Gleacher & Company (GLCH) Inactive 10-K17 Mar 142013 FY Annual reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2013	Feb. 28, 2014	Jun. 28, 2013
Document and Entity Information	'	'	'
Entity Registrant Name	'GLEACHER & COMPANY, INC.	'	'
Entity Central Index Key	'0000782842	'	'
Document Type	'10-K	'	'
Document Period End Date	31-Dec-13	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Well-known Seasoned Issuer	'No	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Accelerated Filer	'	'
Entity Public Float	'	'	$60,301,071
Entity Common Stock, Shares Outstanding	'	6,183,654	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues	'	'	'
Investment gains, net	$1,267	$1,233	$2,996
Fees and other	666	849	1,066
Total revenue:	1,933	2,082	4,062
Expenses	'	'	'
Compensation and benefits	9,098	13,053	12,017
Professional fees	11,184	9,643	4,503
Settlement of arbitration and other claims (Refer to Note 17)	3,146	'	'
Communications and data processing	1,181	1,935	2,105
Occupancy, depreciation and amortization	1,349	1,577	1,346
Other	3,584	2,880	3,262
Total expenses	29,542	29,088	23,233
Loss from continuing operations before income taxes and discontinued operations	-27,609	-27,006	-19,171
Income tax (benefit)/expense	-1,082	22,940	-7,422
Loss from continuing operations	-26,527	-49,946	-11,749
Loss from discontinued operations, net of taxes (Refer to Note 22)	-73,005	-27,744	-70,375
Net loss	($99,532)	($77,690)	($82,124)
Basic loss per share:	'	'	'
Continuing operations (in dollars per share)	($4.33)	($8.40)	($1.90)
Discontinued operations (in dollars per share)	($11.93)	($4.66)	($11.40)
Net loss per share (in dollars per share)	($16.26)	($13.06)	($13.30)
Diluted loss per share:	'	'	'
Continuing operations (in dollars per share)	($4.33)	($8.40)	($1.90)
Discontinued operations (in dollars per share)	($11.93)	($4.66)	($11.40)
Net loss per share (in dollars per share)	($16.26)	($13.06)	($13.30)
Weighted average shares of common stock:	'	'	'
Basic (in shares)	6,120	5,949	6,172
Diluted (in shares)	6,120	5,949	6,172

CONSOLIDATED_STATEMENTS_OF_FIN

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Assets	'	'
Cash and cash equivalents	$51,353	$44,868
Cash and securities segregated for regulatory and other purposes	6,000	13,000
Receivables from:	'	'
Brokers, dealers and clearing organizations	9,173	12,824
Related parties	856	1,474
Others	908	12,563
Financial instruments owned, at fair value (includes financial instruments pledged of $0 and $1,095,431 at December 31, 2013 and 2012, respectively)	664	1,096,181
Investments	18,889	20,478
Office equipment and leasehold improvements, net	115	5,311
Goodwill	'	1,212
Intangible assets	'	5,303
Income taxes receivable	4,116	7,062
Other assets	3,890	9,030
Total Assets	95,964	1,229,306
Payables to:	'	'
Brokers, dealers and clearing organizations	'	638,009
Related parties	475	2,944
Others	1,868	2,251
Securities sold under agreements to repurchase	0	159,386
Securities sold, but not yet purchased, at fair value	'	132,730
Secured borrowings	'	64,908
Restructuring reserve	2,491	108
Accrued compensation	1,907	34,199
Accounts payable and accrued expenses	1,629	9,426
Income taxes payable	3,331	3,755
Subordinated debt	409	595
Total Liabilities	12,110	1,048,311
Commitments and Contingencies (Refer to Note 17)	'	'
Stockholders' Equity	'	'
Common stock; $.01 par value; authorized 10,000,000 shares, issued 6,688,387 and 6,688,387 shares; and outstanding 6,174,990 and 6,221,959 shares, at December 31, 2013 and 2012, respectively	1,337	1,337
Additional paid-in capital	455,910	453,938
Deferred compensation	101	124
Accumulated deficit	-363,109	-263,577
Treasury stock, at cost (513,397 shares and 466,428 shares, at December 31, 2013 and December 31, 2012, respectively)	-10,385	-10,827
Total Stockholders' Equity	83,854	180,995
Total Liabilities and Stockholders' Equity	$95,964	$1,229,306

CONSOLIDATED_STATEMENTS_OF_FIN1

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION	'	'
Financial instruments owned, at fair value, financial instruments pledged (in dollars)	$0	$1,095,431
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, authorized shares	10,000,000	10,000,000
Common stock, issued shares	6,688,387	6,688,387
Common stock, outstanding shares	6,174,990	6,221,959
Treasury stock, shares	513,397	466,428

