White Eagle | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility covenant terms loan to value ratio		25.00%
White Eagle Amendment | Maximum | Scenario 2 | White Eagle | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility covenant terms loan to value ratio		50.00%
White Eagle Amendment | Maximum | Scenario 3 | White Eagle | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility covenant terms loan to value ratio		25.00%
Lender | Revolving Credit Facility
Debt Instrument [Line Items]
Payment of Debt Interest Cost			$ 5,800,000

RED FALCON REVOLVING CREDIT F55

RED FALCON REVOLVING CREDIT FACILITY (Details)	Jul. 16, 2015USD ($)Contract	Dec. 31, 2015USD ($)Contract	Dec. 31, 2014USD ($)Contract	Dec. 31, 2013USD ($)	Dec. 31, 2015policy	Dec. 31, 2015USD ($)	Nov. 10, 2014
Debt Instrument [Line Items]
Number of policies owned		632	607		39
Investment in life settlements			$ 2,931,066,000			$ 2,979,352,000
Fair value of life insurance policies held			388,886,000			461,925,000
Interest expense		$ 27,286,000	16,245,000	$ 13,657,000
Interest expense withheld from borrowings by lender		7,493,000	6,716,000	2,378,000
Cash paid for interest during the period		$ 13,802,000	5,414,000	1,270,000
Revolving Credit Facility debt			145,381,000
Revolving Credit Facility
Debt Instrument [Line Items]
Portfolio of life insurance						172,400,000
Investment in life settlements						185,600,000
Fair value of life insurance policies held						11,900,000
Red Falcon | Revolving Credit Facility
Debt Instrument [Line Items]
Portfolio of life insurance	$ 110,000,000					57,100,000
Line of credit facility, maximum borrowing capacity						54,612,281
Line of credit facility, remaining borrowing capacity						1,700,000
Yield maintenance provision.	5.00%	5.00%
Line of credit facility amortization percentage	8.00%	8.00%
Proceeds from lines of credit	$ 54,000,000	$ 5,741,000	$ 0	$ 0
Basis spread on variable rate	0.50%
Debt instrument, interest rate during period		5.50%
Interest expense		$ 4,900,000
Interest expense withheld from borrowings by lender		3,300,000
Cash paid for interest during the period		$ 1,600,000
Revolving Credit Facility debt						55,658,000
Revolving Credit Facility debt, outstanding						55,400,000
Red Falcon | Revolving Credit Facility | Applicable Margin
Debt Instrument [Line Items]
Basis spread on variable rate	4.50%
Red Falcon | Revolving Credit Facility | Floor Rate
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Red Falcon | Revolving Credit Facility | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.75%
Securities Pledged as Collateral | Red Falcon | Revolving Credit Facility
Debt Instrument [Line Items]
Number of policies owned | Contract		156
Investment in life settlements						603,900,000
Fair value of life insurance policies held						$ 118,600,000
Maintenance Costs | Red Falcon | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit borrowing base percentage	100.00%
Policies pledged as collateral as determined by the lenders | Red Falcon | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit borrowing base percentage	60.00%
Policies pledged as collateral excluding certain specified life insurance policies | Red Falcon | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit borrowing base percentage	45.00%
Scenario 2 | Red Falcon | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility percentage of remaining outstanding balance	65.00%
Scenario 3 | Red Falcon | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility percentage of remaining outstanding balance	35.00%
Minimum | Scenario 1 | Red Falcon | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility covenant terms loan to value ratio	50.00%
Minimum | Scenario 2 | Red Falcon | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility covenant terms loan to value ratio	25.00%
Maximum | Scenario 2 | Red Falcon | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility covenant terms loan to value ratio	50.00%
Maximum | Scenario 3 | Red Falcon | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility covenant terms loan to value ratio	25.00%
12.875% Senior Secured Notes Due 2017
Debt Instrument [Line Items]
Number of policies owned | Contract	159
12.875% Senior Secured Notes Due 2017 | Securities Pledged as Collateral
Debt Instrument [Line Items]
Debt instrument, interest rate			12.875%				12.875%

