Emergent Capital (EMGC) 10-Q 9 Oct 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Aug. 31, 2019	Oct. 08, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	Emergent Capital, Inc.
Entity Central Index Key	0001494448
Current Fiscal Year End Date	--11-30
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Aug. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Trading Symbol	EMGC
Entity Current Reporting Status	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		158,051,803

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Aug. 31, 2019	Nov. 30, 2018	[1]
ASSETS
Cash and cash equivalents	$ 8,780	$ 1,209
Certificates of deposit	508	500
Prepaid expenses and other assets	844	657
Deposits - other	1,377	1,377
Life settlements, at estimated fair value	1,254	1,172
Receivable for maturity of life settlements	17,768	0
Fixed assets, net	28	78
Investment in limited partnership, at estimated fair value (Note 11)	132,334	0
Investment in deconsolidated subsidiaries, at estimated fair value (Note 4)	0	128,795
Investment in affiliate	2,384	2,384
Deferred tax asset	0	576
Total assets	165,277	136,748
Liabilities
Accounts payable and accrued expenses	2,093	2,446
Other liabilities	100	194
Current tax liability	2,642	0
Total liabilities	120,834	109,506
Commitments and Contingencies (Note 18)
Stockholders’ Equity
Common stock (par value $0.01 per share, 415,000,000 authorized at August 31, 2019 and November 30, 2018; 158,659,803 issued and 158,051,803 outstanding as of August 31, 2019; 158,733,928 issued and 158,125,928 outstanding as of November 30, 2018)	1,587	1,587
Preferred stock (par value $0.01 per share, 40,000,000 authorized; 0 issued and outstanding as of August 31, 2019 and November 30, 2018)	0	0
Treasury Stock, net of issuance cost (608,000 shares as of August 31, 2019 and November 30, 2018)	(2,534)	(2,534)
Additional paid-in-capital	334,488	334,198
Accumulated deficit	(289,098)	(306,009)
Total stockholders’ equity	44,443	27,242
Total liabilities and stockholders’ equity	165,277	136,748
8.5% Convertible Notes
Liabilities
Interest payable	0	37
Convertible Notes, net of discount and deferred debt costs	0	1,173
5.0% Convertible Notes
Liabilities
Interest payable	169	1,116
Convertible Notes, net of discount and deferred debt costs	70,697	69,742
8.5% Senior Secured Notes
Liabilities
Interest payable	1,091	628
Senior Secured Notes, net of deferred debt costs	$ 44,042	$ 34,170
[1]	Derived from audited consolidated financial statements.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Aug. 31, 2019	Nov. 30, 2018	[1]
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	415,000,000	415,000,000
Common stock, shares issued (in shares)	158,659,803	158,733,928
Common stock, shares outstanding (in shares)	158,051,803	158,125,928
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	40,000,000	40,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Treasury stock (in shares)	608,000	608,000
[1]	Derived from audited consolidated financial statements.

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018
Income
Change in fair value of life settlements (Notes 10 & 16)	$ (42,000)	$ 5,404,000	$ (37,000)	$ 19,299,000
Change in fair value of investment in limited partnership	(5,821,000)	0	(5,821,000)	0
Change in fair value of investment in deconsolidated subsidiaries (Notes 4 & 16)	(90,710,000)	0	(37,941,000)	0
Other income	2,011,000	153,000	2,028,000	396,000
Total income	86,858,000	5,557,000	34,111,000	19,695,000
Expenses
Interest expense	2,832,000	7,979,000	8,370,000	23,398,000
Change in fair value of White Eagle Revolving Credit Facility (Notes 12 & 16)	0	(7,037,000)	0	(11,663,000)
Personnel costs	694,000	800,000	1,001,000	2,460,000
Legal fees	1,448,000	552,000	2,117,000	3,478,000
Professional fees	1,142,000	1,875,000	1,470,000	4,497,000
Insurance	270,000	193,000	666,000	592,000
Other selling, general and administrative expenses	276,000	394,000	399,000	1,407,000
Total expenses	6,662,000	4,756,000	14,023,000	24,169,000
Income (loss) from continuing operations before income taxes	80,196,000	801,000	20,088,000	(4,474,000)
(Benefit) provision for income taxes	(5,000)	3,094,000	3,213,000	(136,000)
Net income (loss) from continuing operations	80,201,000	(2,293,000)	16,875,000	(4,338,000)
Discontinued Operations:
Income (loss) from discontinued operations before income taxes	70,000	(17,000)	36,000	(14,000)
(Benefit) provision for income taxes	0	0	0	0
Net income (loss) from discontinued operations	70,000	(17,000)	36,000	(14,000)
Net income (loss)	$ 80,271,000	$ (2,310,000)	$ 16,911,000	$ (4,352,000)
Basic income (loss) per common share:
Continuing operations (in dollars per share)	$ 0.51	$ (0.01)	$ 0.11	$ (0.03)
Discontinued operations (in dollars per share)	0	0	0	0
Net income (loss) - basic (in dollars per share)	0.51	(0.01)	0.11	(0.03)
Diluted income (loss) per share:
Continuing operations (in dollars per share)	0.41	(0.01)	0.10	(0.03)
Discontinued operations (in dollars per share)	0	0	0	0
Net income (loss) - diluted (in dollars per share)	$ 0.41	$ (0.01)	$ 0.10	$ (0.03)
Weighted average shares outstanding:
Basic (in shares)	156,968,470	158,305,635	156,949,425	157,919,215
Diluted (in shares)	195,979,957	158,305,635	194,867,908	157,919,215

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT/EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total		Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning Balance (in shares) at Nov. 30, 2017			156,515,399	608,000
Beginning Balance at Nov. 30, 2017	$ 188,944		$ 1,565	$ (2,534)	$ 333,631	$ (143,718)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)	4,851					4,851
Stock-based compensation (in shares)			2,000,000
Stock-based compensation	141		$ 20		121
Retirement of common stock (in shares)			(40,000)
Retirement of common stock	(91)				(91)
Ending Balance (in shares) at Feb. 28, 2018			158,475,399	608,000
Ending Balance at Feb. 28, 2018	193,845		$ 1,585	$ (2,534)	333,661	(138,867)
Beginning Balance (in shares) at Nov. 30, 2017			156,515,399	608,000
Beginning Balance at Nov. 30, 2017	188,944		$ 1,565	$ (2,534)	333,631	(143,718)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)	(4,352)
Ending Balance (in shares) at Aug. 31, 2018			159,028,458	608,000
Ending Balance at Aug. 31, 2018	184,981		$ 1,590	$ (2,534)	333,995	(148,070)
Beginning Balance (in shares) at Feb. 28, 2018			158,475,399	608,000
Beginning Balance at Feb. 28, 2018	193,845		$ 1,585	$ (2,534)	333,661	(138,867)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)	(6,893)					(6,893)
Stock-based compensation (in shares)			150,000
Stock-based compensation	123		$ 1		122
Issue of common stock, net (in shares)			25,000
Issue of common stock, net	9				9
Ending Balance (in shares) at May. 31, 2018			158,650,399	608,000
Ending Balance at May. 31, 2018	187,084		$ 1,586	$ (2,534)	333,792	(145,760)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)	(2,310)					(2,310)
Stock-based compensation (in shares)			400,000
Stock-based compensation	211		$ 4		207
Retirement of common stock (in shares)			(21,941)
Retirement of common stock	(4)				(4)
Ending Balance (in shares) at Aug. 31, 2018			159,028,458	608,000
Ending Balance at Aug. 31, 2018	184,981		$ 1,590	$ (2,534)	333,995	(148,070)
Beginning Balance (in shares) at Nov. 30, 2018			158,733,928	608,000
Beginning Balance at Nov. 30, 2018	27,242	[1]	$ 1,587	$ (2,534)	334,198	(306,009)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)	(37,476)					(37,476)
Stock-based compensation	98				98
Ending Balance (in shares) at Feb. 28, 2019			158,733,928	608,000
Ending Balance at Feb. 28, 2019	(10,136)		$ 1,587	$ (2,534)	334,296	(343,485)
Beginning Balance (in shares) at Nov. 30, 2018			158,733,928	608,000
Beginning Balance at Nov. 30, 2018	27,242	[1]	$ 1,587	$ (2,534)	334,198	(306,009)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)	16,911
Ending Balance (in shares) at Aug. 31, 2019			158,659,803	608,000
Ending Balance at Aug. 31, 2019	44,443		$ 1,587	$ (2,534)	334,488	(289,098)
Beginning Balance (in shares) at Feb. 28, 2019			158,733,928	608,000
Beginning Balance at Feb. 28, 2019	(10,136)		$ 1,587	$ (2,534)	334,296	(343,485)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)	(25,884)					(25,884)
Stock-based compensation	97				97
Retirement of common stock (in shares)			(74,125)
Retirement of common stock	0
Ending Balance (in shares) at May. 31, 2019			158,659,803	608,000
Ending Balance at May. 31, 2019	(35,923)		$ 1,587	$ (2,534)	334,393	(369,369)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income/(loss)	80,271					80,271
Stock-based compensation	95				95
Ending Balance (in shares) at Aug. 31, 2019			158,659,803	608,000
Ending Balance at Aug. 31, 2019	$ 44,443		$ 1,587	$ (2,534)	$ 334,488	$ (289,098)
[1]	Derived from audited consolidated financial statements.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) - USD ($)	9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018
Cash flows from operating activities
Net income/(loss)	$ 16,911,000	$ (4,352,000)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	63,000	55,000
Change in fair value of investment in deconsolidated subsidiaries	(37,941,000)	0
Stock-based compensation expense	290,000	380,000
Finance cost and fees withheld by borrower	0	1,910,000
Interest paid in kind on 8.5% Senior Secured Notes	2,842,000	0
Change in fair value of life settlements	37,000	(19,299,000)
Change in fair value of investment in limited partnership	5,821,000	0
Change in fair value of White Eagle Revolving Credit Facility	0	(11,663,000)
Interest income	(311,000)	(114,000)
Deferred tax asset	576,000	0
Deferred tax liability	0	(2,378,000)
Change in assets and liabilities:
Prepaid expenses and other assets	118,000	145,000
Accounts payable and accrued expenses	(394,000)	306,000
Other liabilities	(155,000)	14,000
Current tax liability	2,642,000	2,242,000
Net cash used in operating activities	(8,493,000)	(32,571,000)
Cash flows from investing activities
Purchase of fixed assets, net of disposals	(5,000)	0
Premiums paid on life settlements	(118,000)	(67,916,000)
Proceeds from maturity of life settlements	0	52,304,000
Consolidation of subsidiaries (cash)	10,905,000	0
Net cash provided by (used) in investing activities	10,782,000	(15,612,000)
Cash flows from financing activities
Borrowings from White Eagle Revolving Credit Facility	0	67,580,000
Repayment of borrowings under White Eagle Revolving Credit Facility	0	(34,597,000)
Proceeds from issue of 8.5% Senior Secured Notes	6,476,000	0
Repayment of 8.5% Convertible Notes	(1,194,000)	0
Net cash provided by financing activities	5,282,000	32,983,000
Net increase (decrease) in cash and cash equivalents	7,571,000	(15,200,000)
Cash and cash equivalents, at beginning of the period	1,209,000	31,208,000
Cash and cash equivalents, at end of the period	8,780,000	16,008,000
Supplemental disclosures of cash flow information:
Cash paid for interest during the period	4,430,000	22,865,000
8.5% Convertible Notes
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of discount and deferred costs	21,000	62,000
Change in assets and liabilities:
Interest payable	(37,000)	(25,000)
5.0% Convertible Notes
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of discount and deferred costs	955,000	889,000
Change in assets and liabilities:
Interest payable	(948,000)	(948,000)
8.5% Senior Secured Notes
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of discount and deferred costs	554,000	197,000
Change in assets and liabilities:
Interest payable	$ 463,000	$ 8,000

Description of Business

Description of Business	9 Months Ended
	Aug. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Emergent Capital, Inc. was founded in December 2006 as a Florida limited liability company, Imperial Holdings, LLC, and converted into Imperial Holdings, Inc. on February 3, 2011, in connection with our initial public offering. Effective September 1, 2015, the name was changed to Emergent Capital, Inc. (with its subsidiary companies, the "Company" or "Emergent Capital"). Emergent Capital, through its subsidiaries, owns 2 life insurance policies, also referred to as life settlements, with a fair value of $1.3 million and an aggregate death benefit of approximately $12.0 million at August 31, 2019 . Additionally, through a subsidiary, the Company owns a 27.5% equity investment, having an estimated fair value of approximately $132.3 million at August 31, 2019 , in White Eagle Asset Portfolio, LP ("White Eagle"), which was previously a wholly-owned subsidiary of the Company that holds a portfolio of life settlements. The Company primarily earns income through change in fair value and death benefits from these two polices and change in fair value and distributions from its equity investment in White Eagle. Change in Financial Year End On September 7, 2018, the Board of Directors of the Company (the "Board") adopted resolutions to change the Company’s fiscal year end, and therefore the Company and its direct and indirect subsidiaries changed their fiscal year ends, from December 31 to November 30, effective immediately. The Company filed a Transition Report on Form 10-KT in accordance with SEC rules and regulations for the fiscal period ended November 30, 2018, which covered transactions from January 1, 2018 to November 30, 2018. This Form 10-Q covers the period beginning June 1, 2019 and ending August 31, 2019 compared to June 1, 2018 to August 31, 2018 . As a result, the Form 10-Q will not be comparable to the results filed for the third quarter of 2018 covering July 1, 2018 to September 30, 2018 . Voluntary Petitions for Relief Under Chapter 11 and De-consolidation of Subsidiaries On November 14, 2018 (the "Petition Date"), Lamington Road Designated Activity Company (formerly known as Lamington Road Limited), the Company’s wholly-owned indirect Irish subsidiary ("Lamington" or "Lamington Road DAC"), and White Eagle General Partner, LLC, the Company’s wholly-owned indirect Delaware subsidiary ("WEGP"), filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). Lamington is the limited partner and owns 99.99% , and WEGP is the general partner and owns 0.01% , of White Eagle. In its capacity as general partner, WEGP manages the affairs of White Eagle. The Lamington and WEGP filings are referred to as the "November Chapter 11 Cases." The commencement of the November Chapter 11 Cases would constitute defaults and events of default under the terms of the Company’s Amended and Restated Senior Secured Indenture and the New Convertible Note Indenture (each as defined below). However, such defaults and events of default and their consequences were waived in advance of the November Chapter 11 Cases by holders of a majority of the outstanding principal amounts of each of the 8.5% Senior Secured Notes and the New Convertible Notes, and consequently, the Company believes that no defaults, events of default or acceleration of the payment obligations thereunder, including principal or accrued interest, occurred under either the Amended and Restated Senior Secured Indenture or the New Convertible Note Indenture. The commencement of the November Chapter 11 Cases constituted an event of default under the Second Amended and Restated Loan and Security Agreement, dated as of January 31, 2017, by and among White Eagle, as borrower, Imperial Finance and Trading, LLC, Lamington Road Bermuda, LTD, as Portfolio Manager ("Lamington Bermuda"), CLMG Corp., as Administrative Agent ("CLMG"), and LNV Corporation, as Lender ("LNV"), as amended (the "White Eagle Revolving Credit Facility"), resulting in the principal and accrued interest due from White Eagle thereunder becoming immediately due and payable. Lamington and WEGP have pledged their respective interests in White Eagle to secure its obligations under the White Eagle Revolving Credit Facility. Any efforts by LNV, or CLMG to enforce such pledges by Lamington and WEGP of their respective interests in White Eagle in connection with the White Eagle Revolving Credit Facility are automatically stayed as a result of the commencement of the November Chapter 11 Cases and LNV’s and CLMG’s rights of enforcement in respect of the White Eagle Revolving Credit Facility are subject to the applicable provisions of the Bankruptcy Code. In addition, on November 15, 2018, White Eagle, LNV and CLMG entered into an Agreement Regarding Rights and Remedies (the "Standstill Agreement"), pursuant to which LNV and CLMG agreed to refrain from exercising their rights and remedies in connection with the White Eagle Revolving Credit Facility, subject to the terms and provisions of the Standstill Agreement, until 12:00 p.m. noon Pacific time on November 26, 2018, to facilitate negotiations. The effective period under the Standstill Agreement was extended several times, finally to December 13, 2018. On December 13, 2018, White Eagle filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the "White Eagle Chapter 11 Case" and, together with the November Chapter 11 Cases, the "Chapter 11 Cases"). The Company obtained waivers from the requisite holders of each of the 8.5% Senior Secured Notes and the New Convertible Notes with respect to the White Eagle Chapter 11 Case, similar to the waivers for the November Chapter 11 Cases, and believes that no defaults, events of default or acceleration of the payment obligations thereunder, including principal or accrued interest, occurred with respect to both the 8.5% Senior Secured Notes and the New Convertible Notes. Subsequent Event On September 16, 2019, the Bankruptcy Court entered an order and final decree closing the White Eagle Chapter 11 Case. Beal Litigation On January 25, 2019, the Company, White Eagle, Lamington, and WEGP, collectively the "Plaintiffs", filed suit (the "Suit") against LNV , Silver Point Capital L.P. ("Silver Point") and GWG Holdings, Inc. ("GWG" and, with LNV and Silver Point, the "Defendants") in the Bankruptcy Court, where the Suit will be administered together with the Chapter 11 Cases. LNV, a subsidiary of Beal Bank ("Beal"), is the lender under the White Eagle Revolving Credit Facility. In the Suit, the Plaintiffs allege that the Defendants engaged in a scheme to coerce the Plaintiffs into selling their valuable portfolio of life insurance policies to defendants for well below its true value. Pursuant to the White Eagle Revolving Credit Facility, LNV agreed to lend $370 million to White Eagle, and in connection therewith received a 45% equity stake in White Eagle. That equity stake, and LNV’s significant control over White Eagle under the Credit Facility, creates a joint venture, and gives rise to fiduciary duties to White Eagle and Emergent, on the part of LNV. The Plaintiffs further allege that LNV has been engaged in a concerted campaign to "squeeze" White Eagle and Emergent by improperly restricting their cash flow, in the hopes that White Eagle and Emergent will have no choice but to sell the valuable policy portfolio to LNV or one of its proxies, including Silver Point and/or GWG, at below its true value. In connection with the White Eagle Chapter 11 Case, on January 15, 2019, the Court authorized the Debtors to use the proceeds of pre-petition cash collateral for a period of twenty (20) weeks (the "Cash Collateral"), which allowance was extended in May 2019 for another nine (9) weeks. The Cash Collateral may be used solely for the purposes permitted under the budget approved by the Court, including (i) to provide working capital needs of the Debtors and general corporate purposes of the Debtors, (ii) to make the payments or fund amounts otherwise permitted in the final order that authorized such uses and such budget, (iii) to fund amounts necessary to pay certain fees; and (iv) to fund amounts necessary to pay certain professional fees in accordance with such Budget. Global Settlement Agreement in Principle in Bankruptcies On May 7, 2019, a global settlement in principle of the Chapter 11 Cases and the Suit was announced on the record to, and filed with, the Bankruptcy Court jointly by the Debtors and Defendants (the "Proposed Settlement"). The Proposed Settlement would be effected together with the plan of reorganization, in accordance with the following schedule: (x) the Proposed Settlement and plan of reorganization, and other relevant documents, would be filed with the Bankruptcy Court by May 24, 2019, (y) the parties would use their best efforts to have the Proposed Settlement approved by the Bankruptcy Court by June 7, 2019, and (z) the parties would use their best efforts to have a confirmation hearing for approval of the plan of reorganization by the Bankruptcy Court held on or before June 21, 2019. Pursuant to the Proposed Settlement, among other things: • White Eagle shall have up to and including September 17, 2019 to satisfy any and all obligations to LNV under the Credit Facility by paying LNV 102% of its outstanding principal plus accrued interest at the relevant default rate, accrued fees and costs, which aggregate amount would include the resolution of the 45% participation interest element of the Credit Facility which was part of the subject matter of the Suit; • If White Eagle satisfies such obligations after September 17, 2019 and by December 30, 2019 , the amount due on the outstanding principal would increase to 104% ; • In the event LNV has not received the payoff described above by September 17, 2019 , the court-appointed liquidation trustee, together with investment banking assistance from Maple Life Financial, LLC, shall have full authority to sell White Eagle’s life insurance policy portfolio (which constitutes collateral under the Credit Facility) for the maximum amount achievable through an orderly sale process, taking into account that the transaction must be closed no later than December 30, 2019; in connection with this authority, the liquidation trustee and the investment banker may work prior to September 17, 2019 to prepare the portfolio for sale, but may not take actions to actually commence a sale including, but not limited to, marketing the portfolio or contacting potential buyers about the portfolio, prior to such date. • If the portfolio is sold in whole or in part, LNV shall only have the right to step in to bid for such sale if, and to the extent, the total amounts generated through the sale thereof do not fully satisfy the payoff amount. • If the sale of any portion of the policies that serve as collateral under the White Eagle Revolving Credit Facility (the "Collateral") has not closed or the proceeds of such sale(s) have not been received by CLMG by December 30, 2019, and if the obligations due to LNV (the "Payoff Amount") has not then been paid in cash in full, such Collateral shall be transferred on or before Noon Eastern on December 31, 2019 to CLMG (or its designee) in full satisfaction of the remaining unpaid portion of the amounts due to LNV. In addition, in order to provide sufficient cash flow to the Company during this period, and subject to negotiation of mutually-agreed upon terms and conditions, the Debtors shall have the right to use proceeds from the maturity of any portfolio policy and resolution of certain claims, and LNV will provide the Debtors a revolving $15.0 million of debtor-in-possession financing (which amount may be increased if found to be insufficient) through December 30, 2019 (the "DIP Financing"). On June 5, 2019, the Bankruptcy Court approved an agreement memorializing the Proposed Settlement (the "Settlement Agreement") and the DIP Financing. The plan of reorganization for the Chapter 11 Cases, which implements the Settlement Agreement and the DIP Financing (the "Plan of Reorganization") was confirmed by the Bankruptcy Court on June 19, 2019. On July 18, 2019 , the Company entered into a commitment letter (the "Commitment Letter") with Lamington, White Eagle and Jade Mountain Partners ("Jade Mountain") in connection with the Plan of Reorganization. The Commitment Letter provided for a transaction in which Jade Mountain and/or certain of its affiliates and/or certain investors would acquire 72.5% of the equity interests of White Eagle in exchange for $384.3 million as may be adjusted in accordance with the final documentation. The Commitment Letter and its terms and the transactions contemplated thereby were approved by the Bankruptcy Court on July 22, 2019 . Repayment and Termination of the White Eagle Revolving Credit Facility On August 16, 2019, the Company entered into a subscription agreement (the "Subscription Agreement") with Lamington Road ("Class B Limited Partner"), White Eagle, WEGP ("Withdrawing General Partner"), and Palomino JV, L.P. ("Palomino" or "Class A Limited Partner"), in connection with the commitment letter signed on June 22, 2019 with Jade Mountain Partners, LLC ("Jade Mountain"), pursuant to which White Eagle sold to Palomino 72.5% of its limited partnership interests, consisting of all of the newly issued and outstanding Class A and Class D interests, and WEGP sold to an affiliate of Jade Mountain (the "Manager") all of its general partnership interests (collectively, the "WE Investment") for a purchase price of approximately $366.2 million and $8.0 million for the Class A and Class D interests, respectively. Pursuant to the Subscription Agreement, Lamington received 27.5% of the limited partnership interests of White Eagle, consisting of all of the newly issued and outstanding Class B interests in exchange for all of its previously owned White Eagle limited partnership interests with a value of approximately $138.9 million on the closing date. The proceeds of the WE Investment were used to satisfy in full (i) the White Eagle Revolving Credit Facility , and (ii) DIP Financing extended by CLMG, as Administrative Agent ("CLMG"), as agent, and LNV, as Lender, to White Eagle, each in connection with the termination of the White Eagle Revolving Credit Facility and the release of the related liens on the collateral thereunder pursuant to a Master Termination Agreement dated as of August 16, 2019 among WEGP, Lamington, White Eagle, Markley Asset Portfolio, LLC, CLMG, as administrative agent, LNV, as initial lender, Wilmington Trust, National Association, in its capacities as securities intermediary, custodian and agent, and Palomino (the "Master Termination Agreement"). The repayment and termination of the White Eagle Revolving Credit Facility and the termination of the DIP Financing, which had not been drawn against, were in accordance with the Plan of Reorganization for Lamington, WEGP and White Eagle approved by the Bankruptcy Court with respect to the previously announced voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code of Lamington, WEGP and White Eagle (the "Chapter 11 Cases"). The WE Investment was consummated, and the White Eagle Revolving Credit Facility was paid off in full and terminated, on August 16, 2019. The payoff totaled $402.5 million , which included payment directly to CLMG by Palomino of $374.2 million and payment to CLMG by White Eagle of $28.3 million , collectively sufficient to repay, under the White Eagle Revolving Credit Facility, the outstanding principal of $368.0 million , accrued and unpaid interest of $21.3 million plus, under the Plan of Reorganization, an early payment amount due to LNV of $7.4 million and lender-allowed claims of $5.8 million . Of the $374.2 million purchase price of the limited partnership, $8.0 million was allocated to the Class D interests which amount is to be repaid in accordance with the distribution terms of the amended and restated Limited Partnership Agreement of White Eagle. In connection with the WE Investment, the Limited Partnership Agreement of White Eagle was amended and restated (the "A&R LPA") to provide for the issuance of the Class A, B and D limited partnership interests, and for funding of an "Advance Facility" to maintain reserves sufficient to fund premiums, certain operating expenses of White Eagle and certain minimum payments to Lamington as the holder of the Class B interests. Pursuant to the A&R LPA, holders of Class A interests are entitled to receive distributions on the amounts paid or contributed by them in relation to the WE Investment and funding of the Advance Facility after payment of premiums on the portfolio policies and other fees and expenses. The A&R LPA provides generally that holders of the Class A and Class B Interests receive distributions of proceeds of the assets of White Eagle based on their 72.5% and 27.5% ownership, respectively, after certain expenses and reserves are funded (including such minimum payments to Lamington totaling approximately $8.0 million per year for the first three ( 3 ) years and $4.0 million for the subsequent seven ( 7 ) years), provided that commencing after year three ( 3 ), such minimum payments will be utilized to repay the Class D Return of $8.0 million , which was advanced at closing, plus the greater of $2.0 million or 11% per annum on such $8.0 million to the extent necessary to fully repay such Class D Return. The minimum payments to the Company will occur regardless of maturities with payments through the premium/expense reserve account when there are no maturity proceeds available for distributions as described below). However, the A&R LPA also provides that all payments to holders of the Class B interests (other than such minimum payments to Lamington during the first eight ( 8 ) years following the Closing Date) are fully subordinated to payments in respect of the minimum returns to holders of the Class A and Class D interests (including repayment of all amounts advanced in respect of the Advance Facility) and to any indemnification payments, if any, due to such holders and related indemnified persons pursuant to the indemnities afforded them in and in relation to the A&R LPA, Subscription Agreement, Master Termination Agreement and related documents. As of the closing of the Investment, Lamington Bermuda resigned as manager of the portfolio and was replaced by Jade Mountain or an affiliate thereof. On August 16, 2019, Lamington also entered into (i) a pledge agreement (the "Pledge Agreement") pursuant to which it pledged the 27.5% limited partnership interests of White Eagle owned by it to Palomino and certain other secured parties in support of the payment and indemnification obligations described above, and (ii) an assumption agreement among White Eagle, Lamington, the Company and WEGP (the "Assumption Agreement") pursuant to which Lamington assumed all liabilities and obligations of White Eagle and WEGP as of the closing date of the Transactions, and Lamington, the Company and WEGP agreed to terminate, waive and release any intercompany debt, obligations and liabilities of White Eagle to Lamington, the Company and WEGP. On August 16, 2019, Emergent entered into an indemnification agreement (the "Indemnification Agreement") pursuant to which it indemnified Wilmington Trust, National Association against claims and liabilities that may arise in relation to policies that have matured prior to the Closing Date but as to which Wilmington Trust, National Association has historically held title as securities intermediary. See Note 11, "Investment in Limited Partnership", to the accompanying consolidated financial statements for further information. Deconsolidation and Subsequent Measurement of the Deconsolidated Entities Lamington and its subsidiaries' (White Eagle, WEGP and Lamington Bermuda), financial results were excluded from the Company’s consolidated results for the period from November 14, 2018, the Petition Date to August 16, 2019 the day the date the White Eagle Revolving Facility was terminated. ASC 810, Consolidation require that an entity whose financial statements were previously consolidated with those of its parent that files for protection under the U.S. Bankruptcy Code, whether solvent or insolvent, generally must be prospectively deconsolidated from the parent and presented as an equity investment (deconsolidation applies to Lamington and all subsidiaries owned, directly or indirectly, by Lamington, including WEGP, White Eagle and Lamington Bermuda which collectively are referred to herein as the ("Deconsolidated Entities" or the "Debtors"). Therefore, our 2019 results are not comparable with our 2018 results. Under ASC 810, this loss of control would likely trigger a gain or loss for the parent as the parent would remeasure its retained noncontrolling investment at fair value each reporting period. We assessed the inherent uncertainties associated with the outcome of the Chapter 11 reorganization process and the anticipated duration thereof, and concluded that it was appropriate to deconsolidate Lamington and its subsidiaries effective on the Petition Date. Lamington and WEGP had pledged their respective interests in White Eagle to secure its obligations under the White Eagle Revolving Credit Facility, with the termination of the facility, this pledge was also terminated. There was no outstanding third party liabilities for either Lamington or WEGP at August 16, 2019 besides intercompany obligations to Emergent. On September 16, 2019, subsequent to the quarter end, the Bankruptcy Court entered an order and a final decree closing the White Eagle Chapter 11 Case, the Lamington and WEGP case were not yet dismissed as of the filing date of this Form 10Q. However pursuant to ASC 810, Consolidation , management took the position that given that all third party claims had been satisfied in the case, consolidation of Lamington and WEGP as of August 17, 2019 was appropriate. As part of the WE Investment, the Company sold 72.5% of its ownership in White Eagle, which is the most substantial asset of the Company, resulting in a reduction in its ownership from 100% to 27.5% . Given the new percentage ownership, this is considered an equity investment. Based on the A&R LPA, the Company will receive funds from White Eagle through a monthly distribution which is highly driven by maturities of the portfolio. Although the Company is guaranteed certain monthly payments, the Class A Partner must be made whole based on their established IRR of 11% which exposes the Company as to the amount and timing of funds that will be received. Although White Eagle continues to be a VIE under ASC 810, Consolidation, the Company has not met the criteria for consolidation as they do not have a controlling interest in While Eagle, financially or otherwise. Based on the A&R LPA, the Company's management responsibilities are very limited. The Company's remaining ownership of White Eagle does not give the Company any control over decisions of White Eagle and the Company is the minority owner. As a result, the Company is precluded from consolidating White Eagle Asset Portfolio at August 31, 2019 . White Eagle previously valued its life settlement policies at fair value whose valuation were based on inputs that are both significant to the fair value measurement and unobservable. The Company now holds an equity investment of 27.5% in White Eagle whose only assets are these life settlements. Additionally, the investment includes a mezzanine financing which the Company assumed at closing which repayment by, and ultimate distributions to, the Company are based on a prescribed waterfall with a guaranteed 11% return to the majority owner partner. Given the nature of this ownership, fair value is not readily redeemable and inputs are not observable. The Company will utilize a fair value approach to account for its 27.5% investment in White Eagle Asset Portfolio, and the calculation will be performed consistent with ASC 820, Fair Value Measurement with changes in fair value recorded in current earnings.

Principles of Consolidation and

Principles of Consolidation and Basis of Presentation	9 Months Ended
	Aug. 31, 2019
Accounting Policies [Abstract]
Principles of Consolidation and Basis of Presentation	Principles of Consolidation and Basis of Presentation 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 the Deconsolidated Entities, White Eagle Asset Portfolio, an unconsolidated equity investment effective August 17, 2019, which is accounted for using fair value and Imperial Settlements Financing 2010, LLC ("ISF 2010"), an unconsolidated special purpose entity which is accounted for using the measurement alternative, which is measured at cost less impairment. The special purpose entity was to fulfill specific objectives. All significant intercompany balances and transactions except those related to Lamington after November 13, 2018 to August 16, 2019 (see Note 4) have been eliminated in consolidation, including income from services performed by subsidiary companies in connection with the White Eagle Revolving Credit Facility, as detailed herein. The unaudited consolidated financial statements have been prepared in conformity with the rules and regulations of the SEC for Form 10-Q and therefore do not include certain information, accounting policies, and footnote disclosure information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles. However, all adjustments (consisting of normal recurring accruals), which, in the opinion of management, are necessary for a fair presentation of the financial statements, have been included. Operating results for the three months ended August 31, 2019 and nine months ended August 31, 2019 are not necessarily indicative of the results that may be expected for future periods or for the year ending November 30, 2019 . These interim financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in Emergent Capital's Transition Report on Form 10-KT for the fiscal year ended November 30, 2018 . Liquidity Historically, the Company has incurred substantial losses, which has resulted in an accumulated deficit of approximately $289.1 million as of August 31, 2019 . Cash flows used in operating activities were $8.5 million for the nine months ended August 31, 2019 and $32.6 million for the nine months ended August 31, 2018 . As of August 31, 2019 , the Company had approximately $8.8 million of cash and cash equivalents and certificates of deposit of $508,000 ; of this amount, approximately $8.8 million is available to pay premiums on the two unencumbered policies for which such expenses will approximate $ 45,000 in 2019 and other overhead expenses. The Company’s ability to continue as a going concern is dependent on its ability to meet its liquidity needs through a combination of factors including but not limited to, the receipt of distributions from its investment in its equity investment in White Eagle Asset Portfolio, strategic capital market raises and cash on hand. As of the filing date of this Form 10-Q, we had approximately $26.8 million of cash and cash equivalents inclusive of certificates of deposit of $511,000 . In considering our forecast for the next twelve months with the current cash balance as of the filing of this Form 10-Q, the Company has sufficient resources to meet its liquidity needs for the foreseeable future. The accompanying consolidated financial statements are prepared on a going concern basis and do not include any adjustments that might result from uncertainty about the Company’s ability to continue as a going concern. Reorganization and Consolidation Lamington and its subsidiaries' (White Eagle and WEGP) filing of the Chapter 11 Cases was a reconsideration event for Emergent Capital to reevaluate whether consolidation of Lamington and its subsidiaries (White Eagle, WEGP and Lamington Road Bermuda Limited) (collectively, and with Lamington, the "Deconsolidated Entities") continued to be appropriate. Under ASC 810, Consolidation , specifically ASC 810-10-15, consolidation of a majority-owned subsidiary is precluded where control does not rest with the majority owners, for instance, where the subsidiary is in legal reorganization or bankruptcy. Accordingly, when a subsidiary files for bankruptcy, it is appropriate for the parent to deconsolidate the subsidiary. Under ASC 810, this loss of control would likely trigger a gain or loss for the parent as the parent would remeasure its retained noncontrolling investment at fair value. We assessed the inherent uncertainties associated with the outcome of the Chapter 11 reorganization process and the anticipated duration thereof, and concluded that it was appropriate to deconsolidate Lamington and its subsidiaries effective on the Petition Date. On June 19, 2019, the Bankruptcy Court entered an order confirming the Plan of Reorganization for the Chapter 11 Cases. The Plan of Reorganization implemented the Settlement Agreement and the DIP Financing. In addition, the Plan of Reorganization provided for the payment of all other allowed third party creditor claims in full, including allowed professional fees and taxes. The effective date of the Plan of Reorganization was June 19, 2019. On August 16, 2019, the White Eagle Revolving Credit Facility was paid in full and terminated, additionally, payment was made to all White Eagle vendors and intercompany liabilities were contributed by Emergent. Lamington and WEGP had pledged their respective interests in White Eagle to secure its obligations under the White Eagle Revolving Credit Facility. With the termination of the facility, this pledge was released. There were no outstanding third party liabilities for either Lamington or WEGP at August 16, 2019 besides intercompany obligations to Emergent. Pursuant to ASC 810, Consolidation , management took the position that given that all third party claims had been satisfied in the case, consolidation of Lamington and WEGP as of August 17, 2019 was appropriate. However, the consummation of the transaction under the Subscription Agreement resulted in the Company being a minority owner in White Eagle, the entity was not reconsolidated but rather treated as an equity investment. On September 16, 2019, subsequent to the quarter end, the Bankruptcy Court entered an order and final decree closing the White Eagle Chapter 11 Case. The Lamington and WEGP Chapter 11 Cases were not yet dismissed as of the filing date of this Form 10-Q. Related Party Relationship Upon filing for Chapter 11 and the subsequent deconsolidation, transactions with Lamington are no longer eliminated in consolidation and are treated as related party transactions for Emergent Capital. See Note 5 "Condensed and Consolidated Financial Statements For Entities in Bankruptcy" for all transactions between Emergent Capital and Lamington. Discontinued Operations On October 25, 2013, the Company sold substantially all of the assets comprising its structured settlement business. 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 statements of operations for the three months and nine months ended August 31, 2019 and 2018 , and the related notes to the consolidated financial statements, reflect the classification of its structured settlement business operating results, net of tax, as discontinued operations. See Note 9, "Discontinued Operations," of the accompanying consolidated financial statements for further information. Unless otherwise noted, the following notes refer to the Company’s continuing operations. Foreign Currency The Company owns certain foreign subsidiary companies formed under the laws of Ireland, the 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 translating 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 the Company’s financial statements. Use of Estimates The preparation of consolidated financial statements, in conformity with accounting principles generally accepted 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 period. 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 White Eagle Revolving Credit Facility, the valuation of equity awards, the valuation of our investment in deconsolidated entities and the valuation of our investment in limited partnership.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Aug. 31, 2019
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, "Leases" (Topic 842). The new guidance establishes the principles to report transparent and economically neutral information about the assets and liabilities that arise from leases. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. All leases create an asset and a liability for the lessee in accordance with FASB Concepts Statement No. 6, Elements of Financial Statements , and, therefore, recognition of those lease assets and lease liabilities represents an improvement over previous GAAP, which did not require lease assets and lease liabilities to be recognized for most leases. In December 2018, the Board released the amendments related to 1) sales taxes and other similar taxes collected from lessees that affect all lessors electing the accounting policy election; 2) lessor costs affecting all lessor entities that have lease contracts that either require lessees to pay lessor costs directly to a third party or require lessees to reimburse lessors for costs paid by lessors directly to third parties; and 3) recognition of variable payments for contracts with lease and nonlease components affecting all lessor entities with variable payments related to both lease and nonlease components. During the first quarter of 2019, the FASB issued targeted amendments to ASC 842 that affect how (1) financial institution lessors present lessee payments in their statements of cash flows and (2) lessors that are not manufacturers or dealers determine the fair value of the underlying asset. The FASB also clarified that companies transitioning to ASC 842 do not need to provide the interim transition disclosures required by ASC 250 (accounting changes and error corrections). All entities, including early adopters, must apply the amendments in this Update to all new and existing leases. This ASU is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements. We do not expect that it will have a material impact. In February 2018, the FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" to address stakeholder concerns about the guidance in current generally accepted accounting principles (GAAP) that requires deferred tax liabilities and assets to be adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date. The amendments in this update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements. In July 2018, the FASB issued ASU 2018-11, "Targeted Improvements to Leases" (Topic 842) primarily to provide another transition method in addition to the existing transition method by allowing entities to initially apply the new leases standard at the adoption date (such as January 1, 2019, for calendar year-end public business entities) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers’ requests. The amendments in this Update address stakeholders’ concerns about the requirement for lessors to separate components of a contract by providing lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component, similar to the expedient provided for lessees. The amendments in this Update also clarify which Topic (Topic 842 or Topic 606) applies for the combined component. For entities that have not adopted Topic 842 before the issuance of this Update, the effective date and transition requirements for the amendments in this Update related to separating components of a contract are the same as the effective date and transition requirements in Update 2016-02. In August 2018, the FASB issued ASU 2018-13, "Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement" which modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The following disclosure requirements were removed from Topic 820 among others: 1) The amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy 2) The policy for timing of transfers between levels. The following disclosure requirements were part of the modifications in Topic 820:1) For investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly. The amendments also clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. Lastly, the following disclosure requirements were added to Topic 820: 1) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; 2) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities ("ASU 2018-17"). ASU 2018-17 provides that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. ASU 2018-17 is effective for public companies for annual and interim periods beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements. In May 2019, the FASB issued ASU No. 2019- 05 which amends ASU 2016-13 to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of ASC 326-203 if the instruments are eligible for the fair value option under ASC 825-10.4 The fair value option election does not apply to held-to-maturity debt securities. Entities are required to make this election on an instrument-by-instrument basis. ASU 2019-05’s amendments should be applied "on a modified-retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings balance in the statement of financial position as of the date that an entity adopted the amendments in ASU 2016-13." Certain disclosures are required. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-05 are effective for fiscal years beginning after December 15, 2019, including interim periods therein. An entity may early adopt the ASU in any interim period after its issuance if the entity has adopted ASU 2016-13. For all other entities, the effective date will be the same as the effective date in ASU 2016-13.We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements. In May 2019, the FASB issued ASU No 2019-04 which clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments. The ASU’s amendments apply to all entities within the scope of the affected guidance. Accrued interest - Amortized cost basis is defined in ASU 2016-13 as "the amount at which a financing receivable or investment is originated or acquired, adjusted for applicable accrued interest, accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, writeoffs, foreign exchange, and fair value hedge accounting adjustments" (emphasis added). To address stakeholders’ concerns that the inclusion of accrued interest in the definition of amortized cost basis could make application of the credit loss guidance operationally burdensome, ASU 2019-04 provides certain alternatives for the measurement of the allowance for credit losses (ALL) on accrued interest receivable (AIR). These measurement alternatives include (1) measuring an ALL on AIR separately, (2) electing to provide separate disclosure of the AIR component of amortized cost as a practical expedient, and (3) making accounting policy elections to simplify certain aspects of the presentation and measurement of such AIR. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-04 related to ASU 2016-13 are effective for fiscal years beginning after December 15, 2019, and interim periods therein. ASU 2019-04’s amendments should be applied "on a modified-retrospective basis by means of a cumulative-effect adjustment to the opening retained earnings balance in the statement of financial position as of the date an entity adopted the amendments in ASU 2016-13." Certain disclosures are also required. For all other entities, the effective date will be the same as the effective date in ASU 2016-13.We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements. In July 2019, the FASB issued ASU No 2019-07, Codification Updates to SEC Sections—Amendments to SEC paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates. The FASB has updated the SEC portion of its codification literature to reflect changes the regulator made to simplify disclosures, modernize the reporting and disclosure of information by registered investment companies, and other items. ASU. 2019-07 updates the codification to reflect the amendments of various SEC disclosure requirements that the agency determined were redundant, duplicative, overlapping, outdated or superseded. The SEC amended its disclosure rules in 2018 with the aim of providing investors with useful disclosure information and to simplify compliance without significantly altering the mix of the information being provided. The amendments were part of an initiative by the SEC’s Division of Corporation Finance to review disclosure requirements applicable to issuers to consider ways to improve the requirements for the benefit of investors and issuers. The amendments are effective upon issuance of this update on July 2019. Adopted Accounting Pronouncements On August 17, 2018, the SEC issued a final rule that amends certain of its disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, or changes in the information environment. The financial reporting implications of the final rule’s amendments are generally expected to reduce or eliminate some of an SEC registrant’s disclosure requirements. In limited circumstances, however, the amendments may expand those requirements, including those related to interim disclosures about changes in stockholders’ equity and noncontrolling interests (hereinafter referred to as changes in stockholders’ equity). The changes in stockholders’ equity extends to interim periods the annual disclosure requirement in SEC Regulation S-X, Rule 3-04,5,6 of presenting (1) changes in stockholders’ equity and (2) the amount of dividends per share for each class of shares. An analysis of changes in stockholders’ equity will now be required for the current and comparative year-to-date interim periods with subtotals for each interim period. Note that both rules refer to Rule 3-04 for presentation requirements, which, among other items, include a reconciliation that describes all significant reconciling items in each caption of stockholders’ equity and noncontrolling interests (if applicable). Rule 3-04 permits the disclosure of changes in stockholders’ equity (including dividend-per-share amounts) to be made either in a separate financial statement or in the notes to the financial statements. The final rule was effective for all filings submitted on or after November 5, 2018. This standard was adopted during the nine months ended August 31, 2019 .