CONSOLIDATED_STATEMENTS_OF_CHA

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $)	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Treasury Stock	Deferred Compensation
In Thousands, except Share data, unless otherwise specified	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Treasury Stock	Deferred Compensation
Balance at Dec. 31, 2010	$346,159	$1,315	$449,754	($103,763)	($1,423)	$276
Balance (in shares) at Dec. 31, 2010	'	6,572,879	'	'	-32,386	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'
Issuance of common stock for stock-based compensation	'	22	-22	'	'	'
Issuance of common stock for stock-based compensation (in shares)	112,860	112,860	'	'	'	'
Purchases of treasury stock	-18,898	'	'	'	-18,898	'
Purchases of treasury stock (in shares)	'	'	'	'	-596,776	'
Amortization of stock-based compensation	15,074	'	15,074	'	'	'
Reclassification of prior year liability classified stock-based compensation upon issuance of awards	12,446	'	12,446	'	'	'
Net tax benefits/(shortfalls) related to stock-based compensation	-5,480	'	-5,480	'	'	'
Issuance of treasury stock for restricted stock grants, restricted stock unit settlements and option exercises	'	'	-4,763	'	4,763	'
Issuance of treasury stock for restricted stock grants, restricted stock unit settlements and option exercises (in shares)	'	'	'	'	120,072	'
Forfeitures of restricted stock	'	'	1,514	'	-1,514	'
Forfeitures of restricted stock (in shares)	'	'	'	'	-52,760	'
Shares withheld for minimum withholding taxes for vested restricted stock, restricted stock units and options exercises	-7,601	'	-4,907	'	-2,694	'
Shares withheld for minimum withholding taxes for vested restricted stock, restricted stock units and options exercises (in shares)	'	'	'	'	-80,656	'
Payment of expenses to purchase treasury stock	-257	'	'	'	-257	'
Distributions of deferred compensation related to the employee stock trust	'	'	77	'	38	-115
Distributions of deferred compensation related to the employee stock trust (in shares)	'	'	'	'	947	'
Other	-196	'	-196	'	'	'
Net loss	-82,124	'	'	-82,124	'	'
Balance at Dec. 31, 2011	259,123	1,337	463,497	-185,887	-19,985	161
Balance (in shares) at Dec. 31, 2011	'	6,685,739	'	'	-641,559	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'
Issuance of common stock for stock-based compensation (in shares)	2,722	'	'	'	'	'
Purchases of treasury stock	-1,151	'	'	'	-1,151	'
Purchases of treasury stock (in shares)	'	'	'	'	-66,470	'
Amortization of stock-based compensation	6,800	'	6,800	'	'	'
Net tax benefits/(shortfalls) related to stock-based compensation	-377	'	-377	'	'	'
Issuance of treasury stock for restricted stock grants, restricted stock unit settlements and option exercises	'	'	-15,856	'	15,856	'
Issuance of treasury stock for restricted stock grants, restricted stock unit settlements and option exercises (in shares)	'	'	'	'	524,088	'
Forfeitures of restricted stock	'	'	4,199	'	-4,199	'
Forfeitures of restricted stock (in shares)	'	'	'	'	-236,429	'
Clawback of certain stock-based compensation grants subject to non-competition provisions	-2,630	'	-2,630	'	'	'
Shares withheld for minimum withholding taxes for vested restricted stock, restricted stock units and options exercises	-3,005	'	-1,695	'	-1,310	'
Shares withheld for minimum withholding taxes for vested restricted stock, restricted stock units and options exercises (in shares)	'	'	'	'	-46,270	'
Payment of expenses to purchase treasury stock	-75	'	'	'	-75	'
Distributions of deferred compensation related to the employee stock trust	'	'	'	'	37	-37
Distributions of deferred compensation related to the employee stock trust (in shares)	'	'	'	'	212	'
Other (in shares)	'	2,648	'	'	'	'
Net loss	-77,690	'	'	-77,690	'	'
Balance at Dec. 31, 2012	180,995	1,337	453,938	-263,577	-10,827	124
Balance (in shares) at Dec. 31, 2012	6,688,387	6,688,387	'	'	-466,428	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'
Issuance of common stock for stock-based compensation (in shares)	0	'	'	'	'	'
Amortization of stock-based compensation	5,592	'	5,592	'	'	'
Issuance of treasury stock for restricted stock grants, restricted stock unit settlements and option exercises	'	'	-3,324	'	3,324	'
Issuance of treasury stock for restricted stock grants, restricted stock unit settlements and option exercises (in shares)	'	'	'	'	157,174	'
Forfeitures of restricted stock	'	'	1,731	'	-1,731	'