8.50% SENIOR UNSECURED CONVER56

8.50% SENIOR UNSECURED CONVERTIBLE NOTES - Narrative (Detail) $ / shares in Units, $ in Thousands	Jul. 16, 2015USD ($)	Feb. 28, 2014USD ($)dDirector$ / shares	Jun. 30, 2015$ / sharesshares	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Jun. 05, 2014USD ($)
Debt Instrument [Line Items]
Issuance of common stock (in shares) | shares			(6,688,433)
Senior unsecured convertible notes, net of discount				$ 58,609	$ 55,881
Debt instrument origination cost				1,797	3,936
Interest	$ 5,200
Amortizing debt discounts	1,700
Debt issuance cost	$ 1,700
Change in fair value of conversion derivative liability				$ 0	(6,759)	$ 0
8.50% Senior Unsecured Convertible Notes Due 2019
Debt Instrument [Line Items]
Debt instrument issued		$ 70,700
Debt instrument, interest rate		8.50%
Number of board of directors | Director		2
Debt instrument, convertible, conversion rate		147.9290	151.7912
Debt Instrument, Convertible, Conversion Price | $ / shares		$ 6.76	$ 6.59
Issuance of common stock (in shares) | shares			(6,688,433)
Debt instrument, convertible, minimum percentage of common stock price		130.00%
Debt instrument, convertible, threshold trading days | d		20
Debt instrument, convertible, threshold consecutive trading days		30 days
Debt instrument, redemption price, percentage		100.00%
Fundamental change, percent of ownership of surviving company after transaction				50.00%
Percent of voting power of common stock owned by a person or group		50.00%
Conversion derivative liability, at estimated fair value							$ 23,700
Senior unsecured convertible notes, net of discount				$ 58,600
Unamortized debt discount				12,100
Debt instrument origination cost				1,800
Interest expense of notes				9,100	7,500
Interest				6,000	5,200
Amortizing debt discounts				2,700	2,000
Debt issuance cost				$ 404	332
Change in fair value of conversion derivative liability					$ (6,800)
8.50% Senior Unsecured Convertible Notes Due 2019 | Bulldog Investors Llc
Debt Instrument [Line Items]
Debt instrument issued		$ 9,200
8.50% Senior Unsecured Convertible Notes Due 2019 | Reclassifications To Additional Paid In Capital
Debt Instrument [Line Items]
Unamortized transaction costs							756
Deferred tax asset, conversion derivative liability							$ 8,800

8.50% SENIOR UNSECURED CONVER57

8.50% SENIOR UNSECURED CONVERTIBLE NOTES - Fair Value of Conversion Derivative Liability (Detail) - Conversion derivative liability	Jun. 05, 2014
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Expected Volatility	40.00%
8.50% Senior Unsecured Convertible Notes Due 2019
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Expected Term in Years	4 years 8 months 12 days
Risk Free Rate	1.50%

12.875% SECURED NOTES (Detail)

12.875% SECURED NOTES (Detail)	Jul. 16, 2015USD ($)Contract	Jan. 21, 2015USD ($)	Nov. 10, 2014USD ($)	Dec. 31, 2015USD ($)Contract	Dec. 31, 2014USD ($)Contract	Dec. 31, 2015policy
Debt Instrument [Line Items]
Number of policies owned				632	607	39
Gains (Losses) on Extinguishment of Debt	$ (8,800,000)
Interest	5,200,000
Debt Instrument, Unused Borrowing Capacity, Fee	171,000
Amortizing debt discounts	1,700,000
Debt issuance cost	$ 1,700,000
12.875% Senior Secured Notes Due 2017
Debt Instrument [Line Items]
Percentage of principal amount of debt redemption	106.00%
Percentage of first tier foreign subsidiaries equity interests pledge to secure debt				65.00%
Number of policies owned | Contract	159
Debt Instrument, Unused Borrowing Capacity, Fee				$ 265,000	$ 36,000
12.875% Senior Secured Notes Due 2017 | Maximum
Debt Instrument [Line Items]
Debt instrument, face amount			$ 100,000,000
12.875% Senior Secured Notes Due 2017 | Securities Pledged as Collateral
Debt Instrument [Line Items]
Debt instrument, interest rate			12.875%		12.875%
Indaba Capital Management, L.P. | 12.875% Senior Secured Notes Due 2017
Debt Instrument [Line Items]
Debt instrument, face amount			$ 25,000,000
Secured notes issuance price as percentage of face amount			96.00%
Fees and expenses paid		$ 305,000	$ 1,800,000
12.875% Senior Secured Notes Due 2017
Debt Instrument [Line Items]
Interest expense				4,000,000	$ 694,000
Interest				3,200,000	592,000
Amortizing debt discounts				264,000
Debt issuance cost				$ 277,000	$ 66,000