Deconsolidation of Subsidiaries

Deconsolidation of Subsidiaries	9 Months Ended
	Aug. 31, 2019
Reorganizations [Abstract]
Deconsolidation of Subsidiaries	Deconsolidation of Subsidiaries On the Petition Date, Lamington and WEGP filed the November Chapter 11 Cases in the Bankruptcy Court. As of such date, Lamington was the limited partner and owned 99.99% , and WEGP was the general partner and owned 0.01% , of White Eagle. In its capacity as general partner, WEGP managed the affairs of White Eagle. Lamington and WEGP will continue to operate their businesses as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. Emergent Capital (exclusive of its subsidiaries) is a separate entity, and has not filed for bankruptcy relief and is continuing to operate in the ordinary course. The Deconsolidated Entities' financial results are included in the Company’s consolidated results through November 13, 2018, the day prior the Petition Date. However, under ASC 810, Consolidation , specifically ASC 810-10-15, consolidation of a majority-owned subsidiary is precluded where control does not rest with the majority owners, for instance, where the subsidiary is in legal reorganization or bankruptcy. Accordingly, when a subsidiary files for bankruptcy, it is appropriate for the parent to deconsolidate the subsidiary. Under ASC 810, this loss of control would likely trigger a gain or loss for the parent as the parent would remeasure its retained noncontrolling investment at fair value. We assessed the inherent uncertainties associated with the outcome of the Chapter 11 reorganization process and the anticipated duration thereof, and concluded that it was appropriate to deconsolidate Lamington and its subsidiaries effective on the Petition Date. At November 13, 2018, the pre-petition date, the Company valued its investment in Lamington to be $278.4 million , of which $127.3 million represents equity, $145.9 million represents promissory notes and interest receivable and $5.2 million represents other liabilities, which is equivalent to the Company's carrying value. This valuation was determined by performing a fair value calculation of the assets and liabilities of Lamington under ASC 820, Fair Value Measurement . 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 calculated the fair value of the White Eagle Revolving Credit Facility 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 insureds, the estimate of the amount that will be necessary to settle the debt under the White Eagle Revolving Credit Facility, and the discount rate. The use of different assumptions and/or estimation methodologies could have a material effect on the estimated fair values. All other assets and liabilities were deemed equivalent to their carrying value as at the pre-petition date. See Note 16, "Fair Value Measurements ," of the accompanying consolidated financial statements. ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities was effective for calendar year-end public business entities in 2018. Under the new guidance, a reporting entity should account for its equity investments that are not consolidated or accounted for under the equity method at fair value, with changes to fair value recorded in current earnings. Lamington's main subsidiary, White Eagle, carries its life settlements policies and debt under the White Eagle Revolving Credit Facility at fair value, these valuations are based on inputs that are both significant to the fair value measurement and unobservable. As a result, the Company adopted ASU 2016-01 to value its investment in Lamington. The calculation was performed consistent with ASC 820 with changes in fair value recorded in current earnings. As a result of the Chapter 11 Cases, consistent with ASC 321, Investments - Equity Securities , the Company subsequently, measured its investment in Lamington at fair value as of November 30, 2018. Further, the Company engaged a third party to perform a quantitative assessment to determine the value of its investment in Lamington. The valuation report showed the fair value of the Company's investment in Lamington to be $128.8 million , which was $149.6 million lower than its pre-petition value. As a result, the Company recognized a reduction in its investment in Lamington at November 30, 2018. On August 16, 2019, the White Eagle Revolving Credit Facility was paid in full and terminated. In addition, payment was made to all White Eagle vendors and intercompany liabilities were contributed by Emergent. Lamington and WEGP had pledged their respective interests in White Eagle to secure its obligations under the White Eagle Revolving Credit Facility. With the termination of the facility, this pledge was released. There were no outstanding third party liabilities for either Lamington or WEGP at August 16, 2019 besides intercompany obligations. On September 16, 2019, subsequent to the quarter end, the Bankruptcy Court entered an order and a final decree closing the White Eagle Chapter 11 Case. The Lamington and WEGP case were not yet dismissed as of the filing date of this Form 10-Q. However pursuant to ASC 810, Consolidation , management took the position that given that all third party claims had been satisfied in the case, consolidation of Lamington and WEGP as of August 17, 2019 was appropriate. The Company further evaluated its investment at August 16, 2019 and recognized a gain of approximately $37.9 million , which amount is reflected in current earnings as change in fair value of investment in deconsolidated subsidiaries. The amount is associated with gains incurred by Lamington for the period up to August 16, 2019 in considering the proceeds received through the transactions for the Subscription Agreement, the actual payoff of the White Eagle Revolving Credit Facility and all other third party claims. Effective August 17, 2019, the entities are no longer deconsolidated. The fair value of the investment in Lamington is calculated as follows: Investment in Lamington at December 1, 2018 $ 128,795 Less: Change in fair value 37,941 Investment in Lamington at August 16, 2019 $ 166,736 The table below summarizes the composition of the Company's investment in the deconsolidated entities at August 16, 2019: Change in Fair Value November 30, 2018 December 1, 2018 to August 16, 2019 August 16, 2019 Equity investment $ 66,251 $ (45,847 ) $ 20,404 Promissory notes 56,596 89,736 146,332 Other liabilities 5,948 (5,948 ) — Total investment $ 128,795 $ 37,941 $ 166,736

Condensed and Consolidated Fina

Condensed and Consolidated Financial Statements for Entities in Bankruptcy	9 Months Ended
	Aug. 31, 2019
Condensed Financial Information of Debtor-in-Possession Disclosure [Abstract]
Condensed and Consolidated Financial Statements for Entities in Bankruptcy	Condensed and Consolidated Financial Statements for Entities in Bankruptcy Condensed consolidated financial information for Lamington Road DAC is set forth below, presented at historical cost basis from the Petition Date to August 16, 2019. Lamington Road DAC (Debtor-in-Possession) Condensed and Consolidated Balance Sheet August 31, November 30, (Unaudited) (In thousands except share data) ASSETS Assets Cash and cash equivalents $ — $ 33,719 Prepaid expenses and other assets — 68 Investment in life settlements, at estimated fair value — 505,235 Receivable for maturity of life settlements — 27,700 Total assets $ — $ 566,722 LIABILITIES AND STOCKHOLDERS' DEFICIT/EQUITY Liabilities Accounts payable and accrued expenses — 1,410 Other liabilities (subject to compromise)* — 5,997 Revolving Credit Facility debt, at estimated fair value — 346,671 Promissory notes payable (subject to compromise)* — 137,813 Promissory notes interest payable (subject to compromise)* — 8,580 Total liabilities — 500,471 Share Capital (1 share of $1 authorized and issued) — — Additional paid in capital — 60,602 Accumulated deficit/retained earnings — 5,649 Total stockholders' deficit/equity — 66,251 Total liabilities and stockholders' equity $ — $ 566,722 *Liabilities subject to compromise include pre-petition unsecured claims, which may be settled at amounts different from those recorded in the condensed consolidated balance sheet. Lamington Road DAC (Debtor-in-Possession) Condensed and Consolidated Statements of Operations For the Three Months Ended For the Nine Months Ended 2019 2018 2019 2018 Change in Fair Value of Life Settlements (Notes 10 & 16) $ 12,985 $ 5,245 $ (16,841 ) $ 19,144 Change in fair value of investment in limited partnership (Note 11&16) 15,352 — 15,352 — Realized Gain on Life Settlements, Net 21,336 — 21,336 — Other income 345 134 709 304 Total income 50,018 5,379 20,556 19,448 Interest expense 23,331 5,844 28,331 16,716 Interest expense - affiliate — 2,478 — 7,330 Change in fair value of White Eagle Revolving Credit Facility (Notes 12 & 16) (26,586 ) (7,037 ) 17,094 (11,663 ) Loss on extinguishment of debt 7,360 — 7,360 — Participation Interest - Revolving Credit Facility — — — 340 Reorganization cost 4,769 — 13,954 — Legal fees 158 836 890 1,987 Professional fees 659 478 1,549 1,510 Administrative service fees - affiliate — — 2,765 2,371 Other general and administrative expenses (71 ) 96 469 292 Total expenses 9,620 2,695 72,412 18,883 Income taxes — — — — (Loss) income $ 40,398 $ 2,684 $ (51,856 ) $ 565 Lamington Road DAC (Debtor-in-Possession) Condensed and Consolidated Statements of Cash Flows For the Nine Months Ended 2019 2018 Net cash used in operating activities $ (58,793 ) $ (18,283 ) Cash flows from investing activities Premiums paid on life settlements (69,827 ) (67,815 ) Proceeds from maturity of life settlements 92,505 52,304 Net cash used in investing activities $ 22,678 $ (15,511 ) Cash flows from financing activities Repayment of borrowings under White Eagle Revolving Credit Facility (1,804 ) (34,597 ) Borrowings from White Eagle Revolving Credit Facility 4,221 67,580 Cash distributed to Parent Company (21 ) 700 Net cash provided by financing activities $ 2,396 $ 33,683 Net increase (decrease) in cash and cash equivalents (33,719 ) (111 ) Cash and cash equivalents, at beginning of the period 33,719 12,129 Cash and cash equivalents, at end of the period $ — $ 12,018 Supplemental disclosures of cash flow information: Cash paid for interest during the period $ 28,331 $ 16,716 Supplemental disclosures of non-cash financing activities: Repayment of White Eagle Revolving Credit Facility by third party from proceeds of sale of life settlement $ 366,821 $ — White Eagle early extinguishment fees paid by third party from proceeds of Class D Shares $ 7,360 $ — Related Party Transactions Certain related party transactions had been eliminated in consolidation. Due to the deconsolidation of Lamington, transactions after November 13, 2018 are no longer eliminated. With deemed discharge of the Chapter 11 Cases, effective August 17, 2019 related party transactions are now eliminated in consolidation. The below is a description of related party transactions for the period. Administrative Services Fees In 2014, White Eagle entered into an Administrative Service Agreement with Imperial Finance and Trading ("IFT"). Under the agreement, IFT will perform certain non-discretionary, administrative or ministerial services to assist with certain reporting, compliance and document retention duties and obligations arising under or in connection with the Amended and Restated Loan and Securities Agreement. IFT shall recover all cost incurred in performing these services, with billings quarterly or annually. Bills will be based on actual cost or an appropriate allocation methodology. White Eagle incurred administrative service expenses of approximately $0 during the three months ended August 31, 2019 and 2018 , respectively, with $2.8 million and $2.4 million during the nine months ended August 31, 2019 and 2018 , respectively, amounts for 2018 were eliminated in consolidation. Amounts due from White Eagle resulting from the administrative services during the nine months ended August 31, 2019 were contributed on August 16, 2019 consisted with the Master Termination Agreement. Promissory Notes Receivable Effective May 16, 2014, Lamington entered into a 10 year, $59.3 million unsecured Promissory Note ("the 8.5% Promissory Note") with its parent company, Markley Asset Portfolio, LLC ("Markley"). The amount was used by Lamington as the partial purchase price of Markley’s interest in White Eagle. The annual interest rate on the Promissory Note is 8.5% and is due to be paid at the end of each calendar year; provided that any interest accrued at the end of a calendar year which is not paid within seven business days thereafter shall be capitalized and increased to the outstanding principal balance. As of August 31, 2019 the outstanding principal balance was $86.5 million , which includes $27.2 million in capitalized interest. Total interest expense related to the 8.5% Promissory Note was $0 and $1.7 million for the three months ended August 31, 2019 and 2018 , respectively, with $0 and $5.1 million during the nine months ended August 31, 2019 and 2018 , respectively. The entire remaining principal balance of the 8.5% Promissory Note shall be due and payable, together with all accrued but unpaid interest, on May 16, 2024. No principal payments are due prior to the maturity date. Effective July 28, 2017, Lamington issued an unsecured Promissory Note to Markley, in a principal amount of $57.0 million . The amount represents distributions of earnings from Lamington's share of profits of White Eagle, to satisfy Profit Participating Notes issued by Markley to Lamington (the "Special Dividend Note").The Special Dividend Note matures on July 28, 2027 and bears interest at an annual rate of 5.0% provided that any interest accrued at the end of a calendar year which is not paid within seven business days thereafter shall be capitalized and increased to the outstanding principal balance. As of August 31, 2019 the outstanding principal balance was $59.9 million , which includes $2.9 million in capitalized interest. Total interest expense related to the Special Dividend Note was $0 and $737,000 for the three months ended August 31, 2019 and 2018 , respectively, with $0 and $1.5 million during the nine months ended August 31, 2019 and 2018 , respectively. The entire remaining principal balance of the Special Dividend Note shall be due and payable, together with all accrued but unpaid interest, on July 28, 2027. No principal payments are due prior to the maturity date. Approximately $570,000 was paid as interest for the nine months ended August 31, 2018 . There was no payment for the nine months ended August 31, 2019 up to the deconsolidated period. Approximately $10.9 million was paid after the deemed discharge of the Chapter 11 Case and have been eliminated in consolidation at August 31, 2019 . At August 16, 201 9, the notes were fair valued in accordance with ASC 820, with a fair value of approximately $146.3 million , resulting in a change in fair value of approximately $89.7 million for the period up to August 16, 2019, which is included in change in fair value of investment in deconsolidated subsidiaries. The notes are now being eliminated in consolidation effective August 17, 2019. At August 31, 2019 and 2018, the combined face value of the notes was $146.4 million and $137.8 million , respectively.

Consolidation of Variable Inter

Consolidation of Variable Interest Entities	9 Months Ended
	Aug. 31, 2019
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 potentially 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 financial statements as of August 31, 2019 and November 30, 2018 , as well as non-consolidated VIEs for which the Company has determined it is not the primary beneficiary (in thousands): Not Primary Beneficiary Not Primary Beneficiary Non-consolidated VIE Non-consolidated VIE- White Eagle Total Assets Maximum Exposure To Loss Total Assets Maximum Exposure To Loss August 31, 2019 $ 2,384 $ 2,384 $ 132,334 $ 132,334 November 30, 2018 $ 2,384 $ 2,384 $ — $ — Imperial Settlements Financing 2010, LLC ("ISF 2010"), which was formed as an affiliate of the Company to serve as a special purpose financing entity to allow the Company to sell structured settlements and assignable annuities, is a non-consolidated special purpose financing entity, as well as a non-consolidated VIE for which the Company has determined it is not the primary beneficiary. Approximately $2.4 million is included in investment in affiliates in the accompanying balance sheet as of each of August 31, 2019 and November 30, 2018 . In connection with the WE Investment, the Limited Partnership Agreement of White Eagle was amended and restated (the "A&R LPA") to provide for the issuance of the Class A, B and D limited partnership interests, and for funding of an "Advance Facility" evidenced by the Class D limited partnership interests, to maintain reserves sufficient to fund premiums, certain operating expenses of White Eagle and certain minimum payments to Lamington as the holder of the Class B interests. The A&R LPA provides generally that the Class A and Class B Interests receive distributions of proceeds of the assets of White Eagle based on their 72.5% and 27.5% ownership. The limited partnership is a non-consolidated VIE for which the Company has determined it is not the primary beneficiary. The Company accounts for its equity investment at fair value with changes in fair included in current earnings.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Aug. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share As of August 31, 2019 and 2018 , there were 158,659,803 and 159,028,458 shares of common stock issued, respectively, and 158,051,803 and 158,420,458 shares of common stock outstanding, respectively. Outstanding shares as of August 31, 2019 and 2018 have been adjusted to reflect 608,000 treasury shares. 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, and if-converted method as applicable. The following table reconciles actual basic and diluted earnings per share for the three months and nine months ended August 31, 2019 and 2018 (in thousands except per share data). For the Three Months Ended For the Nine Months Ended August 31, 2019(1) 2018(2) 2019(3) 2018(4) Income (loss) per share: Numerator: Net income (loss) from continuing operations $ 80,201 $ (2,293 ) $ 16,875 $ (4,338 ) Net income (loss) from discontinued operations 70 (17 ) 36 (14 ) Numerator for basic EPS - net income (loss) attributable to common stockholders $ 80,271 $ (2,310 ) $ 16,911 $ (4,352 ) Add back convertible notes interest 1,095 — 3,270 — Numerator for diluted earnings per share - net income (loss) attributable to common stockholders $ 81,296 $ (2,293 ) $ 20,145 $ (4,338 ) Basic income (loss) per common share: Basic income (loss) from continuing operations $ 0.51 $ (0.01 ) $ 0.11 $ (0.03 ) Basic income (loss) from discontinued operations — — — — Basic income (loss) per share available to common shareholders $ 0.51 $ (0.01 ) $ 0.11 $ (0.03 ) Diluted income (loss) per common share: Diluted income (loss) from continuing operations $ 0.41 $ (0.01 ) $ 0.10 $ (0.03 ) Diluted income (loss) from discontinued operations — — — — Diluted income (loss) per share available to common shareholders $ 0.41 $ (0.01 ) $ 0.10 $ (0.03 ) Denominator: Basic 156,968,470 158,305,635 156,949,425 157,919,215 Diluted 195,979,957 158,305,635 194,867,908 157,919,215 (1) The computation of diluted EPS does not include 85,000 shares of common stock underlying options, 100,000 shares of stock appreciation rights and 2,000,000 shares of common stock underlying warrants, as the effect of their inclusion would have been anti-dilutive. (2) The computation of diluted EPS does not include 2,550,000 shares of restricted stock, 85,000 shares of common stock underlying options, 100,000 shares of stock appreciation rights, 44,500,000 shares of common stock underlying warrants, and up to 37,918,483 shares of common stock issuable upon conversion of the 5% Convertible Notes (as defined below) and up to 181,249 shares of common stock issuable upon the conversion of the 8.5% Convertible Notes (as defined below), as the effect of their inclusion would have been anti-dilutive. (3) The computation of diluted EPS does not include 85,000 shares of common stock underlying options, 100,000 shares of stock appreciation rights, 1,083,333 shares of restricted stock and 44,500,000 shares of common stock underlying warrants, as the effect of their inclusion would have been anti-dilutive. (4) The computation of diluted EPS does not include 2,550,000 shares of restricted stock, 85,000 shares of common stock underlying options, 100,000 shares of stock appreciation rights, 44,500,000 shares of common stock underlying warrants, up to 37,918,483 shares of common stock issuable upon conversion of the 5% Convertible Notes (as defined below) and up to 181,249 shares of common stock issuable upon the conversion of the 8.5% Convertible Notes (as defined below), as the effect of their inclusion would have been anti-dilutive.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Aug. 31, 2019
Share-based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation On June 27, 2017, the shareholders of the Company voted to amend, and the Company amended, the Amended and Restated 2010 Omnibus Incentive Plan (as amended, the "Omnibus Plan") to increase the number of shares authorized for issuance thereunder by 9,900,000 shares. 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 of the Company's board of directors. The Omnibus Plan has an aggregate of 12,600,000 shares of common stock authorized for issuance thereunder, subject to adjustment as provided therein. Options As of November 30, 2018 , all options to purchase shares of common stock issued by the Company were fully vested with 85,000 exercisable. There was no stock-based compensation expense relating to stock options granted under the Omnibus Plan during the three months and nine months ended August 31, 2019 and 2018 , respectively. As of August 31, 2019 , options to purchase 85,000 shares of common stock were outstanding under the Omnibus Plan at a weighted average exercise price of $6.94 per share. The options were issued on June 6, 2013 and expire seven years after the date of grant which will be June 6, 2020 . The following table presents the activity of the Company’s outstanding stock options to purchase common stock for the nine months ended August 31, 2019 : Common Stock Options Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding Balance, December 1, 2018 85,000 $ 6.94 1.50 $ — Options granted — — — Options exercised — — — Options forfeited — $ — — Options expired — — — Options outstanding, August 31, 2019 85,000 $ 6.94 0.75 $ — Exercisable at August 31, 2019 85,000 $ 6.94 0.75 Unvested at August 31, 2019 — — — $ — As of August 31, 2019 , all outstanding stock options had an exercise price above the fair market value of the common stock on that date. There are no remaining unamortized amounts to be recognized on these options. Restricted Stock The Company incurred stock-based compensation expense of approximately $95,000 and $207,000 relating to restricted stock granted to the board and certain employees during the three months ended August 31, 2019 and 2018 , respectively, and $290,000 and $380,000 during the nine months ended August 31, 2019 and 2018 , respectively. During the year ended December 31, 2016, the Company granted 200,000 shares of restricted stock units to certain employees under the Omnibus Plan, which were subject to a two year vesting period that commenced on the date of grant. The fair value of the unvested restricted stock was valued at approximately $674,000 based on the closing price of the Company’s shares on the day prior to the grant date. Approximately 46,000 and 60,000 shares of restricted stock were vested and forfeited, respectively, since issuance and 74,000 and 20,000 were vested and forfeited, respectively, during the eleven months ended November 30, 2018 with 0 unvested at August 31, 2019 . The Company incurred stock-based compensation expense of approximately $0 and $10,000 related to these 200,000 shares of restricted stock during the three months ended August 31, 2019 and 2018 respectively, and income of $0 and $25,000 during the nine months ended August 31, 2019 and 2018 , respectively. During the year ended December 31, 2017 , the Company granted 51,132 shares of restricted stock to its directors under the Omnibus Plan, which were subject to a one year vesting period that commenced on the date of grant. The fair value of the unvested restricted stock was valued at approximately $17,000 based on the closing price of the Company’s shares on the date prior to the grant date. The Company incurred stock-based compensation expense related to these 51,132 shares of restricted stock of approximately $0 during the three months and nine months ended August 31, 2019 and 2018. Approximately 42,610 shares of restricted stock vested during the year ended December 31, 2017 , with 8,522 vested during the eleven months November 30, 2018 . During the year ended December 31, 2017, the Company granted 2,000,000 shares of restricted stock units to certain employees under the Omnibus Plan, which are subject to a two year vesting period that commenced on the date of grant. The fair value of the unvested restricted stock was valued at approximately $745,000 based on the closing price of the Company's shares on the day prior to the grant date. Approximately 750,000 shares of restricted stock vested during the eleven months ended November 30, 2018 and 250,000 during the nine months ended August 31, 2019 with 1,000,000 unvested at August 31, 2019 . The Company incurred stock-based compensation expense of approximately $89,000 and $101,000 during the three months ended August 31, 2019 and 2018, respectively, with $271,000 and $305,000 during the nine months ended August 31, 2019 and 2018, respectively, related to these 2,000,000 shares of restricted stock. During the eleven months ended November 30, 2018 , the Company granted 150,000 shares of restricted stock units to certain employees under the Omnibus Plan, with 100,000 shares and 50,000 subject to a two and three year vesting period, respectively, that commenced on the date of grant. The fair value of the unvested restricted stock was valued at approximately $58,000 based on the closing price of the Company's shares on the day prior to the grant date. Approximately 66,667 shares of restricted stock vested during the three months and nine months ended August 31, 2019 with 83,333 unvested at August 31, 2019 . The Company incurred stock-based compensation expense of approximately $6,000 and $6,000 during the three months ended August 31, 2019 and 2018, respectively, with $19,000 and $11,000 during the nine months ended August 31, 2019 and 2018, respectively, related to these 150,000 shares of restricted stock. During the three months and nine months ended August 31, 2018 , the Company established an ad hoc Capital Structure Committee (the "Committee") consisting of members of the board of directors, to undertake a review of the Company's capital structure. As compensation to the sole non-employee member of the Committee, the Company granted 400,000 restricted stock units under the Omnibus Plan, which will vest on the later of (i) September 30, 2018 and (ii) termination of the director's service on the Committee. The fair value of the restricted stock was valued at approximately $128,000 based on the closing price of the Company’s shares on the date prior to the grant date. The Company incurred stock-based compensation expense related to these 400,000 restricted stock units of approximately $81,000 and $81,000 during the three months and nine months ended August 31, 2018 and 2018. The 400,000 restricted stock units vested during the eleven months November 30, 2018 . The following table presents the activity of the Company’s unvested shares of restricted stock for the nine months ended August 31, 2019 : Common Unvested Shares Number of Shares Outstanding Balance, December 1, 2018 1,400,000 Granted — Vested (316,667 ) Forfeited — Outstanding August 31, 2019 1,083,333 The aggregate intrinsic value of the awards of 83,333 and 1,000,000 shares is $20,000 and $240,000 , respectively, and the remaining weighted average life of these awards is 0.87 years and 0.21 years respectively as of August 31, 2019 . As of August 31, 2019 , a total of $110,000 in stock based compensation remained unrecognized. Stock Appreciation Rights (SARs) During the eleven months November 30, 2018 , the Company issued 100,000 SARs to the sole non-employee member of the ad hoc Capital Structure Committee of the Board, which will expire 10 years after the date the SARs were granted. The SARs will vest on the later of (i) September 30, 2018 and (ii) termination of the director's service on the Committee and had a fair value of $9,000 on the grant date. Each SAR entitles the holder to receive, upon exercise, an amount equal to the excess of (a) the fair market value per share of stock on the exercise date, over (b) the exercise price, which is $1.00 , being not less than the fair market value per share of stock on the grant date. Upon exercise of the SARs, the stock appreciation amount shall be paid, as determined solely at the discretion of the Company, in (a) whole shares, (b) cash, or (c) a combination of both cash and shares. The 100,000 SARs vested during the eleven months November 30, 2018 and remain unexercised at August 31, 2019 .

Discontinued Operations

Discontinued Operations	9 Months Ended
	Aug. 31, 2019
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 LLC 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. On August 18, 2015, the Company sold its remaining structured settlement receivables asset to the buyer of its operating assets. 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: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Total income $ — $ — $ — $ 17 Total expenses (70 ) 18 (36 ) 32 Income (loss) before income taxes 70 (18 ) 36 (15 ) (Benefit) provision for income taxes — — — — Net income (loss) from discontinued operations, net of income taxes $ 70 $ (18 ) $ 36 $ (15 )

Life Settlements (Life Insuranc

Life Settlements (Life Insurance Policies)	9 Months Ended
	Aug. 31, 2019
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 the consolidated statements of operations in the periods in which the changes occur. Emergent Capital, through its subsidiaries, owns two life insurance policies, also referred to as life settlements, with a fair value of $1.3 million and an aggregate death benefit of approximately $12.0 million at August 31, 2019 . Additionally, through a subsidiary, the Company owns a 27.5% equity investment, having an estimated fair value of approximately $132.3 million at August 31, 2019 , in White Eagle Asset Portfolio, LP ("White Eagle"), which was previously a wholly-owned subsidiary of the Company that holds a portfolio of life settlements. The Company primarily earns income through change in fair value and death benefits from these two polices and change in fair value and distributions from its equity investment in White Eagle. As of November 30, 2018 , the Company through its consolidated and deconsolidated subsidiary companies owned 588 policies, with an aggregate estimated fair value of life settlements of $506.4 million . See Note 4 , "Deconsolidation of Subsidiaries" and Note 5, "Condensed and Consolidated Financial Statements for Entities in Bankruptcy," to the accompanying consolidated financial statements for further information. The following describes the Company’s life settlements as of August 31, 2019 (dollars in thousands): Policies Pledged Under White Eagle Revolving Credit Facility and Deconsolidated On August 16, 2019 the Company and its subsidiaries entered into a Subscription Agreement where White Eagle sold 72.5% of its limited partnership interests for a purchase price of approximately $366.2 million and recognized a gain on disposal of approximately $21.3 million . The proceeds were used to satisfy all outstanding indebtedness held by the White Eagle’s Revolving Credit Facility thus terminating the credit facility and releasing the related pledge to the lender of the life settlements owned by White Eagle. The Company now owns a 27.5% equity investment in White Eagle. As of August 31, 2019 , there were no policies pledged under the White Eagle Credit Facility due to its termination. The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the White Eagle at November 30, 2018 was 8.9 years . Remaining Life Expectancy (In Years)* Number of Life Settlement Contracts Fair Value Face Value 0-1 6 $ 24,221 $ 28,796 1-2 12 30,828 46,390 2-3 31 72,343 126,402 3-4 37 57,874 139,447 4-5 46 77,719 217,450 Thereafter 454 242,251 2,217,430 Total 586 $ 505,236 $ 2,775,915 *Based on remaining life expectancy at November 30, 2018 , as derived from reports of third party life expectancy providers, and does not indicate the timing of expected death benefits. See "Life Settlements," in Note 16, "Fair Value Measurements," of the accompanying consolidated financial statements. During the three months ended August 31, 2019 and 2018, the Company experienced maturities of 6 and 3 life insurance policies, respectively, with face amounts totaling $31.8 million and $14.3 million , respectively, resulting in a net gain of approximately $20.0 million and $7.1 million , respectively. During the nine months ended August 31, 2019 and 2018, the Company experienced maturities of 18 and 15 life insurance policies, respectively, with face amounts totaling $100.4 million and $68.2 million , respectively, resulting in a net gain of approximately $70.3 million and $35.1 million , respectively. The below is an analysis of policy maturities for the three months and nine months ended August 31, 2019 and 2018. Three Months Ended August 31, Nine Months Ended August 31, 2019 2018 2019 2018 Face value $ 31,768 $ 14,250 $ 100,374 $ 68,185 Cost * 8,911 7,664 27,723 22,755 Accumulated Change in Fair Value * 2,858 (528 ) 2,351 10,316 Carrying Value 11,769 7,136 30,074 33,071 Gain on Maturities $ 19,999 $ 7,114 $ 70,300 $ 35,114 Number of Policies 6 3 18 15 * Cost includes purchase price and premiums paid into the policy to date of maturity. Accumulated change in fair value is impacted by changes in discount rate, updated life expectancy estimates on the life insurance policy and cost of insurance increase. Policies Not Pledged The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the Company at August 31, 2019 was 11.6 years . Remaining Life Expectancy (In Years) Number of Life Settlement Contracts Fair Value Face Value 0-1 — $ — $ — 1-2 — — — 2-3 — — — 3-4 — — — 4-5 — — — Thereafter 2 1,254 12,000 Total 2 $ 1,254 $ 12,000 The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the Company at November 30, 2018 was 12.2 years . Remaining Life Expectancy (In Years)* Number of Life Settlement Contracts Fair Value Face Value 0-1 $ — $ — $ — 1-2 — — — 2-3 — — — 3-4 — — — 4-5 — — — Thereafter 2 1,172 12,000 Total $ 2 $ 1,172 $ 12,000 Estimated premiums to be paid for each of the five succeeding fiscal years and thereafter to keep the life insurance policies in force as of August 31, 2019 , are as follows (in thousands): Remainder of 2019 $ 45 2020 191 2021 222 2022 254 2023 286 Thereafter 4,989 $ 5,987 The amount of $6.0 million 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. The estimated total future premium payments could increase or decrease significantly to the extent that insurance carriers increase the cost of insurance on their issued policies or that actual mortalities of insureds differs from the estimated life expectancies.