Forfeitures of restricted stock (in shares)	'	'	'	'	-123,450	'
Clawback of certain stock-based compensation grants subject to non-competition provisions	-577	'	-577	'	'	'
Shares withheld for minimum withholding taxes for vested restricted stock, restricted stock units and options exercises	-2,624	'	-1,450	'	-1,174	'
Shares withheld for minimum withholding taxes for vested restricted stock, restricted stock units and options exercises (in shares)	'	'	'	'	-80,840	'
Distributions of deferred compensation related to the employee stock trust	'	'	'	'	23	-23
Distributions of deferred compensation related to the employee stock trust (in shares)	'	'	'	'	147	'
Net loss	-99,532	'	'	-99,532	'	'
Balance at Dec. 31, 2013	$83,854	$1,337	$455,910	($363,109)	($10,385)	$101
Balance (in shares) at Dec. 31, 2013	6,688,387	6,688,387	'	'	-513,397	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities:	'	'	'
Net loss	($99,532)	($77,690)	($82,124)
Adjustments to reconcile net loss to net cash provided by (used in )operating activities:	'	'	'
Impairment of fixed assets and leasehold improvements - restructuring	4,006	'	'
Amortization of stock-based compensation	5,592	6,800	15,074
Impairment of goodwill and intangible assets	3,907	21,096	94,555
Investment gains, net	-1,267	-1,233	-2,996
Clawback of stock-based compensation awards subject to non-competition provisions	-577	-2,630	'
Bad debts reserve - loan receivable	400	'	'
Depreciation and amortization	699	1,882	1,936
Amortization of intangible assets	196	538	2,099
Gain from bargain purchase - ClearPoint Funding, Inc. acquisition	'	'	-2,330
Loss from disposal of office equipment and leasehold improvements	'	'	316
Deferred income taxes	'	29,144	1,394
Changes in operating assets and liabilities:	'	'	'
Cash and securities segregated for regulatory purposes	7,000	-3,388	-9,512
Securities purchased under agreements to resell	'	1,523,227	-1,436,743
Receivable/payable from/to related parties, net	17	'	861
Receivable from others, net	10,872	2,712	4,019
Financial instruments owned, at fair value	1,096,462	458,479	-226,574
Income taxes receivable/payable, net	3,557	4,099	-2,526
Other assets	5,243	707	2,482
Payable to brokers, dealers, and clearing organizations, net	-634,358	-424,703	-25,831
Securities sold, but not yet purchased, at fair value	-132,730	-52,266	72,348
Securities sold under agreements to repurchase	-159,386	-1,318,695	1,478,081
Restructuring reserve (gross payments of $38.1 million; Refer to Note 21)	2,383	'	'
Accounts payable and accrued expenses	-8,234	-8,893	5,868
Accrued compensation	-32,292	7,925	-35,853
Drafts payable	105	-2	-847
Net cash provided by /(used in )operating activities	72,063	167,109	-146,303
Cash flows from investing activities:	'	'	'
Purchases of office equipment and leasehold improvements	-11	-458	-2,230
Payment to former stockholders of Gleacher Partners, Inc. (Refer to Note 24)	-195	-4,373	'
Purchase of investments	-946	-950	-1,462
ClearPoint sale - net payment to Homeward Residential, Inc.	-510	'	'
ClearPoint acquisition - net cash acquired	'	'	626
Return of capital - investments	3,802	'	3,385
Net cash provided by/(used in) investing activities	2,140	-5,781	319
Cash flows from financing activities:	'	'	'
Proceeds from secured borrowings	185,381	1,492,063	1,645,217
Repayments of secured borrowings	-250,289	-1,640,766	-1,475,945
Purchases of treasury stock	'	-1,151	-18,898
Payments for employee tax withholding on stock-based compensation	-2,624	-3,005	-7,601
Excess tax benefits related to stock-based compensation	'	8	239
Payment of expenses to purchase treasury stock	'	-75	-257
Repayment of subordinated debt	-186	-206	-108
Net cash (used in)/provided by financing activities	-67,718	-153,132	142,647
Increase/(decrease) in cash and cash equivalents	6,485	8,196	-3,337
Cash and cash equivalents at beginning of the year	44,868	36,672	40,009
Cash and cash equivalents at the end of the year	51,353	44,868	36,672
Cash paid during the year for:	'	'	'
Income taxes	78	382	735
Interest	$1,898	$12,827	$11,174
NON CASH INVESTING AND FINANCING ACTIVITIES	'	'	'
Treasury stock issued, net of forfeitures, for stock-based compensation exercises and vesting and distributions of deferred compensation related to the employee stock trust (in shares)	33,724	287,659	67,312
Common stock issued for settlement of stock-based compensation awards (in shares)	0	2,722	112,860