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Detail) $ in Thousands	Jul. 16, 2015	Dec. 31, 2015Contract	Dec. 31, 2015	Dec. 31, 2015policy	Dec. 31, 2015USD ($)	Dec. 31, 2015carrier	Dec. 31, 2014USD ($)Contract
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Mortality rate			100.00%
Number of policies owned		632		39			607
Life insurance estimated fair value					$ 461,925		$ 388,886
Weighted average discount rate		17.02%
Revolving Credit Facility debt, at estimated fair value							145,381
Noninvestment grade
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life insurance, policies issued | policy				18
Life insurance, number of issuing carriers | carrier						2
Additional basis point risk premium		3.00%
Premium Financed
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of policies owned | Contract		544
Non Premium Financed
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of policies owned | Contract		88
Impaired life bearing
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Mortality rate			200.00%
Revolving Credit Facility
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life insurance estimated fair value					11,900
Revolving Credit Facility | Red Falcon
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Revolving Credit Facility debt, at estimated fair value					55,658
Revolving Credit Facility debt, outstanding					55,400
Yield maintenance provision.	5.00%	5.00%
Line of credit facility amortization percentage	8.00%	8.00%
Level 3
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life insurance estimated fair value					461,925		388,886
Revolving Credit Facility debt, at estimated fair value							$ 145,831
Level 3 | Life Finance
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Weighted average discount rate		(17.02%)
Level 3 | Premium Financed
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life insurance estimated fair value					364,792
Level 3 | Premium Financed | Minimum | Life Finance
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Discount rates		16.00%
Weighted average discount rate		16.00%
Level 3 | Premium Financed | Maximum | Life Finance
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Discount rates		24.50%
Weighted average discount rate		24.50%
Level 3 | Non Premium Financed
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life insurance estimated fair value					97,133
Level 3 | Non Premium Financed | Minimum
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Discount rates		15.00%
Level 3 | Non Premium Financed | Minimum | Life Finance
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Weighted average discount rate		15.00%
Level 3 | Non Premium Financed | Maximum
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Discount rates		21.00%
Level 3 | Non Premium Financed | Maximum | Life Finance
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Weighted average discount rate		21.00%
Level 3 | Revolving Credit Facility
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Weighted average discount rate		20.55%
Level 3 | Revolving Credit Facility | Red Falcon
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Revolving Credit Facility debt, at estimated fair value					55,658
White Eagle | Revolving Credit Facility
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Revolving Credit Facility debt, at estimated fair value					169,100
Revolving Credit Facility debt, outstanding					172,000
White Eagle | Level 3 | Revolving Credit Facility | Life Finance
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Weighted average discount rate		11.65%
Securities Pledged as Collateral | Revolving Credit Facility | Red Falcon
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of policies owned | Contract		156
Life insurance estimated fair value					118,600
Securities Pledged as Collateral | White Eagle | Revolving Credit Facility
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of policies owned | Contract		437
Life insurance estimated fair value					$ 331,300