Investment in Limited Partnersh

Investment in Limited Partnership	9 Months Ended
	Aug. 31, 2019
Investments in and Advances to Affiliates [Abstract]
Investment in Limited Partnership	Investment in Limited Partnership Subscription Agreement On August 16, 2019 (the "Effective Date"), the Company entered into a subscription agreement (the "Subscription Agreement") with Lamington ("Class B Limited Partner"), White Eagle, WEGP ("Withdrawing General Partner"), and Palomino JV, L.P. ("Palomino" or "Class A Limited Partner"), in connection with the commitment letter signed on June 22, 2019 with Jade Mountain Partners, LLC ("Jade Mountain" ), pursuant to which White Eagle sold to Palomino 72.5% of its limited partnership interests, consisting of all of the newly issued and outstanding Class A and Class D interests, and WEGP sold to an affiliate of Jade Mountain (the "Manager") all of its general partnership interests (collectively, the "WE Investment"). Pursuant to the Subscription Agreement, Lamington received 27.5% of the limited partnership interests of White Eagle, consisting of all of the newly issued and outstanding Class B interests in exchange for all of its previously owned White Eagle limited partnership interests. The proceeds of the WE Investment and certain funds then held in accounts of White Eagle were used to satisfy in full (i) the White Eagle Revolving Credit Facility and (ii) the DIP Financing, each in connection with the termination of the White Eagle Revolving Credit Facility and the release of the related liens on the collateral thereunder pursuant to the Master Termination Agreement. The repayment and termination of the White Eagle Revolving Credit Facility and the termination of the DIP Financing, which had not been drawn against, were in accordance with the Plan of Reorganization. The WE Investment was consummated, and the White Eagle Revolving Credit Facility was paid off in full and terminated, on August 16, 2019. The payoff totaled $402.5 million , which included payment directly to CLMG by Palomino of $374.2 million and payment to CLMG by White Eagle of $28.3 million , collectively sufficient to repay, under the White Eagle Revolving Credit Facility, the outstanding principal of $368.0 million , accrued and unpaid interest of $21.3 million plus, under the Plan of Reorganization, an early payment amount due to LNV of $7.4 million and lender allowed claims of $5.8 million . Of the $374.2 million purchase price, $8.0 million was allocated to the Class D interests which amount is to be repaid in accordance with the distribution terms of the A&R LPA. On August 16, 2019, Lamington also entered into (i) the Pledge Agreement pursuant to which it pledged the 27.5% limited partnership interests of White Eagle owned by it to Palomino and certain other secured parties in support of the payment and indemnification obligations described above, and (ii) the Assumption Agreement pursuant to which Lamington assumed all liabilities and obligations of White Eagle and WEGP as of the closing date of the Transactions, and Lamington, the Company and WEGP agreed to terminate, waive and release any intercompany debt, obligations and liabilities of White Eagle to Lamington, the Company and WEGP. On August 16, 2019, Emergent entered into the Indemnification Agreement pursuant to which it indemnified Wilmington Trust, National Association against claims and liabilities that may arise in relation to policies that have matured prior to the Closing Date but as to which Wilmington Trust, National Association has historically held title as securities intermediary. Amended and Restated Limited Partnership Agreement of White Eagle In connection with the WE Investment, the Limited Partnership Agreement of White Eagle was amended and restated (the "A&R LPA") to provide for the issuance of the Class A, B and D limited partnership interests, and for funding of an "Advance Facility" evidenced by the Class D limited partnership interests, to maintain reserves sufficient to fund premiums, certain operating expenses of White Eagle and certain minimum payments to Lamington as the holder of the Class B interests. The A&R LPA provides generally that holders of the Class A and Class B Interests receive distributions of proceeds of the assets of White Eagle based on their 72.5% and 27.5% ownership, respectively, after certain expenses and reserves are funded (including such minimum payments to Lamington totaling approximately $8.0 million per year for the first three ( 3 ) years and $4.0 million for the subsequent seven ( 7 ) years, provided that commencing after year three ( 3 ), such minimum payments will be utilized to repay the Class D Return of $8.0 million , which was advanced at closing, plus the greater of $2.0 million or 11% per annum on such $8.0 million to the extent necessary to fully repay such Class D Return. The minimum payments to the Company will occur regardless of maturities with payments through the premium/expense reserve account when there are no maturity proceeds available for distribution as described below). However, the A&R LPA also provides that all payments to holders of the Class B interests (other than such minimum payments to Lamington during the first eight ( 8 ) years following the Closing Date) are fully subordinated to payments in respect of the minimum returns to holders of the Class A and Class D interests (including repayment of all amounts advanced in respect of the Advance Facility) and to any indemnification payments, if any, due to such holders and related indemnified persons pursuant to the indemnities afforded them in and in relation to the A&R LPA, Subscription Agreement, Master Termination Agreement and related documents. As of the closing of the WE Investment, Lamington Road Bermuda, LTD resigned as manager of the portfolio and was replaced by an affiliate of Jade Mountain. On August 16, 2019, White Eagle , Palomino JV GP Limited, ("the General Partner") and the Manager entered into the Management Agreement, setting forth the terms and conditions pursuant to which the General Partner has delegated certain of its management rights and obligations under the A&R LPA to the Manager. Advance Facility . The facility under which the Class A Limited Partner or its Affiliates from time to time advance to the Class B Limited Partner (or, as a matter of convenience only, provides the proceeds of any such advance directly to the Partnership on behalf of the Class B Limited Partner, provided that, for the avoidance of doubt, any such advance distributed directly to the Partnership shall not be deemed to be an incurrence of an obligation of the Partnership for the repayment thereof) the portion of the premium/expense reserve account owed by the Class B Limited Partner under the Agreement. Essentially, this is the aggregate amount owed by the Class B Limited Partner to the Class A Limited Partner thereunder as a result of such advances. Class A Minimum Return Cumulative Amount. An amount equal to 11% per annum, compounded quarterly and accruing from the Effective Date, on the sum of (i) 100% of the initial contribution by the Class A Limited Partner on its own behalf to the premium/expense reserve account, accruing from the Effective Date until repaid (as reduced by any repayment thereof) (but for the avoidance of doubt excluding any advances made by the Class A Limited Partner under the Advance Facility), (ii) 100% of the amounts funded into the premium/expense reserve account by the Class A Limited Partner on its own behalf after the Effective Date (as reduced by any repayment thereof), accruing from the date of funding until repaid (but for the avoidance of doubt excluding any advances made by the Class A Limited Partner under the Advance Facility), and (iii) the Purchase Price of $374.2 million (as reduced by any portion thereof repaid by the Class B Interest Monthly Distribution, as defined below, (v) that reflects amortization of principal, all sale proceeds received by the Class A Limited Partner and any reductions thereof as contemplated by the permitted disposition of policies, (plus (x) the amount necessary to reduce the principal balance to the targeted principal balance hereto for such Distribution Date, plus (y) later contributions by the Class A Limited Partner (excluding any advances made by the Class A Limited Partner under the Advance Facility but, for the avoidance of doubt, including amounts funded into the premium/expense reserve account by the Class A Limited Partner on its own behalf), plus (z) the Class D Return. Class A True Up Payment . As of the applicable Distribution Date, (i) the excess (if positive) of (x) 72.5% of the total return distributions over (y) the sum of cumulative amounts actually received by the Class A Limited Partner prior to such Distribution Date on account of clauses (w), (x) and (y) of the Class A Minimum Return Cumulative Amount, any Class A true up payments and amounts paid to the Class A Limited Partner pursuant plus (ii) the amount necessary such that the Class A Limited Partner shall have received 72.5% of total return distributions after giving effect to the amounts to be paid to the Class A Limited Partner on such Distribution Date. Class B True Up Payment . As of the applicable Distribution Date, (i) the excess (if positive) of (x) 27.5% of the Total Return Distributions over (y) the sum of cumulative amounts actually received by the Class B Limited Partners prior to such Distribution Date on account of the Minimum Class B Interest Monthly Distributions, the Class B True Up Payments and amounts paid to the Class B Limited Partners pursuant to Section 3.2(b)(v) (plus the cumulative amounts that were paid to the Class A Limited Partner in repayment of the Advance Facility, to the Class D Limited Partner on account of the Class D Return, or to the Purchaser Indemnified Parties to satisfy (in whole or in part) the indemnity obligations of Parent, Lamington Road or the Class B Limited Partner) plus (ii) the amount necessary such that the Class B Limited Partners shall have received 27.5% of Total Return Distributions after giving effect to the amounts to be paid to the Class B Limited Partner on account of the Minimum Class B Interest Monthly Distributions and amounts paid to the Class B Limited Partners on such Distribution Date in the priority of payments after payment of any Class A True Up Payments and Class B True Up Payments (plus the cumulative amounts that would have been distributed to the Class B Limited Partners but that were paid to the Class A Limited Partner in repayment of the Advance Facility, to the Class D Limited Partner on account of the Class D Return, or to the Purchaser Indemnified Parties to satisfy (in whole or in part) the indemnity obligations of Parent, Lamington Road or the Class B Limited Partner). Class D Return . The aggregate repayment amount of approximately $8.0 million ( as described above) owed by the Class B Limited Partner to the Class D Limited Partner, payable in accordance with the terms herein, which shall equal the greater of (x) 125% of the Class D Payment Amount, and (y) the Class D Payment Amount plus the total amount of unpaid interest accruing on the Class D Payment Amount at a rate equal to 11% per annum compounded quarterly from the Effective Date through the date on which the Class D payment amount and all accrued and unpaid interest is repaid in full. Distribution Date. The 5th Business Day of each month. Minimum Class B Interest Monthly Distribution. The monthly amount equal to (i) for each month commencing prior to the third anniversary of the Effective Date, the greater of $667,000 and 1/12th of 1.50% of the Net Asset Value as determined by the most recent valuation report obtained on or prior to such Distribution Date and (ii) for each month commencing on or after the third anniversary of the Effective Date and prior to the tenth anniversary of the Effective Date, the greater of $333,000 and 1/12th of 0.75% of the net asset value as determined by the most recent valuation report obtained on or prior to such Distribution Date. Expense . On August 16, 2019, the Class A Limited Partner contributed $21.8 million to the premium/expense reserve account in satisfaction of its obligations to fund the premium/expense reserve account as of the Effective Date, and (ii) advanced under the Advance Facility $8.3 million by deposit into the premium/expense reserve account on behalf of the Class B Limited Partner, in satisfaction of the Class B Limited Partner’s obligations to fund the premium/reserve fund as of the Effective Date. This $8.3 million is to be repaid through the waterfall distribution from amounts to be distributed to the Company. Total initial premium/expense reserve was approximately $30.0 million on August 16, 2019. If at any time prior to a Distribution Date, the amount in the premium/expense reserve account is less than an amount sufficient to cover the next month of premiums and expenses, as set forth in the budget or as otherwise determined by the General Partner based upon advice of the Manager, the Class A Limited Partner will (i) contribute its percentage interest of 72.5% , and (ii) make advances under the Advance Facility of the Class B Limited Partner’s percentage interest of 27.5% , the aggregate amount of additional capital needed to increase the balance of the premium/expense reserve account to an amount sufficient to cover the next three months of premiums and expenses, as set forth in the budget. All advances made by the Class A Limited Partner under the Advance Facility, whether prior to, on or after the Effective Date, shall accrue interest at the rate of 11% per annum, compounded quarterly, until repaid, and all such amounts (including any accrued but unpaid interest) shall be secured by the Class B Partnership Units pursuant to the Pledge Agreement. After the Effective Date, the General Partner will use commercially reasonable efforts to obtain financing proposals for premiums and expenses on terms more favorable to the Class B Limited Partner than the Advance Facility, if and to the extent available, and in the event such financing is obtained, the Class A Limited Partner shall no longer have any obligation to fund advances under the Advance Facility. Funds in the premium/expense reserve account shall be used or otherwise distributed in the following order of priority: Premium/Expense Reserve Account Three Months Ended August 31, 2019 Nine Months Ended August 31, 2019 Amount Use of Proceeds First $ 8,210 $ 8,210 Premiums, Expenses and Manager Fees Second — — Minimum Class B Interest Monthly Distribution - after three years, Class D Returns takes priority until paid in full Third — — Minimum Class B Interest Monthly Distribution Fourth — — Retained For Premium/Expense to Cover Three Months of Transactions, excess to be sent to the Collection Account $ 8,210 $ 8,210 During the three months and nine months ended August 31, 2019 , approximately $8.2 million was distributed from the premium/expense reserve with the balance of approximately $21.8 million remaining in the account at August 31, 2019 . Approximately $333,000 was due for distribution to the Company to cover the period from August 17, 2019 to August 31, 2019 and the amount was received subsequent to the quarter end. Distribution . The General Partner has established a separate bank account on behalf of, and in the name of, the Partnership to hold, and shall direct all death benefits and other cash received by the Partnership (other than capital contributions, proceeds of the Advance Facility, and death benefits from matured policies which shall be distributed in accordance with Section 2.02(b) of the Subscription Agreement) into such account (the "Collections Account"). On each Distribution Date, funds on deposit in the Collections Account shall be distributed by the Paying Agent ("Wilmington Trust, N.A") pursuant to the Waterfall Notice in the following order of priority: Collection Account Three Months Ended August 31, 2019 Nine Months Ended August 31, 2019 Priority Amount Use of Proceeds First $ — $ — Premium/Expense Reserve Account - to cover next three months of premiums and expense Second — — Class A Minimum Return Cumulative Amount* Third — — Minimum Class B Interest Monthly Distribution Fourth — — Re-balancing the Total Return Distributions with 72.5% to the Class A Limited Partner and 27.5% to Class B Limited Partner Fifth — — 72.5% to the Class A Limited Partner and 27.5% to the Class B Limited Partner $ — $ — * To pay the Class A Limited Partner the amount necessary such that the Class A Limited Partner shall have received the Class A Minimum Return Cumulative Amount (applied first which is 11% ), second to the amounts necessary to reduce the principal balance from $406.0 million on the Effective Date to April 2039 when it is expected to be paid in full (the A&R LPA stipulate the expected monthly reduction in target principal commencing in April 2021), third to later contributions by the Class A Limited Partner, excluding Advance Facility but includes funded into premium/expense account on its own behalf and fourth the Class D Return, in each case of the definition of Class A Minimum Return Cumulative Amount as of the last day of the month immediately prior to such Distribution Date. There was no distribution from the Collection Account for the three months and nine months ended August 31, 2019 . On August 16, 2019, Lamington's capital contribution to White Eagle was an estimated fair value of approximately $138.9 million . The Company performed a valuation at August 31, 2019 resulting in a value of approximately $132.3 million . See Note 16, "Fair Value Measurement", to the accompanying consolidated financial statements for further information.

White Eagle Revolving Credit Fa

White Eagle Revolving Credit Facility	9 Months Ended
	Aug. 31, 2019
White Eagle | Revolving Credit Facility
Debt Instrument [Line Items]
Credit Facility	65% N/A 100% —% —% 50-65% N/A 70% 16.5% 13.5% 35-50% N/A 55% 24.8% 20.3% 0-35% N/A 45% 30.3% 24.8% Provided that (i) if (a) the Company failed to maintain a cash interest coverage ratio of at least 2.0 :1 at any time during the immediately preceding calendar quarter or (b) the Company fails to take steps to improve its solvency in a manner acceptable to the required lenders (as determined in their sole and absolute discretion), then the cash flow sweep percentage to the lenders shall equal one-hundred percent ( 100% ) and (ii) if such distribution date occurs on or after December 29, 2025, then the cash flow sweep percentage shall equal one-hundred percent ( 100% ). The cash interest coverage ratio is the ratio of (i) consolidated cash and cash equivalents maintained by the Company to (ii) the aggregate interest amounts that will be due and payable in cash on (x) the $46.5 million 8.5% Senior Secured Notes due July 15, 2021 (and any notes issued by the Company or any of its Affiliates in connection with refinancing, replacing, substituting or any similar action with respect to any such notes), the $75.8 million 5% Convertible Notes due February 15, 2023 (and any notes issued by the Company or any of its Affiliates in connection with refinancing, replacing, substituting or any similar action with respect to any such notes), and the $1.2 million 8.5% Convertible Notes due February 15, 2019 (and any notes issued by the Company or any of its Affiliates in connection with refinancing, replacing, substituting or any similar action with respect to any such notes) and (y) any additional indebtedness issued by the Company after December 29, 2016, in each case, during the twelve month period following such date of determination. See Note 12, " 8.50% Senior Unsecured Convertible Notes", Note 13, " 5.0% Senior Unsecured Convertible Notes" and Note 14, " 8.5% Senior Secured Notes", to the accompanying consolidated financial statements for further information. 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. The below is a reconciliation of proceeds collected by the White Eagle Revolving Credit Facility and distributed from the collection account in accordance with the budget approved by the Bankruptcy court and the Revolving Credit Facility termination agreement (in thousands): Collection account balance at December 1, 2018 $ 28,059 Face value collected in current quarter 60,163 Face value collected in prior quarters 32,342 Other collections * 2,575 $ 123,139 Expenses paid from the collection account Post-Petition Premiums paid 2019 $ (65,905 ) Interest expenses (28,331 ) Payment toward principal (1,804 ) White Eagle credit facility expenses (9,304 ) Refund of premium payments advanced by parent (3,000 ) Lender allowed claim-Beal (5,839 ) Transfers of remaining funds to Lamington (8,956 ) $ (123,139 ) Collection account balance at August 16, 2019** $ — *Includes refund of premiums and interest earned on maturity proceeds ** Collection account was closed on August 16, 2019 in connection with the termination of the White Eagle Revolving Credit Facility. For the three months and nine months ended August 31, 2018 , approximately $12.8 million and $44.2 million , respectively, of proceeds received from the maturity of policies pledged under the White Eagle Revolving Credit Facility, were distributed through the waterfall in the following stages of priority (in thousands): Three Months Ended Nine Months Ended Clause Amount Use of Proceeds First: $ 84 $ 251 Custodian and Securities Intermediary Second: — — White Eagle - Ongoing Maintenance Cost Reimbursable Third: — — Administrative Agent - Protective Advances Fourth: 26 43 Administrative Agent - Administrative Agent Fee and Legal Expense Reimbursement Fifth: 5,844 16,716 Administrative Agent - Accrued and Unpaid Interest Sixth: 6,854 26,397 Administrative Agent - Required Amortization Seventh: — — Administrative Agent - Amortization Shortfall Eighth: — 340 Administrative Agent - Participation Interest Ninth: — — Reserved - $0 Tenth: — — Administrative Agent Aggregate Unpaid Participation Interest Eleventh: — — Administrative Agent - Remaining Available Amount After Clause First to Tenth Twelfth: — — Wilmington Trust - Custodian and Securities Intermediary - Unpaid Fees Thirteenth: — 416 Borrower - Any Remaining Available Amount After Clause First to Twelfth Total Distributions $ 12,808 $ 44,163 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 amendment to the White Eagle Revolving Credit Facility on November 9, 2015 (the "White Eagle Amendment"), 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 and the use of proceeds from those advances are at the discretion of the lenders. During the three months and nine months ended August 31, 2019 and 2018 , advances for premium payments and fees to service providers amounted to (in thousands): Three Months Ended August 31, Nine Months Ended August 31, 2019 2018 2019 2018 Amount drawn for premium payments $ — $ 22,668 $ 4,221 $ 67,580 Amount drawn in fees to service providers — 629 — 1,910 Total amount drawn $ — $ 23,297 $ 4,221 $ 69,490 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% pursuant to the November 9, 2015 amendment, 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% . Based on the loan agreement, the LIBOR portion of the interest rate will re-adjust annually, once the floor has exceeded 1.5% . The applicable rate will be dependent on the rate at the last business day of the preceding calendar year. On December 31, 2018, the LIBOR floor increased from 2.11% to 3.01% . The effective rate at August 15, 2019 and August 31, 2018 was 9.51% and 6.61% , respectively. In the event that an Event of Default has occurred and is continuing, the interest rate will be equal to the sum of (i) the greater of (a) (1) LIBOR or, if LIBOR is unavailable, (2) the Base Rate and (b) one and a half percent ( 1.5% ) plus (ii) six and a half percent ( 6.5% ). Interest paid during the period is recorded in the Company’s consolidated and deconsolidated 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 during the three months and nine months ended August 31, 2019 and 2018 paid from maturity proceeds or paid directly by White Eagle was as follows (in thousands): Three Months Ended August 31, Nine Months Ended 2019 2018 2019 2018 Interest paid through waterfall $ — $ 5,844 $ — $ 16,716 Participation interest paid through waterfall — — — 340 Interest paid from collection account 23,331 — 28,331 — Total interest expense $ 23,331 $ 5,844 $ 28,331 $ 17,056 Maturity. Effective with the White Eagle Second Amendment, the term of the White Eagle Revolving Credit Facility expires December 31, 2031 , 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 includes 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. Effective with the White Eagle Second Amendment, and as described above in "Amortization and Distributions", the White Eagle Revolving Credit Facility contains a financial covenant requiring White Eagle to maintain a cash interest coverage ratio of at least 1.75 :1 commencing after June 30, 2019. Failure to maintain this ratio for 60 consecutive days after June 30, 2019 constitutes an event of default. There is no cash interest coverage ratio requirement that would result in an event of default prior to this date; however, any failure to maintain a cash interest coverage ratio of at least 2.0 :1 does impact the cash flow sweep percentage for proceeds distributed through the waterfall. 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 in accordance with ASC 820, Fair Value Measurements and Disclosures , ("ASC 820") which includes the 45% 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. Voluntary Petitions for Relief Under Chapter 11 On the Petition Date, Lamington and WEGP filed the November Chapter 11 Cases in the Bankruptcy Court. Lamington was the limited partner and owned 99.99% , and WEGP was the general partner and owned 0.01% , of White Eagle. In its capacity as general partner, WEGP managed the affairs of White Eagle. The Lamington and WEGP filings are referred to as the "November Chapter 11 Cases." The commencement of the November Chapter 11 Cases constitutes an event of default under the White Eagle Revolving Credit Facility, resulting in the principal and accrued interest due from White Eagle thereunder becoming immediately due and payable. Lamington and WEGP have pledged their respective interests in White Eagle to secure its obligations under the White Eagle Revolving Credit Facility. Any efforts of CLMG to enforce such pledges by Lamington and WEGP of their respective interests in White Eagle in connection with the White Eagle Revolving Credit Facility are automatically stayed as a result of the commencement of the November Chapter 11 Cases and LNV’s and CLMG’s rights of enforcement in respect of the White Eagle Revolving Credit Facility are subject to the applicable provisions of the Bankruptcy Code. In addition, on November 15, 2018, White Eagle, LNV and CLMG entered into an Agreement Regarding Rights and Remedies (the "Standstill Agreement"), pursuant to which LNV and CLMG agreed to refrain from exercising their rights and remedies in connection with the White Eagle Revolving Credit Facility, subject to the terms and provisions of the Standstill Agreement, until 12:00 p.m. noon Pacific time on November 26, 2018, to facilitate negotiations. The effective period under the Standstill Agreement was extended several times, finally to December 13, 2018. On December 13, 2018, White Eagle filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court. The Chapter 11 case is being administered under case number 18-12808 (the "White Eagle Chapter 11 Case" and, together with the November Chapter 11 Cases, the "Chapter 11 Cases"). The commencement of the White Eagle Chapter 11 Case would constitute a default and event of default under the terms of the Amended and Restated Senior Note Indenture relating to the Company’s Amended and Restated Senior Secured Indenture and the New Convertible Note Indenture. However, such defaults and events of default and their consequences were waived in advance of the White Eagle Chapter 11 Case by holders of all of the outstanding principal amount of the 8.5% Senior Secured Notes and by holders of a majority of the outstanding principal amount of the outstanding New Convertible Notes, and consequently, the Company believes that no defaults, events of default or acceleration of the payment obligations thereunder, including principal or accrued interest, occurred under either the Company’s Amended and Restated Senior Secured Indenture or the New Convertible Note Indenture. The commencement of the White Eagle Chapter 11 Case, together with the related Chapter 11 Cases, constitutes an event of default under the White Eagle Revolving Credit Facility, resulting in the principal and accrued interest due from White Eagle thereunder becoming immediately due and payable. Lamington and WEGP have pledged their respective interests in White Eagle to secure its obligations under the White Eagle Revolving Credit Facility. Any efforts by LNV to enforce repayment by White Eagle and/or such pledges by Lamington and WEGP of their respective interests in White Eagle in connection with the White Eagle Revolving Credit Facility are automatically stayed as a result of the commencement of the Chapter 11 Cases and LNV’s and CLMG’s rights of enforcement in respect of the White Eagle Revolving Credit Facility are subject to the applicable provisions of the Bankruptcy Code. Subsequent Event On September 16, 2019, the Bankruptcy Court entered an order and final decree closing the White Eagle Chapter 11 Case. Deconsolidation and Subsequent Measurement of the Deconsolidated Entities Lamington and its subsidiaries' (White Eagle, WEGP and Lamington Bermuda), financial results were excluded from the Company’s consolidated results for the period from November 14, 2018, the Petition Date, to August 16, 2019, the day the date the White Eagle Revolving Credit Facility was terminated. ASC 810, Consolidation require that an entity whose financial statements were previously consolidated with those of its parent that files for protection under the U.S. Bankruptcy Code, whether solvent or insolvent, generally must be prospectively deconsolidated from the parent and presented as an equity investment (deconsolidation applies to Lamington and all subsidiaries owned, directly or indirectly, by Lamington, including WEGP, White Eagle and Lamington Bermuda which collectively are referred to herein as the ("Deconsolidated Entities" or the "Debtors"). Therefore, our 2019 results are not comparable with our 2018 results. Under ASC 810, this loss of control would likely trigger a gain or loss for the parent as the parent would remeasure its retained noncontrolling investment at fair value each reporting period. We assessed the inherent uncertainties associated with the outcome of the Chapter 11 reorganization process and the anticipated duration thereof, and concluded that it was appropriate to deconsolidate Lamington and its subsidiaries effective on the Petition Date. Effective August 17, 2019, the entities were deemed to have emerged from bankruptcy and were no longer deconsolidated. See Note 2, "Principles of Consolidation - Reorganization and Consolidation" to the accompanying consolidated financial statements. Beal Litigation On January 25, 2019 , the Company, White Eagle, Lamington, and WEGP (collectively the "Plaintiffs" filed the Suit against LNV, Silver Point and GWG the "Defendants") in the Bankruptcy Court where the Suit will be administered together with the previously filed Chapter 11 Cases. LNV, a subsidiary of Beal, is the lender under the White Eagle Revolving Credit Facility. In the Suit, the Plaintiffs allege that the Defendants engaged in a scheme to coerce the Plaintiffs into selling their valuable portfolio of life insurance policies to defendants for well below its true value. Pursuant to the White Eagle Revolving Credit Facility, LNV agreed to lend $370 million to White Eagle, and in connection therewith received a 45% equity stake in White Eagle. That equity stake, and LNV’s significant control over White Eagle under the White Eagle Revolving Credit Facility, creates a joint venture, and gives rise to fiduciary duties to White Eagle and Emergent, on the part of LNV. The Plaintiffs further allege that LNV has been engaged in a concerted campaign to "squeeze" White Eagle and Emergent by improperly restricting their cash flow, in the hopes that White Eagle and Emergent will have no choice but to sell the valuable policy portfolio to LNV or one of its proxies, including Silver Point and/or GWG, at below its true value. In connection with the White Eagle Chapter 11 Case, on January 15, 2019, the Court authorized the Debtors to use the proceeds of pre-petition cash collateral for a period of twenty (20) weeks (the "Cash Collateral'), which allowance was extended in May 2019 for another nine ( 9 ) weeks. The Cash Collateral may be used solely for the purposes permitted under the budget approved by the Court, including (i) to provide working capital needs of the Debtors and general corporate purposes of the Debtors, (ii) to make the payments or fund amounts otherwise permitted in the final order that authorized such uses and such budget, (iii) to fund amounts necessary to pay certain fees; and (iv) to fund amounts necessary to pay certain professional fees in accordance with such Budget. Global Settlement Agreement in Principle in Bankruptcies On May 7, 2019, the Proposed Settlement, a global settlement in principle of the Chapter 11 Cases and the Suit, was announced on the record to, and filed with, the Bankruptcy Court jointly by the Debtors and Defendants. The Proposed Settlement would be effected together with the plan of reorganization, in accordance with the following schedule: (x) the Proposed Settlement and plan of reorganization, and other relevant documents, would be filed with the Bankruptcy Court by May 24, 2019, (y) the parties would use their best efforts to have the Proposed Settlement approved by the Bankruptcy Court by June 7, 2019, and (z) the parties would use their best efforts to have a confirmation hearing for approval of the plan of reorganization by the Bankruptcy Court held on or before June 21, 2019. Pursuant to the Proposed Settlement, among other things: • White Eagle shall have up to and including September 17, 2019 to satisfy any and all obligations to LNV under the Credit Facility by paying LNV 102% of its outstanding principal plus accrued interest at the relevant default rate, accrued fees and costs, which aggregate amount would include the resolution of the 45% participation interest element of the Credit Facility which was part of the subject matter of the Suit; • If White Eagle satisfies such obligations after September 17, 2019 and by December 30, 2019 , the amount due on the outstanding principal would increase to 104% ; • In the event LNV has not received the payoff described above by September 17, 2019 , the court-appointed liquidation trustee, together with investment banking assistance from Maple Life Financial, LLC, shall have full authority to sell White Eagle’s life insurance policy portfolio (which constitutes collateral under the Credit Facility) for the maximum amount achievable through an orderly sale process, taking into account that the transaction must be closed no later than December 30, 2019; in connection with this authority, the liquidation trustee and the investment banker may work prior to September 17, 2019 to prepare the portfolio for sale, but may not take actions to actually commence a sale including, but not limited to, marketing the portfolio or contacting potential buyers about the portfolio, prior to such date. • If the portfolio is sold in whole or in part, LNV shall only have the right to step in to bid for such sale if, and to the extent, the total amounts generated through the sale thereof do not fully satisfy the payoff amount. • If the sale of any portion of the Collateral has not closed or the proceeds of such sale(s) have not been received by CLMG by December 30, 2019, (i) if the Payoff Amount has not then been paid in cash in full, such Collateral shall be transferred on or before Noon Eastern on December 31, 2019 to CLMG (or its designee) in full satisfaction of the remaining unpaid portion of the amounts due to LNV. In addition, in order to provide sufficient cash flow to the Company during this period, and subject to negotiation of mutually-agreed upon terms and conditions, the Debtors shall have the right to use proceeds from the maturity of any portfolio policy and resolution of certain claims, and LNV will provide the Debtors a revolving $15.0 million of debtor-in-possession financing (which amount may be increased if found to be insufficient) through December 30, 2019 (the "DIP Financing"). Plan of Reorganization On June 5, 2019 , the Bankruptcy Court approved the Settlement Agreement memorializing the Proposed Settlement and the DIP Financing. The Plan of Reorganization for the Chapter 11 Cases, which implements the Settlement Agreement and the DIP Financing, was confirmed by the Bankruptcy Court on June 19, 2019. On July 18, 2019, the Company entered into the Commitment Letter with Lamington, White Eagle and Jade Mountain in connection with the Plan of Reorganization. The Commitment Letter provided for a transaction in which Jade Mountain and/or certain of its affiliates and/or certain investors would acquire 72.5% of the equity interests of White Eagle in exchange for $384.3 million as may be adjusted in accordance with the final documentation. The Commitment Letter and its terms and the transactions contemplated thereby were approved by the Bankruptcy Court on July 22, 2019. Repayment and Termination of the White Eagle Revolving Credit Facility On August 16, 2019, the Company entered into the Subscription Agreement, in connection with the Commitment Letter, pursuant to which White Eagle sold to Palomino 72.5% of its limited partnership interests, consisting of all of the newly issued and outstanding Class A and Class D interests, and WEGP sold to an affiliate of Jade Mountain all of its general partnership interests for a purchase price of approximately $366.2 million and $8.0 million for the Class A and Class D interests, respectively. Pursuant to the Subscription Agreement, Lamington received 27.5% of the limited partnership interests of White Eagle, consisting of all of the newly issued and outstanding Class B interests in exchange for all of its previously owned White Eagle limited partnership interests with a value of approximately $138.9 million on the closing date. The proceeds of the WE Investment were used to satisfy in full (i) the White Eagle Revolving Credit Facility, and (ii) the DIP Financing extended by CLMG, as agent, and LNV, as lender, to White Eagle, each in connection with the termination of the White Eagle Revolving Credit Facility and the release of the related liens on the collateral thereunder pursuant to a the Master Termination Agreement. The repayment and termination of the White Eagle Revolving Credit Facility and the termination of the DIP Financing, which had not been drawn against, were in accordance with the Plan of Reorganization. The WE Investment was consummated, and the White Eagle Revolving Credit Facility was paid off in full and terminated, on August 16, 2019. The payoff totaled $402.5 million , which included payment directly to CLMG by Palomino of $374.2 million and payment to CLMG by White Eagle of $28.3 million , collectively sufficient to repay, under the White Eagle Revolving Credit Facility, the outstanding principal of $368.0 million , accrued and unpaid interest of $21.3 million plus, under the Plan of Reorganization, an early payment amount due to LNV of $7.4 million which is included in the income statement as loss on extinguishment of debt and lender-allowed claims of $5.8 million ." id="sjs-B5">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. The White Eagle Revolving Credit Facility was amended on November 9, 2015. 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. Additionally, the maximum facility limit was reduced from $300.0 million to $250.0 million , and the interest rate under the facility was increased by 50 basis points. On December 29, 2016, White Eagle entered into a Second Amendment to the Amended and Restated Loan and Security Agreement ("White Eagle Second Amendment") and on January 31, 2017, as required by the terms of the White Eagle Second Amendment, White Eagle executed the Second Amended and Restated Loan and Security Agreement, dated January 31, 2017, which consolidated into a single document the amendments evidenced by the White Eagle Amendment (as defined below) and all previous amendments. As amended, the White Eagle Revolving Credit Facility adjusted the loan-to-value LTV ratios which directed cash flow participation and became subjected to achieving certain financial metrics, as more fully described below under "Amortization & Distributions." Pursuant to the White Eagle Second Amendment, 190 life settlement policies purchased from wholly owned subsidiaries of the Company were pledged as additional collateral under the facility for an additional policy advance of approximately $71.1 million . The maximum facility limit was increased to $370.0 million and the term of the facility was extended to December 31, 2031 . Additional loan terms and amendment changes are more fully described in the sections that follow. On October 4, 2017, White Eagle entered into an amendment to the Second Amended and Restated Loan and Security Agreement. The amendment changed the provisions relating to how participation of the proceeds from the maturity of the policies pledged as collateral under the White Eagle Revolving Credit Facility are distributed pursuant to a waterfall. The amendment included an exclusion from the cash interest coverage ratio of at least 2.0 :1 for the period of July 1, 2017 through July 28, 2017. As a result of the amendment, the Company was able to participate in the waterfall distribution scheduled during October 2017. General and 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 of up to $370.0 million , subject to borrowing base availability. 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 that are not for ongoing maintenance advances, plus (ii) 100% of the sum of the ongoing maintenance costs, plus (iii) 100% of fees and expense deposits and other fees and expenses funded and to be funded as approved by the required lenders, less (iv) 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. Amortization and Distributions. Proceeds from the maturity of the policies pledged as collateral under the White Eagle Revolving Credit Facility are distributed pursuant to a waterfall. After distributions for premium payments, fees to service providers and payments of interest, a percentage of the collections from policy proceeds are to be paid to the Company, which will vary depending on the then LTV ratio as illustrated below where the valuation is determined by the lenders: LTV Premiums, Interest & Other Fees Principal Distribution to White Eagle - 55% Lender Participation - 45% N/A 100% —% —% —% >65% N/A 100% —% —% 50-65% N/A 70% 16.5% 13.5% 35-50% N/A 55% 24.8% 20.3% 0-35% N/A 45% 30.3% 24.8% Provided that (i) if (a) the Company failed to maintain a cash interest coverage ratio of at least 2.0 :1 at any time during the immediately preceding calendar quarter or (b) the Company fails to take steps to improve its solvency in a manner acceptable to the required lenders (as determined in their sole and absolute discretion), then the cash flow sweep percentage to the lenders shall equal one-hundred percent ( 100% ) and (ii) if such distribution date occurs on or after December 29, 2025, then the cash flow sweep percentage shall equal one-hundred percent ( 100% ). The cash interest coverage ratio is the ratio of (i) consolidated cash and cash equivalents maintained by the Company to (ii) the aggregate interest amounts that will be due and payable in cash on (x) the $46.5 million 8.5% Senior Secured Notes due July 15, 2021 (and any notes issued by the Company or any of its Affiliates in connection with refinancing, replacing, substituting or any similar action with respect to any such notes), the $75.8 million 5% Convertible Notes due February 15, 2023 (and any notes issued by the Company or any of its Affiliates in connection with refinancing, replacing, substituting or any similar action with respect to any such notes), and the $1.2 million 8.5% Convertible Notes due February 15, 2019 (and any notes issued by the Company or any of its Affiliates in connection with refinancing, replacing, substituting or any similar action with respect to any such notes) and (y) any additional indebtedness issued by the Company after December 29, 2016, in each case, during the twelve month period following such date of determination. See Note 12, " 8.50% Senior Unsecured Convertible Notes", Note 13, " 5.0% Senior Unsecured Convertible Notes" and Note 14, " 8.5% Senior Secured Notes", to the accompanying consolidated financial statements for further information. 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. The below is a reconciliation of proceeds collected by the White Eagle Revolving Credit Facility and distributed from the collection account in accordance with the budget approved by the Bankruptcy court and the Revolving Credit Facility termination agreement (in thousands): Collection account balance at December 1, 2018 $ 28,059 Face value collected in current quarter 60,163 Face value collected in prior quarters 32,342 Other collections * 2,575 $ 123,139 Expenses paid from the collection account Post-Petition Premiums paid 2019 $ (65,905 ) Interest expenses (28,331 ) Payment toward principal (1,804 ) White Eagle credit facility expenses (9,304 ) Refund of premium payments advanced by parent (3,000 ) Lender allowed claim-Beal (5,839 ) Transfers of remaining funds to Lamington (8,956 ) $ (123,139 ) Collection account balance at August 16, 2019** $ — *Includes refund of premiums and interest earned on maturity proceeds ** Collection account was closed on August 16, 2019 in connection with the termination of the White Eagle Revolving Credit Facility. For the three months and nine months ended August 31, 2018 , approximately $12.8 million and $44.2 million , respectively, of proceeds received from the maturity of policies pledged under the White Eagle Revolving Credit Facility, were distributed through the waterfall in the following stages of priority (in thousands): Three Months Ended Nine Months Ended Clause Amount Use of Proceeds First: $ 84 $ 251 Custodian and Securities Intermediary Second: — — White Eagle - Ongoing Maintenance Cost Reimbursable Third: — — Administrative Agent - Protective Advances Fourth: 26 43 Administrative Agent - Administrative Agent Fee and Legal Expense Reimbursement Fifth: 5,844 16,716 Administrative Agent - Accrued and Unpaid Interest Sixth: 6,854 26,397 Administrative Agent - Required Amortization Seventh: — — Administrative Agent - Amortization Shortfall Eighth: — 340 Administrative Agent - Participation Interest Ninth: — — Reserved - $0 Tenth: — — Administrative Agent Aggregate Unpaid Participation Interest Eleventh: — — Administrative Agent - Remaining Available Amount After Clause First to Tenth Twelfth: — — Wilmington Trust - Custodian and Securities Intermediary - Unpaid Fees Thirteenth: — 416 Borrower - Any Remaining Available Amount After Clause First to Twelfth Total Distributions $ 12,808 $ 44,163 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 amendment to the White Eagle Revolving Credit Facility on November 9, 2015 (the "White Eagle Amendment"), 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 and the use of proceeds from those advances are at the discretion of the lenders. During the three months and nine months ended August 31, 2019 and 2018 , advances for premium payments and fees to service providers amounted to (in thousands): Three Months Ended August 31, Nine Months Ended August 31, 2019 2018 2019 2018 Amount drawn for premium payments $ — $ 22,668 $ 4,221 $ 67,580 Amount drawn in fees to service providers — 629 — 1,910 Total amount drawn $ — $ 23,297 $ 4,221 $ 69,490 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% pursuant to the November 9, 2015 amendment, 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% . Based on the loan agreement, the LIBOR portion of the interest rate will re-adjust annually, once the floor has exceeded 1.5% . The applicable rate will be dependent on the rate at the last business day of the preceding calendar year. On December 31, 2018, the LIBOR floor increased from 2.11% to 3.01% . The effective rate at August 15, 2019 and August 31, 2018 was 9.51% and 6.61% , respectively. In the event that an Event of Default has occurred and is continuing, the interest rate will be equal to the sum of (i) the greater of (a) (1) LIBOR or, if LIBOR is unavailable, (2) the Base Rate and (b) one and a half percent ( 1.5% ) plus (ii) six and a half percent ( 6.5% ). Interest paid during the period is recorded in the Company’s consolidated and deconsolidated 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 during the three months and nine months ended August 31, 2019 and 2018 paid from maturity proceeds or paid directly by White Eagle was as follows (in thousands): Three Months Ended August 31, Nine Months Ended 2019 2018 2019 2018 Interest paid through waterfall $ — $ 5,844 $ — $ 16,716 Participation interest paid through waterfall — — — 340 Interest paid from collection account 23,331 — 28,331 — Total interest expense $ 23,331 $ 5,844 $ 28,331 $ 17,056 Maturity. Effective with the White Eagle Second Amendment, the term of the White Eagle Revolving Credit Facility expires December 31, 2031 , 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 includes 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. Effective with the White Eagle Second Amendment, and as described above in "Amortization and Distributions", the White Eagle Revolving Credit Facility contains a financial covenant requiring White Eagle to maintain a cash interest coverage ratio of at least 1.75 :1 commencing after June 30, 2019. Failure to maintain this ratio for 60 consecutive days after June 30, 2019 constitutes an event of default. There is no cash interest coverage ratio requirement that would result in an event of default prior to this date; however, any failure to maintain a cash interest coverage ratio of at least 2.0 :1 does impact the cash flow sweep percentage for proceeds distributed through the waterfall. 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 in accordance with ASC 820, Fair Value Measurements and Disclosures , ("ASC 820") which includes the 45% 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. Voluntary Petitions for Relief Under Chapter 11 On the Petition Date, Lamington and WEGP filed the November Chapter 11 Cases in the Bankruptcy Court. Lamington was the limited partner and owned 99.99% , and WEGP was the general partner and owned 0.01% , of White Eagle. In its capacity as general partner, WEGP managed the affairs of White Eagle. The Lamington and WEGP filings are referred to as the "November Chapter 11 Cases." The commencement of the November Chapter 11 Cases constitutes an event of default under the White Eagle Revolving Credit Facility, resulting in the principal and accrued interest due from White Eagle thereunder becoming immediately due and payable. Lamington and WEGP have pledged their respective interests in White Eagle to secure its obligations under the White Eagle Revolving Credit Facility. Any efforts of CLMG to enforce such pledges by Lamington and WEGP of their respective interests in White Eagle in connection with the White Eagle Revolving Credit Facility are automatically stayed as a result of the commencement of the November Chapter 11 Cases and LNV’s and CLMG’s rights of enforcement in respect of the White Eagle Revolving Credit Facility are subject to the applicable provisions of the Bankruptcy Code. In addition, on November 15, 2018, White Eagle, LNV and CLMG entered into an Agreement Regarding Rights and Remedies (the "Standstill Agreement"), pursuant to which LNV and CLMG agreed to refrain from exercising their rights and remedies in connection with the White Eagle Revolving Credit Facility, subject to the terms and provisions of the Standstill Agreement, until 12:00 p.m. noon Pacific time on November 26, 2018, to facilitate negotiations. The effective period under the Standstill Agreement was extended several times, finally to December 13, 2018. On December 13, 2018, White Eagle filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court. The Chapter 11 case is being administered under case number 18-12808 (the "White Eagle Chapter 11 Case" and, together with the November Chapter 11 Cases, the "Chapter 11 Cases"). The commencement of the White Eagle Chapter 11 Case would constitute a default and event of default under the terms of the Amended and Restated Senior Note Indenture relating to the Company’s Amended and Restated Senior Secured Indenture and the New Convertible Note Indenture. However, such defaults and events of default and their consequences were waived in advance of the White Eagle Chapter 11 Case by holders of all of the outstanding principal amount of the 8.5% Senior Secured Notes and by holders of a majority of the outstanding principal amount of the outstanding New Convertible Notes, and consequently, the Company believes that no defaults, events of default or acceleration of the payment obligations thereunder, including principal or accrued interest, occurred under either the Company’s Amended and Restated Senior Secured Indenture or the New Convertible Note Indenture. The commencement of the White Eagle Chapter 11 Case, together with the related Chapter 11 Cases, constitutes an event of default under the White Eagle Revolving Credit Facility, resulting in the principal and accrued interest due from White Eagle thereunder becoming immediately due and payable. Lamington and WEGP have pledged their respective interests in White Eagle to secure its obligations under the White Eagle Revolving Credit Facility. Any efforts by LNV to enforce repayment by White Eagle and/or such pledges by Lamington and WEGP of their respective interests in White Eagle in connection with the White Eagle Revolving Credit Facility are automatically stayed as a result of the commencement of the Chapter 11 Cases and LNV’s and CLMG’s rights of enforcement in respect of the White Eagle Revolving Credit Facility are subject to the applicable provisions of the Bankruptcy Code. Subsequent Event On September 16, 2019, the Bankruptcy Court entered an order and final decree closing the White Eagle Chapter 11 Case. Deconsolidation and Subsequent Measurement of the Deconsolidated Entities Lamington and its subsidiaries' (White Eagle, WEGP and Lamington Bermuda), financial results were excluded from the Company’s consolidated results for the period from November 14, 2018, the Petition Date, to August 16, 2019, the day the date the White Eagle Revolving Credit Facility was terminated. ASC 810, Consolidation require that an entity whose financial statements were previously consolidated with those of its parent that files for protection under the U.S. Bankruptcy Code, whether solvent or insolvent, generally must be prospectively deconsolidated from the parent and presented as an equity investment (deconsolidation applies to Lamington and all subsidiaries owned, directly or indirectly, by Lamington, including WEGP, White Eagle and Lamington Bermuda which collectively are referred to herein as the ("Deconsolidated Entities" or the "Debtors"). Therefore, our 2019 results are not comparable with our 2018 results. Under ASC 810, this loss of control would likely trigger a gain or loss for the parent as the parent would remeasure its retained noncontrolling investment at fair value each reporting period. We assessed the inherent uncertainties associated with the outcome of the Chapter 11 reorganization process and the anticipated duration thereof, and concluded that it was appropriate to deconsolidate Lamington and its subsidiaries effective on the Petition Date. Effective August 17, 2019, the entities were deemed to have emerged from bankruptcy and were no longer deconsolidated. See Note 2, "Principles of Consolidation - Reorganization and Consolidation" to the accompanying consolidated financial statements. Beal Litigation On January 25, 2019 , the Company, White Eagle, Lamington, and WEGP (collectively the "Plaintiffs" filed the Suit against LNV, Silver Point and GWG the "Defendants") in the Bankruptcy Court where the Suit will be administered together with the previously filed Chapter 11 Cases. LNV, a subsidiary of Beal, is the lender under the White Eagle Revolving Credit Facility. In the Suit, the Plaintiffs allege that the Defendants engaged in a scheme to coerce the Plaintiffs into selling their valuable portfolio of life insurance policies to defendants for well below its true value. Pursuant to the White Eagle Revolving Credit Facility, LNV agreed to lend $370 million to White Eagle, and in connection therewith received a 45% equity stake in White Eagle. That equity stake, and LNV’s significant control over White Eagle under the White Eagle Revolving Credit Facility, creates a joint venture, and gives rise to fiduciary duties to White Eagle and Emergent, on the part of LNV. The Plaintiffs further allege that LNV has been engaged in a concerted campaign to "squeeze" White Eagle and Emergent by improperly restricting their cash flow, in the hopes that White Eagle and Emergent will have no choice but to sell the valuable policy portfolio to LNV or one of its proxies, including Silver Point and/or GWG, at below its true value. In connection with the White Eagle Chapter 11 Case, on January 15, 2019, the Court authorized the Debtors to use the proceeds of pre-petition cash collateral for a period of twenty (20) weeks (the "Cash Collateral'), which allowance was extended in May 2019 for another nine ( 9 ) weeks. The Cash Collateral may be used solely for the purposes permitted under the budget approved by the Court, including (i) to provide working capital needs of the Debtors and general corporate purposes of the Debtors, (ii) to make the payments or fund amounts otherwise permitted in the final order that authorized such uses and such budget, (iii) to fund amounts necessary to pay certain fees; and (iv) to fund amounts necessary to pay certain professional fees in accordance with such Budget. Global Settlement Agreement in Principle in Bankruptcies On May 7, 2019, the Proposed Settlement, a global settlement in principle of the Chapter 11 Cases and the Suit, was announced on the record to, and filed with, the Bankruptcy Court jointly by the Debtors and Defendants. The Proposed Settlement would be effected together with the plan of reorganization, in accordance with the following schedule: (x) the Proposed Settlement and plan of reorganization, and other relevant documents, would be filed with the Bankruptcy Court by May 24, 2019, (y) the parties would use their best efforts to have the Proposed Settlement approved by the Bankruptcy Court by June 7, 2019, and (z) the parties would use their best efforts to have a confirmation hearing for approval of the plan of reorganization by the Bankruptcy Court held on or before June 21, 2019. Pursuant to the Proposed Settlement, among other things: • White Eagle shall have up to and including September 17, 2019 to satisfy any and all obligations to LNV under the Credit Facility by paying LNV 102% of its outstanding principal plus accrued interest at the relevant default rate, accrued fees and costs, which aggregate amount would include the resolution of the 45% participation interest element of the Credit Facility which was part of the subject matter of the Suit; • If White Eagle satisfies such obligations after September 17, 2019 and by December 30, 2019 , the amount due on the outstanding principal would increase to 104% ; • In the event LNV has not received the payoff described above by September 17, 2019 , the court-appointed liquidation trustee, together with investment banking assistance from Maple Life Financial, LLC, shall have full authority to sell White Eagle’s life insurance policy portfolio (which constitutes collateral under the Credit Facility) for the maximum amount achievable through an orderly sale process, taking into account that the transaction must be closed no later than December 30, 2019; in connection with this authority, the liquidation trustee and the investment banker may work prior to September 17, 2019 to prepare the portfolio for sale, but may not take actions to actually commence a sale including, but not limited to, marketing the portfolio or contacting potential buyers about the portfolio, prior to such date. • If the portfolio is sold in whole or in part, LNV shall only have the right to step in to bid for such sale if, and to the extent, the total amounts generated through the sale thereof do not fully satisfy the payoff amount. • If the sale of any portion of the Collateral has not closed or the proceeds of such sale(s) have not been received by CLMG by December 30, 2019, (i) if the Payoff Amount has not then been paid in cash in full, such Collateral shall be transferred on or before Noon Eastern on December 31, 2019 to CLMG (or its designee) in full satisfaction of the remaining unpaid portion of the amounts due to LNV. In addition, in order to provide sufficient cash flow to the Company during this period, and subject to negotiation of mutually-agreed upon terms and conditions, the Debtors shall have the right to use proceeds from the maturity of any portfolio policy and resolution of certain claims, and LNV will provide the Debtors a revolving $15.0 million of debtor-in-possession financing (which amount may be increased if found to be insufficient) through December 30, 2019 (the "DIP Financing"). Plan of Reorganization On June 5, 2019 , the Bankruptcy Court approved the Settlement Agreement memorializing the Proposed Settlement and the DIP Financing. The Plan of Reorganization for the Chapter 11 Cases, which implements the Settlement Agreement and the DIP Financing, was confirmed by the Bankruptcy Court on June 19, 2019. On July 18, 2019, the Company entered into the Commitment Letter with Lamington, White Eagle and Jade Mountain in connection with the Plan of Reorganization. The Commitment Letter provided for a transaction in which Jade Mountain and/or certain of its affiliates and/or certain investors would acquire 72.5% of the equity interests of White Eagle in exchange for $384.3 million as may be adjusted in accordance with the final documentation. The Commitment Letter and its terms and the transactions contemplated thereby were approved by the Bankruptcy Court on July 22, 2019. Repayment and Termination of the White Eagle Revolving Credit Facility On August 16, 2019, the Company entered into the Subscription Agreement, in connection with the Commitment Letter, pursuant to which White Eagle sold to Palomino 72.5% of its limited partnership interests, consisting of all of the newly issued and outstanding Class A and Class D interests, and WEGP sold to an affiliate of Jade Mountain all of its general partnership interests for a purchase price of approximately $366.2 million and $8.0 million for the Class A and Class D interests, respectively. Pursuant to the Subscription Agreement, Lamington received 27.5% of the limited partnership interests of White Eagle, consisting of all of the newly issued and outstanding Class B interests in exchange for all of its previously owned White Eagle limited partnership interests with a value of approximately $138.9 million on the closing date. The proceeds of the WE Investment were used to satisfy in full (i) the White Eagle Revolving Credit Facility, and (ii) the DIP Financing extended by CLMG, as agent, and LNV, as lender, to White Eagle, each in connection with the termination of the White Eagle Revolving Credit Facility and the release of the related liens on the collateral thereunder pursuant to a the Master Termination Agreement. The repayment and termination of the White Eagle Revolving Credit Facility and the termination of the DIP Financing, which had not been drawn against, were in accordance with the Plan of Reorganization. The WE Investment was consummated, and the White Eagle Revolving Credit Facility was paid off in full and terminated, on August 16, 2019. The payoff totaled $402.5 million , which included payment directly to CLMG by Palomino of $374.2 million and payment to CLMG by White Eagle of $28.3 million , collectively sufficient to repay, under the White Eagle Revolving Credit Facility, the outstanding principal of $368.0 million , accrued and unpaid interest of $21.3 million plus, under the Plan of Reorganization, an early payment amount due to LNV of $7.4 million which is included in the income statement as loss on extinguishment of debt and lender-allowed claims of $5.8 million .