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013
CONSOLIDATED STATEMENTS OF CASH FLOWS	'
Gross payment of restructuring reserve	$38.10

Basis_of_Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 2013
Basis of Presentation	'
Basis of Presentation	'



	NOTE 1. Basis of Presentation

	Gleacher & Company, Inc. (the "Parent" and together with its subsidiaries, "Gleacher" or the "Company") is incorporated under the laws of the State of Delaware. The Company's common stock is traded on The NASDAQ Global Market ("NASDAQ") under the symbol "GLCH."

	The Company recently announced that, after an extensive evaluation of other alternatives, its Board of Directors has determined that it is in the best interests of the Company's stockholders that the Company dissolve, liquidate and distribute to stockholders its available assets.

	Planned Dissolution and Liquidation

	As previously announced, the Company has been engaged in a lengthy and intensive evaluation of potential strategic alternatives in order to preserve and maximize stockholder value. Those potential alternatives included (i) pursuing a strategic transaction with a third party, such as a merger or sale of the Company; (ii) the reinvestment of the Company's liquid assets in favorable opportunities; and (iii) dissolving the Company, winding down its remaining operations and distributing its net assets to its stockholders, after making appropriate reserves for liabilities and expenses. The Board of Directors and the Company, together with its external advisors, devoted substantial time and effort in seeking, identifying and pursuing opportunities and other alternatives to enhance stockholder value; however, that process had not at that time yielded any opportunities transaction viewed by the Board as reasonably likely to provide greater realizable value to stockholders than the complete dissolution and liquidation of the Company.

	The Company's dissolution was unanimously approved by the Board of Directors on March 12, 2014, but is subject to stockholder approval. The Company intends to present this proposal to its stockholders of record as of April 21, 2014 at the Company's 2014 Annual Stockholders Meeting (the "2014 Annual Meeting"), currently scheduled for May 29, 2014. The Company will file prescribed proxy materials with the Securities and Exchange Commission in advance of that meeting. In connection with the dissolution, the Company intends to distribute to its stockholders all available cash other than as may be required to pay expenses and pay or make reasonable provision for known and potential claims and obligations of the Company, as required by applicable law. The Board of Directors' decision contemplates an orderly wind down of the Company's remaining business and operations, including the dissolution and winding-up of subsidiaries. If approved by the Company's stockholders, the Company intends to file a certificate of dissolution, pay, satisfy, resolve or make reasonable provisions for claims and obligations as well as anticipated costs associated with the Company's dissolution and liquidation, and seek to convert its remaining assets into cash or cash equivalents as soon as reasonable, practicable and financially prudent.

	Until such time, if any, as the stockholders approve the Company's dissolution, and the Board of Directors decides, and instructs management, to proceed with a dissolution, the Company will continue to investigate and consider any feasible, alternative, value-creating transactions of which it becomes aware. If prior to its dissolution, the Company receives an offer for a transaction that, in the view of the Board, would be expected to provide superior value to stockholders than the value of the currently estimated distributions, taking into account factors that could affect valuation, including timing and certainty of payment or closing, proposed terms and other factors, the dissolution could be abandoned in favor of such a transaction, even if dissolution has been previously approved by the Company's stockholders.

	Discontinuation of Operations and Appointment of Capstone Advisory Group, LLC

	The Company has no meaningful revenue-producing operations. In the first quarter of 2013, the Company operated an investment banking business, predominately fixed-income sales and trading and financial advisory services, through three principal business units: Investment Banking, MBS & Rates and Credit Products. The Company also engaged in residential mortgage lending operations through its subsidiary ClearPoint Funding, Inc. ("ClearPoint").

	During the second quarter of 2013, the Company's Board of Directors approved plans to discontinue operations in its MBS & Rates (including RangeMark Financial Services ("RangeMark")) and Credit Products divisions (together, "Fixed Income" or the "Fixed Income businesses") as well as, later in the quarter, its Investment Banking division. Exiting these businesses impacted approximately 150 employees. The ClearPoint business was discontinued, and the business sold to Homeward Residential, Inc. ("Homeward") in February 2013 (the "Homeward Transaction"). In addition, in the third quarter of 2011, the Company exited the Equities business. Exiting the Equities business impacted 62 employees. As of March 17, 2014, the Company had 13 employees.

	On May 31, 2013, the Board of Directors appointed Christopher J. Kearns of Capstone Advisory Group, LLC ("Capstone") as the Company's Chief Restructuring Officer and Chief Executive Officer. The Company also entered into an agreement with Capstone and Mr. Kearns, pursuant to which Capstone was engaged to provide number of services to the Company, including (i) evaluating and implementing, subject to the approval of the Company's Board of Directors, the chosen course of action to preserve asset value and maximize recoveries to stockholders under the circumstances; (ii) overseeing the operations of the Company through execution of the selected course of action; (iii) ascertaining personnel and potential funding required and taking key steps to effectuate the selected course of action; and (iv) soliciting and evaluating expressions of interest in certain assets of the Company and effectuating such sales where appropriate and practical under the circumstances.

	Going Concern and Basis of Presentation

	As noted above, the Company's Board of Directors approved a dissolution and liquidation of the Company, subject to stockholder approval. In connection with this intention, the Company intends to distribute to its stockholders all available cash other than as may be required to pay or make reasonable provision for known and potential claims and obligations of the Company. The Board of Directors' decision also contemplates a further, orderly wind down of the Company's business and operations and, if approved by the Company's stockholders, the filing of a certificate of dissolution, among other matters. All of these factors raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

	Accounting principles generally accepted in the United States of America ("GAAP") requires financial statements to be prepared on a going concern basis. A liquidation basis of accounting is only appropriate to the extent liquidation is imminent. In order to meet this criteria, among other factors, the plan for dissolving the Company, which would be followed by liquidation must be approved by the person or persons with the authority to make such a plan effective, which in this instance, is the Company's stockholders. If the plan of dissolution is approved by Company stockholders at the Company's 2014 Annual Stockholders Meeting, currently scheduled for May 29, 2014, the Company would then prospectively prepare its financial statements on a liquidation basis of accounting. The Company's accompanying financial statements have been prepared on a going concern basis as liquidation currently is not imminent.