FAIR VALUE MEASUREMENTS - Asset

FAIR VALUE MEASUREMENTS - Assets And Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of life insurance policies held	$ 461,925	$ 388,886
Structured settlement receivables	0	384
Assets, Fair Value Disclosure, Total	461,925	389,270
Revolving Credit Facility debt		145,381
Financial and Nonfinancial Liabilities, Fair Value Disclosure	224,789	145,381
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of life insurance policies held	0	0
Structured settlement receivables		0
Assets, Fair Value Disclosure, Total	0	0
Revolving Credit Facility debt		0
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of life insurance policies held	0	0
Structured settlement receivables		0
Assets, Fair Value Disclosure, Total	0	0
Revolving Credit Facility debt		0
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of life insurance policies held	461,925	388,886
Structured settlement receivables		384
Assets, Fair Value Disclosure, Total	461,925	389,270
Revolving Credit Facility debt		145,831
Financial and Nonfinancial Liabilities, Fair Value Disclosure	224,789	$ 145,831
Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of life insurance policies held	11,900
Revolving Credit Facility | White Eagle
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving Credit Facility debt	169,131
Revolving Credit Facility | White Eagle | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving Credit Facility debt	0
Revolving Credit Facility | White Eagle | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving Credit Facility debt	0
Revolving Credit Facility | White Eagle | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving Credit Facility debt	169,131
Revolving Credit Facility | Red Falcon
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving Credit Facility debt	55,658
Revolving Credit Facility | Red Falcon | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving Credit Facility debt	0
Revolving Credit Facility | Red Falcon | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving Credit Facility debt	0
Revolving Credit Facility | Red Falcon | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving Credit Facility debt	$ 55,658

FAIR VALUE MEASUREMENTS - Quant

FAIR VALUE MEASUREMENTS - Quantitative Information about Level 3 Fair Value Measurements (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life insurance estimated fair value	$ 461,925	$ 388,886
Structured settlements receivables	0	384
Investment in life settlements	$ 2,979,352	2,931,066
Weighted average discount rate	17.02%
Revolving Credit Facility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life insurance estimated fair value	$ 11,900
Investment in life settlements	185,600
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life insurance estimated fair value	461,925	388,886
Structured settlements receivables		$ 384
Investment in life settlements	2,979,352
Level 3 | Non Premium Financed
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life insurance estimated fair value	97,133
Investment in life settlements	339,183
Level 3 | Premium Financed
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Life insurance estimated fair value	364,792
Investment in life settlements	$ 2,640,169
Level 3 | Life Finance
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Valuation Technique	Discounted cash flow
Weighted average life expectancy valuation period	9 years 10 months 12 days
Weighted average discount rate	(17.02%)
Level 3 | Life Finance | Non Premium Financed
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Valuation Technique	Discounted cash flow
Weighted average life expectancy valuation period	6 years 4 months 12 days
Level 3 | Life Finance | Premium Financed
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Valuation Technique	Discounted cash flow
Weighted average life expectancy valuation period	10 years 3 months 12 days
Level 3 | Revolving Credit Facility
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Weighted average discount rate	20.55%
Level 3 | Minimum | Life Finance | Non Premium Financed
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Weighted average discount rate	15.00%
Level 3 | Minimum | Life Finance | Premium Financed
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Weighted average discount rate	16.00%
Level 3 | Maximum | Life Finance | Non Premium Financed
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Weighted average discount rate	21.00%
Level 3 | Maximum | Life Finance | Premium Financed
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Weighted average discount rate	24.50%
Red Falcon | Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Note payable	$ 55,658
Red Falcon | Level 3 | Revolving Credit Facility | Life Finance
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Weighted average life expectancy valuation period	9 years 3 months 18 days
White Eagle | Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Note payable	$ 169,131
White Eagle | Level 3 | Revolving Credit Facility | Life Finance
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Valuation Technique	Discounted cash flow
Weighted average life expectancy valuation period	9 years 9 months 12 days
Weighted average discount rate	11.65%

FAIR VALUE MEASUREMENTS - Chang

FAIR VALUE MEASUREMENTS - Changes in Life Expectancy Used to Estimate Fair Value (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Life insurance estimated fair value	$ 461,925	$ 388,886
Change in Value	(41)	$ (426)	$ (1,990)
+6 Life Expectancy Months Adjustment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Life insurance estimated fair value	388,776
Change in Value	(73,149)
No Change in Life Expectancy
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Life insurance estimated fair value	461,925
Change in Value	0
-6 Life Expectancy Months Adjustment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Life insurance estimated fair value	540,821
Change in Value	$ 78,896