8.50% Senior Unsecured Converti

8.50% Senior Unsecured Convertible Notes	9 Months Ended
	Aug. 31, 2019
8.5% Convertible Notes
Debt Instrument [Line Items]
Senior Notes	8.50% 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" or "8.5% Convertible Notes"). The Convertible Notes were issued pursuant to an indenture dated February 21, 2014 , between the Company and U.S. Bank National Association, as trustee (the "Convertible Note Indenture"). The Convertible Notes are general senior unsecured obligations and rank equally in right of payment with all of the Company's other existing and future senior unsecured indebtedness. The Convertible Notes are effectively subordinate to all of the Company's secured indebtedness to the extent of the value of the assets collateralizing such indebtedness. The Convertible Notes are not guaranteed by the Company's 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 Convertible 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 common stock. 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 a make-whole fundamental change occurs prior to maturity date, and a holder elects to convert its Convertible Notes in connection therewith, 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. The Company determined that an embedded conversion option existed in the Convertible Notes that was required to be separately accounted for as a derivative under ASC 815 which required the Company to bifurcate the embedded conversion option, record it as a liability at fair value and record a debt discount by an equal amount. Upon receipt of 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, the Company reclassified the embedded conversion derivative liability to equity. 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. On February 14, 2017, the Company solicited consents (the "Consent Solicitation") to issue additional 8.50% Convertible Notes (the "Additional Convertible Notes") in lieu of a cash payment of interest on February 15, 2017 (the "2017 Interest Payment Date") to holders of the Convertible Notes. On March 14, 2017, the Company issued Additional Convertible Notes for an aggregate principal amount of $3.5 million following the Company’s receipt of the requisite consents of the holders of approximately 98% of the aggregate principal amount of Convertible Notes (the "Consenting Holders"), pursuant to the Consent Solicitation, whereby each Consenting Holder agreed to accept Additional Convertible Notes in lieu of a cash payment of interest on the Convertible Notes due on the 2017 Interest Payment Date. All Additional Convertible Notes issued by the Company to Consenting Holders were issued under the Convertible Note Indenture and such Additional Convertible Notes have identical terms to the existing Convertible Notes. Interest on the Additional Convertible Notes accrued from February 15, 2017. On March 15, 2017 and May 12, 2017, the Company entered into a series of separate Master Transaction Agreements (the "Master Transaction Agreements") by and among the Company, PJC Investments, LLC, a Texas limited liability company ("PJC") and each such Consenting Holder that is a party to such Master Transaction Agreement regarding a series of integrated transactions with the intent to effect a recapitalization of the Company (the "Transaction") which included, among other transactions, a Convertible Note Exchange Offer and a New Convertible Note Indenture providing for the issuance of New Convertible Notes to be delivered in connection with the Transaction (each as defined in the Master Transaction Agreements). As part of the Transaction, on April 18, 2017, the Company launched an exchange offer (the "Convertible Note Exchange Offer") to the existing holders of its outstanding Convertible Notes for 5.0% Senior Unsecured Convertible Notes due 2023 (the "New Convertible Notes" or "5% Convertible Notes"). At least 98% of the holders of the Convertible Notes were required to be tendered in the Convertible Note Exchange Offer as a condition to closing the Transaction. On July 26, 2017, the Company’s offer to exchange its outstanding $74.2 million aggregate principal amount of Convertible Notes for its New Convertible Notes expired. Holders of at least 98% of the holders of the Convertible Notes tendered in the Convertible Note Exchange Offer. On July 28, 2017, the Company consummated a series of integrated transactions to effect a recapitalization of the Company (the "Transaction Closing") pursuant to the Master Transaction Agreements, which transactions included the consummation of the Convertible Note Exchange Offer. The amount exchanged included approximately $73.0 million of principal outstanding prior to the exchange and approximately $2.8 million of interest paid in kind at the exchange date. The outstanding principal amount of the Convertible Notes after the exchange was approximately $1.2 million . In connection with the Transaction Closing, the Company entered into a supplemental indenture (the "Supplemental Convertible Note Indenture") to the Convertible Note Indenture governing the Convertible Notes. The purpose of the Supplemental Convertible Note Indenture was to eliminate substantially all of the restrictive covenants, eliminate certain events of default, eliminate the covenant restricting mergers and consolidations and modify certain provisions relating to defeasance contained in the Convertible Note Indenture and the Convertible Notes (collectively, the "Proposed Amendments") promptly after the receipt of the requisite consents for the Proposed Amendments. The Company performed an assessment of the modification of the Convertible Notes under ASC 470 , Debt , and determined the transaction is a troubled debt restructuring. The Company did not recognize any gain as a result of the restructuring, therefore, approximately $7.7 million was reclassified to the New Convertible Notes, including $6.7 million and $1.0 million related to debt discount and origination cost, respectively. See Note 14 "5.0% Senior Unsecured Convertible Notes" for a description of the changes in terms of the Convertible Notes. On February 20, 2019 , the Company received written notice from U.S. Bank, National Association, the trustee under New Convertible Note Indenture, that the Company was in default (the "Event of Default") under the New Convertible Note Indenture for failure to pay the principal amount and accrued interest due upon maturity on February 15, 2019 of Convertible Notes due 2019 (the "Convertible Notes"). The Event of Default, which caused an automatic acceleration of the outstanding principal and accrued interest, had no practical effect on the Company, as such amounts were already due and payable. The Event of Default did not result in a cross-default under other debt agreements or arrangements of the Company. On August 28, 2019, the Company paid off the outstanding principal and accrued interest on its Convertible Notes, consisting of $1.2 million in principal, $110,000 in accrued and unpaid interest and $38,000 in administrative fees and expenses. The Convertible Notes matured on February 15, 2019. Upon the payoff, the Convertible Notes were extinguished. During the three months ended August 31, 2019 , the Company recorded $22,000 of interest expense on the Convertible Notes, compared to interest expense of $46,000 during the three months ended August 31, 2018 , which included $25,000 , $18,000 and $3,000 from interest, amortizing debt discounts and origination costs, respectively. During the nine months ended August 31, 2019 , the Company recorded $93,000 of interest expense on the Convertible Notes, including $73,000 , $18,000 and $3,000 from interest, amortizing debt discounts and origination costs, respectively compared to interest expense of $138,000 , during the nine months ended August 31, 2018 , which included $76,000 , $54,000 and $8,000 from interest, amortizing debt discounts and origination costs, respectively.

5.0% Senior Unsecured Convertib

5.0% Senior Unsecured Convertible Notes	9 Months Ended
	Aug. 31, 2019
5.0% Senior Unsecured Convertible Notes Due 2023
Debt Instrument [Line Items]
Senior Notes	5.0% Senior Unsecured Convertible Notes On July 26, 2017, the Company’s Convertible Note Exchange Offer expired. Holders of at least 98% of the Convertible Notes tendered in the Convertible Note Exchange Offer. In connection with the Transaction Closing, the Company caused to be issued the New Convertible Notes in an aggregate amount of approximately $75.8 million pursuant to the New Convertible Note Indenture. The terms of the New Convertible Notes are governed by the New Convertible Note Indenture, which provide, among other things, that the New Convertible Notes are unsecured senior obligations of the Company and will mature on February 15, 2023 . The New Convertible Notes bear interest at a rate of 5% per annum from the issue date, payable semi-annually on August 15 and February 15 of each year, beginning on August 15, 2017. Holders of New Convertible Notes may convert their New Convertible Notes at their option on any day prior to the close of business on the second scheduled trading day immediately preceding February 15, 2023 . Upon conversion, the Company will deliver shares of Common Stock, together with any cash payment for any fractional share of Common Stock. The initial conversion rate for the New Convertible Notes denominated in $1,000 increments will be 500 shares of Common Stock per $1,000 principal amount of New Convertible Notes, which corresponds to an initial conversion price of approximately $2.00 per share of Common Stock. The initial conversion rate for the New Convertible Notes denominated in $1.00 increments will be 0.5 shares of Common Stock per $1.00 principal amount of New Convertible Notes, which corresponds to an initial conversion price of approximately $2.00 per share of Common Stock. The conversion rate will be subject to adjustment in certain circumstances. The Company may redeem, in whole but not in part, the New Convertible Notes at a redemption price of 100% of the principal amount of the New Convertible Notes to be redeemed, plus accrued and unpaid interest and additional interest, if any, if and only if the last reported sale price of the Common Stock equals or exceeds 120% of the conversion price for at least 15 trading days in any period of 30 consecutive trading days. The Company may, at its election, pay or deliver as the case may be, to all Holders of the New Convertible Notes, either (a) solely cash, (b) solely shares of Common Stock, or (c) a combination of cash and shares of Common Stock. The provisions of the New Convertible Note Indenture include a make-whole provision to compensate the Company’s debt holders for the lost option time value and forgone interest payments upon the Company experiencing a Fundamental Change (as defined in the New Convertible Note Indenture). These Fundamental Changes revolve around change in beneficial ownership, the consummation of specified transactions which result in the conversion of common stock into other assets or the sale, transfer or lease of all or substantially all of the Company’s assets, a majority change in the composition of the Company’s Board of Directors, the Company’s stockholders' approval of any plan for liquidation of dissolution of the Company, and the Common Stock ceasing to be listed or quoted on a Trading Market (as defined in the New Convertible Note Indenture). The number of incremental additional shares to be issued as a result of a Fundamental Change is based on a table which calculates the adjustment based on the inputs of time and share value. The New Convertible Note Indenture provides for customary events of default, which include (subject in certain cases to customary grace and cure periods), among others: nonpayment of principal or interest; breach of covenants or other agreements in the New Convertible Note Indenture; defaults or failure to pay certain other indebtedness; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is continuing under the New Convertible Note Indenture, the trustee or the holders of at least 25% in aggregate principal amount of the New Convertible Notes then outstanding may declare all unpaid principal plus accrued interest on the New Convertible Notes immediately due and payable, subject to certain conditions set forth in the New Convertible Note Indenture. In addition, holders of the New Convertible Notes may require the Company to repurchase the New Convertible Notes upon the occurrence of certain designated events at a repurchase price of 100% of the principal amount of the New Convertible Notes, plus accrued and unpaid interest. The New Convertible Note Indenture, among other things, includes provisions such as the Company’s failure to timely file any document or report that is required to be filed with the SEC, as well as a registration statement covering the re-sale by holders of the New Convertible Notes not being declared effective by the SEC; the Company’s failure to cure such a default within 14 days after the occurrence will result in the Company being required to pay additional interest in cash. Additional interest on the New Convertible Notes will accrue with respect to the first 90-day period (or portion thereof) following the restricted transfer triggering date, which is 120 days after the last date on which any securities are originally issued under the New Convertible Note Indenture, if certain circumstances occur resulting in a restricted transfer default. For each day that a restricted transfer default is continuing at a rate equal to 0.25% per annum of the principal amount of New Convertible Notes, which rate will increase by an additional 0.25% per annum of the principal amount of the New Convertible Notes for each subsequent 90 - day period (or portion thereof) while a restricted transfer default is continuing until all restricted transfer defaults have been cured, up to a maximum of 0.5% of the principal amount of the securities. Following the cure of all restricted transfer defaults, the accrual of additional interest arising from restricted transfer defaults will cease. The New Convertible Note Indenture states that the sole remedy for an event of default relating to the failure by the Company to comply with the provisions of the New Convertible Note Indenture requiring timely reporting by the Company and for any failure to comply with Section 314(a)(1) of the Trust Indenture Act shall, for the first 365 days after the occurrence of such an Event of Default, consist exclusively of the right to receive special interest on the New Convertible Notes at an annual rate equal to 0.50% of the principal amount of the New Convertible Notes. Voluntary Petitions for Relief Under Chapter 11 On November 14, 2018, the November Chapter 11 Cases were filed, and on December 13, 2018, the White Eagle Chapter 11 Case was filed. The commencement of the Chapter 11 Cases would constitute defaults and events of default under the terms of the Company’s New Convertible Note Indenture. However, such defaults and events of default and their consequences were waived by holders of a majority of the outstanding principal amount of the New Convertible Notes, and consequently, the Company believes that no defaults, events of default or acceleration of the payment obligations thereunder, including principal or accrued interest, occurred under the Company’s New Convertible Note Indenture. As of August 31, 2019 , the carrying value of the New Convertible Notes was $70.7 million , net of unamortized debt discounts and origination costs of $4.5 million and $663,000 , respectively. These are being amortized over the remaining life of the New Convertible Notes using the effective interest method. During the three months ended August 31, 2019 , the Company recorded $1.3 million of interest expense on the New Convertible Notes, including $948,000 , $290,000 and $43,000 from interest, amortization of debt discount and origination costs, respectively, compared to interest expense of $1.3 million during the three months ended August 31, 2018 , which included $948,000 , $271,000 and $40,000 from interest, amortizing debt discounts and origination costs, respectively. During the nine months ended August 31, 2019 , the Company recorded $3.8 million of interest expense on the 5% Convertible Notes, including $2.8 million , $832,000 and $123,000 from interest, amortization of debt discount and origination costs, respectively, compared to interest expense of $3.7 million during the nine months ended August 31, 2018 , which included $2.8 million , $774,000 and $115,000 from interest, amortizing debt discounts and origination costs, respectively.

8.5% Senior Secured Notes

8.5% Senior Secured Notes	9 Months Ended
	Aug. 31, 2019
8.5% Senior Secured Notes
Debt Instrument [Line Items]
Senior Notes	8.5% Senior Secured Notes In connection with the Transaction Closing, the Company and the Senior Secured Note Trustee entered into an Amended and Restated Senior Secured Note Indenture to amend and restate the Senior Secured Indenture between the Company (as amended and restated, the “Amended and Restated Senior Note Indenture") and the Senior Secured Note Trustee following the Company’s receipt of requisite consents of the holders of the 15% Senior Secured Notes. Pursuant to the terms of the Amended and Restated Senior Secured Indenture, the Company caused the cancellation of all outstanding 15% Senior Secured Notes and the issuance of 8.5% Senior Secured Notes due 2021 (the "8.5% Senior Secured Notes") in an aggregate amount of $30.0 million . The Amended and Restated Senior Secured Indenture allows for an aggregate of $40.0 million of 8.5% Senior Secured Notes to be issued thereunder. On August 11, 2017 and August 14, 2017 the Company issued an additional $3.5 million and $1.5 million of 8.5% Senior Secured Notes which resulted in total notes issued of $46.5 million . The Amended and Restated Senior Secured Indenture provides, among other things, that the 8.5% Senior Secured Notes will be secured senior obligations of the Company and will mature on July 15, 2021. The 8.5% Senior Secured Notes bear interest at a rate of 8.5% per annum, payable quarterly on March 15, June 15, September 15 and December 15 of each year, beginning on September 15, 2017. Certain holders of the Company's securities that are party to Board Designation Agreements (as discussed below), purchased approximately $24.5 million of the 8.5% Senior Secured Notes that were issued in exchange for 15% Senior Secured Notes during the year ended December 31, 2017. The Amended and Restated Senior Secured Indenture provides that the 8.5% Senior Secured Notes may be optionally redeemed in full by the Company at any time and must be redeemed in full upon additional issuances of debt by the Company, in each case at a price equal to 100% of the principal amount redeemed plus (i) accrued and unpaid interest thereon up to the date of redemption, and (ii) the Applicable Premium, if any, as defined in the Amended and Restated Senior Secured Indenture. Upon a change of control, the Company will be required to make an offer to holders of the 8.5% Senior Secured Notes to repurchase the 8.5% Senior Secured Notes at a price equal to 107.5% of their principal amount, plus accrued and unpaid interest thereon up to the date of redemption. The Amended and Restated Senior Secured Indenture contains negative covenants restricting additional debt incurred by the Company, creation of liens on the collateral securing the 8.5% Senior Secured Notes, and restrictions on dividends and stock repurchases, among other things. The 8.5% Senior Secured Notes are secured by settlement proceeds, if any, received from certain litigation involving the Company, certain notes issued to the Company, and pledges of 65% of the equity interests in Blue Heron Designated Activity Company ("Blue Heron"), OLIPP IV, LLC and Red Reef Alternative Investments, LLC. On January 10, 2018, the Company commenced the process of appointing a liquidator to liquidate Blue Heron. The completion of liquidation formalities of Blue Heron under Irish law is expected to take several months, and liquidation was still pending at August 31, 2019 . Blue Heron is an inactive subsidiary of the Company. In connection with liquidation of Blue Heron, the Company and Wilmington Trust, National Association, as trustee under the Amended and Restated Senior Secured Indenture (the "Trustee"),entered into (i) the First Supplemental Indenture (the "First Supplemental Indenture"), dated as of January 10, 2018, to implement certain amendments to the Indenture and (ii) the Amendment to Pledge and Security Agreement ("Pledge and Security Amendment"), dated as of January 10, 2018, to implement certain amendments to the Pledge and Security Agreement Pledge and Security Agreement, dated as of March 11, 2016, between the Company and Trustee. The First Supplemental Indenture and the Pledge and Security Amendment amend the Indenture and Pledge and Security Agreement, respectively, to: (i) remove from the assets pledged to the secured parties under the Amended and Restated Senior Secured Indenture, 65% of the equity and certain other assets of Blue Heron; and (ii) reflect the pledge by the Company, in favor of the secured parties under the Indenture, of the promissory note dated as of December 29, 2016 in the principal sum of $69.6 million issued by OLIPP IV, LLC to Blue Heron and subsequently assigned to the Company. The Amended and Restated Senior Secured Indenture provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others: nonpayment of principal or interest; breach of covenants or other agreements in the Amended and Restated Senior Secured Indenture; defaults in failure to pay certain other indebtedness; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is continuing under the Amended and Restated Senior Secured Indenture, the Senior Secured Note Trustee or the holders of at least 25% in aggregate principal amount of the 8.5% Senior Secured Notes then outstanding may declare the principal of and accrued but unpaid interest, plus a premium, if any, on all the 8.5% Senior Secured Notes immediately due and payable, subject to certain conditions set forth in the Amended and Restated Senior Secured Indenture. On December 10, 2018, the Company and Wilmington Trust, National Association, as indenture trustee, entered into a Second Supplemental Indenture (the "Second Supplemental Indenture") which amended the Amended and Restated Indenture, dated as of July 28, 2017, as amended by the First Supplemental Indenture dated as of January 10, 2018 (as so amended, the "Indenture"), relating to the Company’s 8.5% Senior Secured Notes due July 15, 2021 (the " 8.5% Senior Secured Notes"). The Second Supplemental Indenture (i) increased the aggregate principal amount of Notes permitted to be issued under the Indenture from $40 million to $70 million and (ii) provided for interest on the Notes to be paid in kind, such that the principal amount of the relevant holder’s note is increased by the amount of interest, in lieu of cash payment ("PIK"). The Company may elect to pay PIK interest instead of cash interest for any Interest Period (as defined in the Indenture) to holders of Notes who consented to accept PIK interest. Each holder of outstanding Notes made an election with respect to some or all of the outstanding principal amount of such holder’s Notes as to whether or not to accept PIK interest whenever the Company elects to pay interest in PIK in lieu of cash. Any new holder of Notes, other than a transferee who is an affiliate of a transferring holder that did not elect to accept PIK interest, will be deemed to have elected to accept PIK interest. A holder receiving PIK interest shall also automatically receive, for each applicable Interest Period, an amount equal to 3.0% per annum of additional interest on the principal amount of such holder’s Notes for which the holder elected to accept PIK interest. Holders receiving PIK is approximately $26.8 million with approximately $8.2 million electing to be paid by cash. The Company issued an additional $1.1 million and $2.8 million in additional 8.5% Senior Secured Notes in lieu of a cash payment of interest to the relevant holders of the notes during the three months and nine months ended August 31, 2019 , respectively. On December 28, 2018, the Company entered into subscription agreements (the "Subscription Agreements") with several investors (the "Investors"), Pursuant to the Subscription Agreements, the Investors purchased from the Company an aggregate of $5.7 million principal amount of the Company’s 8.5% Senior Secured Notes for an aggregate purchase price of $4.3 million . The transactions were consummated on December 28, 2018. On December 28, 2018, the Company received a commitment letter (the "Commitment Letter") from Ironsides Partners LLC, an entity affiliated with Robert Knapp, a member of the Board, for an aggregate investment, at the Company’s election, of up to $2.0 million principal amount of 8.5% Senior Secured Notes for an aggregate purchase price of up to $1.5 million no later than January 31, 2019 . The Commitment Letter contains certain conditions precedent to Ironsides’ obligations to purchase such 8.5% Senior Secured Notes. On January 30, 2019, the Company entered into a Note Purchase Agreement (the "Note Purchase Agreement") with Ironsides Partners Special Situations Master Fund III L.P. (the "Investor"), which is affiliated with Robert Knapp, a member of the Company’s Board of Directors. Pursuant to the Note Purchase Agreement, the Investor purchased from the Company $2.0 million principal amount of the Company’s 8.5% Senior Secured Notes for a purchase price of $1.5 million . On February 11, 2019, the Company entered into a Subscription Agreement (the "Subscription Agreement") with Brennan Opportunities Fund I LP (the "Investor"), which is affiliated with Patrick T. Brennan, a member of the Company’s Board of Directors. Pursuant to the Subscription Agreement, the Investor purchased from the Company $967,000 principal amount of the Company’s 8.5% Senior Secured Notes (the "Senior Notes") for a purchase price of $725,000 . The transaction was consummated on February 14, 2019 . Voluntary Petitions for Relief Under Chapter 11 On November 14, 2018, the November Chapter 11 Cases were filed, and on December 13, 2018, the White Eagle Chapter 11 Case was filed. The commencement of the Chapter 11 Cases would constitute defaults and events of default under the terms of the Company’s Amended and Restated Senior Secured Indenture. However, such defaults and events of default and their consequences were waived by holders of a majority of the outstanding principal amounts of the 8.5% Senior Secured Notes, and consequently, the Company believes that no defaults, events of default or acceleration of the payment obligations thereunder, including principal or accrued interest, occurred under the Company’s Amended and Restated Senior Secured Indenture. At August 31, 2019 , the outstanding principal of the 8.5% Senior Secured Notes was $46.5 million with a carrying value of $44.0 million , net of discount and unamortized debt issuance cost of $1.8 million and $621,000 , respectively. During the three months ended August 31, 2019 , the Company recorded approximately $1.5 million of interest expense on the 8.5% Senior Secured Notes, which includes $1.3 million of interest expense, $76,000 of amortizing debt issuance costs and $152,000 of amortizing of debt discount, respectively, compared to approximately $828,000 of interest expense on the 8.5% Senior Secured Notes, during the three months ended August 31, 2018 , which includes $760,000 of interest and $68,000 of amortizing debt issuance costs, respectively. During the nine months ended August 31, 2019 , the Company recorded approximately $4.4 million of interest expense on the 8.5% Senior Secured Notes, which includes $3.8 million of interest and $209,000 of amortizing debt issuance costs and $346,000 of amortizing of debt discount respectively, compared to approximately $2.5 million of interest expense on the 8.5% Senior Secured Notes, during the nine months ended August 31, 2018 , which includes $2.3 million of interest and $197,000 of amortizing debt issuance costs, respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Aug. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company and its deconsolidated subsidiaries carry life settlements and debt under the White Eagle Revolving Credit Facility at fair value as shown 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 judgment 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 August 31, 2019 , are as follows (in thousands): Level 1 Level 2 Level 3 Total Fair Value Assets: Investment in limited partnership $ — $ — 132,334 $ 132,334 Investment in life settlements — — 1,254 1,254 $ — $ — $ 133,588 $ 133,588 The balances of the Company’s assets measured at fair value on a recurring basis as of November 30, 2018 , are as follows (in thousands): Level 1 Level 2 Level 3 Total Fair Value Assets: Investment in life settlements - Deconsolidated $ — $ — $ 505,235 $ 505,235 Investment in life settlements - Consolidated — — 1,172 1,172 $ — $ — $ 506,407 $ 506,407 Investment in deconsolidated subsidiaries $ — $ — $ 128,795 $ 128,795 The balances of the Company’s liabilities measured at fair value on a recurring basis as of November 30, 2018 , are as follows (in thousands): Level 1 Level 2 Level 3 Total Fair Value Liabilities: White Eagle Revolving Credit Facility - Deconsolidated $ — $ — $ 346,670 $ 346,670 $ — $ — $ 346,670 $ 346,670 The below is a quantitative analysis of the Company's level 3 assets fair value measurements: ($ in thousands) Quantitative Information about Level 3 Fair Value Measurements Fair Value Aggregate Valuation Technique Unobservable Input Range (Weighted Average) Investment in life settlements $ 1,254 $ 12,000 Discounted cash flow Discount rate 13.25% 15.25% Life expectancy evaluation (11.6 years) Investment in limited partnership $ 132,334 $ 735,798 Discounted cash flow Discount rate 15.03% Life expectancy evaluation, distributions, return on investment 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. The primary asset in the investment in limited partnership is life settlements. 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 life expectancy report providers ("LE providers"). 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 which are derived from the experience of mortality attributed to relevant conditions 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. The Company calculates mortality factors so that when applied to the mortality table selected by the Company, the resulting LE equals the LE provided by each LE provider. The resulting mortality factors are then blended to determine a factor for each insured. A mortality curve is then generated based on the calculated mortality factors and the rates from the Company selected mortality table to generate the best estimated probabilistic cash flow stream. The net present value of the cash flows is then calculated to determine the policy value. 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. The Company uses the 2015 Valuation Basic tables, smoker distinct ("2015 VBT"), mortality tables developed by the U.S. Society of Actuaries (the "SOA"). The mortality tables are created based on the expected rates of death among different groups categorized by factors such as age and gender. The 2015 VBT is based on a large dataset of insured lives, face amount of policies and more current information and its dataset includes 266 million policies. The experience data in the 2015 VBT dataset includes 2.55 million claims on policies from 51 insurance carriers. Life experiences implied by the 2015 VBT are generally longer for male and female nonsmokers between the ages of 65 and 80 , while smokers and insureds of both genders over the age of 85 have significantly lower life expectancies. The table shows lower mortality rates in the earlier select periods at most ages, so while the Company continues to fit the life expectancies from the LE providers to the 2015 VBT, the change in the mortality curve changes the timing of the Company’s expected cash flow streams. Historically, the Company has procured the majority of its life expectancy reports from two life expectancy report providers (AVS Underwriting LLC and 21st Services, LLC) for valuation purposes and average or "blending," the results of the two life expectancy reports to establish a composite mortality factor. On October 18, 2018, 21st Services, LLC ("21st Services") announced revisions to its underwriting methodology, which revisions have generally been understood to lengthen the average reported life expectancy furnished by this life expectancy provider by 9% . On October 29, 2018, AVS Underwriting LLC ("AVS"), also announced revisions to its underwriting methodology without an estimated impact, which resulted in an average lengthening of the life expectancies by approximately 13% . To account for the impact of the revisions by 21st Services and based off of market responses to the methodology change, the Company decided to lengthen the life expectancies furnished by 21st Services by 9% during the eleven months ended November 30, 2018, the resulting impact was approximately $124.0 million reduction in the fair value of its life settlements. Further, the Company has decide to no longer utilize the results of life expectancy reports furnished by AVS for valuation purposes. The Company's decision was based on a series of events leading up to the announcement on October 29, 2018, which includes AVS' inability to furnish timely reports to allow the Company to blend the results to facilitate timely quarterly reporting. Market participants have expressed concerns regarding their inability to connect the new AVS model to past model. During the eleven months ended November 30, 2018, the Company discontinued its blending approach. The resulting impact was approximately $23.1 million reduction in the fair value of its life settlements. Moving forward, the Company will procure its life expectancy report from 21st Services on a periodic basis and expects to continue to lengthen life expectancies furnished by 21st Services that have not been re-underwritten using their updated methodology. Future changes in the life expectancies could have a material adverse 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 lived six months shorter or longer than the life expectancies provided by these third parties, the change in estimated fair value as of August 31, 2019 would be as follows (dollars in thousands): Life Expectancy Months Adjustment Value Change in Value +6 $ 1,051 $ (203 ) - $ 1,254 $ — -6 $ 1,466 $ 212 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 settlements. In doing so, consideration is given to the various factors influencing the rates, including risk tolerance and market activity. 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. In considering these factors, at August 31, 2019 , the Company determined that the weighted average discount rate calculated based on death benefit was 14.92% compared to 13.42% at November 30, 2018 . 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 August 31, 2019 , the Company had no life insurance policies issued by one carriers that were rated non-investment grade as of that date. 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 the Company’s life settlements as of August 31, 2019 : Carrier - Consolidated Percentage of Total Fair Value Percentage of Total Death Benefit Moody’s Rating S&P Rating Sun Life Assurance Company of Canada 100 % 100 % Aa3 AA Market interest rate sensitivity analysis 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 as of August 31, 2019 would be as follows (dollars in thousands): Weighted Average Rate Calculated Based on Death Benefit - Consolidated Rate Adjustment Value Change in Value 14.42% (0.50 )% $ 1,308 $ 54 14.92% — $ 1,254 $ — 15.42% 0.50 % $ 1,202 $ (52 ) Future changes in the discount rates we use to value life insurance policies could have a material effect on the Company's 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 — White Eagle holds life insurance policies previously pledged by White Eagle to serve as collateral for its obligations under the White Eagle Revolving Credit Facility. On August 16, 2019, the Company entered into a subscription agreement (the "Subscription Agreement") pursuant to which White Eagle sold 72.5% of its limited partnership in the form of newly issued limited partnership interests (the "WE Investment"). The proceeds of the WE Investment were used to satisfy in full (i) White Eagle’s Revolving Credit Facility, and (ii) the DIP Financing extended by CLMG, as agent, and LNV, as lender, to White Eagle, each in connection with the termination of the White Eagle Revolving Credit Facility and the release of the related liens on the collateral thereunder pursuant to the Master Termination Agreement. The repayment and termination of the White Eagle Revolving Credit Facility and the termination of the DIP Financing, which had not been drawn against, were in accordance with the Plan of Reorganization. Investment in deconsolidated subsidiaries - As previously discussed in Note 4, upon the deconsolidation of Lamington, an investment was recorded for $278.4 million which represented the fair value of the Company's investment in Lamington at November 13, 2018. The amount was equivalent to the carrying value of Lamington's net assets. The fair value measurements were calculated using unobservable inputs, primarily discounted cash flow analysis and classified as Level 3, requiring significant management judgment due to the absence of quoted market prices or observable inputs for assets of similar nature. The investment was further valued at November 30, 2018 by a third party also using unobservable inputs, which utilizes a discounted cash flow analysis considering the anticipated date the Company would emerge from bankruptcy, the settlement amount of debt, and future expenses, resulted in a fair value of approximately $128.8 million . Effective August 16, 2019, Lamington and WEGP were reconsolidated under the provisions of ASC 810, Consolidation . It was determined that the investment in White Eagle, which was no longer wholly owned, would be treated as an equity investment. The Company further evaluated its investment at August 16, 2019 and recognized a gain of approximately $37.9 million , which amount is reflected in current earnings as change in fair value of investment in deconsolidated subsidiaries. The amount is associated with gains incurred by Lamington for the period up to August 16, 2019 in considering the proceeds received through the transactions for the Subscription Agreement, the actual payoff of the White Eagle Revolving Credit Facility and all other third party claims. Investment in limited partnership - In connection with the WE Investment, the Limited Partnership Agreement of White Eagle was amended and restated (the "A&R LPA") to provide for the issuance of the Class A, B and D limited partnership interests, and for funding of an "Advance Facility" evidenced by the Class D limited partnership interests, to maintain reserves sufficient to fund premiums, certain operating expenses of White Eagle and certain minimum payments to Lamington as the holder of the Class B interests. The A&R LPA provides generally that holders the Class A and Class B Interests receive distributions of proceeds of the assets of White Eagle based on their 72.5% and 27.5% ownership, respectively, after certain expenses and reserves are funded (including such minimum payments to Lamington totaling approximately $8.0 million per year for the first three ( 3 ) years and $4.0 million for the subsequent seven ( 7 ) years, provided that commencing after year three ( 3 ), such minimum payments will be utilized to repay the Class D Return of $8.0 million , which was advanced at closing, plus the greater of $2.0 million or 11% per annum on such $8.0 million to the extent necessary to fully repay such Class D Return. The minimum payments to the Company will occur regardless of maturities with payments through the premium/expense reserve account when there are no maturity proceeds available for distribution as described below). However, the A&R LPA also provides that all payments to holders of the Class B interests (other than such minimum payments to Lamington during the first eight ( 8 ) years following the Closing Date) are fully subordinated to payments in respect of the minimum returns to holders of the Class A and Class D interests (including repayment of all amounts advanced in respect of the Advance Facility) and to any indemnification payments, if any, due to such holders and related indemnified persons pursuant to the indemnities afforded them in and in relation to the A&R LPA, Subscription Agreement, Master Termination Agreement and related documents. ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities requires that a reporting entity should account for its equity investments that are not consolidated or accounted for under the equity method at fair value, with changes to fair value recorded in current earnings. White Eagle previously valued its life settlement policies at fair value whose valuation are based on inputs that are both significant to the fair value measurement and unobservable. The Company now holds an equity investment of 27.5% in White Eagle whose only assets are these life settlement. Additionally, the investment includes a mezzanine financing which the Company assumed at closing which repayment by, and ultimate distributions to, the Company are based on a prescribed waterfall with a guaranteed 11% return to the majority owner partner. Given the nature of this ownership, fair value is not readily redeemable and inputs are not observable. The Company will utilize a fair value approach to account for its 27.5% investment in White Eagle Asset Portfolio, and the calculation will be performed consistent with ASC 820, Fair Value Measurement with changes in fair value recorded in current earnings. On August 16, 2019, Lamington's capital contribution to the limited partnership was an estimated fair value of approximately $138.9 million . The Company performed a valuation at August 31, 2019 resulting in a value of approximately $132.3 million using an estimated discount rate of approximately 15.03% . See Note 11, "Investment in Limited Partnership", to the accompanying consolidated financial statements for further information. Discount rate of investment in limited partnership The discount rate incorporates current information about market interest rates, the credit exposure to the insurance company that issued the life insurance policy, the Company's estimates of the return and investor would require and the current rate of return of the major partner. 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 27.5% investment in White Eagle Asset Portfolio. In doing so, consideration is given to the various factors influencing the rates, including risk tolerance and market activity. The Company relies on management insight, engages third party consultants to corroborate its assessment and engages in discussions with other market participants. In considering these factors, at August 31, 2019 , the Company determined that the estimated discount rate was 15.03% . Market interest rate sensitivity analysis of the investment in limited partnership The extent to which the fair value of the investment in limited partnership 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 investment in limited partnership as of August 31, 2019 would be as follows (dollars in thousands): Weighted Average Rate Rate Adjustment Value Change in Value 14.53% (0.50 )% $ 136,057 $ 3,723 15.03% — $ 132,334 $ — 15.53% 0.50 % $ 128,766 $ (3,568 ) Changes in Fair Value The following table provides a roll-forward in the changes in fair value for the nine months ended August 31, 2019 , for all life settlement assets for which the Company determines fair value using a material level of unobservable (Level 3) inputs, which consists solely of life settlements (in thousands): Life Settlements - Consolidated: : Balance, December 1, 2018 $ 1,172 Purchase of policies — Change in fair value (37 ) Matured/lapsed/sold policies — Premiums paid 118 Balance, August 31, 2019 $ 1,253 Changes in fair value included in earnings for the period relating to assets held at August 31, 2019 $ (37 ) Life Settlements - Deconsolidated: Balance, December 1, 2018 $ 505,235 Purchase of policies — Change in fair value (16,841 ) Receivable for maturity of life settlement write off (Note 18) 17,800 Policies sold (344,845 ) Policies matured (100,373 ) Premiums paid 69,827 Transfer to investment in limited partnership (130,803 ) Balance, August 31, 2019 — Changes in fair value included in earnings for the period relating to deconsolidated assets held at August 31, 2019 $ — The following table provides a roll-forward in the changes in fair value for the nine months ended August 31, 2019 , for investment in limited partnership for which the Company determines fair value using a material level of unobservable (Level 3) inputs, which consists solely of life settlements (in thousands): Investment in Limited Partnership Balance, December 1, 2018 $ — Transfer from investment in life settlement 130,803 Change in fair value - August 16, 2019 15,352 Advance for Class D Shares (8,000 ) Balance, August 16, 2019 $ 138,155 Change in fair value - August 17, 2019 to August 31, 2019 (5,821 ) Balance, August 31, 2019 $ 132,334 Changes in fair value included in earnings for the period relating to assets held at August 31, 2019 $ (5,821 ) The following table provides a roll-forward in the changes in fair value for the nine months ended August 31, 2019 , 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, December 1, 2018 $ 346,670 Draws under the White Eagle Revolving Credit Facility 4,221 Payments on White Eagle Revolving Credit Facility (367,985 ) Unrealized change in fair value 17,094 Balance, August 31, 2019 $ — Changes in fair value included in earnings for period relating to liabilities held at August 31, 2019 $ — The following table provides a roll-forward in the changes in fair value for the period ended nine months ended August 31, 2019 , for the investment in subsidiaries for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands): Investment in Deconsolidated Subsidiaries Investment in Lamington at December 1, 2018 $ 128,795 Change in fair value 37,941 Transferred to consolidation (166,736 ) Investment in Lamington at August 31, 2019 $ — The following table provides a roll-forward in the changes in fair value for the nine months ended August 31, 2018 , for all assets for which the Company determines fair value using a material level of unobservable (Level 3) inputs, which consists solely of life settlements (in thousands): Life Settlements: Balance, December 1, 2017 $ 557,786 Purchase of policies — Change in fair value 19,299 Matured/sold policies (68,185 ) Premiums paid 67,916 Transfers into level 3 — Transfers out of level 3 — Balance, August 31, 2018 $ 576,816 Changes in fair value included in earnings for the period relating to assets held at August 31, 2018 $ (15,707 ) The following table provides a roll-forward in the changes in fair value for the nine months ended August 31, 2018 , 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, December 1, 2017 $ 326,104 Draws under the White Eagle Revolving Credit Facility 69,490 Payments on White Eagle Revolving Credit Facility (34,597 ) Unrealized change in fair value (11,663 ) Transfers into level 3 — Transfer out of level 3 — Balance, August 31, 2018 $ 349,334 Changes in fair value included in earnings for the period relating to liabilities at August 31, 2018 $ (11,663 ) There were no transfers of financial assets or liabilities between levels of the fair value hierarchy during the nine months ended August 31, 2019 and 2018 . Other Fair Value Considerations - Carrying value of certificate of deposits, prepaid expenses and other assets, receivable for maturity of life settlements, investment in affiliates, 8.5% Senior Secured Notes, 5.0% Senior Unsecured Convertible Notes, accounts payable and accrued expenses approximate fair value due to their short-term maturities and/or low credit risk.