	The consolidated financial statements include the accounts of Gleacher & Company, Inc. and all other entities in which it has a controlling financial interest. All significant inter-company balances and transactions have been eliminated in consolidation.

	Use of Estimates

	These consolidated financial statements have been prepared in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

	Accounting Policies—Continuing Operations

	Cash and Cash Equivalents

	The Company has defined cash equivalents as highly liquid investments, with original maturities of less than 90 days that are not segregated for regulatory purposes or held for sale in the ordinary course of business.

	Financial Instruments Owned (including legacy deferred compensation assets) & Investments

	The Company's financial instruments owned are equity securities primarily associated with legacy deferred compensation plans provided by the Company. These financial instruments are recorded on their trade date and accounted for at fair value, which is the price that would be received upon the sale of an asset or paid upon transfer of a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. Changes in fair value of these assets are recorded within compensation expense, offset by corresponding changes in the associated deferred compensation liability.

	Changes in the carrying value of the Company's investments, including the Company's investment FA Technology Ventures, L.P. ("FATV" or the "Partnership") and other investments in privately held companies, are recorded within investment gains/(losses), net.

	Office Equipment and Leasehold Improvements

	Office equipment is stated at cost less accumulated depreciation and is tested for impairment at the time of a triggering event, if one were to occur. Depreciation is provided on a straight-line basis over the estimated useful life of the asset (generally 2 to 5 years). Leasehold improvements are stated at cost less accumulated amortization and are amortized on a straight-line basis over the initial term of the lease.

	Fees and Other Revenues

	Other revenues are recognized when the services have been performed and collection is reasonably assured. Other revenues also include revenues related to the clawback of certain stock-based compensation grants subject to non-competition provisions.

	Stock-Based Compensation

	The cost of employee services received in exchange for a stock-based compensation award is measured based upon the grant-date fair value of the award. Awards that do not require future service are expensed immediately. Awards that require future service are amortized over the relevant service period on a straight-line basis. Expected forfeitures are included in determining stock-based employee compensation expense.

	Contingencies

The Company is subject to contingencies, including judicial, regulatory and arbitration proceedings, tax, stockholder claims, former employee claims and other claims. The Company will recognize a liability related to legal and other claims in Accrued expenses within the Consolidated Statements of Financial Condition when incurrence of a loss is probable and the amount of the loss is reasonably estimable. The determination of these amounts requires significant judgment on the part of management. Management considers many factors including, but not limited to the amount of the claim; the amount of the loss, if any, incurred by the other party; the basis and validity of the claim; the possibility of wrongdoing on the part of the Company; likely insurance coverage (to the extent collection is probable); previous results in similar cases; and legal precedents and case law. Pending legal proceedings and potential claims are reviewed with counsel in each accounting period and the reserve, if any, is adjusted as deemed appropriate by management. Any change in the reserve amount is recorded in the consolidated financial statements and is recognized as a charge/credit to earnings in that period.

Matters giving rise to contingent gains are recognized when realized or realizable.

Income Taxes

Deferred income taxes are determined under the asset and liability method and are recognized for the tax consequences of "temporary differences" by applying enacted statutory tax rates expected to apply to taxable income in the periods in which the deferred tax liability or asset is expected to be settled or realized. The effect of tax rate changes on deferred taxes is recognized in the income tax provision in the period that includes the enactment date. The Company provides a valuation allowance against deferred tax assets when it is more likely than not that such deferred tax assets ("DTAs") will not be realized.

The Company recognizes tax benefits from uncertain tax positions only when tax positions meet the minimum probability threshold, as defined by ASC 740, "Income Taxes," which is a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority. The Company recognizes interest and penalties related to income tax matters as a component of income tax.

Comprehensive Income

The Company has no components of other comprehensive income, and therefore, comprehensive income equals net income.

Accounting Policies—Discontinued Operations

Set forth below are the Company's accounting policies which were applicable to operations now discontinued (refer to "Organization and Nature of Business," above). The results of these activities are reported within discontinued operations. Refer to Note 22 herein.

Resale and Repurchase Agreements

Transactions which involved sales of securities under agreements to repurchase ("repurchase agreements") or purchases of securities under agreements to resell ("resale agreements") were presented on a net-by-counterparty basis when a legal right of offset exists and are accounted for as collateralized financing transactions and recorded at their contracted amounts plus accrued interest. The Company was required to provide securities to counterparties in order to collateralize repurchase agreements and receives securities from counterparties as collateral under resale agreements. The Company's agreements with counterparties generally contained contractual provisions allowing for additional collateral to be provided, or excess collateral returned, when necessary. The Company valued the collateral daily and retrieved or returned excess collateral from/to counterparties, when appropriate.

Securities Transactions (former Sales & Trading businesses)

Securities transactions in regular-way trades and the related profit and loss arising from such transactions were recorded on their trade date as if they had settled.

Securities owned and securities sold, but not yet purchased, were recorded at fair value, which is the price that would be received upon the sale of an asset or paid upon transfer of a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. These financial instruments were primarily comprised of holdings in fixed income securities and mortgage loans originated by ClearPoint.