FAIR VALUE MEASUREMENTS - Life

FAIR VALUE MEASUREMENTS - Life Insurance Issuer concentrations (Detail) - Credit Concentration Risk - Moody's, A1 Rating - Standard & Poor's, AA- Rating	12 Months Ended
	Dec. 31, 2015
Lincoln National Life Insurance Company | 10% of total fair value of our investments in life settlements
Concentration Risk [Line Items]
Concentrations risk percentage	22.50%
Lincoln National Life Insurance Company | Life insurance issuer concentrations that exceed 10% of total death benefit
Concentration Risk [Line Items]
Concentrations risk percentage	19.70%
Transamerica Life Insurance Company | 10% of total fair value of our investments in life settlements
Concentration Risk [Line Items]
Concentrations risk percentage	20.20%
Transamerica Life Insurance Company | Life insurance issuer concentrations that exceed 10% of total death benefit
Concentration Risk [Line Items]
Concentrations risk percentage	20.60%

FAIR VALUE MEASUREMENTS - Cha64

FAIR VALUE MEASUREMENTS - Changes in Weighted Average Discount Rate Used to Estimate Fair Value (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate	17.02%
Life insurance estimated fair value	$ 461,925	$ 388,886
Change in Value	$ (41)	$ (426)	$ (1,990)
.50% Decrease in Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate	16.52%
Life insurance estimated fair value	$ 473,585
Change in Value	(11,660)
No Change in Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Life insurance estimated fair value	461,925
Change in Value	$ 0
.50% Increase in Discount Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate	17.52%
Life insurance estimated fair value	$ 450,751
Change in Value	$ (11,174)

FAIR VALUE MEASUREMENTS - Cha65

FAIR VALUE MEASUREMENTS - Changes in Life Expectancy Used to Estimate Fair Value of Revolving Credit Facility (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value		$ 145,381
Red Falcon | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	$ 55,658
Change in Value	0
Red Falcon | +6 Life Expectancy Months Adjustment | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	53,559
Change in Value	(2,099)
Red Falcon | -6 Life Expectancy Months Adjustment | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	57,273
Change in Value	1,615
White Eagle | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	169,131
Change in Value	0
White Eagle | +6 Life Expectancy Months Adjustment | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	141,010
Change in Value	(28,121)
White Eagle | -6 Life Expectancy Months Adjustment | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	198,707
Change in Value	$ 29,576

FAIR VALUE MEASUREMENTS - Cha66

FAIR VALUE MEASUREMENTS - Changes in Weighted Average Discount Rate Used to Estimate Fair Value of Revolving Credit Facility (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value		$ 145,381
White Eagle | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	20.55%
Value	$ 169,131
Change in Value	$ 0
White Eagle | .50% Decrease in Discount Rate | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	20.05%
Value	$ 172,840
Change in Value	$ 3,709
White Eagle | .50% Increase in Discount Rate | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	21.05%
Value	$ 165,557
Change in Value	$ (3,574)
Red Falcon | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	11.65%
Value	$ 55,658
Change in Value	$ 0
Red Falcon | .50% Decrease in Discount Rate | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	11.15%
Value	$ 56,489
Change in Value	$ 831
Red Falcon | .50% Increase in Discount Rate | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount rate	12.15%
Value	$ 54,848
Change in Value	$ (810)