Segment Information

Segment Information	9 Months Ended
	Aug. 31, 2019
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. See Note 9 "Discontinued Operations" to the accompanying consolidated financial statements for further information. Management views its current operations as one segment.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Aug. 31, 2019
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 $261,000 , with a provision for a 3% increase on each anniversary of the rent commencement date. Rent expense was approximately $63,000 and $109,000 for the three months ended August 31, 2019 and 2018 , respectively, with approximately $215,000 and $338,000 for the nine months ended August 31, 2019 and 2018 , respectively. During the eleven months ended November 30, 2018 , the Company entered into a sublease agreement with a subtenant that commenced on October 1, 2018 and expires on September 15, 2020. The annual base rent of the subtenant is $78,000 . On March 11, 2019 the sublease contract was amended to increase the square footage thereunder, hence increasing the annual base rent to $89,000 . Employment Agreements The Company has entered into employment agreements with certain of its officers, including with its chief financial officer, whose agreement provides for payments in the event that the executive terminates her employment with the Company due to a material change in the geographic location where the chief financial officer performs her duties or upon a material diminution of her base salary or responsibilities, with or without cause (the "2018 Martinez Agreement"). If the Company terminates the 2018 Martinez Agreement without cause or she resigns with Good Reason (as defined in the 2018 Martinez Agreement), she will be entitled to receive her base salary or $352,229 , whichever is greater, through the twelve (12) months following such termination (the "Martinez Severance Period") as well as any bonus earned but not yet paid. If Ms. Martinez resigns for good reason, she will also be entitled to have the Company continue to pay its portion of healthcare premiums for plans in which she is participating immediately prior to the termination through the Martinez Severance Period. If such termination or resignation occurs within two years after a change in control (as defined in the 2018 Martinez Agreement), then in lieu of receiving her base salary, Ms. Martinez would be entitled to receive (i) accrued vacation days, (ii) a lump sum payment equal to the sum of two times her then base salary, (iii) a portion of her bonus prorated through the termination date that would be due to her when bonus payments are otherwise made for the year in which the termination occurs, (iv) any unpaid portion of a bonus for the year preceding the termination, and (v) reimbursement of COBRA healthcare costs through the Martinez Severance Period. On March 13, 2018, the Company entered into an employment agreement with Jack Simony (the "Simony Agreement"), pursuant to which Mr. Simony will continue to serve as Vice President and Chief Investment Officer of the Company. The term of the Simony Agreement commenced on March 13, 2018 and continues for one year, with automatic one -year extensions unless (x) either Mr. Simony or the Company gives written notice not to extend at least sixty ( 60 ) days’ prior to the end of the then-current term or (y) Mr. Simony’s employment is terminated in accordance with the terms of the Simony Agreement. Pursuant to the Simony Agreement, Mr. Simony will receive an annual base salary of $275,000 . The Simony Agreement further provides that Mr. Simony is entitled to participate in all benefit plans provided to executives of the Company. If the Company terminates Mr. Simony’s employment without cause or he resigns with Good Reason (as defined in the Simony Agreement), the Simony Agreement provides that he will be entitled to receive his base salary through the six ( 6 ) months following such termination (the "Simony Severance Period") as well as any incentive bonus that has been declared or awarded to him for a prior fiscal year but has not yet been paid. If Mr. Simony resigns for good reason, he will also be entitled to have the Company continue to pay its portion of health care premiums for plans in which he is participating immediately prior to the termination through the Simony Severance Period. On March 13, 2018, the Company entered into an employment agreement with Harvey Werblowsky (the "Werblowsky Agreement"), pursuant to which Mr. Werblowsky will continue to serve as Vice President, Chief Legal Officer and General Counsel of the Company. The term of the Werblowsky Agreement commenced on March 13, 2018 and continues for one year, with automatic one -year extensions unless (x) either Mr. Werblowsky or the Company gives written notice not to extend at least sixty ( 60 ) days’ prior to the end of the then-current term or (y) Mr. Werblowsky’s employment is terminated in accordance with the terms of the Werblowsky Agreement. Pursuant to the Werblowsky Agreement, Mr. Werblowsky will receive an annual base salary of $250,000 . The Werblowsky Agreement further provides that Mr. Werblowsky is entitled to participate in all benefit plans provided to executives of the Company. If the Company terminates Mr. Werblowsky’s employment without cause or he resigns with Good Reason (as defined in the Werblowsky Agreement), the Werblowsky Agreement provides that he will be entitled to receive his base salary through the six ( 6 ) months following such termination (the "Werblowsky Severance Period") as well as any incentive bonus that has been declared or awarded to him for a prior fiscal year but has not yet been paid. If Mr. Werblowsky resigns for good reason, he will also be entitled to have the Company continue to pay its portion of health care premiums for plans in which he is participating immediately prior to the termination through the Werblowsky Severance Period. 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. 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. Litigation Settlement On May 22, 2019, a settlement (the "Lincoln Benefit Settlement") in the amount of $21.3 million was signed between Lincoln Benefit Life Company ("Lincoln Benefit"), White Eagle and Emergent Capital pursuant to which Lincoln Benefit agreed not to contest the 55 life insurance policies that are presently owned by White Eagle and Emergent Capital agreed to drop its legal action against Allstate Life Insurance Company and settle for $2.0 million . The Lincoln Benefit Settlement relates to six separate legal actions pertaining to the validity of certain White Eagle policies and receivables for maturities of life settlements totaling $39.1 million . The Lincoln Benefit Settlement was approved by the Bankruptcy Court in June 2019, and accordingly, the receivable for maturities of life settlement was adjusted to reflect the reduction which resulted in approximately $17.8 million recorded as change in fair value of life settlements loss in the condensed and consolidated financial statements of the Debtors at August 31, 2019 . The amount was received during the three months ended August 31, 2019 . The $2.0 million settlement related to the Allstate lawsuit was received during the three months ended August 31, 2019 and is recorded as other income on the statement of operations for consolidated financial statements at August 31, 2019 . 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 the United States District Court for the Southern District of Florida, captioned Imperial Premium Finance, LLC v. Sun Life Assurance Company of Canada ("Imperial Case"), which was subsequently consolidated with the Sun Life Case. The Imperial Case asserted claims against Sun Life for breach of contract, breach of the covenant of good faith and fair dealing, and fraud, and sought a judgment declaring that Sun Life is obligated to comply with the promises made by it in certain insurance policies. The Imperial complaint also sought compensatory damages amounting to at least $30.0 million and an award of punitive damages. On August 23, 2013, Sun Life moved to dismiss the complaint, but the Court denied Sun Life’s motion in early 2015. Subsequently, on February 26, 2015, Sun Life appealed the denial to the United States Court of Appeals for the Eleventh Circuit. The Company moved to dismiss Sun Life’s appeal and, on December 17, 2015, the Court of Appeals ruled in favor of the Company, dismissing Sun Life’s appeal. The Imperial Case therefore returned to the District Court. On September 22, 2016, however, the District Court granted summary judgment in favor of Sun Life on the entirety of the Imperial Case. Subsequently, on January 12, 2017, the Company appealed the District Court’s decision, and on January 24, 2017, Sun Life filed its own notice of appeal. As part of these two appeals, the Court of Appeals will review every dispositive order issued by the District Court throughout the consolidated case. Per the Court of Appeals, oral argument will be scheduled in the near future. In January 2018, oral argument was held in the Eleventh Circuit Court of Appeals. In September 2018, the Circuit Court ruled that Florida is the jurisdiction for all the Sun Life cases. Voluntary Petitions for Relief Under Chapter 11 and Suit On the Petition Date, the November Chapter 11 Cases were filed. The commencement of the November Chapter 11 Cases constitutes an event of default under the White Eagle Revolving Credit Facility, resulting in the principal and accrued interest due from White Eagle thereunder becoming immediately due and payable. Lamington and WEGP have pledged their respective interests in White Eagle to secure its obligations under the White Eagle Revolving Credit Facility. Any efforts by LNV or CLMG to enforce such pledges by Lamington and WEGP of their respective interests in White Eagle in connection with the White Eagle Revolving Credit Facility are automatically stayed as a result of the commencement of the November Chapter 11 Cases and LNV’s and CLMG’s rights of enforcement in respect of the White Eagle Revolving Credit Facility are subject to the applicable provisions of the Bankruptcy Code. In addition, on November 15, 2018, White Eagle, LNV and CLMG entered into an Agreement Regarding Rights and Remedies (the "Standstill Agreement"), pursuant to which LNV and CLMG agreed to refrain from exercising their rights and remedies in connection with the White Eagle Revolving Credit Facility, subject to the terms and provisions of the Standstill Agreement, until 12:00 p.m. noon Pacific time on November 26, 2018, to facilitate negotiations. On December 13, 2018, the White Eagle Chapter 11 Case was filed. The commencement of the White Eagle Chapter 11 Case would constitute a default and event of default under the terms of the Amended and Restated Senior Note Indenture 8.5% Senior Secured Notes Unsecured and the New Convertible Indenture relating to the New Convertible Notes. However, such defaults and events of default and their consequences were waived by holders of all of the outstanding principal amount of the outstanding 8.5% Senior Secured Notes and by holders of a majority of the outstanding principal amount of the outstanding New Convertible Notes, and consequently, the Company believes that no defaults, events of default or acceleration of the payment obligations thereunder, including principal or accrued interest, occurred under either the Amended and Restated Senior Note Indenture or the New Convertible Note Indenture. On January 25, 2019, the Company, White Eagle, Lamington, and WEGP, collectively the "Plaintiffs", filed the Suit against LNV, Silver Point and GWG, the Defendants, in the Bankruptcy Court, where the Suit will be administered together with the Chapter 11 Cases. LNV, a subsidiary of Beal, is the lender under the White Eagle Revolving Credit Facility. In the Suit, the Plaintiffs allege that the Defendants engaged in a scheme to coerce the Plaintiffs into selling their valuable portfolio of life insurance policies to defendants for well below its true value. Pursuant to the White Eagle Revolving Credit Facility, LNV agreed to lend $370 million to White Eagle, and in connection therewith received a 45% equity stake in White Eagle. That equity stake, and LNV’s significant control over White Eagle under the Credit Facility, creates a joint venture, and gives rise to fiduciary duties to White Eagle and Emergent, on the part of LNV. The Plaintiffs further allege that LNV has been engaged in a concerted campaign to "squeeze" White Eagle and Emergent by improperly restricting their cash flow, in the hopes that White Eagle and Emergent will have no choice but to sell the valuable policy portfolio to LNV or one of its proxies, including Silver Point and/or GWG, at below its true value. Global Settlement Agreement in Principle in Bankruptcies On May 7, 2019, a global settlement in principle of the Chapter 11 Cases and the Suit was announced on the record to, and filed with, the Bankruptcy Court jointly by the Debtors and Defendants (the "Proposed Settlement"). The Proposed Settlement would be effected together with the plan of reorganization, in accordance with the following schedule: (x) the Proposed Settlement and plan of reorganization, and other relevant documents, would be filed with the Bankruptcy Court by May 24, 2019, (y) the parties would use their best efforts to have the Proposed Settlement approved by the Bankruptcy Court by June 7, 2019, and (z) the parties would use their best efforts to have a confirmation hearing for approval of the plan of reorganization by the Bankruptcy Court held on or before June 21, 2019. On June 5, 2019, the Bankruptcy Court approved an agreement memorializing the Proposed Settlement (the "Settlement Agreement") and a debtor-in-possession credit agreement (the "DIP Financing"). The plan of reorganization for the Chapter 11 Cases, which implements the Settlement Agreements and the DIP Financing (the "Plan of Reorganization") was confirmed by the Bankruptcy Court on June 19, 2019. Subsequent Event On September 16, 2019, the Bankruptcy Court entered an order and final decree closing the White Eagle Chapter 11 Case. Repayment and Termination of the White Eagle Revolving Credit Facility On August 16, 2019, the Company entered into the Subscription Agreement, in connection with the Commitment Letter, pursuant to which White Eagle sold to Palomino 72.5% of its limited partnership interests, consisting of all of the newly issued and outstanding Class A and Class D interests, and WEGP sold to an affiliate of Jade Mountain all of its general partnership interests (collectively, the " WE Investment"). Pursuant to the Subscription Agreement, Lamington received 27.5% of the limited partnership interests of White Eagle, consisting of all of the newly issued and outstanding Class B interests in exchange for all of its previously owned White Eagle limited partnership interests. The proceeds of the WE Investment were used to satisfy in full (i) the White Eagle Revolving Credit Facility, and (ii) the DIP Financing extended by CLMG, as agent, and LNV, as lender, to White Eagle, each in connection with the termination of the White Eagle Revolving Credit Facility and the release of the related liens on the collateral thereunder pursuant to the Master Termination Agreement. The repayment and termination of the White Eagle Revolving Credit Facility and the termination of the DIP Financing, which had not been drawn against, were in accordance with the Plan of Reorganization. On August 16, 2019, Lamington also entered into (i) the Pledge Agreement pursuant to which it pledged the 27.5% limited partnership interests of White Eagle owned by it to Palomino and certain other secured parties in support of the payment and indemnification obligations described above, and (ii) the Assumption Agreement pursuant to which Lamington assumed all liabilities and obligations of White Eagle and WEGP as of the closing date of the Transactions, and Lamington, the Company and WEGP agreed to terminate, waive and release any intercompany debt, obligations and liabilities of White Eagle to Lamington, the Company and WEGP. On August 16, 2019, Emergent entered into the Indemnification Agreement pursuant to which it indemnified Wilmington Trust, National Association against claims and liabilities that may arise in relation to policies that have matured prior to the Closing Date but as to which Wilmington Trust, National Association has historically held title as securities intermediary. Other Litigation Other litigation is defined as smaller claims or litigations that are neither individually nor collectively material. It does not include lawsuits that relate to collections. The Company is party to various other legal proceedings that arise in the ordinary course of business, separate from normal course accounts receivable collections matters. Due to the inherent difficulty of predicting the outcome of these litigations 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' Deficit_Equity

Stockholders' Deficit/Equity	9 Months Ended
	Aug. 31, 2019
Equity [Abstract]
Stockholders' Deficit/Equity	Stockholders’ Deficit/Equity The Company has reserved an aggregate of 12,600,000 shares of common stock under its Omnibus Plan, pursuant to which, as of August 31, 2019 , options to purchase 85,000 shares of common stock granted to existing employees were outstanding, 100,000 shares of stock appreciation rights had been granted to a director and were fully vested and outstanding, 633,215 shares of restricted stock had been granted to directors and were fully vested, 2,270,000 shares of restricted stock units had been granted to certain employees, with a total of 1,083,333 shares subject to vesting. Approximately 1,186,667 shares have been vested since granted. There were 9,511,785 securities remaining for future issuance under the Omnibus Plan as of August 31, 2019 . On September 1, 2015, the Company announced that its Board of Directors authorized a $10.0 million share and note repurchase program. The program had a two -year expiration date, and authorized the Company to repurchase up to $10.0 million of its common stock and/or its Convertible Notes due 2019. During 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, 2017, the repurchase program has terminated. Warrants 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 2,000,000 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 were 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. On July 28, 2017, in connection with the recapitalization transaction, the Company issued common stock purchase warrants to certain investors to purchase up to an aggregate of 42,500,000 shares of the Company’s common stock at an exercise price of $0.20 per share (the "Warrant Shares"). The warrants shall vest and become exercisable as follows: (i) with respect to 17,500,000 Warrant Shares, immediately upon the issuance of the warrants, and (ii) with respect to the remaining 25,000,000 Warrant Shares, at later times tied to the conversion of the Company’s Convertible Notes and New Convertible Notes (each as defined below) outstanding on July 28, 2017 into shares of the Company’s common stock or, if earlier, upon the date that all Convertible Notes or New Convertible Notes are no longer outstanding. The warrants have an eight year term. The Warrant are subject to anti-dilution adjustment provisions. Recapitalization Transactions On July 28, 2017, the Company consummated a series of integrated transactions to effect a recapitalization of the Company (the "Transaction Closing") pursuant to the Master Transaction Agreements. Common Stock Purchase Agreement In connection with the Transaction Closing, the Company entered into a Common Stock Purchase Agreement (the "Stock Purchase Agreement") by and among the Company, PJC, certain investors jointly designated by PJC and Triax Capital Advisors LLC, a New York limited liability company ("Triax"), to be party to the Stock Purchase Agreement (collectively, the "Common Stock Investors"), and certain Convertible Note Holders that were a party to the Stock Purchase Agreement (collectively, the "Convertible Note Holder Purchasers," and together with PJC and the Common Stock Investors, the "Purchasers"). Pursuant to the Stock Purchase Agreement, the Company issued and sold to the Purchasers 115,000,000 shares (the "Stock Purchase Agreement Shares") of the Company’s Common Stock at a price of $0.20 per share for an aggregate purchase price of $23.0 million , of which PJC and the Common Stock Investors purchased 75,000,000 Stock Purchase Agreement Shares for an aggregate purchase price of $15.0 million and the Convertible Note Holder Purchasers, pursuant to the previously announced rights offering which expired on July 26, 2017, purchased 40,000,000 Stock Purchase Agreement Shares for an aggregate purchase price of $8.0 million , of which PJC purchased 19,320,038 shares in connection with the exercise of rights assigned to it by certain Convertible Note Holder Purchasers. The Stock Purchase Agreement contained customary representations, warranties, and covenants. In August 2017, the Company entered into a Securities Purchase Agreement (the "Securities Purchase Agreement") by and between the Company and Brennan Opportunities Fund I LP ("Brennan"). Pursuant to the Securities Purchase Agreement, Brennan purchased from the Company 12,500,000 shares (the "Brennan Shares") of Common Stock at a price of $0.40 per share for an aggregate purchase price of $5.0 million . Articles Amendment Effective on July 17, 2017, the Company filed an Articles of Amendment to Articles of Incorporation (the "Articles Amendment") to increase the authorized Common Stock from 80,000,000 shares to 415,000,000 shares. As previously disclosed, the Articles Amendment was approved by the Company’s shareholders at the Company’s 2017 Annual Meeting. The adoption of the Articles Amendment results in a greater number of shares of Common Stock available for issuance. Change in Significant Holders As a result of the consummation of the Master Transaction Agreements, on the date of the Transaction Closing, a change in significant holders of the Company's common stock occurred. PJC and Triax, together with certain of their affiliates, acquired beneficial ownership of approximately 38.9% of the then outstanding Common Stock, based on their aggregate acquisition of 39,320,038 shares of Common Stock and warrants to purchase 27,150,000 shares of Common Stock. Other investors designated by PJC and Triax acquired beneficial ownership of approximately 43.6% of the then outstanding Common Stock, based on their aggregate acquisition of 55,000,000 shares of Common Stock and warrants to purchase 13,350,000 shares of Common Stock. Additionally, pursuant to the Board Designation Agreements, PJC and Triax designated two of seven directors to the Company’s Board, two other investors designated a third new director and a fourth new director, and a fifth new director was designated by a holder of New Convertible Notes, collectively resulting in a change in the majority of the Company’s Board.

Income Taxes

Income Taxes	9 Months Ended
	Aug. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s provision for income taxes from continuing operations is estimated to result in an effective tax rate of 15.99% as of August 31, 2019 and a total tax expense of approximately $3.2 million for the nine months ended August 31, 2019 . The Company’s effective tax rate is principally impacted by expected income inclusions under the GILTI tax regime, limitations imposed on the use of historical NOLs, and interest expense limitations under IRC Sec. 264(a)(4) that are expected to apply when determining tested income for the GILTI inclusion. As a result of the WE Investment (described below), the Company must now rely on information from the Manager in order to reasonably forecast and project taxable income related to its distributive share of White Eagle. As the forecasted allocable share of taxable income from the WE investment represents a significant portion of the Company’s expected taxable income, the Company is currently working with the Manager to obtain reasonable forecasts that can be used for purposes of applying the annual effective tax rate method to computing the overall tax provision. As such, in accordance with ASC 740 principles, the Company’s tax provision recorded to date is based on actual results through August 31, 2019 . The Company believes this approach most fairly represents its income tax provision as of August 31, 2019 . Based on the Company’s evaluation, a deferred tax valuation allowance was established against its net deferred tax assets. 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. This valuation allowance was determined to be necessary as an offset to the full amount of the federal and state deferred tax asset. During the nine months ended August 31, 2019 , the Company does not expect that position to change and therefore is not recording any income tax benefit. For tax years beginning after December 31, 2017 under certain circumstances, Section 245A enacted by the TCJA eliminated U.S. federal income tax on dividends received from foreign subsidiaries of domestic corporations under a new participation exemption. However, the TCJA also created a new tax on certain foreign income under new Section 951A. Specifically, for tax years beginning after December 31, 2017, income earned in excess of a deemed return on tangible assets held by a CFC (the excess referred to as "GILTI") must generally be included as U.S. taxable income on a current basis by its U.S. shareholders. In general, the gross income inclusion can be offset by a deduction in an amount up to 50% of the inclusion (through the end of 2025, thereafter the deduction is reduced to 37.5% ) subject to certain limitations. The Company changed the tax year of its U.S. parent (Emergent Capital, Inc.) from December 31st to November 30th coupled with a concurrent change to the tax year of Lamington, its wholly-owned Irish subsidiary. The change was timely made by filing Form 1128, Application to Adopt, Change, or Retain a Tax Year , in accordance with Rev. Proc. 2006-45 and resulted in a short tax year ended November 30, 2017 . The Company timely filed federal and state tax returns for the short period ended November 30, 2017 . As a result of the change in tax year, the Company is subject to GILTI for its first tax year beginning on December 1, 2018 . Based on the Company’s life settlement assets held within Ireland, the net income generated from these activities qualify entirely as GILTI. On January 10, 2018 the FASB provided guidance on how to account for deferred tax assets and liabilities expected to reverse in future years as GILTI. The FASB provided that a Company may either (1) elect to treat taxes due on future U.S. inclusions of GILTI as a current-period expense when incurred or (2) factor such amounts into the Company’s measurement of its deferred taxes. For ASC 740 purposes, the Company adopted an accounting policy to treat any future GILTI inclusion as a current-period expense instead of providing for U.S. deferred taxes on all temporary differences related to future GILTI items. On August 16, 2019 , the WE Investment was consummated whereby White Eagle, an indirectly-owned entity of the Company, sold to Palomino a 72.5% limited partnership interest in White Eagle, consisting of newly issued and outstanding Class A and Class D interests. Pursuant to the agreement, Lamington received 27.5% of the limited partnership interests of White Eagle, consisting of all of the newly issued and outstanding Class B interests. For U.S. income tax purposes, this transaction was treated as a contribution by White Eagle of its assets and liabilities to a newly formed partnership in exchange for the 27.5% interest in White Eagle’s capital and profits. The Company recognized no gain or loss as a result of the transaction. The Company and its subsidiary companies are subject to U.S. federal income tax, as well as to income tax in Florida and other states and foreign jurisdictions in which it operates.

Subsequent Events

Subsequent Events	9 Months Ended
	Aug. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On September 16, 2019, the Bankruptcy Court entered an order and final decree closing the White Eagle Chapter 11 Case.

Principles of Consolidation a_2

Principles of Consolidation and Basis of Presentation (Policies)	9 Months Ended
	Aug. 31, 2019
Accounting Policies [Abstract]
Change in Fiscal Year End	Change in Financial Year End On September 7, 2018, the Board of Directors of the Company (the "Board") adopted resolutions to change the Company’s fiscal year end, and therefore the Company and its direct and indirect subsidiaries changed their fiscal year ends, from December 31 to November 30, effective immediately. The Company filed a Transition Report on Form 10-KT in accordance with SEC rules and regulations for the fiscal period ended November 30, 2018, which covered transactions from January 1, 2018 to November 30, 2018. This Form 10-Q covers the period beginning June 1, 2019 and ending August 31, 2019 compared to June 1, 2018 to August 31, 2018 . As a result, the Form 10-Q will not be comparable to the results filed for the third quarter of 2018 covering July 1, 2018 to September 30, 2018 .
Consolidation and Related Party Relationship	Related Party Relationship Upon filing for Chapter 11 and the subsequent deconsolidation, transactions with Lamington are no longer eliminated in consolidation and are treated as related party transactions for Emergent Capital. See Note 5 "Condensed and Consolidated Financial Statements For Entities in Bankruptcy" for all transactions between Emergent Capital and Lamington. 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 the Deconsolidated Entities, White Eagle Asset Portfolio, an unconsolidated equity investment effective August 17, 2019, which is accounted for using fair value and Imperial Settlements Financing 2010, LLC ("ISF 2010"), an unconsolidated special purpose entity which is accounted for using the measurement alternative, which is measured at cost less impairment. The special purpose entity was to fulfill specific objectives. All significant intercompany balances and transactions except those related to Lamington after November 13, 2018 to August 16, 2019 (see Note 4) have been eliminated in consolidation, including income from services performed by subsidiary companies in connection with the White Eagle Revolving Credit Facility, as detailed herein.
Basis of Presentation	The unaudited consolidated financial statements have been prepared in conformity with the rules and regulations of the SEC for Form 10-Q and therefore do not include certain information, accounting policies, and footnote disclosure information or footnotes necessary for a complete presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles. However, all adjustments (consisting of normal recurring accruals), which, in the opinion of management, are necessary for a fair presentation of the financial statements, have been included. Operating results for the three months ended August 31, 2019 and nine months ended August 31, 2019 are not necessarily indicative of the results that may be expected for future periods or for the year ending November 30, 2019 . These interim financial statements should be read in conjunction with the Consolidated Financial Statements and Notes thereto included in Emergent Capital's Transition Report on Form 10-KT for the fiscal year ended November 30, 2018 .
Discontinued Operations	Discontinued Operations On October 25, 2013, the Company sold substantially all of the assets comprising its structured settlement business. 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 statements of operations for the three months and nine months ended August 31, 2019 and 2018 , and the related notes to the consolidated financial statements, reflect the classification of its structured settlement business operating results, net of tax, as discontinued operations. See Note 9, "Discontinued Operations," of the accompanying consolidated financial statements for further information. Unless otherwise noted, the following notes refer to the Company’s continuing operations.
Foreign Currency	Foreign Currency The Company owns certain foreign subsidiary companies formed under the laws of Ireland, the 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 translating 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 the Company’s financial statements.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements, in conformity with accounting principles generally accepted 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 period. 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 White Eagle Revolving Credit Facility, the valuation of equity awards, the valuation of our investment in deconsolidated entities and the valuation of our investment in limited partnership.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, "Leases" (Topic 842). The new guidance establishes the principles to report transparent and economically neutral information about the assets and liabilities that arise from leases. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. All leases create an asset and a liability for the lessee in accordance with FASB Concepts Statement No. 6, Elements of Financial Statements , and, therefore, recognition of those lease assets and lease liabilities represents an improvement over previous GAAP, which did not require lease assets and lease liabilities to be recognized for most leases. In December 2018, the Board released the amendments related to 1) sales taxes and other similar taxes collected from lessees that affect all lessors electing the accounting policy election; 2) lessor costs affecting all lessor entities that have lease contracts that either require lessees to pay lessor costs directly to a third party or require lessees to reimburse lessors for costs paid by lessors directly to third parties; and 3) recognition of variable payments for contracts with lease and nonlease components affecting all lessor entities with variable payments related to both lease and nonlease components. During the first quarter of 2019, the FASB issued targeted amendments to ASC 842 that affect how (1) financial institution lessors present lessee payments in their statements of cash flows and (2) lessors that are not manufacturers or dealers determine the fair value of the underlying asset. The FASB also clarified that companies transitioning to ASC 842 do not need to provide the interim transition disclosures required by ASC 250 (accounting changes and error corrections). All entities, including early adopters, must apply the amendments in this Update to all new and existing leases. This ASU is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements. We do not expect that it will have a material impact. In February 2018, the FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" to address stakeholder concerns about the guidance in current generally accepted accounting principles (GAAP) that requires deferred tax liabilities and assets to be adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date. The amendments in this update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements. In July 2018, the FASB issued ASU 2018-11, "Targeted Improvements to Leases" (Topic 842) primarily to provide another transition method in addition to the existing transition method by allowing entities to initially apply the new leases standard at the adoption date (such as January 1, 2019, for calendar year-end public business entities) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers’ requests. The amendments in this Update address stakeholders’ concerns about the requirement for lessors to separate components of a contract by providing lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component, similar to the expedient provided for lessees. The amendments in this Update also clarify which Topic (Topic 842 or Topic 606) applies for the combined component. For entities that have not adopted Topic 842 before the issuance of this Update, the effective date and transition requirements for the amendments in this Update related to separating components of a contract are the same as the effective date and transition requirements in Update 2016-02. In August 2018, the FASB issued ASU 2018-13, "Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement" which modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The following disclosure requirements were removed from Topic 820 among others: 1) The amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy 2) The policy for timing of transfers between levels. The following disclosure requirements were part of the modifications in Topic 820:1) For investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly. The amendments also clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. Lastly, the following disclosure requirements were added to Topic 820: 1) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; 2) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities ("ASU 2018-17"). ASU 2018-17 provides that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. ASU 2018-17 is effective for public companies for annual and interim periods beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements. In May 2019, the FASB issued ASU No. 2019- 05 which amends ASU 2016-13 to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of ASC 326-203 if the instruments are eligible for the fair value option under ASC 825-10.4 The fair value option election does not apply to held-to-maturity debt securities. Entities are required to make this election on an instrument-by-instrument basis. ASU 2019-05’s amendments should be applied "on a modified-retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings balance in the statement of financial position as of the date that an entity adopted the amendments in ASU 2016-13." Certain disclosures are required. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-05 are effective for fiscal years beginning after December 15, 2019, including interim periods therein. An entity may early adopt the ASU in any interim period after its issuance if the entity has adopted ASU 2016-13. For all other entities, the effective date will be the same as the effective date in ASU 2016-13.We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements. In May 2019, the FASB issued ASU No 2019-04 which clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments. The ASU’s amendments apply to all entities within the scope of the affected guidance. Accrued interest - Amortized cost basis is defined in ASU 2016-13 as "the amount at which a financing receivable or investment is originated or acquired, adjusted for applicable accrued interest, accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, writeoffs, foreign exchange, and fair value hedge accounting adjustments" (emphasis added). To address stakeholders’ concerns that the inclusion of accrued interest in the definition of amortized cost basis could make application of the credit loss guidance operationally burdensome, ASU 2019-04 provides certain alternatives for the measurement of the allowance for credit losses (ALL) on accrued interest receivable (AIR). These measurement alternatives include (1) measuring an ALL on AIR separately, (2) electing to provide separate disclosure of the AIR component of amortized cost as a practical expedient, and (3) making accounting policy elections to simplify certain aspects of the presentation and measurement of such AIR. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-04 related to ASU 2016-13 are effective for fiscal years beginning after December 15, 2019, and interim periods therein. ASU 2019-04’s amendments should be applied "on a modified-retrospective basis by means of a cumulative-effect adjustment to the opening retained earnings balance in the statement of financial position as of the date an entity adopted the amendments in ASU 2016-13." Certain disclosures are also required. For all other entities, the effective date will be the same as the effective date in ASU 2016-13.We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements. In July 2019, the FASB issued ASU No 2019-07, Codification Updates to SEC Sections—Amendments to SEC paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates. The FASB has updated the SEC portion of its codification literature to reflect changes the regulator made to simplify disclosures, modernize the reporting and disclosure of information by registered investment companies, and other items. ASU. 2019-07 updates the codification to reflect the amendments of various SEC disclosure requirements that the agency determined were redundant, duplicative, overlapping, outdated or superseded. The SEC amended its disclosure rules in 2018 with the aim of providing investors with useful disclosure information and to simplify compliance without significantly altering the mix of the information being provided. The amendments were part of an initiative by the SEC’s Division of Corporation Finance to review disclosure requirements applicable to issuers to consider ways to improve the requirements for the benefit of investors and issuers. The amendments are effective upon issuance of this update on July 2019. Adopted Accounting Pronouncements On August 17, 2018, the SEC issued a final rule that amends certain of its disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, or changes in the information environment. The financial reporting implications of the final rule’s amendments are generally expected to reduce or eliminate some of an SEC registrant’s disclosure requirements. In limited circumstances, however, the amendments may expand those requirements, including those related to interim disclosures about changes in stockholders’ equity and noncontrolling interests (hereinafter referred to as changes in stockholders’ equity). The changes in stockholders’ equity extends to interim periods the annual disclosure requirement in SEC Regulation S-X, Rule 3-04,5,6 of presenting (1) changes in stockholders’ equity and (2) the amount of dividends per share for each class of shares. An analysis of changes in stockholders’ equity will now be required for the current and comparative year-to-date interim periods with subtotals for each interim period. Note that both rules refer to Rule 3-04 for presentation requirements, which, among other items, include a reconciliation that describes all significant reconciling items in each caption of stockholders’ equity and noncontrolling interests (if applicable). Rule 3-04 permits the disclosure of changes in stockholders’ equity (including dividend-per-share amounts) to be made either in a separate financial statement or in the notes to the financial statements. The final rule was effective for all filings submitted on or after November 5, 2018. This standard was adopted during the nine months ended August 31, 2019 .