Loans

The Company accounted for all of ClearPoint's originated residential mortgage loans under the fair value option ("FVO") as prescribed by Accounting Standards Codification ("ASC") 820 "Fair Value Measurements and Disclosures" ("ASC 820"). Upfront costs and fees related to the loans were immediately recognized. Fees earned were recorded within Fees and other within the Consolidated Statements of Operations. All mortgage loans were sold on a servicing-released basis pursuant to various sale contracts. These contracts included recourse provisions related to loan repurchases if certain events occur.

Mortgage loans and any related hedging instruments were recorded within Financial instruments owned and Securities sold, but not yet purchased within the Consolidated Statements of Financial Conditions. Changes in the fair value of these items are included within discontinued operations.

Goodwill and Intangible Assets

The Company amortized intangible assets over their estimated useful life, which was the period over which the assets were expected to contribute directly or indirectly to the future cash flows of the Company, and tested for impairment at the time of a triggering event, if one were to occur. Goodwill was not amortized; instead, it was reviewed on an annual basis for impairment. Goodwill may be impaired when the carrying amount of the reporting unit exceeds the implied fair value of the reporting unit. A reporting unit is defined by the Company as an operating segment or a component of an operating segment provided that the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. For impairment testing purposes, goodwill had been allocated to each reporting unit based upon the goodwill derived from each specific acquisition.

The Company used a combination of the market and income approaches to determine the fair value of the reporting unit. The income approach utilized a discounted cash flow analysis based on management's projections, while the market approach derived the fair value of the reporting unit by applying market multiples of a group of selected publicly traded companies that could be used for comparison to the operating performance of the reporting unit. Goodwill and intangible assets are also tested for impairment at the time of a triggering event requiring a re-evaluation, if one were to occur.

Derivative Financial Instruments

Derivative financial instruments were recorded at fair value in the Consolidated Statements of Financial Condition and were included within Financial instruments owned and Securities sold, but not yet purchased. Derivatives entered into by the Company included purchase and sale agreements of to-be-announced securities ("TBAs"), which are forward mortgage-backed securities whose collateral remain "to be announced" until just prior to the trade settlement. The settlement of these transactions did have a material effect upon the Company's consolidated financial statements. The Company also entered into interest rate lock commitments ("IRLCs") in connection with the mortgage lending activities of ClearPoint (which have been discontinued in the year 2013 as a result of the Homeward Transaction). To a lesser extent, the Company entered into exchange traded futures and options contracts. Derivatives were primarily utilized for economic hedging and trading related purposes. Derivatives involve varying degrees of off-balance sheet risk, whereby changes in the level or volatility of interest rates, or market values of the underlying financial instruments may result in changes in the value of a particular financial instrument in excess of its carrying amount.

Principal Transactions

Principal transaction revenues were recorded on a trade date basis and primarily related to trading activities in financial instruments owned, securities sold, but not yet purchased, derivative transactions and mortgage loans originated by ClearPoint, all of which were accounted for at fair value and is included within discontinued operations.

Commission Income

Commission income was recorded on a trade-date basis as securities transactions occurred. This income was primarily comprised of commission equivalents earned on riskless principal transactions and is included within discontinued operations.

Investment Banking

Investment banking revenues were derived from debt, equity and convertible securities offerings in which the Company acted as an underwriter or placement agent and from financial advisory services rendered in connection with client mergers, acquisitions, restructurings, recapitalizations and other strategic transactions. Investment banking revenues were recorded net of transaction-related expenses. Fees from underwriting activities were recognized in earnings when the services related to the underwriting transaction were completed under the terms of the assignment and when the income was determined and is not subject to any other contingencies. Financial advisory fees were recognized when earned, and is included within discontinued operations.

Interest Income and Expense

Interest income and expense was recorded on an accrual basis, calculated based on contractual interest rates and is included within discontinued operations.

Recent Accounting Pronouncements

In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-11 "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" ("ASU 2013-11"). Current GAAP does not include explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The objective of ASU 2013-11 is to eliminate diversity in practice. ASU 2013-11 requires that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes would result from the disallowance of tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of ASU 2013-11 to have a material impact on the Company's consolidated financial statements.