FAIR VALUE MEASUREMENTS - Cha67

FAIR VALUE MEASUREMENTS - Changes in Fair Value for All Assets and Liabilities Using Material Level of Unobservable (Level 3) Inputs (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Life Finance
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning Balance	$ 388,886	$ 302,961
Purchase of policies	30,695	16,296
Change in fair value	46,717	44,128
Matured/lapsed/sold polices	(69,296)	(29,957)
Premiums paid	64,923	55,458
Transfers into level 3	0	0
Transfer out of level 3	0	0
Ending Balance	461,925	388,886
Changes in fair value included in earnings for the period relating to assets held	(1,442)	22,597
Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	145,831	123,847
Draws under the revolving credit facility		57,233
Payments on credit facility	(29,777)
Unrealized change in fair value		(5,472)
Transfers into level 3		0
Transfer out of level 3		0
Ending balance		145,831
White Eagle | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Changes in fair value included in earnings for the period relating to assets held	11,927	(5,472)
Beginning balance	145,831
Draws under the revolving credit facility	54,614
Payments on credit facility	(43,241)
Unrealized change in fair value	11,927
Transfers into level 3	0
Transfer out of level 3	0
Ending balance	169,131	145,831
Red Falcon | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance	0
Draws under the revolving credit facility	54,000
Payments on credit facility	(4,378)
Unrealized change in fair value	270
Transfers into level 3	0
Transfer out of level 3	0
Ending balance	55,658	$ 0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Subsequent Purchases	5,766
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss)	$ 270

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Detail)	Dec. 31, 2015USD ($)plaintiff	Jul. 29, 2013USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Oct. 30, 2014
Commitments and Contingencies [Line Items]
Annual base rent			$ 231,900
Percentage of annual increase of base rent			3.00%
Rent expense under operating lease			$ 423,000	$ 513,000	$ 438,000
Indemnification expenses			$ 8,500,000	2,100,000	2,800,000
Number of plaintiffs | plaintiff	3
Payments for legal settlements	$ 6,500,000
Percentage of outstanding shares to be obtained written consent						3.00%
Pending Litigation
Commitments and Contingencies [Line Items]
Non-Prosecution Agreement terms			3 years
Litigation-related fees			$ 17,000,000	$ 5,000,000	$ 4,500,000
Pending Litigation | Minimum
Commitments and Contingencies [Line Items]
Compensatory damages sought in addition to an award of punitive damages		$ 30,000,000

COMMITMENTS AND CONTINGENCIES69

COMMITMENTS AND CONTINGENCIES - Future Payments (Details) $ in Millions	Dec. 31, 2015USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,016	$ 234
2,017	241
2,018	248
2,019	255
2,020	196
Total	$ 1,174

STOCKHOLDERS' EQUITY (Detail)

STOCKHOLDERS' EQUITY (Detail) - USD ($)	Sep. 01, 2015	Apr. 30, 2014	Jun. 30, 2015	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	May. 28, 2015	Feb. 11, 2011
Stockholders Equity [Line Items]
Rights offering shares			400.00%
Shares issued (usd per share)			$ 5.75
Stock granted (shares)			1,337,686
Issuance of common stock (in shares)			6,688,433
Options Outstanding (shares)					774,394	807,949
Increase in additional paid-in-capital due to reclassification of embedded derivative						$ 14,100,000
Expected issuance of warrants for shares (shares)		2,000,000
Estimated fair value of warrants					$ 5,400,000
Common stock warrants term					5 years
Exercise price of warrants (usd per share)					$ 10.75				$ 14.51
Stock repurchase program, authorized amount (shares)	$ 10,000,000
Stock repurchase program, expiration period	2 years
Treasury stock					$ 2,534,000	$ 0
Treasury stock acquired, average cost per share (usd per share)					$ 4.17
Stock repurchase program, remaining authorized repurchase amount (shares)					$ 7,500,000
ASU No. 2013-11
Stockholders Equity [Line Items]
Increase to additional paid-in-capital					$ 6,300,000
Minimum
Stockholders Equity [Line Items]
Average daily trading closing price (usd per share)					$ 8.50
Average daily trading closing price, period					45 days
Restricted Stock
Stockholders Equity [Line Items]
Granted (shares)					41,259
Forfeited (shares)					0
Unvested restricted stock outstanding (shares)					41,259	41,060
Performance Shares
Stockholders Equity [Line Items]
Granted (shares)					0
Award vesting period					1 year
Forfeited (shares)					(4,000)
Unvested restricted stock outstanding (shares)					319,500	323,500
Common Stock
Stockholders Equity [Line Items]
Issuance of common stock (in shares)						125,628	13,759
Treasury Stock
Stockholders Equity [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)					608,000
Derivative Actions | Common Stock
Stockholders Equity [Line Items]
Common stock issued for legal settlement (shares)				125,628
Omnibus Plan
Stockholders Equity [Line Items]
Options Outstanding (shares)					774,394
Securities remaining for future issuance					1,808,735
Omnibus Plan | Stock Option
Stockholders Equity [Line Items]
Shares of common stock reserved for future grant (shares)					2,700,000			2,700,000
Options Outstanding (shares)					774,394
Omnibus Plan | Restricted Stock
Stockholders Equity [Line Items]
Stock granted (shares)					103,112
Granted (shares)					41,259
Award vesting period					1 year
Omnibus Plan | Performance Shares
Stockholders Equity [Line Items]
Granted (shares)					319,500	323,500
Stock granted, subject to shareholders' approval of an amendment and restatement (shares)						150,000
Forfeited (shares)					(4,000)
Omnibus Plan | Performance Shares | Minimum
Stockholders Equity [Line Items]
Actual shares to be issued					0.00%	0.00%
Omnibus Plan | Performance Shares | Maximum
Stockholders Equity [Line Items]
Actual shares to be issued					150.00%	150.00%
Omnibus Plan | Common Stock | Restricted Stock
Stockholders Equity [Line Items]
Granted (shares)					41,259