Deconsolidation of Subsidiari_2

Deconsolidation of Subsidiaries (Tables)	9 Months Ended
	Aug. 31, 2019
Reorganizations [Abstract]
Schedule of Fair Value on Investment in Lamington	The fair value of the investment in Lamington is calculated as follows: Investment in Lamington at December 1, 2018 $ 128,795 Less: Change in fair value 37,941 Investment in Lamington at August 16, 2019 $ 166,736
Schedule of Company's Investment in Deconsolidated Entities	The table below summarizes the composition of the Company's investment in the deconsolidated entities at August 16, 2019: Change in Fair Value November 30, 2018 December 1, 2018 to August 16, 2019 August 16, 2019 Equity investment $ 66,251 $ (45,847 ) $ 20,404 Promissory notes 56,596 89,736 146,332 Other liabilities 5,948 (5,948 ) — Total investment $ 128,795 $ 37,941 $ 166,736

Condensed and Consolidated Fi_2

Condensed and Consolidated Financial Statements for Entities in Bankruptcy (Tables)	9 Months Ended
	Aug. 31, 2019
Condensed Financial Information of Debtor-in-Possession Disclosure [Abstract]
Schedule of Condensed and Consolidated Financial Information for Lamington Road DAC	Condensed consolidated financial information for Lamington Road DAC is set forth below, presented at historical cost basis from the Petition Date to August 16, 2019. Lamington Road DAC (Debtor-in-Possession) Condensed and Consolidated Balance Sheet August 31, November 30, (Unaudited) (In thousands except share data) ASSETS Assets Cash and cash equivalents $ — $ 33,719 Prepaid expenses and other assets — 68 Investment in life settlements, at estimated fair value — 505,235 Receivable for maturity of life settlements — 27,700 Total assets $ — $ 566,722 LIABILITIES AND STOCKHOLDERS' DEFICIT/EQUITY Liabilities Accounts payable and accrued expenses — 1,410 Other liabilities (subject to compromise)* — 5,997 Revolving Credit Facility debt, at estimated fair value — 346,671 Promissory notes payable (subject to compromise)* — 137,813 Promissory notes interest payable (subject to compromise)* — 8,580 Total liabilities — 500,471 Share Capital (1 share of $1 authorized and issued) — — Additional paid in capital — 60,602 Accumulated deficit/retained earnings — 5,649 Total stockholders' deficit/equity — 66,251 Total liabilities and stockholders' equity $ — $ 566,722 *Liabilities subject to compromise include pre-petition unsecured claims, which may be settled at amounts different from those recorded in the condensed consolidated balance sheet. Lamington Road DAC (Debtor-in-Possession) Condensed and Consolidated Statements of Operations For the Three Months Ended For the Nine Months Ended 2019 2018 2019 2018 Change in Fair Value of Life Settlements (Notes 10 & 16) $ 12,985 $ 5,245 $ (16,841 ) $ 19,144 Change in fair value of investment in limited partnership (Note 11&16) 15,352 — 15,352 — Realized Gain on Life Settlements, Net 21,336 — 21,336 — Other income 345 134 709 304 Total income 50,018 5,379 20,556 19,448 Interest expense 23,331 5,844 28,331 16,716 Interest expense - affiliate — 2,478 — 7,330 Change in fair value of White Eagle Revolving Credit Facility (Notes 12 & 16) (26,586 ) (7,037 ) 17,094 (11,663 ) Loss on extinguishment of debt 7,360 — 7,360 — Participation Interest - Revolving Credit Facility — — — 340 Reorganization cost 4,769 — 13,954 — Legal fees 158 836 890 1,987 Professional fees 659 478 1,549 1,510 Administrative service fees - affiliate — — 2,765 2,371 Other general and administrative expenses (71 ) 96 469 292 Total expenses 9,620 2,695 72,412 18,883 Income taxes — — — — (Loss) income $ 40,398 $ 2,684 $ (51,856 ) $ 565 Lamington Road DAC (Debtor-in-Possession) Condensed and Consolidated Statements of Cash Flows For the Nine Months Ended 2019 2018 Net cash used in operating activities $ (58,793 ) $ (18,283 ) Cash flows from investing activities Premiums paid on life settlements (69,827 ) (67,815 ) Proceeds from maturity of life settlements 92,505 52,304 Net cash used in investing activities $ 22,678 $ (15,511 ) Cash flows from financing activities Repayment of borrowings under White Eagle Revolving Credit Facility (1,804 ) (34,597 ) Borrowings from White Eagle Revolving Credit Facility 4,221 67,580 Cash distributed to Parent Company (21 ) 700 Net cash provided by financing activities $ 2,396 $ 33,683 Net increase (decrease) in cash and cash equivalents (33,719 ) (111 ) Cash and cash equivalents, at beginning of the period 33,719 12,129 Cash and cash equivalents, at end of the period $ — $ 12,018 Supplemental disclosures of cash flow information: Cash paid for interest during the period $ 28,331 $ 16,716 Supplemental disclosures of non-cash financing activities: Repayment of White Eagle Revolving Credit Facility by third party from proceeds of sale of life settlement $ 366,821 $ — White Eagle early extinguishment fees paid by third party from proceeds of Class D Shares $ 7,360 $ —

Consolidation of Variable Int_2

Consolidation of Variable Interest Entities (Tables)	9 Months Ended
	Aug. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Consolidation of Variable Interest Entities	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 financial statements as of August 31, 2019 and November 30, 2018 , as well as non-consolidated VIEs for which the Company has determined it is not the primary beneficiary (in thousands): Not Primary Beneficiary Not Primary Beneficiary Non-consolidated VIE Non-consolidated VIE- White Eagle Total Assets Maximum Exposure To Loss Total Assets Maximum Exposure To Loss August 31, 2019 $ 2,384 $ 2,384 $ 132,334 $ 132,334 November 30, 2018 $ 2,384 $ 2,384 $ — $ —

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Aug. 31, 2019
Earnings Per Share [Abstract]
Schedule of Reconciliation of Actual Basic and Diluted Earnings Per Share	The following table reconciles actual basic and diluted earnings per share for the three months and nine months ended August 31, 2019 and 2018 (in thousands except per share data). For the Three Months Ended For the Nine Months Ended August 31, 2019(1) 2018(2) 2019(3) 2018(4) Income (loss) per share: Numerator: Net income (loss) from continuing operations $ 80,201 $ (2,293 ) $ 16,875 $ (4,338 ) Net income (loss) from discontinued operations 70 (17 ) 36 (14 ) Numerator for basic EPS - net income (loss) attributable to common stockholders $ 80,271 $ (2,310 ) $ 16,911 $ (4,352 ) Add back convertible notes interest 1,095 — 3,270 — Numerator for diluted earnings per share - net income (loss) attributable to common stockholders $ 81,296 $ (2,293 ) $ 20,145 $ (4,338 ) Basic income (loss) per common share: Basic income (loss) from continuing operations $ 0.51 $ (0.01 ) $ 0.11 $ (0.03 ) Basic income (loss) from discontinued operations — — — — Basic income (loss) per share available to common shareholders $ 0.51 $ (0.01 ) $ 0.11 $ (0.03 ) Diluted income (loss) per common share: Diluted income (loss) from continuing operations $ 0.41 $ (0.01 ) $ 0.10 $ (0.03 ) Diluted income (loss) from discontinued operations — — — — Diluted income (loss) per share available to common shareholders $ 0.41 $ (0.01 ) $ 0.10 $ (0.03 ) Denominator: Basic 156,968,470 158,305,635 156,949,425 157,919,215 Diluted 195,979,957 158,305,635 194,867,908 157,919,215 (1) The computation of diluted EPS does not include 85,000 shares of common stock underlying options, 100,000 shares of stock appreciation rights and 2,000,000 shares of common stock underlying warrants, as the effect of their inclusion would have been anti-dilutive. (2) The computation of diluted EPS does not include 2,550,000 shares of restricted stock, 85,000 shares of common stock underlying options, 100,000 shares of stock appreciation rights, 44,500,000 shares of common stock underlying warrants, and up to 37,918,483 shares of common stock issuable upon conversion of the 5% Convertible Notes (as defined below) and up to 181,249 shares of common stock issuable upon the conversion of the 8.5% Convertible Notes (as defined below), as the effect of their inclusion would have been anti-dilutive. (3) The computation of diluted EPS does not include 85,000 shares of common stock underlying options, 100,000 shares of stock appreciation rights, 1,083,333 shares of restricted stock and 44,500,000 shares of common stock underlying warrants, as the effect of their inclusion would have been anti-dilutive. (4) The computation of diluted EPS does not include 2,550,000 shares of restricted stock, 85,000 shares of common stock underlying options, 100,000 shares of stock appreciation rights, 44,500,000 shares of common stock underlying warrants, up to 37,918,483 shares of common stock issuable upon conversion of the 5% Convertible Notes (as defined below) and up to 181,249 shares of common stock issuable upon the conversion of the 8.5% Convertible Notes (as defined below), as the effect of their inclusion would have been anti-dilutive.

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Aug. 31, 2019
Share-based Payment Arrangement [Abstract]
Schedule of Common Stock Option Activity	The following table presents the activity of the Company’s outstanding stock options to purchase common stock for the nine months ended August 31, 2019 : Common Stock Options Number of Shares Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding Balance, December 1, 2018 85,000 $ 6.94 1.50 $ — Options granted — — — Options exercised — — — Options forfeited — $ — — Options expired — — — Options outstanding, August 31, 2019 85,000 $ 6.94 0.75 $ — Exercisable at August 31, 2019 85,000 $ 6.94 0.75 Unvested at August 31, 2019 — — — $ —
Schedule of Activity of Unvested Shares of Restricted Stock	The following table presents the activity of the Company’s unvested shares of restricted stock for the nine months ended August 31, 2019 : Common Unvested Shares Number of Shares Outstanding Balance, December 1, 2018 1,400,000 Granted — Vested (316,667 ) Forfeited — Outstanding August 31, 2019 1,083,333

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Aug. 31, 2019
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Operating Results of Discontinued Structured Settlement Business	Operating results related to the Company’s discontinued structured settlement business are as follows: Three Months Ended Nine Months Ended 2019 2018 2019 2018 Total income $ — $ — $ — $ 17 Total expenses (70 ) 18 (36 ) 32 Income (loss) before income taxes 70 (18 ) 36 (15 ) (Benefit) provision for income taxes — — — — Net income (loss) from discontinued operations, net of income taxes $ 70 $ (18 ) $ 36 $ (15 )

Life Settlements (Life Insura_2

Life Settlements (Life Insurance Policies) (Tables)	9 Months Ended
	Aug. 31, 2019
Investments, All Other Investments [Abstract]
Schedule of Life Settlements	The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the Company at August 31, 2019 was 11.6 years . Remaining Life Expectancy (In Years) Number of Life Settlement Contracts Fair Value Face Value 0-1 — $ — $ — 1-2 — — — 2-3 — — — 3-4 — — — 4-5 — — — Thereafter 2 1,254 12,000 Total 2 $ 1,254 $ 12,000 The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the Company at November 30, 2018 was 12.2 years . Remaining Life Expectancy (In Years)* Number of Life Settlement Contracts Fair Value Face Value 0-1 $ — $ — $ — 1-2 — — — 2-3 — — — 3-4 — — — 4-5 — — — Thereafter 2 1,172 12,000 Total $ 2 $ 1,172 $ 12,000 The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the White Eagle at November 30, 2018 was 8.9 years . Remaining Life Expectancy (In Years)* Number of Life Settlement Contracts Fair Value Face Value 0-1 6 $ 24,221 $ 28,796 1-2 12 30,828 46,390 2-3 31 72,343 126,402 3-4 37 57,874 139,447 4-5 46 77,719 217,450 Thereafter 454 242,251 2,217,430 Total 586 $ 505,236 $ 2,775,915
Schedule of Analysis of Policy Maturity	The below is an analysis of policy maturities for the three months and nine months ended August 31, 2019 and 2018. Three Months Ended August 31, Nine Months Ended August 31, 2019 2018 2019 2018 Face value $ 31,768 $ 14,250 $ 100,374 $ 68,185 Cost * 8,911 7,664 27,723 22,755 Accumulated Change in Fair Value * 2,858 (528 ) 2,351 10,316 Carrying Value 11,769 7,136 30,074 33,071 Gain on Maturities $ 19,999 $ 7,114 $ 70,300 $ 35,114 Number of Policies 6 3 18 15 * Cost includes purchase price and premiums paid into the policy to date of maturity. Accumulated change in fair value is impacted by changes in discount rate, updated life expectancy estimates on the life insurance policy and cost of insurance increase.
Schedule of Estimated Premiums To Be Paid	Estimated premiums to be paid for each of the five succeeding fiscal years and thereafter to keep the life insurance policies in force as of August 31, 2019 , are as follows (in thousands): Remainder of 2019 $ 45 2020 191 2021 222 2022 254 2023 286 Thereafter 4,989 $ 5,987

Investment in Limited Partner_2

Investment in Limited Partnership (Tables)	9 Months Ended
	Aug. 31, 2019
Investments in and Advances to Affiliates [Abstract]
Schedule of Funds in the Premium/Expense Reserve Account	Funds in the premium/expense reserve account shall be used or otherwise distributed in the following order of priority: Premium/Expense Reserve Account Three Months Ended August 31, 2019 Nine Months Ended August 31, 2019 Amount Use of Proceeds First $ 8,210 $ 8,210 Premiums, Expenses and Manager Fees Second — — Minimum Class B Interest Monthly Distribution - after three years, Class D Returns takes priority until paid in full Third — — Minimum Class B Interest Monthly Distribution Fourth — — Retained For Premium/Expense to Cover Three Months of Transactions, excess to be sent to the Collection Account $ 8,210 $ 8,210
Schedule of Funds on Deposit in the Collections Account and Distributions by the Paying Agent	On each Distribution Date, funds on deposit in the Collections Account shall be distributed by the Paying Agent ("Wilmington Trust, N.A") pursuant to the Waterfall Notice in the following order of priority: Collection Account Three Months Ended August 31, 2019 Nine Months Ended August 31, 2019 Priority Amount Use of Proceeds First $ — $ — Premium/Expense Reserve Account - to cover next three months of premiums and expense Second — — Class A Minimum Return Cumulative Amount* Third — — Minimum Class B Interest Monthly Distribution Fourth — — Re-balancing the Total Return Distributions with 72.5% to the Class A Limited Partner and 27.5% to Class B Limited Partner Fifth — — 72.5% to the Class A Limited Partner and 27.5% to the Class B Limited Partner $ — $ — * To pay the Class A Limited Partner the amount necessary such that the Class A Limited Partner shall have received the Class A Minimum Return Cumulative Amount (applied first which is 11% ), second to the amounts necessary to reduce the principal balance from $406.0 million on the Effective Date to April 2039 when it is expected to be paid in full (the A&R LPA stipulate the expected monthly reduction in target principal commencing in April 2021), third to later contributions by the Class A Limited Partner, excluding Advance Facility but includes funded into premium/expense account on its own behalf and fourth the Class D Return, in each case of the definition of Class A Minimum Return Cumulative Amount as of the last day of the month immediately prior to such Distribution Date.

White Eagle Revolving Credit _2

White Eagle Revolving Credit Facility (Tables)	9 Months Ended
	Aug. 31, 2019
Debt Instrument [Line Items]
Schedule of Interest Expense on Facility	Total interest expense on the facility during the three months and nine months ended August 31, 2019 and 2018 paid from maturity proceeds or paid directly by White Eagle was as follows (in thousands): Three Months Ended August 31, Nine Months Ended 2019 2018 2019 2018 Interest paid through waterfall $ — $ 5,844 $ — $ 16,716 Participation interest paid through waterfall — — — 340 Interest paid from collection account 23,331 — 28,331 — Total interest expense $ 23,331 $ 5,844 $ 28,331 $ 17,056
Revolving Credit Facility | White Eagle
Debt Instrument [Line Items]
Schedule of Payouts Based on LTV	After distributions for premium payments, fees to service providers and payments of interest, a percentage of the collections from policy proceeds are to be paid to the Company, which will vary depending on the then LTV ratio as illustrated below where the valuation is determined by the lenders: LTV Premiums, Interest & Other Fees Principal Distribution to White Eagle - 55% Lender Participation - 45% N/A 100% —% —% —% >65% N/A 100% —% —% 50-65% N/A 70% 16.5% 13.5% 35-50% N/A 55% 24.8% 20.3% 0-35% N/A 45% 30.3% 24.8%
Schedule of Reconciliation of Proceeds Distributed	The below is a reconciliation of proceeds collected by the White Eagle Revolving Credit Facility and distributed from the collection account in accordance with the budget approved by the Bankruptcy court and the Revolving Credit Facility termination agreement (in thousands): Collection account balance at December 1, 2018 $ 28,059 Face value collected in current quarter 60,163 Face value collected in prior quarters 32,342 Other collections * 2,575 $ 123,139 Expenses paid from the collection account Post-Petition Premiums paid 2019 $ (65,905 ) Interest expenses (28,331 ) Payment toward principal (1,804 ) White Eagle credit facility expenses (9,304 ) Refund of premium payments advanced by parent (3,000 ) Lender allowed claim-Beal (5,839 ) Transfers of remaining funds to Lamington (8,956 ) $ (123,139 ) Collection account balance at August 16, 2019** $ — *Includes refund of premiums and interest earned on maturity proceeds ** Collection account was closed on August 16, 2019 in connection with the termination of the White Eagle Revolving Credit Facility.
Schedule of Distribution of Proceeds	For the three months and nine months ended August 31, 2018 , approximately $12.8 million and $44.2 million , respectively, of proceeds received from the maturity of policies pledged under the White Eagle Revolving Credit Facility, were distributed through the waterfall in the following stages of priority (in thousands): Three Months Ended Nine Months Ended Clause Amount Use of Proceeds First: $ 84 $ 251 Custodian and Securities Intermediary Second: — — White Eagle - Ongoing Maintenance Cost Reimbursable Third: — — Administrative Agent - Protective Advances Fourth: 26 43 Administrative Agent - Administrative Agent Fee and Legal Expense Reimbursement Fifth: 5,844 16,716 Administrative Agent - Accrued and Unpaid Interest Sixth: 6,854 26,397 Administrative Agent - Required Amortization Seventh: — — Administrative Agent - Amortization Shortfall Eighth: — 340 Administrative Agent - Participation Interest Ninth: — — Reserved - $0 Tenth: — — Administrative Agent Aggregate Unpaid Participation Interest Eleventh: — — Administrative Agent - Remaining Available Amount After Clause First to Tenth Twelfth: — — Wilmington Trust - Custodian and Securities Intermediary - Unpaid Fees Thirteenth: — 416 Borrower - Any Remaining Available Amount After Clause First to Twelfth Total Distributions $ 12,808 $ 44,163
Schedule of Advances For Premium Payments and Fees	During the three months and nine months ended August 31, 2019 and 2018 , advances for premium payments and fees to service providers amounted to (in thousands): Three Months Ended August 31, Nine Months Ended August 31, 2019 2018 2019 2018 Amount drawn for premium payments $ — $ 22,668 $ 4,221 $ 67,580 Amount drawn in fees to service providers — 629 — 1,910 Total amount drawn $ — $ 23,297 $ 4,221 $ 69,490

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Aug. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of 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 August 31, 2019 , are as follows (in thousands): Level 1 Level 2 Level 3 Total Fair Value Assets: Investment in limited partnership $ — $ — 132,334 $ 132,334 Investment in life settlements — — 1,254 1,254 $ — $ — $ 133,588 $ 133,588 The balances of the Company’s assets measured at fair value on a recurring basis as of November 30, 2018 , are as follows (in thousands): Level 1 Level 2 Level 3 Total Fair Value Assets: Investment in life settlements - Deconsolidated $ — $ — $ 505,235 $ 505,235 Investment in life settlements - Consolidated — — 1,172 1,172 $ — $ — $ 506,407 $ 506,407 Investment in deconsolidated subsidiaries $ — $ — $ 128,795 $ 128,795 The balances of the Company’s liabilities measured at fair value on a recurring basis as of November 30, 2018 , are as follows (in thousands): Level 1 Level 2 Level 3 Total Fair Value Liabilities: White Eagle Revolving Credit Facility - Deconsolidated $ — $ — $ 346,670 $ 346,670 $ — $ — $ 346,670 $ 346,670
Schedule of Quantitative Information about Level 3 Fair Value Measurements	The below is a quantitative analysis of the Company's level 3 assets fair value measurements: ($ in thousands) Quantitative Information about Level 3 Fair Value Measurements Fair Value Aggregate Valuation Technique Unobservable Input Range (Weighted Average) Investment in life settlements $ 1,254 $ 12,000 Discounted cash flow Discount rate 13.25% 15.25% Life expectancy evaluation (11.6 years) Investment in limited partnership $ 132,334 $ 735,798 Discounted cash flow Discount rate 15.03% Life expectancy evaluation, distributions, return on investment
Schedule of 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 lived six months shorter or longer than the life expectancies provided by these third parties, the change in estimated fair value as of August 31, 2019 would be as follows (dollars in thousands): Life Expectancy Months Adjustment Value Change in Value +6 $ 1,051 $ (203 ) - $ 1,254 $ — -6 $ 1,466 $ 212
Schedule of 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 the Company’s life settlements as of August 31, 2019 : Carrier - Consolidated Percentage of Total Fair Value Percentage of Total Death Benefit Moody’s Rating S&P Rating Sun Life Assurance Company of Canada 100 % 100 % Aa3 AA
Schedule of Market Interest Rate Sensitivity Analysis	Market interest rate sensitivity analysis of the investment in limited partnership The extent to which the fair value of the investment in limited partnership 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 investment in limited partnership as of August 31, 2019 would be as follows (dollars in thousands): Weighted Average Rate Rate Adjustment Value Change in Value 14.53% (0.50 )% $ 136,057 $ 3,723 15.03% — $ 132,334 $ — 15.53% 0.50 % $ 128,766 $ (3,568 ) Market interest rate sensitivity analysis 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 as of August 31, 2019 would be as follows (dollars in thousands): Weighted Average Rate Calculated Based on Death Benefit - Consolidated Rate Adjustment Value Change in Value 14.42% (0.50 )% $ 1,308 $ 54 14.92% — $ 1,254 $ — 15.42% 0.50 % $ 1,202 $ (52 )
Schedule of Changes in Fair Value for All Assets Using Material Level of Unobservable (Level 3) Inputs	The following table provides a roll-forward in the changes in fair value for the nine months ended August 31, 2019 , for all life settlement assets for which the Company determines fair value using a material level of unobservable (Level 3) inputs, which consists solely of life settlements (in thousands): Life Settlements - Consolidated: : Balance, December 1, 2018 $ 1,172 Purchase of policies — Change in fair value (37 ) Matured/lapsed/sold policies — Premiums paid 118 Balance, August 31, 2019 $ 1,253 Changes in fair value included in earnings for the period relating to assets held at August 31, 2019 $ (37 ) Life Settlements - Deconsolidated: Balance, December 1, 2018 $ 505,235 Purchase of policies — Change in fair value (16,841 ) Receivable for maturity of life settlement write off (Note 18) 17,800 Policies sold (344,845 ) Policies matured (100,373 ) Premiums paid 69,827 Transfer to investment in limited partnership (130,803 ) Balance, August 31, 2019 — Changes in fair value included in earnings for the period relating to deconsolidated assets held at August 31, 2019 $ — The following table provides a roll-forward in the changes in fair value for the nine months ended August 31, 2019 , for investment in limited partnership for which the Company determines fair value using a material level of unobservable (Level 3) inputs, which consists solely of life settlements (in thousands): Investment in Limited Partnership Balance, December 1, 2018 $ — Transfer from investment in life settlement 130,803 Change in fair value - August 16, 2019 15,352 Advance for Class D Shares (8,000 ) Balance, August 16, 2019 $ 138,155 Change in fair value - August 17, 2019 to August 31, 2019 (5,821 ) Balance, August 31, 2019 $ 132,334 Changes in fair value included in earnings for the period relating to assets held at August 31, 2019 $ (5,821 ) The following table provides a roll-forward in the changes in fair value for the nine months ended August 31, 2018 , for all assets for which the Company determines fair value using a material level of unobservable (Level 3) inputs, which consists solely of life settlements (in thousands): Life Settlements: Balance, December 1, 2017 $ 557,786 Purchase of policies — Change in fair value 19,299 Matured/sold policies (68,185 ) Premiums paid 67,916 Transfers into level 3 — Transfers out of level 3 — Balance, August 31, 2018 $ 576,816 Changes in fair value included in earnings for the period relating to assets held at August 31, 2018 $ (15,707 ) The following table provides a roll-forward in the changes in fair value for the period ended nine months ended August 31, 2019 , for the investment in subsidiaries for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands): Investment in Deconsolidated Subsidiaries Investment in Lamington at December 1, 2018 $ 128,795 Change in fair value 37,941 Transferred to consolidation (166,736 ) Investment in Lamington at August 31, 2019 $ —
Schedule of Changes in Fair Value for All Liabilities Using Material Level of Unobservable (Level 3) Inputs	The following table provides a roll-forward in the changes in fair value for the nine months ended August 31, 2018 , 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, December 1, 2017 $ 326,104 Draws under the White Eagle Revolving Credit Facility 69,490 Payments on White Eagle Revolving Credit Facility (34,597 ) Unrealized change in fair value (11,663 ) Transfers into level 3 — Transfer out of level 3 — Balance, August 31, 2018 $ 349,334 Changes in fair value included in earnings for the period relating to liabilities at August 31, 2018 $ (11,663 ) The following table provides a roll-forward in the changes in fair value for the nine months ended August 31, 2019 , 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, December 1, 2018 $ 346,670 Draws under the White Eagle Revolving Credit Facility 4,221 Payments on White Eagle Revolving Credit Facility (367,985 ) Unrealized change in fair value 17,094 Balance, August 31, 2019 $ — Changes in fair value included in earnings for period relating to liabilities held at August 31, 2019 $ —

Description of Business (Detail

Description of Business (Details) $ in Thousands

Aug. 16, 2019USD ($)

Jul. 18, 2019USD ($)

May 07, 2019

Jan. 25, 2019USD ($)

Jan. 15, 2019

Nov. 14, 2018

Nov. 13, 2018

May 31, 2019

Dec. 30, 2019USD ($)

Sep. 17, 2019

Aug. 31, 2019USD ($)contract

Aug. 15, 2019

Dec. 13, 2018

Nov. 30, 2018USD ($)

Organization and Nature of Operations [Line Items]

Investment in life settlements fair value

$ 1,254

$ 506,407

Life insurance policies with aggregate death benefit

12,000

Investment in limited partnership

$ 132,334

0

[1]

8.5% Senior Secured Notes and New Convertible Notes

Organization and Nature of Operations [Line Items]

Debt instrument, interest rate

8.50%

Limited Partner | IRELAND | Lamington

Organization and Nature of Operations [Line Items]

Ownership interest percentage

99.99%

General Partner | WEGP

Organization and Nature of Operations [Line Items]

Ownership interest percentage

0.01%

Revolving Credit Facility

Organization and Nature of Operations [Line Items]

Repayment of outstanding principal on line of credit

$ 368,000

Repayment of accrued and unpaid interest on line of credit

21,300

Revolving Credit Facility | White Eagle

Organization and Nature of Operations [Line Items]

Period during which debtors are authorized to use proceeds from pre-petition cash collateral (equivalent to 20 weeks)

2 months 7 days

5 months

2 months 7 days

WE Investment | Lamington

Organization and Nature of Operations [Line Items]

Equity investment ownership percentage

27.50%

Investment in limited partnership

$ 138,900

$ 132,300

Subsidiaries

Organization and Nature of Operations [Line Items]

Investment in life settlements fair value

1,172

Subsidiaries | LNV

Organization and Nature of Operations [Line Items]

Equity stake percentage

45.00%

Subsidiaries | LNV | DIP Financing

Organization and Nature of Operations [Line Items]

Amount of debt committed to in connection with receiving an equity stake percentage

$ 370,000

Equity stake percentage

45.00%

Subsidiaries | Limited Partner | IRELAND | Lamington

Organization and Nature of Operations [Line Items]

Ownership interest percentage

99.99%

99.99%

Subsidiaries | General Partner | WEGP

Organization and Nature of Operations [Line Items]

Ownership interest percentage

0.01%

0.01%

Subsidiaries | Forecast | LNV | DIP Financing

Organization and Nature of Operations [Line Items]

Equity stake percentage

45.00%

Subsidiaries | Forecast | LNV | WEGP | DIP Financing

Organization and Nature of Operations [Line Items]

Debtor-in-possession financing

$ 15,000

Subsidiaries | If paid by September 17, 2019 | Forecast | LNV | White Eagle | DIP Financing

Organization and Nature of Operations [Line Items]

Default rate of outstanding principal and accrued interest

102.00%

Subsidiaries | If paid by December 30, 2019 | Forecast | LNV | White Eagle | DIP Financing

Organization and Nature of Operations [Line Items]

Default rate of outstanding principal and accrued interest

104.00%

Subsidiaries | WE Investment

Organization and Nature of Operations [Line Items]

Equity investment ownership percentage

27.50%

Subsidiaries | WE Investment | Lamington

Organization and Nature of Operations [Line Items]

Equity investment ownership percentage

27.50%

Subsidiaries | WE Investment | White Eagle

Organization and Nature of Operations [Line Items]

Number of consolidated life insurance policies owned | contract

2

Equity investment ownership percentage

27.50%

Investment in limited partnership

$ 132,300

Subsidiaries | WE Investment | Class B Interests | Lamington

Organization and Nature of Operations [Line Items]

Equity investment ownership percentage

27.50%

Affiliates | Jade Mountain | White Eagle

Organization and Nature of Operations [Line Items]

Exchange price on sale of equity interest in subsidiary

$ 384,300

Affiliates | Palomino | White Eagle

Organization and Nature of Operations [Line Items]

Percentage of equity interest sold

72.50%

Percentage of equity interest in affiliate owned

100.00%

Affiliates | White Eagle

Organization and Nature of Operations [Line Items]

Percentage of equity interest sold

72.50%

Proceeds from sale of limited partnership interest

$ 366,200

Affiliates | Class A Interests

Organization and Nature of Operations [Line Items]

Internal rate of return guaranteed to majority owner of partnership investment

11.00%

Affiliates | Class A Interests | Palomino | White Eagle

Organization and Nature of Operations [Line Items]

Percentage of equity interest sold

72.50%

Affiliates | Class D Interests

Organization and Nature of Operations [Line Items]

Internal rate of return guaranteed to majority owner of partnership investment

11.00%

Affiliates | Class D Interests | Palomino | White Eagle

Organization and Nature of Operations [Line Items]

Proceeds from sale of limited partnership interest

$ 8,000

Affiliates | Class B Interests

Organization and Nature of Operations [Line Items]

Period for distribution of proceeds from limited partnership interest

8 years

Internal rate of return guaranteed to majority owner of partnership investment

11.00%

Affiliates | For the first 3 years | Class A Interests

Organization and Nature of Operations [Line Items]

Proceeds from sale of limited partnership interest

$ 8,000

Period for distribution of proceeds from limited partnership interest

3 years

Affiliates | For the subsequent 7 years | Class A Interests

Organization and Nature of Operations [Line Items]

Proceeds from sale of limited partnership interest

$ 4,000

Period for distribution of proceeds from limited partnership interest

7 years

CLMG | Revolving Credit Facility

Organization and Nature of Operations [Line Items]

Line of credit payoff

$ 402,500

CLMG | Revolving Credit Facility | White Eagle

Organization and Nature of Operations [Line Items]

Line of credit payoff

28,300

CLMG | Revolving Credit Facility | Class A Interests | Palomino

Organization and Nature of Operations [Line Items]

Purchase price of acquired equity interest

374,200

CLMG | Revolving Credit Facility | Class D Interests | Palomino

Organization and Nature of Operations [Line Items]

Purchase price of acquired equity interest allocated to Class D

8,000

Annual amount guaranteed to majority owners of limited partnership

$ 2,000

Internal rate of return guaranteed to majority owner of partnership investment

11.00%

LNV | Revolving Credit Facility

Organization and Nature of Operations [Line Items]

Early repayments of line of credit

$ 7,400

Lender-allowed claims

$ 5,800

Collateral pledged | Revolving Credit Facility | White Eagle

Organization and Nature of Operations [Line Items]

Investment in life settlements fair value

505,236

Life insurance policies with aggregate death benefit

$ 2,775,915

Collateral pledged | WE Investment | Lamington

Organization and Nature of Operations [Line Items]

Equity investment ownership percentage

27.50%

Collateral pledged | Subsidiaries | WE Investment | Lamington

Organization and Nature of Operations [Line Items]

Equity investment ownership percentage

27.50%

Collateral pledged | Subsidiaries | WE Investment | White Eagle

Organization and Nature of Operations [Line Items]

Equity investment ownership percentage

27.50%

[1]

Derived from audited consolidated financial statements.

Principles of Consolidation a_3

Principles of Consolidation and Basis of Presentation (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2019USD ($)policy	Aug. 31, 2018USD ($)	Aug. 31, 2019USD ($)policy	Aug. 31, 2018USD ($)	Nov. 30, 2019USD ($)	Oct. 09, 2019USD ($)	Nov. 30, 2018USD ($)	[1]
Organization and Nature of Operations [Line Items]
Accumulated deficit	$ 289,098		$ 289,098				$ 306,009
Cash flows used in operating activities			8,493	$ 32,571
Cash and cash equivalents	8,800		8,800
Certificates of deposit	508		508				500
Cash available to pay premiums	8,780		8,780				$ 1,209
Other overhead expenses	$ 2,832	$ 7,979	$ 8,370	$ 23,398
Subsequent Event
Organization and Nature of Operations [Line Items]
Cash and cash equivalents						$ 26,800
Certificates of deposit						$ 511
Policies not pledged | Revolving Credit Facility
Organization and Nature of Operations [Line Items]
Number of unencumbered policies | policy	2		2
Policies not pledged | Revolving Credit Facility | Forecast
Organization and Nature of Operations [Line Items]
Other overhead expenses					$ 45
[1]	Derived from audited consolidated financial statements.

Deconsolidation of Subsidiari_3

Deconsolidation of Subsidiaries - Narrative (Details) - USD ($) $ in Thousands	Aug. 16, 2019	Nov. 13, 2018	Nov. 30, 2018		Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 16, 2019	Aug. 31, 2018
Noncontrolling Interest [Line Items]
Investment in limited partnership, at estimated fair value (Note 11)			$ 0	[1]	$ 132,334		$ 132,334
Change in fair value of investment in deconsolidated subsidiaries					$ 90,710	$ 0	$ 37,941		$ 0
Lamington
Noncontrolling Interest [Line Items]
Investment in limited partnership, at estimated fair value (Note 11)	$ 166,736	$ 278,400	128,795					$ 166,736
Change in fair value of investment in deconsolidated subsidiaries	37,900		(149,600)					37,941
Limited Partner | IRELAND | Lamington
Noncontrolling Interest [Line Items]
Ownership interest percentage		99.99%
General Partner | WEGP
Noncontrolling Interest [Line Items]
Ownership interest percentage		0.01%
Equity investment | Lamington
Noncontrolling Interest [Line Items]
Investment in limited partnership, at estimated fair value (Note 11)		$ 127,300
Promissory notes | Lamington
Noncontrolling Interest [Line Items]
Investment in limited partnership, at estimated fair value (Note 11)	146,332	145,900	56,596					146,332
Change in fair value of investment in deconsolidated subsidiaries								89,736
Other liabilities | Lamington
Noncontrolling Interest [Line Items]
Investment in limited partnership, at estimated fair value (Note 11)	$ 0	$ 5,200	$ 5,948					0
Change in fair value of investment in deconsolidated subsidiaries								$ (5,948)
[1]	Derived from audited consolidated financial statements.

Deconsolidation of Subsidiari_4

Deconsolidation of Subsidiaries - Fair Value of Investment in Lamington (Details) - USD ($) $ in Thousands		Aug. 16, 2019	Nov. 30, 2018		Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 16, 2019	Aug. 31, 2018
Investment in Deconsolidated Subsidiary [Roll Forward]
Investment in Lamington at December 1, 2018	[1]						$ 0	$ 0
Change in fair value of investment in deconsolidated subsidiaries					$ (90,710)	$ 0	(37,941)		$ 0
Investment in Lamington at August 16, 2019			$ 0	[1]	$ 132,334		132,334
Lamington
Investment in Deconsolidated Subsidiary [Roll Forward]
Investment in Lamington at December 1, 2018							$ 128,795	128,795
Change in fair value of investment in deconsolidated subsidiaries		$ (37,900)	149,600					(37,941)
Investment in Lamington at August 16, 2019		$ 166,736	$ 128,795					$ 166,736
[1]	Derived from audited consolidated financial statements.

Deconsolidation of Subsidiari_5

Deconsolidation of Subsidiaries - Company's Investment in Deconsolidated Entities (Details) - USD ($) $ in Thousands		Aug. 16, 2019	Nov. 30, 2018		Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 16, 2019	Aug. 31, 2018
Investment in Deconsolidated Subsidiary [Roll Forward]
Investment in Lamington at December 1, 2018	[1]						$ 0	$ 0
Change in fair value					$ 90,710	$ 0	37,941		$ 0
Investment in Lamington at August 16, 2019			$ 0	[1]	$ 132,334		132,334
Lamington
Investment in Deconsolidated Subsidiary [Roll Forward]
Investment in Lamington at December 1, 2018							128,795	128,795
Change in fair value		$ 37,900	(149,600)					37,941
Investment in Lamington at August 16, 2019		166,736	128,795					166,736
Lamington | Promissory notes
Investment in Deconsolidated Subsidiary [Roll Forward]
Investment in Lamington at December 1, 2018							56,596	56,596
Change in fair value								89,736
Investment in Lamington at August 16, 2019		146,332	56,596					146,332
Lamington | Other liabilities
Investment in Deconsolidated Subsidiary [Roll Forward]
Investment in Lamington at December 1, 2018							5,948	5,948
Change in fair value								(5,948)
Investment in Lamington at August 16, 2019		0	5,948					0
Lamington | Equity investment
Investment in Deconsolidated Subsidiary [Roll Forward]
Investment in Lamington at December 1, 2018							$ 66,251	66,251
Change in fair value								(45,847)
Investment in Lamington at August 16, 2019		$ 20,404	$ 66,251					$ 20,404
[1]	Derived from audited consolidated financial statements.

Condensed and Consolidated Fi_3

Condensed and Consolidated Financial Statements for Entities in Bankruptcy - Condensed and Consolidated Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018		Aug. 31, 2018	May 31, 2018	Feb. 28, 2018	Nov. 30, 2017	Jul. 17, 2017	Jul. 16, 2017
ASSETS
Cash and cash equivalents	$ 8,780			$ 1,209	[1]
Life settlements, at estimated fair value	1,254			1,172	[1]
Receivable for maturity of life settlements	17,768			0	[1]
Total assets	165,277			136,748	[1]
Liabilities
Accounts payable and accrued expenses	2,093			2,446	[1]
Total liabilities	120,834			109,506	[1]
Share Capital (1 share of $1 authorized and issued)	1,587			1,587	[1]
Additional paid-in-capital	334,488			334,198	[1]
Accumulated deficit/retained earnings	(289,098)			(306,009)	[1]
Total stockholders’ equity	44,443	$ (35,923)	$ (10,136)	27,242	[1]	$ 184,981	$ 187,084	$ 193,845	$ 188,944
Total liabilities and stockholders’ equity	$ 165,277			$ 136,748	[1]
Common stock, par value (in dollars per share)	$ 0.01			$ 0.01	[1]
Common stock, shares authorized (in shares)	415,000,000			415,000,000	[1]					415,000,000	80,000,000
Common stock, shares issued (in shares)	158,659,803			158,733,928	[1]	159,028,458
Subsidiaries | Lamington
ASSETS
Cash and cash equivalents	$ 0			$ 33,719
Prepaid expenses and other assets	0			68
Life settlements, at estimated fair value	0			505,235
Receivable for maturity of life settlements	0			27,700
Total assets	0			566,722
Liabilities
Accounts payable and accrued expenses	0			1,410
Other liabilities (subject to compromise)	0			5,997
Revolving Credit Facility debt, at estimated fair value	0			346,671
Promissory notes payable (subject to compromise)	0			137,813
Promissory notes interest payable (subject to compromise)	0			8,580
Total liabilities	0			500,471
Share Capital (1 share of $1 authorized and issued)	0			0
Additional paid-in-capital	0			60,602
Accumulated deficit/retained earnings	0			5,649
Total stockholders’ equity	0			66,251
Total liabilities and stockholders’ equity	$ 0			$ 566,722
Common stock, par value (in dollars per share)	$ 1			$ 1
Common stock, shares authorized (in shares)	1			1
Common stock, shares issued (in shares)	1			1
[1]	Derived from audited consolidated financial statements.