In April 2013, the FASB issued Accounting Standards Update ("ASU") No. 2013-07 "Presentation of Financial Statements (Topic 205)" ("ASU 2013-07"). The objective of ASU 2013-07 is to clarify when an entity should apply the liquidation basis of accounting. In addition, the guidance provides principles for recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. ASU 2013-07 requires an entity to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is imminent when the likelihood is remote that the entity will return from liquidation and either (a) a plan for liquidation is approved by the person or persons with the authority to make such a plan effective and the likelihood is remote that the execution of the plan will be blocked by other parties or (b) a plan for liquidation is being imposed by other forces (for example, involuntary bankruptcy). ASU 2013-07 requires financial statements prepared using the liquidation basis of accounting to present relevant information about the entity's expected resources in liquidation by measuring and presenting assets at the amount of the expected cash proceeds from liquidation. The entity should include in its presentation of assets any items it had not previously recognized under GAAP but that it expects to either sell in liquidation or use in settling liabilities. An entity should recognize and measure its liabilities in accordance with GAAP that otherwise applies to those liabilities. The entity should not anticipate that it will be legally released from being the primary obligor under those liabilities, either judicially or by creditor(s). The entity is also required to accrue and separately present the costs that it expects to incur and the income it expects to earn during the expected duration of the liquidation, including any costs associated with sale or settlement of those assets and liabilities. ASU 2013-07 also requires disclosure about an entity's plan for liquidation, the methods and significant assumptions used to measure assets and liabilities, the type and amount of costs and income accrued, and the expected duration of the liquidation process. This guidance is effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. Entities should apply the requirements prospectively from the day that liquidation becomes imminent. Early adoption is permitted. The adoption of ASU 2013-07 did not affect the Company's financial statements, as liquidation is not imminent. Refer to "Organization and Nature of Business" above, for additional information.

In February 2013, the FASB issued Accounting Standards Update ("ASU") No. 2013-02 "Other Comprehensive Income—Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income" ("ASU 2013-02"). The objective of ASU 2013-02 is to improve the reporting of reclassifications out of accumulated other comprehensive income. This ASU seeks to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. This guidance is effective prospectively for reporting periods beginning after December 15, 2012. ASU 2013-02 is not applicable to the Company as it has no items reported as other comprehensive income.

Correction of an Error

During the year ended December 31, 2013, the Company determined that it had incorrectly reserved for approximately $1.9 million of principal receivable on a particular position within the Company's financial instruments owned during the prior three years ended December 31, 2012, primarily during the year ended December 31, 2011. This matter was previously disclosed within the Company's Quarterly Report on Form 10-Q dated March 31, 2013. The Company assessed this error and determined that it was not material to the previous reporting periods and is not material to the current year. Therefore, the Company has recorded this item as an out of period adjustment which is included within discontinued operations for the year ending December 31, 2013.

Reclassification

Certain amounts in prior periods have been reclassified to conform to the current year presentation with no impact to previously reported net loss or stockholders' equity. This includes the prior period results of the Investment Banking, MBS & Rates and Credit Products divisions, which are now being reported as discontinued operations, as well as the results of ClearPoint, which was discontinued in the first quarter of 2013. Refer to Notes 21 and 22 herein for additional information. Certain items which have previously been reported within the Company's Other segment have been reclassified as discontinued operations for the years ending December 31, as follows:


(In thousands of dollars)		2013			2012			2011
Items reclassified as discontinued operations
Revenue
Net interest income		$	574		$	5,627		$	6,330
Gain from bargain purchase—ClearPoint acquisition			—			—			2,330


Total revenues:			574			5,627			8,660


Expenses
Compensation expense			2,717			7,870			6,826
Professional fees			733			2,243			1,162
Occupancy expense			1,458			1,753			998
Goodwill and intangible asset impairment			—	-1		21,533			82,045
Communications and data processing			356			727			1,271
Other			488			406			526


Total expenses:			5,752			34,532			92,828


Net items reclassified to discontinued operations		$	(5,178	)	$	(28,905	)	$	(84,168	)






-1
Impairment of intangible assets of $3.9 million for the year ended December 31, 2013, recognized in connection with the Company's exits from Investment Banking, Fixed Income and ClearPoint is recorded as restructuring expense and included within discontinued operations (Note 21 and Note 22).

Reverse Stock Split

On May 30, 2013, the Company implemented a reverse stock split of its shares of common stock at a ratio of 1-for-20. As a consequence of the reverse stock split, every 20 shares of the Company's outstanding common stock were combined into one share, without any change to the par value per share. All share and share-related information herein has been adjusted, to the extent necessary, to reflect this reverse stock split.

Loss_Per_Common_Share

Loss Per Common Share	12 Months Ended
Loss Per Common Share	Dec. 31, 2013
Loss Per Common Share	'
Loss Per Common Share	'

	NOTE 2. Loss Per Common Share

	The Company calculates basic and diluted (loss)/earnings per share in accordance with ASC 260, "Earnings Per Share." Basic (loss)/earnings per share is computed based upon weighted-average shares outstanding during the period. Dilutive (loss)/earnings per share is computed consistently with the basic computation while giving effect to all dilutive potential common shares and common share equivalents that were outstanding during the period. The Company uses the treasury stock method to reflect the potential dilutive effect of unvested stock awards and unexercised options. The weighted-average shares outstanding were calculated as follows:


	(In thousands of shares)	2013		2012		2011
	Weighted average shares for basic loss per share		6,120		5,949		6,172
	Effect of dilutive common share equivalents		—		—		—


	Weighted average shares and dilutive common share equivalents for dilutive loss per share		6,120		5,949		6,172





	The Company was in a net loss position for the years ended December 31, 2013, 2012 and 2011 and therefore excluded approximately 330,000, 455,000 and 505,000, respectively, of shares underlying stock options and warrants, 15,000, 340,000 and 305,000, respectively, shares of restricted stock, and 3,000, 165,000 and 305,000, respectively, shares underlying restricted stock units ("RSUs") from its computation of dilutive loss per share because they were anti-dilutive.