EMPLOYEE BENEFIT PLAN (Detail)

EMPLOYEE BENEFIT PLAN (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)yr	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Postemployment Benefits [Abstract]
401(k) plan that covers employees eligible age | yr	18
401(k) plan that covers employees service period for eligible	3 months
Employer contributions | $	$ 0	$ 0	$ 0

SUMMARY OF QUARTERLY FINANCIA72

SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED) - Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Total income	$ 3,108	$ 2,769	$ 28,034	$ 12,980	$ 24,835	$ (3,617)	$ 8,996	$ 13,602	$ 46,891	$ 43,816	$ 89,078
(Loss)/income from continuing operations before taxes	(15,429)	(18,212)	644	(6,102)	11,289	(6,499)	(10,474)	658	(39,099)	(5,026)	51,862
Net (loss)/income from continuing operations	$ (13,690)	$ (13,491)	$ 966	$ (4,165)	$ 8,712	$ (4,264)	$ (6,281)	$ (3,318)	$ (31,024)	$ (5,520)	$ 65,332
(Loss)/income per share from continuing operations: Basic (usd per share)	$ (0.49)	$ (0.48)	$ 0.04	$ (0.19)	$ 0.41	$ (0.20)	$ (0.29)	$ (0.16)	$ (1.25)	$ (0.26)	$ 3.08
(Loss)/income per share from continuing operations: Diluted (usd per share)	$ (0.49)	$ (0.48)	$ 0.04	$ (0.19)	$ 0.32	$ (0.20)	$ (0.29)	$ (0.16)	$ (1.25)	$ (0.26)	$ 3.08

SUMMARY OF QUARTERLY FINANCIA73

SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED) - Narrative (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Data [Line Items]
Adoption of ASU 2013-11		$ 0	$ 6,295	$ 0
ASU No. 2013-11
Quarterly Financial Data [Line Items]
Adoption of ASU 2013-11	$ 3,700

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Line Items]
Deferred gain		$ 13,423	$ 2,367
Deferred tax valuation allowance Increased (reduced)	$ 56
Operating loss carryforwards, subject to expiration		88,000
Net operating loss carryforward		31,588	$ 28,864
Decrease in effective tax rate due to recognition of unrecognized tax benefits		6,300
Prior to the Company's initial public offering in 2011
Income Taxes [Line Items]
Net operating loss carryforward		$ 11,200