Condensed and Consolidated Fi_4

Condensed and Consolidated Financial Statements for Entities in Bankruptcy - Condensed and Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018
Condensed Income Statements, Captions [Line Items]
Change in fair value of life settlements (Notes 10 & 16)	$ (42,000)	$ 5,404,000	$ (37,000)	$ 19,299,000
Change in fair value of investment in limited partnership	(5,821,000)	0	(5,821,000)	0
Other income	2,011,000	153,000	2,028,000	396,000
Total income	86,858,000	5,557,000	34,111,000	19,695,000
Interest expense	2,832,000	7,979,000	8,370,000	23,398,000
Change in fair value of White Eagle Revolving Credit Facility	0	(7,037,000)	0	(11,663,000)
Legal fees	1,448,000	552,000	2,117,000	3,478,000
Professional fees	1,142,000	1,875,000	1,470,000	4,497,000
Other selling, general and administrative expenses	276,000	394,000	399,000	1,407,000
Total expenses	6,662,000	4,756,000	14,023,000	24,169,000
Income taxes	(5,000)	3,094,000	3,213,000	(136,000)
Net income (loss) from continuing operations	80,201,000	(2,293,000)	16,875,000	(4,338,000)
Subsidiaries | Lamington
Condensed Income Statements, Captions [Line Items]
Change in fair value of life settlements (Notes 10 & 16)	12,985,000	5,245,000	(16,841,000)	19,144,000
Change in fair value of investment in limited partnership	15,352,000	0	15,352,000	0
Realized Gain on Life Settlements, Net	21,336,000	0	21,336,000	0
Other income	345,000	134,000	709,000	304,000
Total income	50,018,000	5,379,000	20,556,000	19,448,000
Interest expense	23,331,000	5,844,000	28,331,000	16,716,000
Interest expense - affiliate	0	2,478,000	0	7,330,000
Change in fair value of White Eagle Revolving Credit Facility	(26,586,000)	(7,037,000)	17,094,000	(11,663,000)
Loss on extinguishment of debt	7,360,000	0	7,360,000	0
Participation Interest - Revolving Credit Facility	0	0	0	340,000
Reorganization cost	4,769,000	0	13,954,000	0
Legal fees	158,000	836,000	890,000	1,987,000
Professional fees	659,000	478,000	1,549,000	1,510,000
Administrative service fees - affiliate	0	0	2,765,000	2,371,000
Other selling, general and administrative expenses	(71,000)	96,000	469,000	292,000
Total expenses	9,620,000	2,695,000	72,412,000	18,883,000
Income taxes	0	0	0	0
Net income (loss) from continuing operations	$ 40,398,000	$ 2,684,000	$ (51,856,000)	$ 565,000

Condensed and Consolidated Fi_5

Condensed and Consolidated Financial Statements for Entities in Bankruptcy - Condensed and Consolidated Cash Flow Statements (Details) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018
Condensed Cash Flow Statements, Captions [Line Items]
Net cash used in operating activities	$ (8,493)	$ (32,571)
Cash flows from investing activities
Premiums paid on life settlements	(118)	(67,916)
Proceeds from maturity of life settlements	0	52,304
Net cash used in investing activities	10,782	(15,612)
Cash flows from financing activities
Repayment of borrowings under White Eagle Revolving Credit Facility	0	(34,597)
Borrowings from White Eagle Revolving Credit Facility	0	67,580
Net cash provided by financing activities	5,282	32,983
Net increase (decrease) in cash and cash equivalents	7,571	(15,200)
Cash and cash equivalents, at beginning of the period	1,209	31,208
Cash and cash equivalents, at end of the period	8,780	16,008
Supplemental disclosures of cash flow information:
Cash paid for interest during the period	4,430	22,865
Subsidiaries | Lamington
Condensed Cash Flow Statements, Captions [Line Items]
Net cash used in operating activities	(58,793)	(18,283)
Cash flows from investing activities
Premiums paid on life settlements	(69,827)	(67,815)
Proceeds from maturity of life settlements	92,505	52,304
Net cash used in investing activities	22,678	(15,511)
Cash flows from financing activities
Repayment of borrowings under White Eagle Revolving Credit Facility	(1,804)	(34,597)
Borrowings from White Eagle Revolving Credit Facility	4,221	67,580
Cash distributed to Parent Company	(21)	700
Net cash provided by financing activities	2,396	33,683
Net increase (decrease) in cash and cash equivalents	(33,719)	(111)
Cash and cash equivalents, at beginning of the period	33,719	12,129
Cash and cash equivalents, at end of the period	0	12,018
Supplemental disclosures of cash flow information:
Cash paid for interest during the period	28,331	16,716
Supplemental disclosures of non-cash financing activities:
Repayment of White Eagle Revolving Credit Facility by third party from proceeds of sale of life settlement	366,821	0
White Eagle early extinguishment fees paid by third party from proceeds of Class D Shares	$ 7,360	$ 0

Condensed and Consolidated Fi_6

Condensed and Consolidated Financial Statements for Entities in Bankruptcy - Narrative (Details) - USD ($)	Aug. 31, 2019	Jul. 28, 2017	May 16, 2014	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 16, 2019	Aug. 31, 2018
Condensed Financial Statements, Captions [Line Items]
Change in fair value of investment in deconsolidated subsidiaries						$ 37,941,000		$ 0
Lamington | Senior Notes | 8.5% Promissory Note
Condensed Financial Statements, Captions [Line Items]
Debt instrument term			10 years
Debt instrument issued			$ 59,300,000
Debt instrument, interest rate			8.50%
Period to capitalize outstanding principal balance			7 days
Outstanding principal balance	$ 86,500,000			$ 86,500,000		86,500,000
Capitalized interest included in outstanding principal balance	27,200,000			27,200,000		27,200,000
Interest expense debt				0	$ 1,700,000	0		5,100,000
Principal payments due prior to maturity date	0			0		0
Lamington | Senior Notes | Special Dividend Note
Condensed Financial Statements, Captions [Line Items]
Debt instrument issued		$ 57,000,000
Debt instrument, interest rate		5.00%
Outstanding principal balance	59,900,000			59,900,000		59,900,000
Capitalized interest included in outstanding principal balance	2,900,000			2,900,000		2,900,000
Interest expense debt				0	737,000	0		1,500,000
Principal payments due prior to maturity date	0			0		0
Period after which interest shall be capitalized if accrued interest is not paid		7 days
Interest payments	10,900,000					0		570,000
Fair value of notes							$ 146,300,000
Change in fair value of investment in deconsolidated subsidiaries							$ 89,700,000
Combined face value of notes	$ 146,400,000			146,400,000	137,800,000	146,400,000		137,800,000
Subsidiaries | Lamington
Condensed Financial Statements, Captions [Line Items]
Administrative service fees - affiliate				$ 0	$ 0	$ 2,765,000		$ 2,371,000

Consolidation of Variable Int_3

Consolidation of Variable Interest Entities - Assets and Liabilities of VIEs (Details) - USD ($) $ in Thousands	Aug. 31, 2019	Nov. 30, 2018
Variable Interest Entity [Line Items]
Not primary beneficiary non-consolidated VIEs, total assets	$ 2,384	$ 2,384	[1]
Not Primary Beneficiary
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
Not Primary Beneficiary | White Eagle
Variable Interest Entity [Line Items]
Not primary beneficiary non-consolidated VIEs, total assets	132,334	0
Not primary beneficiary non-consolidated VIEs, maximum exposure to loss	$ 132,334	$ 0
[1]	Derived from audited consolidated financial statements.

Consolidation of Variable Int_4

Consolidation of Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	Aug. 31, 2019	Aug. 16, 2019	Nov. 30, 2018
Variable Interest Entity [Line Items]
Investment in affiliate	$ 2,384		$ 2,384	[1]
ISF 2010 | Affiliates
Variable Interest Entity [Line Items]
Investment in affiliate	$ 2,400		$ 2,400
White Eagle | Palomino | Affiliates
Variable Interest Entity [Line Items]
Percentage of equity interest sold		72.50%
White Eagle | Class A Interests | Palomino | Affiliates
Variable Interest Entity [Line Items]
Percentage of equity interest sold		72.50%
WE Investment | Subsidiaries
Variable Interest Entity [Line Items]
Equity investment ownership percentage	27.50%
WE Investment | Lamington
Variable Interest Entity [Line Items]
Equity investment ownership percentage	27.50%
WE Investment | Lamington | Subsidiaries
Variable Interest Entity [Line Items]
Equity investment ownership percentage		27.50%
WE Investment | Class B Interests | Lamington | Subsidiaries
Variable Interest Entity [Line Items]
Equity investment ownership percentage		27.50%
[1]	Derived from audited consolidated financial statements.

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	Aug. 31, 2019	Nov. 30, 2018	[1]	Aug. 31, 2018
Earnings Per Share [Abstract]
Common stock, shares issued (in shares)	158,659,803	158,733,928		159,028,458
Common stock, shares outstanding (in shares)	158,051,803	158,125,928		158,420,458
Treasury stock (in shares)	608,000	608,000		608,000
[1]	Derived from audited consolidated financial statements.

Earnings Per Share - Reconcilia

Earnings Per Share - Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Aug. 31, 2018	May 31, 2018	Feb. 28, 2018	Aug. 31, 2019	Aug. 31, 2018
Numerator:
Net income (loss) from continuing operations	$ 80,201			$ (2,293)			$ 16,875	$ (4,338)
Net income (loss) from discontinued operations	70			(17)			36	(14)
Net income (loss)	80,271	$ (25,884)	$ (37,476)	(2,310)	$ (6,893)	$ 4,851	16,911	(4,352)
Add back convertible notes interest	1,095			0			3,270	0
Numerator for diluted earnings per share - net income (loss) attributable to common stockholders	$ 81,296			$ (2,293)			$ 20,145	$ (4,338)
Basic income (loss) per common share:
Basic income (loss) from continuing operations (in dollars per share)	$ 0.51			$ (0.01)			$ 0.11	$ (0.03)
Basic income (loss) from discontinued operations (in dollars per share)	0			0			0	0
Net income (loss) - basic (in dollars per share)	0.51			(0.01)			0.11	(0.03)
Diluted income (loss) per common share:
Diluted income (loss) from continuing operations (in dollars per share)	0.41			(0.01)			0.10	(0.03)
Diluted income (loss) from discontinued operations (in dollars per share)	0			0			0	0
Net income (loss) - diluted (in dollars per share)	$ 0.41			$ (0.01)			$ 0.10	$ (0.03)
Denominator:
Basic (in shares)	156,968,470			158,305,635			156,949,425	157,919,215
Diluted (in shares)	195,979,957			158,305,635			194,867,908	157,919,215

Earnings Per Share - Reconcil_2

Earnings Per Share - Reconciliation Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018
5.0% Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stated interest rate percentage		5.00%		5.00%
8.5% Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stated interest rate percentage	8.50%	8.50%	8.50%	8.50%
Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)	85,000	85,000	85,000	85,000
Stock Appreciation Rights
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)	100,000	100,000	100,000	100,000
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)	2,000,000	44,500,000	44,500,000	44,500,000
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)		2,550,000	1,083,333	2,550,000
Convertible Debt Securities | 5.0% Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)		37,918,483		37,918,483
Convertible Debt Securities | 8.5% Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (shares)		181,249.2		181,249.2

Stock-based Compensation - Narr

Stock-based Compensation - Narrative (Details) - USD ($)	Jun. 27, 2017	Jun. 06, 2013	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018	Nov. 30, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercisable (in shares)			85,000		85,000
Options outstanding (in shares)			85,000		85,000		85,000
Weighted average exercise price of options outstanding (in dollars per share)			$ 6.94		$ 6.94		$ 6.94
Weighted average remaining contractual term of unvested awards					9 months		1 year 6 months
Options granted (in shares)					0
Exercise price of options (in dollars per share)					$ 0
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation not yet recognized			$ 0		$ 0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)					0
Awards vested (in shares)					316,667
Awards forfeited (in shares)					0
Awards unvested (in shares)			1,083,333		1,083,333		1,400,000
Restricted Stock | Board and Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense (income)			$ 95,000	$ 207,000	$ 290,000	$ 380,000
SARs | Sole Non-employee Member of the Committee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period of awards							10 years
Fair value of unvested awards							$ 9,000
Options granted (in shares)							100,000
Exercise price of options (in dollars per share)							$ 1
Options vested (in shares)							100,000
Options unexercised (in shares)			100,000		100,000
Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares of common stock authorized for issuance (in shares)	9,900,000
Options outstanding (in shares)			85,000		85,000
Weighted average exercise price of options outstanding (in dollars per share)			$ 6.94		$ 6.94
Omnibus Plan | Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved for issuance (in shares)			12,600,000		12,600,000
Options exercisable (in shares)			85,000		85,000
Stock-based compensation expense (income)			$ 0	0	$ 0	0
Omnibus Plan | Options | Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)			85,000		85,000
Expiration period of awards		7 years
Options granted (in shares)					85,000
Omnibus Plan | Restricted Stock | Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation not yet recognized			$ 110,000		$ 110,000
Awards granted (in shares)					2,270,000
Awards unvested (in shares)			1,083,333.33		1,083,333.33
Omnibus Plan | Restricted Stock | Certain Employees | 2016 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense (income)			$ 0	10,000	$ 0	(25,000)
Awards granted (in shares)									200,000
Awards vesting period									2 years
Fair value of unvested awards									$ 674,000
Awards vested (in shares)							74,000			46,000
Awards forfeited (in shares)							20,000			60,000
Awards unvested (in shares)			0		0
Omnibus Plan | Restricted Stock | Certain Employees | 2017 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense (income)			$ 89,000	101,000	$ 271,000	305,000
Awards granted (in shares)								2,000,000
Awards vesting period								2 years
Fair value of unvested awards								$ 745,000
Awards vested (in shares)					250,000		750,000
Awards unvested (in shares)			1,000,000		1,000,000
Aggregate intrinsic value of unvested awards			$ 240,000		$ 240,000
Weighted average remaining contractual term of unvested awards					2 months 16 days
Omnibus Plan | Restricted Stock | Certain Employees | 2018 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense (income)			$ 6,000	6,000	$ 19,000	11,000
Awards granted (in shares)							150,000
Fair value of unvested awards							$ 58,000
Awards vested (in shares)			66,667		66,667
Awards unvested (in shares)			83,333		83,333
Aggregate intrinsic value of unvested awards			$ 20,000		$ 20,000
Weighted average remaining contractual term of unvested awards					10 months 14 days
Omnibus Plan | Restricted Stock | Certain Employees | 2018 Grant | Vesting in two years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period							2 years
Awards unvested (in shares)							100,000
Omnibus Plan | Restricted Stock | Certain Employees | 2018 Grant | Vesting in three years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards vesting period							3 years
Awards unvested (in shares)							50,000
Omnibus Plan | Restricted Stock | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)					633,215
Awards vested (in shares)					1,186,667
Omnibus Plan | Restricted Stock | Directors | 2017 Grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense (income)			$ 0	0	$ 0	0
Awards granted (in shares)								51,132
Awards vesting period								1 year
Fair value of unvested awards								$ 17,000
Awards vested (in shares)							8,522	42,610
Omnibus Plan | Restricted Stock | Sole Non-employee Member of the Committee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense (income)				$ 81,000		$ 81,000
Awards granted (in shares)				400,000		400,000
Fair value of unvested awards					$ 128,000
Awards vested (in shares)							400,000
Omnibus Plan | SARs | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)			100,000		100,000
Options granted (in shares)					100,000

Stock-based Compensation - Comm

Stock-based Compensation - Common Stock Options Activity (Details) - USD ($)	9 Months Ended	11 Months Ended
	Aug. 31, 2019	Nov. 30, 2018
Number of Shares
Options outstanding, beginning balance (in shares)	85,000
Options granted (in shares)	0
Options exercised (in shares)	0
Options forfeited (in shares)	0
Options expired (in shares)	0
Options outstanding, ending balance (in shares)	85,000	85,000
Exercisable at end of period (in shares)	85,000
Unvested at end of period (in shares)	0
Weighted Average Exercise Price per Share
Options outstanding, beginning balance (in dollars per share)	$ 6.94
Options granted (in dollars per share)	0
Options exercised (in dollars per share)	0
Options forfeited (in dollars per share)	0
Options expired (in dollars per share)	0
Options outstanding, ending balance (in dollars per share)	6.94	$ 6.94
Exercisable at end of period (in dollars per share)	6.94
Unvested at end of period (in dollars per share)	$ 0
Weighted Average Remaining Contractual Term
Options outstanding, weighted average remaining contractual term	9 months	1 year 6 months
Exercisable, weighted average remaining contractual term	9 months
Aggregate Intrinsic Value
Options outstanding, beginning balance	$ 0
Options outstanding, ending balance	0	$ 0
Unvested at end of period	$ 0

Stock-based Compensation - Acti

Stock-based Compensation - Activity of Unvested Shares of Restricted Stock (Details) - Restricted Stock	9 Months Ended
	Aug. 31, 2019shares
Number of Shares
Outstanding, beginning balance (in shares)	1,400,000
Granted (in shares)	0
Vested (in shares)	(316,667)
Forfeited (in shares)	0
Outstanding, ending balance (in shares)	1,083,333

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) before income taxes	$ 70	$ (17)	$ 36	$ (14)
(Benefit) provision for income taxes	0	0	0	0
Net income (loss) from discontinued operations	70	(17)	36	(14)
Discontinued operations, disposed of by sale | Structured Settlement Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total income	0	0	0	17
Total expenses	(70)	18	(36)	32
Income (loss) before income taxes	70	(18)	36	(15)
(Benefit) provision for income taxes	0	0	0	0
Net income (loss) from discontinued operations	$ 70	$ (18)	$ 36	$ (15)

Life Settlements (Life Insura_3

Life Settlements (Life Insurance Policies) - Narrative (Details) $ in Thousands	Aug. 16, 2019USD ($)	Aug. 31, 2019USD ($)contract	Aug. 31, 2018USD ($)contract	Aug. 31, 2019USD ($)contract	Aug. 31, 2018USD ($)contract	Nov. 30, 2018USD ($)contract		Dec. 29, 2016contract
Financial Instruments Owned and Pledged as Collateral [Line Items]
Number of consolidated and deconsolidated life insurance policies owned | contract						588
Investment in life settlements fair value		$ 1,254		$ 1,254		$ 506,407
Life insurance policies with aggregate death benefit		12,000		12,000
Investment in limited partnership, at estimated fair value (Note 11)		$ 132,334		$ 132,334		0	[1]
Policies pledged | Revolving Credit Facility | White Eagle
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investment in life settlements fair value						505,236
Life insurance policies with aggregate death benefit						$ 2,775,915
Number of policies owned | contract		0		0		586		190
Average life expectancy on death benefits insured						8 years 10 months 30 days
Number of life insurance policies that experienced maturity | contract		6	3	18	15
Face value of life insurance policies that experienced maturity		$ 31,768	$ 14,250	$ 100,374	$ 68,185
Net gain on life insurance contracts that experienced maturity		19,999	$ 7,114	70,300	$ 35,114
Policies not pledged
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investment in life settlements fair value		1,254		1,254		$ 1,172
Life insurance policies with aggregate death benefit		$ 12,000		$ 12,000		$ 12,000
Number of policies owned | contract		2		2		2,000
Average life expectancy on death benefits insured				11 years 7 months 18 days		12 years 2 months 12 days
Estimated future premium payments		$ 5,987		$ 5,987
Subsidiaries
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investment in life settlements fair value						$ 1,172
White Eagle | Affiliates
Financial Instruments Owned and Pledged as Collateral [Line Items]
Percentage of equity interest sold	72.50%
Proceeds from sale of limited partnership interest	$ 366,200
Gain on sale of partnership interest	$ 21,300
WE Investment | Subsidiaries
Financial Instruments Owned and Pledged as Collateral [Line Items]
Equity investment ownership percentage		27.50%		27.50%
WE Investment | White Eagle | Subsidiaries
Financial Instruments Owned and Pledged as Collateral [Line Items]
Number of consolidated life insurance policies owned | contract		2		2
Equity investment ownership percentage		27.50%		27.50%
Investment in limited partnership, at estimated fair value (Note 11)		$ 132,300		$ 132,300
WE Investment | White Eagle | Subsidiaries | Policies pledged
Financial Instruments Owned and Pledged as Collateral [Line Items]
Equity investment ownership percentage	27.50%
[1]	Derived from audited consolidated financial statements.

Life Settlements (Life Insura_4

Life Settlements (Life Insurance Policies) - Schedule of Life Settlements (Details) $ in Thousands	Aug. 31, 2019USD ($)contract	Nov. 30, 2018USD ($)contract	Dec. 29, 2016contract
Fair Value
Total	$ 1,254	$ 506,407
Face Value
Total	$ 12,000
Policies pledged | White Eagle | Revolving Credit Facility
Number of Life Settlement Contracts
0-1 | contract		6
1-2 | contract		12
2-3 | contract		31
3-4 | contract		37
4-5 | contract		46
Thereafter | contract		454
Total | contract	0	586	190
Fair Value
0-1		$ 24,221
1-2		30,828
2-3		72,343
3-4		57,874
4-5		77,719
Thereafter		242,251
Total		505,236
Face Value
0-1		28,796
1-2		46,390
2-3		126,402
3-4		139,447
4-5		217,450
Thereafter		2,217,430
Total		$ 2,775,915
Policies not pledged
Number of Life Settlement Contracts
0-1 | contract	0	0
1-2 | contract	0	0
2-3 | contract	0	0
3-4 | contract	0	0
4-5 | contract	0	0
Thereafter | contract	2	2,000
Total | contract	2	2,000
Fair Value
0-1	$ 0	$ 0
1-2	0	0
2-3	0	0
3-4	0	0
4-5	0	0
Thereafter	1,254	1,172
Total	1,254	1,172
Face Value
0-1	0	0
1-2	0	0
2-3	0	0
3-4	0	0
4-5	0	0
Thereafter	12,000	12,000
Total	$ 12,000	$ 12,000

Life Settlements (Life Insura_5

Life Settlements (Life Insurance Policies) - Analysis of Policy Maturity (Details) - Policies pledged - Revolving Credit Facility - White Eagle $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2019USD ($)contract	Aug. 31, 2018USD ($)contract	Aug. 31, 2019USD ($)contract	Aug. 31, 2018USD ($)contract
Financial Instruments Owned and Pledged as Collateral [Line Items]
Face value	$ 31,768	$ 14,250	$ 100,374	$ 68,185
Cost	8,911	7,664	27,723	22,755
Accumulated Change in Fair Value	2,858	(528)	2,351	10,316
Carrying Value	11,769	7,136	30,074	33,071
Gain on Maturities	$ 19,999	$ 7,114	$ 70,300	$ 35,114
Number of Policies | contract	6	3	18	15

Life Settlements (Life Insura_6

Life Settlements (Life Insurance Policies) - Estimated Premiums to be Paid (Details) - Policies not pledged $ in Thousands	Aug. 31, 2019USD ($)
Financial Instruments Owned and Pledged as Collateral [Line Items]
Remainder of 2019	$ 45
2020	191
2021	222
2022	254
2023	286
Thereafter	4,989
Total	$ 5,987

Investment in Limited Partner_3

Investment in Limited Partnership - Narrative (Details) - USD ($) $ in Thousands	Aug. 16, 2019	Oct. 09, 2019	Aug. 31, 2019	Aug. 31, 2019	Nov. 30, 2018	[1]
Investments in and Advances to Affiliates [Line Items]
Distributions from premium/expense reserve			$ 8,210	$ 8,210
Investment in limited partnership			$ 132,334	$ 132,334	$ 0
Affiliates | White Eagle
Investments in and Advances to Affiliates [Line Items]
Percentage of equity interest sold	72.50%
Proceeds from sale of limited partnership interest	$ 366,200
White Eagle | Affiliates | Palomino
Investments in and Advances to Affiliates [Line Items]
Percentage of equity interest sold	72.50%
WE Investment | Lamington
Investments in and Advances to Affiliates [Line Items]
Equity investment ownership percentage			27.50%	27.50%
Investment in limited partnership	$ 138,900		$ 132,300	$ 132,300
WE Investment | Subsidiaries
Investments in and Advances to Affiliates [Line Items]
Equity investment ownership percentage			27.50%	27.50%
WE Investment | Subsidiaries | White Eagle
Investments in and Advances to Affiliates [Line Items]
Equity investment ownership percentage			27.50%	27.50%
Investment in limited partnership			$ 132,300	$ 132,300
WE Investment | Subsidiaries | Lamington
Investments in and Advances to Affiliates [Line Items]
Equity investment ownership percentage	27.50%
Revolving Credit Facility
Investments in and Advances to Affiliates [Line Items]
Repayment of outstanding principal on line of credit	$ 368,000
Repayment of accrued and unpaid interest on line of credit	21,300
Revolving Credit Facility | CLMG
Investments in and Advances to Affiliates [Line Items]
Line of credit payoff	402,500
Revolving Credit Facility | CLMG | White Eagle
Investments in and Advances to Affiliates [Line Items]
Line of credit payoff	28,300
Revolving Credit Facility | LNV
Investments in and Advances to Affiliates [Line Items]
Early repayments of line of credit	7,400
Lender-allowed claims	$ 5,800
Class A Interests | Affiliates
Investments in and Advances to Affiliates [Line Items]
Internal rate of return guaranteed to majority owner of partnership investment	11.00%
Initial contribution percentage	100.00%
Percentage of amounts funded into premium/expense	100.00%
Contributions to premium/expense account	$ 21,800
Distributions from premium/expense reserve	8,300
Premium/expense reserve	30,000		$ 21,800	$ 21,800
Class A Interests | Affiliates | Subsequent Event
Investments in and Advances to Affiliates [Line Items]
Contributions to premium/expense account		$ 333
Class A Interests | Affiliates | For the first 3 years
Investments in and Advances to Affiliates [Line Items]
Proceeds from sale of limited partnership interest	$ 8,000
Period for distribution of proceeds from limited partnership interest	3 years
Class A Interests | Affiliates | For the subsequent 7 years
Investments in and Advances to Affiliates [Line Items]
Proceeds from sale of limited partnership interest	$ 4,000
Period for distribution of proceeds from limited partnership interest	7 years
Class A Interests | White Eagle | Affiliates | Palomino
Investments in and Advances to Affiliates [Line Items]
Percentage of equity interest sold	72.50%
Class A Interests | Revolving Credit Facility | CLMG | Palomino
Investments in and Advances to Affiliates [Line Items]
Purchase price of acquired equity interest	$ 374,200
Class D Interests | Affiliates
Investments in and Advances to Affiliates [Line Items]
Internal rate of return guaranteed to majority owner of partnership investment	11.00%
Percentage of payment amount	125.00%
Class D Interests | White Eagle | Affiliates | Palomino
Investments in and Advances to Affiliates [Line Items]
Proceeds from sale of limited partnership interest	$ 8,000
Class D Interests | Revolving Credit Facility | CLMG | Palomino
Investments in and Advances to Affiliates [Line Items]
Purchase price of acquired equity interest allocated to Class D	8,000
Annual amount guaranteed to majority owners of limited partnership	$ 2,000
Internal rate of return guaranteed to majority owner of partnership investment	11.00%
Class B Interests | Affiliates
Investments in and Advances to Affiliates [Line Items]
Period for distribution of proceeds from limited partnership interest	8 years
Internal rate of return guaranteed to majority owner of partnership investment	11.00%
Class B Interests | Affiliates | Third Anniversary
Investments in and Advances to Affiliates [Line Items]
Monthly distribution amount	$ 667
Percentage of net assets value for monthly distributions	0.125%
Class B Interests | Affiliates | Tenth Anniversary
Investments in and Advances to Affiliates [Line Items]
Monthly distribution amount	$ 333
Percentage of net assets value for monthly distributions	0.0625%
Class B Interests | WE Investment | Subsidiaries | Lamington
Investments in and Advances to Affiliates [Line Items]
Equity investment ownership percentage	27.50%
Collateral pledged | WE Investment | Lamington
Investments in and Advances to Affiliates [Line Items]
Equity investment ownership percentage	27.50%
Collateral pledged | WE Investment | Subsidiaries | White Eagle
Investments in and Advances to Affiliates [Line Items]
Equity investment ownership percentage	27.50%
Collateral pledged | WE Investment | Subsidiaries | Lamington
Investments in and Advances to Affiliates [Line Items]
Equity investment ownership percentage	27.50%
[1]	Derived from audited consolidated financial statements.

Investment in Limited Partner_4

Investment in Limited Partnership - Funds in the Premium/Expense Reserve Account (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Aug. 31, 2019	Aug. 31, 2019
Investments in and Advances to Affiliates [Line Items]
Premium/Expense Reserve Account	$ 8,210	$ 8,210
First
Investments in and Advances to Affiliates [Line Items]
Premium/Expense Reserve Account	8,210	8,210
Second
Investments in and Advances to Affiliates [Line Items]
Premium/Expense Reserve Account	0	0
Third
Investments in and Advances to Affiliates [Line Items]
Premium/Expense Reserve Account	0	0
Fourth
Investments in and Advances to Affiliates [Line Items]
Premium/Expense Reserve Account	$ 0	$ 0

Investment in Limited Partner_5

Investment in Limited Partnership - Funds on Deposit in the Collection Account (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Aug. 31, 2019USD ($)	Aug. 31, 2019USD ($)
Investments in and Advances to Affiliates [Line Items]
Proceeds from collections	$ 0	$ 0
First
Investments in and Advances to Affiliates [Line Items]
Proceeds from collections	0	0
Second | Class A Interests
Investments in and Advances to Affiliates [Line Items]
Proceeds from collections	$ 0	$ 0
Annual internal rate of return	11.00%	11.00%
Principal balance of proceeds	$ 406,000	$ 406,000
Third | Class B Interests
Investments in and Advances to Affiliates [Line Items]
Proceeds from collections	0	0
Fourth
Investments in and Advances to Affiliates [Line Items]
Proceeds from collections	$ 0	$ 0
Fourth | Class A Interests
Investments in and Advances to Affiliates [Line Items]
Percentage of equity interest sold	72.50%	72.50%
Fourth | Class B Interests
Investments in and Advances to Affiliates [Line Items]
Equity investment ownership percentage	27.50%	27.50%
Fifth
Investments in and Advances to Affiliates [Line Items]
Proceeds from collections	$ 0	$ 0
Fifth | Class A Interests
Investments in and Advances to Affiliates [Line Items]
Percentage of equity interest sold	72.50%	72.50%
Fifth | Class B Interests
Investments in and Advances to Affiliates [Line Items]
Equity investment ownership percentage	27.50%	27.50%

White Eagle Revolving Credit _3

White Eagle Revolving Credit Facility - Narrative (Details)

Aug. 16, 2019USD ($)

Jul. 18, 2019USD ($)

May 07, 2019

Jan. 25, 2019USD ($)

Jan. 15, 2019

Nov. 14, 2018

Nov. 13, 2018

Dec. 29, 2016USD ($)contract

Nov. 09, 2015USD ($)

Apr. 29, 2013USD ($)

May 31, 2019

Aug. 31, 2019USD ($)contract

Aug. 31, 2018USD ($)

Aug. 31, 2019USD ($)contract

Aug. 31, 2018USD ($)

Dec. 30, 2019USD ($)

Sep. 17, 2019

Aug. 15, 2019

Dec. 13, 2018

Nov. 30, 2018USD ($)contract

Oct. 04, 2017

Aug. 14, 2017USD ($)

Jul. 28, 2017USD ($)

Jul. 26, 2017USD ($)

Apr. 18, 2017

Feb. 28, 2014USD ($)

Debt Instrument [Line Items]

Borrowings from White Eagle Revolving Credit Facility

$ 0

$ 67,580,000

Investment in limited partnership

$ 132,334,000

$ 132,334,000

$ 0

[1]

8.5% Senior Secured Notes

Debt Instrument [Line Items]

Debt instrument issued

$ 46,500,000

$ 30,000,000

Debt instrument, interest rate

8.50%

8.50%

8.50%

8.50%

5.0% Convertible Notes

Debt Instrument [Line Items]

Debt instrument, interest rate

5.00%

5.00%

8.5% Convertible Notes

Debt Instrument [Line Items]

Debt instrument, interest rate

8.50%

8.50%

8.50%

8.50%

Senior Secured Notes | 8.5% Senior Secured Notes

Debt Instrument [Line Items]

Debt instrument issued

$ 46,500,000

$ 46,500,000

Senior Secured Notes | 5.0% Convertible Notes | Maximum

Debt Instrument [Line Items]

Debt instrument issued

$ 75,800,000

$ 75,800,000

Convertible Notes | 5.0% Convertible Notes

Debt Instrument [Line Items]

Debt instrument, interest rate

5.00%

5.00%

5.00%

Convertible Notes | 8.5% Convertible Notes

Debt Instrument [Line Items]

Debt instrument issued

$ 1,200,000

$ 74,200,000

$ 70,700,000

Debt instrument, interest rate

8.50%

Revolving Credit Facility

Debt Instrument [Line Items]

Repayment of outstanding principal on line of credit

$ 368,000,000

Repayment of accrued and unpaid interest on line of credit

$ 21,300,000

Revolving Credit Facility | White Eagle Asset Portfolio, LLC

Debt Instrument [Line Items]

Cash interest coverage ratio required, minimum

2

2

2

Percent of face amount pledged as collateral (as percent)

50.00%

Revolving Credit Facility | White Eagle Asset Portfolio, LLC | After June 30, 2019

Debt Instrument [Line Items]

Cash interest coverage ratio required, minimum

1.75

1.75

Cash interest coverage ratio required number of consecutive days

60 days

White Eagle | Revolving Credit Facility

Debt Instrument [Line Items]

Revolving credit facility effective date

Apr. 29, 2013

Revolving credit facility period

15 years

Revolving credit facility, current borrowing capacity

$ 250,000,000

$ 300,000,000

Basis points interest rate increase (as percent)

0.50%

Borrowings from White Eagle Revolving Credit Facility

$ 0

$ 23,297,000

$ 4,221,000

$ 69,490,000

Cash interest coverage ratio required, minimum

2

2

Cash sweep percentage required (as percent)

100.00%

100.00%

Collateral pledge percentage for distributions to be altered (as percent)

25.00%

25.00%

Distribution of proceeds

$ 12,808,000

$ 44,163,000

Base rate (as percent)

0.50%

0.50%

Debt instrument effective rate (as percent)

6.61%

6.61%

9.51%

Credit agreement expiration date

Dec. 31, 2031

Period during which debtors are authorized to use proceeds from pre-petition cash collateral (equivalent to 20 weeks)

2 months 7 days

5 months

2 months 7 days

White Eagle | Revolving Credit Facility | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (as percent)

4.00%

4.50%

White Eagle | Revolving Credit Facility | Federal Funds Rate

Debt Instrument [Line Items]

Basis spread on variable rate (as percent)

0.75%

White Eagle | Revolving Credit Facility | Floor Rate

Debt Instrument [Line Items]

Basis spread on variable rate (as percent)

2.11%

3.01%

White Eagle | Revolving Credit Facility | Base Rate

Debt Instrument [Line Items]

Debt instrument, basis spread over variable rate in event of default

1.50%

Debt instrument, additional percentage over spread on variable rate in event of default

6.50%

White Eagle | Revolving Credit Facility | Maintenance costs

Debt Instrument [Line Items]

Line of credit borrowing base percentage

100.00%

100.00%

White Eagle | Revolving Credit Facility | Accrued and Unpaid Interest

Debt Instrument [Line Items]

Line of credit borrowing base percentage

100.00%

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%

75.00%

White Eagle | Revolving Credit Facility | Minimum

Debt Instrument [Line Items]

Line of credit, loan to value ratio (as percent)

45.00%

White Eagle | Revolving Credit Facility | Minimum | LIBOR

Debt Instrument [Line Items]

Basis spread on variable rate (as percent)

1.50%

White Eagle | Revolving Credit Facility | Policies pledged

Debt Instrument [Line Items]

Revolving credit facility, current borrowing capacity

$ 370,000,000

$ 370,000,000

$ 370,000,000

Number of policies owned | contract

190

0

0

586

Borrowings from White Eagle Revolving Credit Facility

$ 71,100,000

Palomino | Affiliates | White Eagle

Debt Instrument [Line Items]

Percentage of equity interest sold

72.50%

Palomino | Affiliates | Class A Interests | White Eagle

Debt Instrument [Line Items]

Percentage of equity interest sold

72.50%

Palomino | Affiliates | Class D Interests | White Eagle

Debt Instrument [Line Items]

Proceeds from sale of limited partnership interest

$ 8,000,000

Jade Mountain | Affiliates | White Eagle

Debt Instrument [Line Items]

Exchange price on sale of equity interest in subsidiary

$ 384,300,000

Lamington | Limited Partner | IRELAND

Debt Instrument [Line Items]

Ownership interest percentage

99.99%

Lamington | Subsidiaries | Limited Partner | IRELAND

Debt Instrument [Line Items]

Ownership interest percentage

99.99%

99.99%

WEGP | General Partner

Debt Instrument [Line Items]

Ownership interest percentage

0.01%

WEGP | Subsidiaries | General Partner

Debt Instrument [Line Items]

Ownership interest percentage

0.01%

0.01%

LNV | Subsidiaries

Debt Instrument [Line Items]

Equity stake percentage

45.00%

White Eagle | Affiliates

Debt Instrument [Line Items]

Percentage of equity interest sold

72.50%

Proceeds from sale of limited partnership interest

$ 366,200,000

DIP Financing | LNV | Subsidiaries

Debt Instrument [Line Items]

Amount of debt committed to in connection with receiving an equity stake percentage

$ 370,000,000

Equity stake percentage

45.00%

WE Investment | Subsidiaries

Debt Instrument [Line Items]

Equity investment ownership percentage

27.50%

27.50%

WE Investment | Lamington

Debt Instrument [Line Items]

Equity investment ownership percentage

27.50%

27.50%

Investment in limited partnership

$ 138,900,000

$ 132,300,000

$ 132,300,000

WE Investment | Lamington | Policies pledged

Debt Instrument [Line Items]

Equity investment ownership percentage

27.50%

WE Investment | Lamington | Subsidiaries

Debt Instrument [Line Items]

Equity investment ownership percentage

27.50%

WE Investment | Lamington | Subsidiaries | Policies pledged

Debt Instrument [Line Items]

Equity investment ownership percentage

27.50%

WE Investment | White Eagle | Subsidiaries

Debt Instrument [Line Items]

Equity investment ownership percentage

27.50%

27.50%

Investment in limited partnership

$ 132,300,000

$ 132,300,000

WE Investment | White Eagle | Subsidiaries | Policies pledged

Debt Instrument [Line Items]

Equity investment ownership percentage

27.50%

CLMG | Revolving Credit Facility

Debt Instrument [Line Items]

Line of credit payoff

$ 402,500,000

CLMG | Palomino | Class A Interests | Revolving Credit Facility

Debt Instrument [Line Items]

Purchase price of acquired equity interest

374,200,000

CLMG | White Eagle | Revolving Credit Facility

Debt Instrument [Line Items]

Line of credit payoff

28,300,000

LNV | Revolving Credit Facility

Debt Instrument [Line Items]

Early repayments of line of credit

7,400,000

Lender-allowed claims

$ 5,800,000

Forecast | DIP Financing | LNV | Subsidiaries

Debt Instrument [Line Items]

Equity stake percentage

45.00%

Forecast | DIP Financing | LNV | Subsidiaries | White Eagle | If paid by September 17, 2019

Debt Instrument [Line Items]

Default rate of outstanding principal and accrued interest

102.00%

Forecast | DIP Financing | LNV | Subsidiaries | White Eagle | If paid by December 30, 2019

Debt Instrument [Line Items]

Default rate of outstanding principal and accrued interest

104.00%

Forecast | DIP Financing | LNV | Subsidiaries | WEGP

Debt Instrument [Line Items]

Debtor-in-possession financing

$ 15,000,000

[1]

Derived from audited consolidated financial statements.

White Eagle Revolving Credit _4

White Eagle Revolving Credit Facility - Payouts based on LTV (Details)	9 Months Ended
	Aug. 31, 2019
Lender
Debt Instrument [Line Items]
Distribution to White Eagle - 55%, Lender Participation - 45%	45.00%
White Eagle
Debt Instrument [Line Items]
Distribution to White Eagle - 55%, Lender Participation - 45%	55.00%
Revolving Credit Facility | White Eagle | Minimum
Debt Instrument [Line Items]
LTV	45.00%
White Eagle Amendment | Revolving Credit Facility | LTV N/A
Debt Instrument [Line Items]
Premiums, Interest & Other Fees	100.00%
Principal	0.00%
White Eagle Amendment | Revolving Credit Facility | LTV greater than 65%
Debt Instrument [Line Items]
Principal	100.00%
White Eagle Amendment | Revolving Credit Facility | LTV 50-65%
Debt Instrument [Line Items]
Principal	70.00%
White Eagle Amendment | Revolving Credit Facility | LTV 35-50%
Debt Instrument [Line Items]
Principal	55.00%
White Eagle Amendment | Revolving Credit Facility | LTV 0-35%
Debt Instrument [Line Items]
Principal	45.00%
White Eagle Amendment | Revolving Credit Facility | Lender | LTV N/A
Debt Instrument [Line Items]
Collections from policy proceeds percentage	0.00%
White Eagle Amendment | Revolving Credit Facility | Lender | LTV greater than 65%
Debt Instrument [Line Items]
Collections from policy proceeds percentage	0.00%
White Eagle Amendment | Revolving Credit Facility | Lender | LTV 50-65%
Debt Instrument [Line Items]
Collections from policy proceeds percentage	13.50%
White Eagle Amendment | Revolving Credit Facility | Lender | LTV 35-50%
Debt Instrument [Line Items]
Collections from policy proceeds percentage	20.30%
White Eagle Amendment | Revolving Credit Facility | Lender | LTV 0-35%
Debt Instrument [Line Items]
Collections from policy proceeds percentage	24.80%
White Eagle Amendment | Revolving Credit Facility | White Eagle | LTV N/A
Debt Instrument [Line Items]
Collections from policy proceeds percentage	0.00%
White Eagle Amendment | Revolving Credit Facility | White Eagle | LTV greater than 65%
Debt Instrument [Line Items]
Collections from policy proceeds percentage	0.00%
White Eagle Amendment | Revolving Credit Facility | White Eagle | LTV greater than 65% | Minimum
Debt Instrument [Line Items]
LTV	65.00%
White Eagle Amendment | Revolving Credit Facility | White Eagle | LTV 50-65%
Debt Instrument [Line Items]
Collections from policy proceeds percentage	16.50%
White Eagle Amendment | Revolving Credit Facility | White Eagle | LTV 50-65% | Minimum
Debt Instrument [Line Items]
LTV	50.00%
White Eagle Amendment | Revolving Credit Facility | White Eagle | LTV 50-65% | Maximum
Debt Instrument [Line Items]
LTV	65.00%
White Eagle Amendment | Revolving Credit Facility | White Eagle | LTV 35-50%
Debt Instrument [Line Items]
Collections from policy proceeds percentage	24.80%
White Eagle Amendment | Revolving Credit Facility | White Eagle | LTV 35-50% | Minimum
Debt Instrument [Line Items]
LTV	35.00%
White Eagle Amendment | Revolving Credit Facility | White Eagle | LTV 35-50% | Maximum
Debt Instrument [Line Items]
LTV	50.00%
White Eagle Amendment | Revolving Credit Facility | White Eagle | LTV 0-35%
Debt Instrument [Line Items]
Collections from policy proceeds percentage	30.30%
White Eagle Amendment | Revolving Credit Facility | White Eagle | LTV 0-35% | Minimum
Debt Instrument [Line Items]
LTV	0.00%
White Eagle Amendment | Revolving Credit Facility | White Eagle | LTV 0-35% | Maximum
Debt Instrument [Line Items]
LTV	35.00%

White Eagle Revolving Credit _5

White Eagle Revolving Credit Facility - Reconciliation of Proceeds Distributed (Details) $ in Thousands	9 Months Ended
	Aug. 16, 2019USD ($)
Reconciliation of Proceeds
Collection account balance at December 1, 2018	$ 500	[1]
White Eagle | Revolving Credit Facility
Reconciliation of Proceeds
Collection account balance at December 1, 2018	28,059
Face value collected in current quarter	60,163
Face value collected in prior quarters	32,342
Other collections	2,575
Face value collected	123,139
Expenses paid from the collection account Post-Petition
Premiums paid 2019	(65,905)
Interest expenses	(28,331)
Payment toward principal	(1,804)
White Eagle credit facility expenses	(9,304)
Refund of premium payments advanced by parent	(3,000)
Lender allowed claim-Beal	(5,839)
Transfers of remaining funds to Lamington	(8,956)
Total expenses paid from the collection account Post-Petition	(123,139)
Collection account balance at August 16, 2019	$ 0
[1]	Derived from audited consolidated financial statements.

White Eagle Revolving Credit _6

White Eagle Revolving Credit Facility - Distribution of Proceeds (Details) - White Eagle - Revolving Credit Facility - USD ($)	3 Months Ended	9 Months Ended
	Aug. 31, 2018	Aug. 31, 2018
Debt Instrument [Line Items]
Distribution of proceeds	$ 12,808,000	$ 44,163,000
First:
Debt Instrument [Line Items]
Distribution of proceeds	84,000	251,000
Second:
Debt Instrument [Line Items]
Distribution of proceeds	0	0
Third:
Debt Instrument [Line Items]
Distribution of proceeds	0	0
Fourth:
Debt Instrument [Line Items]
Distribution of proceeds	26,000	43,000
Fifth:
Debt Instrument [Line Items]
Distribution of proceeds	5,844,000	16,716,000
Sixth:
Debt Instrument [Line Items]
Distribution of proceeds	6,854,000	26,397,000
Seventh:
Debt Instrument [Line Items]
Distribution of proceeds	0	0
Eighth:
Debt Instrument [Line Items]
Distribution of proceeds	0	340,000
Ninth:
Debt Instrument [Line Items]
Distribution of proceeds	0	0
Distribution of proceeds, reserve	0	0
Tenth:
Debt Instrument [Line Items]
Distribution of proceeds	0	0
Eleventh:
Debt Instrument [Line Items]
Distribution of proceeds	0	0
Twelfth:
Debt Instrument [Line Items]
Distribution of proceeds	0	0
Thirteenth:
Debt Instrument [Line Items]
Distribution of proceeds	$ 0	$ 416,000

White Eagle Revolving Credit _7

White Eagle Revolving Credit Facility - Advances For Premium Payments and Fees (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018
Debt Instrument [Line Items]
Total amount drawn			$ 0	$ 67,580
Revolving Credit Facility | White Eagle
Debt Instrument [Line Items]
Amount drawn for premium payments	$ 0	$ 22,668	4,221	67,580
Amount drawn in fees to service providers	0	629	0	1,910
Total amount drawn	$ 0	$ 23,297	$ 4,221	$ 69,490

White Eagle Revolving Credit _8

White Eagle Revolving Credit Facility - Interest Expense on Facility (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018
Debt Instrument [Line Items]
Total interest expense	$ 2,832	$ 7,979	$ 8,370	$ 23,398
Revolving Credit Facility | White Eagle
Debt Instrument [Line Items]
Interest paid through waterfall	0	5,844	0	16,716
Participation interest paid through waterfall	0	0	0	340
Interest paid from collection account	23,331	0	28,331	0
Total interest expense	$ 23,331	$ 5,844	$ 28,331	$ 17,056

8.50% Senior Unsecured Conver_2

8.50% Senior Unsecured Convertible Notes (Details) $ / shares in Units, $ in Thousands	Aug. 28, 2019USD ($)	Jul. 28, 2017USD ($)	Jul. 26, 2017USD ($)	Apr. 18, 2017	Mar. 14, 2017USD ($)	Feb. 15, 2017d	Feb. 21, 2014	Feb. 28, 2014USD ($)$ / shares	Aug. 31, 2019USD ($)	Aug. 31, 2018USD ($)	Jun. 30, 2015$ / sharesshares	Aug. 31, 2019USD ($)	Aug. 31, 2018USD ($)	Feb. 14, 2017
Debt Instrument [Line Items]
Interest paid in kind on 8.5% Senior Secured Notes												$ 2,842	$ 0
Existing Note Holders | Exchange Offers
Debt Instrument [Line Items]
Percentage of holders tendering exchange offer, minimum (as percent)				98.00%
8.5% Convertible Notes
Debt Instrument [Line Items]
Stated interest rate percentage									8.50%	8.50%		8.50%	8.50%
5.0% Convertible Notes
Debt Instrument [Line Items]
Stated interest rate percentage										5.00%			5.00%
Convertible Notes | 8.5% Convertible Notes
Debt Instrument [Line Items]
Debt instrument issued		$ 1,200	$ 74,200					$ 70,700
Stated interest rate percentage								8.50%
Debt instrument, issuance date							Feb. 21, 2014
Debt instrument, maturity date												Feb. 15, 2019
Debt instrument, frequency of periodic payment												semi-annually in arrears on August 15 and February 15 of each year
Debt instrument, conversion shares per $1,000 of principal amount (in shares)								147.9290			151.7912
Debt instrument, conversion rate								0.147929
Debt instrument, conversion price (in dollars per share) | $ / shares								$ 6.76			$ 6.59
Common stock issued for rights offering, net of costs (in shares) | shares											6,688,433
Debt instrument, redemption start date						Feb. 15, 2017
Debt instrument, convertible, minimum percentage of common stock price (as percent)						130.00%
Debt instrument, convertible, threshold trading days | d						20
Debt instrument, convertible, threshold consecutive trading days | d						30
Debt instrument, redemption price, percentage (as percent)						100.00%
Outstanding principal balance		73,000
Interest paid in kind on 8.5% Senior Secured Notes		2,800
Debt restructuring, amount reclassified to succeeding debt instrument		7,700
Debt restructuring, debt discount reclassified to succeeding instrument		6,700
Debt instrument, debt issuance costs reclassified to succeeding debt instrument		$ 1,000
Debt outstanding principal pay off	$ 1,200
Debt accrued and unpaid interest payment	110
Debt administrative fees and expenses paid	$ 38
Interest expense debt									$ 22	$ 46		$ 93	$ 138
Interest included in interest expense										25		73	76
Amortization of debt discounts										18		18	54
Amortization of debt origination costs										$ 3		$ 3	$ 8
Convertible Notes | Additional 8.50% Convertible Notes
Debt Instrument [Line Items]
Debt instrument issued					$ 3,500
Stated interest rate percentage														8.50%
Percentage of aggregate principal amount of convertible notes (as percent)					98.00%
Convertible Notes | 5.0% Convertible Notes
Debt Instrument [Line Items]
Stated interest rate percentage				5.00%					5.00%			5.00%
Percentage of holders tendering exchange offer, minimum (as percent)			98.00%

5.0% Senior Unsecured Convert_2

5.0% Senior Unsecured Convertible Notes (Details)	Jul. 28, 2017USD ($)d$ / shares	Jul. 26, 2017	Aug. 31, 2019USD ($)	Aug. 31, 2018USD ($)	Aug. 31, 2019USD ($)	Aug. 31, 2018USD ($)	Dec. 10, 2018USD ($)	Nov. 30, 2018USD ($)	[1]	Apr. 18, 2017
5.0% Senior Unsecured Convertible Notes Due 2023
Debt Instrument [Line Items]
Stated interest rate percentage				5.00%		5.00%
Convertible notes, net of discount			$ 70,697,000		$ 70,697,000			$ 69,742,000
New Convertible Notes Indenture
Debt Instrument [Line Items]
Debt instrument issued	$ 40,000,000						$ 70,000,000
Convertible Notes | 5.0% Senior Unsecured Convertible Notes Due 2023
Debt Instrument [Line Items]
Percentage of holders tendering exchange offer, minimum (as percent)		98.00%
Stated interest rate percentage			5.00%		5.00%					5.00%
Convertible Notes | New Convertible Notes Indenture
Debt Instrument [Line Items]
Debt instrument issued	$ 75,800,000
Debt instrument, required percentage of trustees or holders to declare Notes immediately due and payable (as percent)	25.00%
Debt instrument, required percentage of principal for each day of default	0.25%
Debt instrument, additional required percentage of principal for each day of restricted transfer default	0.25%
Debt instrument, maximum required percentage of principal restricted transfer default	0.50%
Debt instrument, debt default, special interest percentage of principal	0.50%
Convertible Notes | 5% Convertible Notes
Debt Instrument [Line Items]
Debt instrument, conversion price (in dollars per share) | $ / shares	$ 2
Debt instrument, conversion rate	0.5
Debt instrument, redemption price, percentage (as percent)	100.00%
Debt instrument, convertible, minimum percentage of common stock price (as percent)	120.00%
Debt instrument, convertible, threshold trading days | d	15
Debt instrument, convertible, threshold consecutive trading days | d	30
Convertible notes, net of discount			$ 70,700,000		$ 70,700,000
Debt unamortized discount			4,500,000		4,500,000
Debt unamortized issuance cost			663,000		663,000
Interest expense debt			1,300,000	$ 1,300,000	3,800,000	$ 3,700,000
Interest included in interest expense			948,000	948,000	2,800,000	2,800,000
Amortization of debt discounts			290,000	271,000	832,000	774,000
Amortization of debt origination costs			$ 43,000	$ 40,000	$ 123,000	$ 115,000
[1]	Derived from audited consolidated financial statements.

8.5% Senior Secured Notes (Deta

8.5% Senior Secured Notes (Details) - USD ($)	Jul. 28, 2017	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018	Feb. 11, 2019	Jan. 30, 2019	Dec. 28, 2018	Dec. 13, 2018	Dec. 10, 2018	Nov. 30, 2018	[1]	Jan. 10, 2018	Dec. 31, 2017	Aug. 14, 2017	Aug. 11, 2017	Dec. 29, 2016
15.0% Senior Secured Notes
Debt Instrument [Line Items]
Stated interest rate percentage	15.00%
8.5% Senior Secured Notes
Debt Instrument [Line Items]
Stated interest rate percentage	8.50%	8.50%		8.50%					8.50%
Debt instrument issued	$ 30,000,000														$ 46,500,000
Debt outstanding principal pay off						$ 967,000	$ 2,000,000	$ 5,700,000
Purchase price of debt						$ 725,000	$ 1,500,000	4,300,000						$ 24,500,000
Additional interest rate percentage to be paid to holders who accept interest paid-in-kind interest										3.00%
Senior notes, net		$ 44,042,000		$ 44,042,000							$ 34,170,000
New Convertible Notes Indenture
Debt Instrument [Line Items]
Debt instrument issued	$ 40,000,000									$ 70,000,000
Paid in kind interest to be received by holders										26,800,000
Paid-in-kind interest to be received by holders electing to be paid in cash										$ 8,200,000
Debt issued in lie of cash payments		1,100,000		2,800,000
Senior Secured Notes | 15.0% Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument issued																	$ 69,600,000
Senior Secured Notes | 15.0% Senior Secured Notes | Change in control
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage (as percent)	107.50%
Senior Secured Notes | 8.5% Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument issued		46,500,000		46,500,000
Senior notes, net		44,000,000		44,000,000
Debt unamortized discount		1,800,000		1,800,000
Debt unamortized issuance cost		621,000		621,000
Interest expense debt		1,500,000	$ 828,000	4,400,000	$ 2,500,000
Interest included in interest expense		1,300,000	760,000	3,800,000	2,300,000
Amortization of debt origination costs		76,000	$ 68,000	209,000	$ 197,000
Amortization of debt discounts		$ 152,000		$ 346,000
Senior Secured Notes | Brennan Notes
Debt Instrument [Line Items]
Debt outstanding principal pay off															$ 1,500,000	$ 3,500,000
Senior Secured Notes | New Senior Secured Notes
Debt Instrument [Line Items]
Percentage of senior debt to be purchased, maximum (as percent)	100.00%
Convertible Notes | New Convertible Notes Indenture
Debt Instrument [Line Items]
Debt instrument issued	$ 75,800,000
Debt instrument, required percentage pledged to equity interest	65.00%
Equity interests pledged as collateral (as percent)													65.00%
Debt instrument, required percentage of trustees or holders to declare Notes immediately due and payable (as percent)	25.00%
Board of Directors Member | 8.5% Senior Secured Notes
Debt Instrument [Line Items]
Debt outstanding principal pay off								2,000,000
Purchase price of debt								$ 1,500,000
[1]	Derived from audited consolidated financial statements.

Fair Value Measurements - Asset

Fair Value Measurements - Assets And Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Aug. 31, 2019	Nov. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in limited partnership	$ 132,334	$ 0	[1]
Investment in life settlements	1,254	506,407
Investment fair value	133,588
Investment in deconsolidated subsidiaries	0	128,795	[1]
Total fair value of liabilities		346,670
Consolidated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in life settlements		1,172
Deconsolidated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in life settlements		505,235
Investment in deconsolidated subsidiaries		128,795
Deconsolidated | Revolving Credit Facility | White Eagle
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving Credit Facility debt, at estimated fair value		346,670
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in limited partnership	0
Investment in life settlements	0	0
Investment fair value	0
Total fair value of liabilities		0
Level 1 | Consolidated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in life settlements		0
Level 1 | Deconsolidated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in life settlements		0
Investment in deconsolidated subsidiaries		0
Level 1 | Deconsolidated | Revolving Credit Facility | White Eagle
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving Credit Facility debt, at estimated fair value		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in limited partnership	0
Investment in life settlements	0	0
Investment fair value	0
Total fair value of liabilities		0
Level 2 | Consolidated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in life settlements		0
Level 2 | Deconsolidated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in life settlements		0
Investment in deconsolidated subsidiaries		0
Level 2 | Deconsolidated | Revolving Credit Facility | White Eagle
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving Credit Facility debt, at estimated fair value		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in limited partnership	132,334
Investment in life settlements	1,254	506,407
Investment fair value	$ 133,588
Total fair value of liabilities		346,670
Level 3 | Consolidated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in life settlements		1,172
Level 3 | Deconsolidated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in life settlements		505,235
Investment in deconsolidated subsidiaries		128,795
Level 3 | Deconsolidated | Revolving Credit Facility | White Eagle
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Revolving Credit Facility debt, at estimated fair value		$ 346,670
[1]	Derived from audited consolidated financial statements.

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information about Level 3 Fair Value Measurements (Details) $ in Thousands	Aug. 31, 2019USD ($)	Nov. 30, 2018USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment in life settlements fair value	$ 1,254	$ 506,407
Investments in life settlement aggregate death benefit	12,000
Investment in limited partnership	132,334	0	[1]
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment in life settlements fair value	1,254	$ 506,407
Investments in life settlement aggregate death benefit	12,000
Investment in limited partnership	132,334
Investment in limited partnership aggregate death benefit	$ 735,798
Level 3 | Valuation Technique, Discounted Cash Flow | Discount rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment in limited partnership measurement input	0.1503
Level 3 | Valuation Technique, Discounted Cash Flow | Discount rate | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment in live settlements measurement input	0.1325
Level 3 | Valuation Technique, Discounted Cash Flow | Discount rate | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment in live settlements measurement input	0.1525
Level 3 | Valuation Technique, Discounted Cash Flow | Life expectancy evaluation
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment in live settlements measurement input	11.6
[1]	Derived from audited consolidated financial statements.

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) claim in Thousands, $ in Thousands, policy in Millions	Aug. 16, 2019USD ($)	Oct. 18, 2018USD ($)	Nov. 30, 2018USD ($)		Aug. 31, 2019USD ($)policyclaimcarrier	Aug. 31, 2018USD ($)	Aug. 31, 2019USD ($)policyclaimcarrier	Aug. 16, 2019USD ($)	Aug. 31, 2018USD ($)	Nov. 30, 2018USD ($)		Dec. 13, 2018	Nov. 13, 2018USD ($)	Oct. 29, 2018	Jul. 28, 2017	Apr. 18, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortality rate (as percent)					100.00%		100.00%
Investment in limited partnership, at estimated fair value (Note 11)			$ 0	[1]	$ 132,334		$ 132,334			$ 0	[1]
Change in fair value of investment in deconsolidated subsidiaries					$ 90,710	$ 0	$ 37,941		$ 0
8.5% Senior Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate percentage					8.50%		8.50%					8.50%			8.50%
5.0% Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate percentage						5.00%			5.00%
5.0% Convertible Notes | Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Stated interest rate percentage					5.00%		5.00%									5.00%
Discount rate | Life Finance
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in live settlements measurement input			0.1342		0.1492		0.1492			0.1342
WE Investment | Subsidiaries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment ownership percentage					27.50%		27.50%
Class A Interests | Affiliates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Internal rate of return guaranteed to majority owner of partnership investment	11.00%							11.00%
Class A Interests | For the first 3 years | Affiliates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from sale of limited partnership interest	$ 8,000
Period for distribution of proceeds from limited partnership interest	3 years
Class A Interests | For the subsequent 7 years | Affiliates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from sale of limited partnership interest	$ 4,000
Period for distribution of proceeds from limited partnership interest	7 years
Class D Interests | Affiliates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Internal rate of return guaranteed to majority owner of partnership investment	11.00%							11.00%
Class B Interests | Affiliates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Period for distribution of proceeds from limited partnership interest	8 years
Internal rate of return guaranteed to majority owner of partnership investment	11.00%							11.00%
AVS | Life expectancy evaluation | Life Finance
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase in percentage of length of life insurance		9.00%												13.00%
21st Century | Life expectancy evaluation | Life Finance
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase in percentage of length of life insurance		9.00%
Increase (decrease) in fair value of life settlements		$ 124,000								$ 23,100
Subsidiary in Bankruptcy Proceedings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in limited partnership, at estimated fair value (Note 11)	$ 166,736		$ 128,795					$ 166,736		$ 128,795			$ 278,400
Change in fair value of investment in deconsolidated subsidiaries	$ 37,900		$ (149,600)					$ 37,941
Subsidiary in Bankruptcy Proceedings | Subsidiaries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Basis investment in Lamington													$ 278,400
Palomino | Affiliates | White Eagle
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of equity interest sold	72.50%							72.50%
Palomino | Class A Interests | Affiliates | White Eagle
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of equity interest sold	72.50%							72.50%
Palomino | Class D Interests | Affiliates | White Eagle
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from sale of limited partnership interest	$ 8,000
Lamington | WE Investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in limited partnership, at estimated fair value (Note 11)	$ 138,900				$ 132,300		$ 132,300	$ 138,900
Equity investment ownership percentage					27.50%		27.50%
Lamington | WE Investment | Subsidiaries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment ownership percentage	27.50%							27.50%
Lamington | Class B Interests | WE Investment | Subsidiaries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment ownership percentage	27.50%							27.50%
White Eagle | Affiliates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of equity interest sold	72.50%							72.50%
Proceeds from sale of limited partnership interest	$ 366,200
White Eagle | WE Investment | Subsidiaries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in limited partnership, at estimated fair value (Note 11)					$ 132,300		$ 132,300
Equity investment ownership percentage					27.50%		27.50%
White Eagle | WE Investment | Subsidiaries | Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in limited partnership measurement input					0.1503		0.1503
Valuation Basic Table 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of policies | policy					266		266
Number of claims on policies | claim					2,550		2,550
Number of insurance carriers | carrier					51		51
Impaired life bearing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortality rate (as percent)					200.00%		200.00%
Revolving Credit Facility | CLMG | Palomino | Class D Interests
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase price of acquired equity interest allocated to Class D	8,000
Annual amount guaranteed to majority owners of limited partnership	$ 2,000							$ 2,000
Internal rate of return guaranteed to majority owner of partnership investment	11.00%							11.00%
[1]	Derived from audited consolidated financial statements.

Fair Value Measurements - Life

Fair Value Measurements - Life Expectancy Sensitivity Analysis (Details) - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2019	Nov. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	$ 1,254	$ 506,407
+6 Life Expectancy Months Adjustment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	1,051
Change in Value	(203)
No change in Life Expectancy
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	1,254
Change in Value	0
-6 Life Expectancy Months Adjustment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	1,466
Change in Value	$ 212

Fair Value Measurements - Lif_2

Fair Value Measurements - Life Insurance Issuer Concentrations (Details) - Credit Concentration Risk - Sun Life Assurance Company of Canada - Moody's Rating Aa3 - S&P Rating AA	9 Months Ended
	Aug. 31, 2019
Percentage of Total Fair Value
Concentration Risk [Line Items]
Concentrations risk percentage	100.00%
Percentage of Total Death Benefit
Concentration Risk [Line Items]
Concentrations risk percentage	100.00%

Fair Value Measurements - Weigh

Fair Value Measurements - Weighted Average Rate Discount Rates Used to Calculate Death Benefits (Details) $ in Thousands	9 Months Ended
	Aug. 31, 2019USD ($)	Nov. 30, 2018USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in life settlements fair value	$ 1,254	$ 506,407
Weighted Average Discount Rate | 0.50% Decrease
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate Calculated Based on Death Benefit - Consolidated	0.1442
Investment in life settlements fair value	$ 1,308
Change in Value	$ 54
Weighted Average Discount Rate | No Change
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate Calculated Based on Death Benefit - Consolidated	0.1492
Investment in life settlements fair value	$ 1,254
Change in Value	$ 0
Weighted Average Discount Rate | 0.50% Increase
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate Calculated Based on Death Benefit - Consolidated	0.1542
Investment in life settlements fair value	$ 1,202
Change in Value	$ (52)

Fair Value Measurements - Disco

Fair Value Measurements - Discount Rate Used to Estimate Fair Value of Investment in Partnership (Details)	3 Months Ended		9 Months Ended
	Aug. 31, 2019USD ($)	Aug. 31, 2018USD ($)	Aug. 31, 2019USD ($)	Aug. 31, 2018USD ($)	Nov. 30, 2018USD ($)	[1]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in limited partnership	$ 132,334,000		$ 132,334,000		$ 0
Change in Value	$ (5,821,000)	$ 0	$ (5,821,000)	$ 0
Discount rate | 0.50% Decrease
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate	0.1453		0.1453
Investment in limited partnership	$ 136,057,000		$ 136,057,000
Change in Value			$ 3,723,000
Discount rate | No Change
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate	0.1503		0.1503
Investment in limited partnership	$ 132,334,000		$ 132,334,000
Change in Value			$ 0
Discount rate | 0.50% Increase
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted Average Rate	0.1553		0.1553
Investment in limited partnership	$ 128,766,000		$ 128,766,000
Change in Value			$ (3,568,000)
[1]	Derived from audited consolidated financial statements.

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value for All Assets Using Material Level of Unobservable (Level 3) Inputs (Details) - USD ($)	Aug. 31, 2019	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 16, 2019	Aug. 31, 2018
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward]
Change in fair value of investment in limited partnership		$ (5,821,000)	$ 0	$ (5,821,000)		$ 0
Subsidiaries | Lamington
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward]
Change in fair value of investment in limited partnership		15,352,000	0	15,352,000		0
Level 3 | Lamington
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward]
Beginning balance				128,795,000	$ 128,795,000
Change in fair value				37,941,000
Transferred to consolidation				(166,736,000)
Ending balance	$ 0	0		0
Level 3 | Life Finance
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward]
Beginning balance						557,786,000
Purchase of policies						0
Change in fair value						19,299,000
Policies matured						(68,185,000)
Premiums paid						67,916,000
Transfers into level 3						0
Transfers out of level 3						0
Ending balance			$ 576,816,000			576,816,000
Changes in fair value included in earnings for the period relating to assets held at the end of the period						$ (15,707,000)
Level 3 | Life Finance | Subsidiaries
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward]
Beginning balance				1,172,000	1,172,000
Purchase of policies				0
Change in fair value				(37,000)
Policies matured				0
Premiums paid				118,000
Ending balance	1,253,000	1,253,000		1,253,000
Changes in fair value included in earnings for the period relating to assets held at the end of the period				(37,000)
Level 3 | Life Finance | Deconsolidated
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward]
Beginning balance				505,235,000	505,235,000
Purchase of policies				0
Change in fair value				(16,841,000)
Receivable for maturity of life settlement write off (Note 18)				17,800,000
Policies sold				(344,845,000)
Policies matured				(100,373,000)
Premiums paid				69,827,000
Transfer (to) from investments				(130,803,000)
Ending balance	0	0		0
Changes in fair value included in earnings for the period relating to assets held at the end of the period				0
Level 3 | Equity investment
Fair Value, Assets, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	138,155,000			0	0
Change in fair value					15,352,000
Transfer (to) from investments					130,803,000
Advance for Class D Shares					(8,000,000)
Change in fair value of investment in limited partnership	(5,821,000)
Ending balance	$ 132,334,000	$ 132,334,000		132,334,000	$ 138,155,000
Changes in fair value included in earnings for the period relating to assets held at the end of the period				$ (5,821,000)

Fair Value Measurements - Cha_2

Fair Value Measurements - Changes in Fair Value for All Liabilities Using Material Level of Unobservable (Level 3) Inputs (Details) - Level 3 - Revolving Credit Facility - White Eagle - USD ($) $ in Thousands	9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018
Fair Value, Liabilities, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 346,670	$ 326,104
Draws under the White Eagle Revolving Credit Facility	4,221	69,490
Payments on White Eagle Revolving Credit Facility	(367,985)	(34,597)
Unrealized change in fair value	17,094	(11,663)
Transfers into level 3		0
Transfer out of level 3		0
Ending balance	0	349,334
Changes in fair value included in earnings for period relating to liabilities held at the end of the period	$ 0	$ (11,663)

Segment Information (Details)

Segment Information (Details)	9 Months Ended
	Aug. 31, 2019segment
Segment Reporting [Abstract]
Number of reportable segments	1

Commitments and Contingencies (

Commitments and Contingencies (Details)

May 22, 2019USD ($)contractclaim

May 11, 2019USD ($)

Jan. 25, 2019USD ($)

Oct. 01, 2018USD ($)

Mar. 13, 2018USD ($)

Jul. 29, 2013USD ($)

Aug. 31, 2019USD ($)

Aug. 31, 2018USD ($)

Aug. 31, 2019USD ($)

Aug. 31, 2018USD ($)

Aug. 16, 2019

Dec. 13, 2018

Nov. 30, 2018USD ($)

[1]

Jul. 28, 2017

Jan. 12, 2017appeal

Apr. 18, 2013policy

Commitments and Contingencies [Line Items]

Lease expiration date

Sep. 30, 2020

Annual base rent

$ 261,000

Percentage of annual increase of base rent (as percent)

3.00%

Rent expense under operating lease

$ 63,000

$ 109,000

$ 215,000

$ 338,000

Sublease annual base rent

$ 89,000

$ 78,000

Life settlement receivable

$ 1,254,000

$ 1,254,000

$ 1,172,000

8.5% Senior Secured Notes

Commitments and Contingencies [Line Items]

Debt instrument, interest rate

8.50%

8.50%

8.50%

8.50%

Settled Litigation | Lincoln Benefit Life Company, White Eagle Asset Portfolio, L.P. and Emergent Capital, Inc.

Commitments and Contingencies [Line Items]

Litigation settlement received

$ 21,300,000

Settled Litigation | Allstate Company and Emergent Capital, Inc.

Commitments and Contingencies [Line Items]

Litigation settlement paid

$ 2,000,000

Settled Litigation | White Eagle | Lincoln Benefit Life Company, White Eagle Asset Portfolio, L.P. and Emergent Capital, Inc.

Commitments and Contingencies [Line Items]

Number of policies owned | contract

55

Settled Litigation | White Eagle | Allstate Company and Emergent Capital, Inc.

Commitments and Contingencies [Line Items]

Number of separate legal actions | claim

6

Life settlement receivable

$ 39,100,000

Receivable for maturity of life settlement write off recorded as change in fair value of life settlements

$ 17,800,000

Proceeds from litigation settlements

2,000,000

Pending Litigation

Commitments and Contingencies [Line Items]

Insurance policies issued (at least) | policy

28

Compensatory damages sought in addition to an award of punitive damages (at least)

$ 30,000,000

Loss contingency, number of appeals | appeal

2

Chief Financial Officer

Commitments and Contingencies [Line Items]

Severance annual base salary

$ 352,229

$ 352,229

Severance period

12 months

Period within change of control

2 years

Base salary multiplier

200.00%

Vice President and Chief Investment Officer

Commitments and Contingencies [Line Items]

Severance annual base salary

$ 275,000

Severance period

6 months

Employee agreement term

1 year

Employee agreement extension period

1 year

Period to give written notice to terminate employment agreement

60 days

Vice President, Chief Legal Officer and General Counsel

Commitments and Contingencies [Line Items]

Severance annual base salary

$ 250,000

Severance period

6 months

Employee agreement term

1 year

Employee agreement extension period

1 year

Period to give written notice to terminate employment agreement

60 days

Subsidiaries | LNV

Commitments and Contingencies [Line Items]

Equity stake percentage

45.00%

Affiliates | Palomino | White Eagle

Commitments and Contingencies [Line Items]

Percentage of equity interest sold

72.50%

Affiliates | White Eagle

Commitments and Contingencies [Line Items]

Percentage of equity interest sold

72.50%

DIP Financing | Subsidiaries | LNV

Commitments and Contingencies [Line Items]

Amount of debt committed to in connection with receiving an equity stake percentage

$ 370,000,000

Equity stake percentage

45.00%

WE Investment | Subsidiaries

Commitments and Contingencies [Line Items]

Equity investment ownership percentage

27.50%

27.50%

WE Investment | Subsidiaries | White Eagle

Commitments and Contingencies [Line Items]

Equity investment ownership percentage

27.50%

27.50%

WE Investment | Collateral pledged | Subsidiaries | White Eagle

Commitments and Contingencies [Line Items]

Equity investment ownership percentage

27.50%

Class A Interests | Affiliates | Palomino | White Eagle

Commitments and Contingencies [Line Items]

Percentage of equity interest sold

72.50%

[1]

Derived from audited consolidated financial statements.

Stockholders' Deficit_Equity (D

Stockholders' Deficit/Equity (Details)

Aug. 11, 2017USD ($)$ / sharesshares

Jul. 28, 2017USD ($)director$ / sharesshares

Sep. 01, 2015USD ($)

Oct. 31, 2014$ / shares

Apr. 30, 2014USD ($)shares

May 31, 2018USD ($)

Aug. 31, 2019USD ($)shares

Dec. 31, 2015USD ($)$ / sharesshares

Nov. 30, 2018USD ($)shares

Jul. 17, 2017shares

Jul. 16, 2017shares

Stockholders Equity [Line Items]

Stock options granted (in shares)

0

Stock options outstanding (shares)

85,000

85,000

Share and note repurchase program, authorized amount | $

$ 10,000,000

Stock repurchase program, term of plan

2 years

Shares purchased (in shares)

608,000

Cost of shares purchased | $

$ 2,534,000

$ 2,500,000

$ 2,534,000

[1]

Average cost per share purchased (in dollars per share) | $ / shares

$ 4.17

Common stock issued value | $

$ 9,000

Common stock, shares authorized (in shares)

415,000,000

415,000,000

[1]

415,000,000

80,000,000

Number of board of directors | director

7

Common Stock Purchase Agreement

Stockholders Equity [Line Items]

Sale of stock, number of shares issued (in shares)

115,000,000

Sale of stock, price per share (in dollars per share) | $ / shares

$ 0.20

Common stock issued value | $

$ 23,000,000

Immediately Upon Issuance | Convertible Notes

Stockholders Equity [Line Items]

Warrants issued (in shares)

17,500,000

At Later Times After Conversion of Notes | Convertible Notes

Stockholders Equity [Line Items]

Warrants issued (in shares)

25,000,000

Term of warrants

8 years

Warrant Investors

Stockholders Equity [Line Items]

Exercise price of warrants (in dollars per share) | $ / shares

$ 0.2

Warrants issued (in shares)

42,500,000

PJC, Triax and Other Affiliates

Stockholders Equity [Line Items]

Warrants issued (in shares)

27,150,000

Sale of stock, number of shares issued (in shares)

39,320,038

PJC, Triax and Other Affiliates | Emergent Capital, Inc.

Stockholders Equity [Line Items]

Percentage of ownership after sale of stocks (as percent)

38.90%

PJC, Triax and Other Affiliates | Common Stock Purchase Agreement

Stockholders Equity [Line Items]

Sale of stock, number of shares issued (in shares)

75,000,000

Common stock issued value | $

$ 15,000,000

Convertible Notes Holders Investors | Common Stock Purchase Agreement

Stockholders Equity [Line Items]

Sale of stock, number of shares issued (in shares)

40,000,000

Common stock issued value | $

$ 8,000,000

PJC Investments, LLC | Common Stock Purchase Agreement

Stockholders Equity [Line Items]

Sale of stock, number of shares issued (in shares)

19,320,038

Brennan | Common Stock Purchase Agreement

Stockholders Equity [Line Items]

Securities remaining for future issuance (in shares)

12,500,000

Sale of stock, price per share (in dollars per share) | $ / shares

$ 0.40

Sale of stock, aggregate purchase price | $

$ 5,000,000

Other Investors Designated by PJC and Triax

Stockholders Equity [Line Items]

Warrants issued (in shares)

13,350,000

Sale of stock, number of shares issued (in shares)

55,000,000

Other Investors Designated by PJC and Triax | Emergent Capital, Inc.

Stockholders Equity [Line Items]

Percentage of ownership after sale of stocks (as percent)

43.60%

USAO Investigation

Stockholders Equity [Line Items]

Litigation settlement, shares to escrow (in shares)

2,000,000

Estimated fair value of warrants | $

$ 5,400,000

Common stock warrants term

5 years

Exercise price of warrants (in dollars per share) | $ / shares

$ 10.75

Average daily trading closing price (in dollars per share) | $ / shares

$ 8.50

Average daily trading closing price, period

45 days

Restricted Stock

Stockholders Equity [Line Items]

Awards granted (in shares)

0

Awards subject to vesting (in shares)

1,083,333

1,400,000

Awards vested (in shares)

316,667

Omnibus Plan

Stockholders Equity [Line Items]

Stock options outstanding (shares)

85,000

Securities remaining for future issuance (in shares)

9,511,785

Omnibus Plan | Stock Options

Stockholders Equity [Line Items]

Shares of common stock reserved for future grant (in shares)

12,600,000

Omnibus Plan | Stock Options | Employees

Stockholders Equity [Line Items]

Stock options granted (in shares)

85,000

Stock options outstanding (shares)

85,000

Omnibus Plan | Stock Appreciation Rights | Directors

Stockholders Equity [Line Items]

Stock options granted (in shares)

100,000

Stock options outstanding (shares)

100,000

Omnibus Plan | Restricted Stock | Employees

Stockholders Equity [Line Items]

Awards granted (in shares)

2,270,000

Awards subject to vesting (in shares)

1,083,333.33

Omnibus Plan | Restricted Stock | Directors

Stockholders Equity [Line Items]

Awards granted (in shares)

633,215

Awards vested (in shares)

1,186,667

[1]

Derived from audited consolidated financial statements.

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Aug. 31, 2019	Aug. 31, 2018	Aug. 31, 2019	Aug. 31, 2018	Aug. 16, 2019
Income Tax Disclosure [Abstract]
Effective annual effective tax rate (as percent)			15.99%
(Benefit) provision for income taxes	$ (5)	$ 3,094	$ 3,213	$ (136)
White Eagle | Affiliates | Palomino
Income Tax Contingency [Line Items]
Percentage of equity interest sold					72.50%
White Eagle | Affiliates | Class A and Class D Interests | Palomino
Income Tax Contingency [Line Items]
Percentage of equity interest sold					72.50%
WE Investment | Lamington
Income Tax Contingency [Line Items]
Equity investment ownership percentage	27.50%		27.50%
WE Investment | Subsidiaries
Income Tax Contingency [Line Items]
Equity investment ownership percentage	27.50%		27.50%
WE Investment | Subsidiaries | Lamington
Income Tax Contingency [Line Items]
Equity investment ownership percentage					27.50%
WE Investment | Subsidiaries | Class B Interests | Lamington
Income Tax Contingency [Line Items]
Equity investment ownership percentage					27.50%