INCOME TAXES - Provision (Benef

INCOME TAXES - Provision (Benefit) for Income Taxes from Continuing Operations (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Continuing operations	$ (8,719)	$ 125	$ 39
Discontinued operations	0	(232)	0
Provision (benefit) for income taxes	(8,719)	(107)	39
Current
Federal	10	0	0
State	0	0	0
Current income tax expense	10	0	0
Deferred
Federal	(9,375)	5,214	17,182
State	(3,869)	(2,522)	2,857
Deferred income tax expense	(13,244)	2,692	20,039
Valuation allowance increase (decrease)	4,515	(2,567)	(20,000)
Income tax expense (benefit)	$ (8,729)	$ 125	$ 39

INCOME TAXES - U.S. and Foreign

INCOME TAXES - U.S. and Foreign Components of Income (Loss) From Continuing Operations before Income Taxes (Detail) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
U.S.									$ (51,749)	$ (10,824)	$ 51,862
Foreign									12,650	5,798	0
(Loss) income from continuing operations before income taxes	$ (15,429)	$ (18,212)	$ 644	$ (6,102)	$ 11,289	$ (6,499)	$ (10,474)	$ 658	$ (39,099)	$ (5,026)	$ 51,862

INCOME TAXES - Difference betwe

INCOME TAXES - Difference between Actual Provision (Benefit) for Income Tax and Federal Expected Income Tax Provision (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Tax provision (benefit) at statutory rate	$ (13,685)	$ (1,759)	$ 18,152
Increase (decrease) in taxes resulting from:
State tax (net of federal benefit)	(1,617)	(364)	1,857
Impact of rate changes	23	(1,851)	0
Litigation settlement	2,275	0	0
Other permanent items	18	371	30
Adoption of ASU 2013-11	0	6,295	0
Valuation allowance (decrease) increase	4,267	(2,567)	(20,000)
Provision (benefit) for income taxes from continuing operations	$ (8,719)	$ 125	$ 39
Tax provision (benefit) at statutory rate	35.00%	35.00%	35.00%
Increase (decrease) in taxes resulting from:
State tax (net of federal benefit)	4.14%	7.24%	3.58%
Impact of rate changes	(0.06%)	36.84%	0.00%
Litigation settlement	(5.82%)	0.00%	0.00%
Other permanent items	(0.05%)	(7.40%)	0.06%
Adoption of ASU 2013-11	0.00%	(125.26%)	0.00%
Valuation allowance (decrease) increase	(10.91%)	51.08%	(38.56%)
Provision (benefit) for income taxes	22.30%	(2.50%)	0.08%

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets And Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets:
Federal and State net operating loss carryforward	$ 31,588	$ 28,864
Litigation reserves	0	328
Revolving credit facility	8,973	1,735
Deferred gain	13,423	2,367
Other	1,960	1,592
Total gross deferred tax assets	55,944	34,886
Less valuation allowance	(4,515)	0
Total deferred tax assets	51,429	34,886
Deferred tax liabilities:
Unrealized gains on life and structured settlements	29,473	32,568
Gain on structured settlements deferred for tax purposes	4,607	4,443
Convertible debt discount	4,681	5,733
Deferred income	12,668	870
Total deferred tax liabilities	51,429	43,614
Total net deferred tax asset (liability)	$ 0	$ (8,728)

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Total Amounts of Unrecognized Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of Unrecognized Tax Benefits
Balance as of beginning of period	$ 6,295	$ 6,295	$ 6,295
Additions based on tax positions taken in the current year	0	0	0
Reductions of tax positions for prior years	0	0	0
Balance as of end of period	$ 6,295	$ 6,295	$ 6,295

Subsequent Events - Narrative (

Subsequent Events - Narrative (Detail) - Wilmington Trust Company - Emergent Capital, Inc - Senior Notes - Subsequent Event $ in Millions	Mar. 11, 2016USD ($)
Subsequent Event [Line Items]
Debt instrument issued	$ 30
Debt issued	$ 21.2
Debt instrument, interest rate	15.00%
Debt instrument, redemption price, percentage	100.00%
Change of control redemption, percentage	107.50%
Debt Covenant, percent of equity interests pledged as collateral	65.00%
Discount Rate
Subsequent Event [Line Items]
Basis spread on variable rate	0.50%
Board of Directors, Management and Affiliates
Subsequent Event [Line Items]
Debt bought in private transaction	$ 3.3