Cash_and_Cash_Equivalents

Cash and Cash Equivalents	12 Months Ended
Cash and Cash Equivalents	Dec. 31, 2013
Cash and Cash Equivalents	'
Cash and Cash Equivalents	'

	NOTE 3. Cash and Cash Equivalents

	At December 31, 2013 and 2012, cash equivalents were approximately $3.8 million and $3.1 million, respectively. Cash and cash equivalents of approximately $28.5 million and $21.8 million at December 31, 2013 and 2012, respectively, were held at one financial institution.

Cash_and_Securities_Segregated

Cash and Securities Segregated for Regulatory and Other Purposes	12 Months Ended
	Dec. 31, 2013
Cash and Securities Segregated for Regulatory and Other Purposes	'
Cash and Securities Segregated for Regulatory and Other Purposes	'

	NOTE 4. Cash and Securities Segregated for Regulatory and Other Purposes

	The Company self-cleared its trading activities in U.S. government securities (the "Rates business") and was therefore subject to the Customer Protection rules under Rule 15c3-3 promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). These activities were discontinued during the second quarter of 2013. At December 31, 2013 and December 31, 2012, the Company segregated cash of $1.0 million (for both periods) in a special reserve bank account for the exclusive benefit of customers pertaining to the previous activities of the Company's former Rates business and items related to when the Company was previously conducting self-clearing in prior years, including outstanding checks issued to customers and vendors, and other miscellaneous items.

	In addition, cash and securities segregated for regulatory and other purposes at December 31, 2013 includes $5.0 million of cash deposited into an escrow account by ClearPoint in connection with the Homeward Transaction, which is required to be maintained until February 22, 2016 (the third anniversary of the closing date). Refer to Note 17 herein for additional information. Cash segregated at December 31, 2012 includes $12.0 million of cash on deposit with ClearPoint's warehouse lenders in connection with ClearPoint's loan origination activities, now discontinued.

Resale_and_Repurchase_Agreemen

Resale and Repurchase Agreements	12 Months Ended
Resale and Repurchase Agreements	Dec. 31, 2013
Resale and Repurchase Agreements	'
Resale and Repurchase Agreements	'

	NOTE 5. Resale and Repurchase Agreements

	There were no outstanding resale and repurchase agreements at December 31, 2013. At December 31, 2012, the fair value of financial instruments held as collateral by the Company that it was permitted to deliver or repledge in connection with resale agreements was approximately $137.9 million, substantially all of which was repledged in the form of repurchase agreements at December 31, 2012.

	The following table presents the gross and net information about the Company's resale and repurchase agreements that are offset in the financial statements at December 31:


				2013									2012
	(In thousands of dollars)	Collateral Type		Gross			Netting			Net			Gross			Netting			Net
	(In thousands of dollars)	Collateral Type		Amounts			Netting			Amounts			Amounts			Netting			Amounts
	Asset / Liability
	Resale agreements	U.S. government and federal agency obligations		$	—		$	—		$	—		$	238,014		$	(238,014	)	$	—
	Repurchase agreements	U.S. government and federal agency obligations		$	—		$	—		$	—		$	397,400		$	(238,014	)	$	159,386

	The following tables provide detail on the maturity composition of the outstanding repurchase agreements at December 31, 2012 (there were no outstanding repurchase agreements at December 31, 2013):


		December 31, 2012
	(In thousands of dollars)	Overnight			<30 days			30-90 days			>90 days			On			Total,
	(In thousands of dollars)	Overnight			<30 days			30-90 days			>90 days			Demand			net
	Collateral Type
	U.S. government and federal agency obligations	$	106,991		$	50,052		$	—		$	—		$	2,343		$	159,386

Receivables_from_and_Payables_

Receivables from and Payables To Brokers, Dealers, and Clearing Organizations	12 Months Ended
	Dec. 31, 2013
Receivables from and Payables To Brokers, Dealers, and Clearing Organizations	'
Receivables from and Payables To Brokers, Dealers, and Clearing Organizations	'

	NOTE 6. Receivables from and Payables To Brokers, Dealers, and Clearing Organizations

	Amounts Receivable from and Payable to brokers, dealers and clearing organizations consisted of the following at December 31:


	(In thousands)	2013		2012
	Deposits with clearing organizations	$	7,056	$	9,566
	Receivable from clearing organizations		2,117		2,001
	Underwriting and syndicate fees receivable		—		1,020
	Receivable for unsettled trading activities		—		237


	Total receivables	$	9,173	$	12,824


	Payable to clearing organizations	$	—	$	638,009


	Total payables	$	—	$	638,009





	Included within deposits with clearing organizations at December 31, 2013 and December 31, 2012 was a deposit with the Fixed Income Clearing Corporation ("FICC") of approximately $6.3 million and $8.8 million, respectively, related to the Company's self clearing activities associated with the former Rates business. The deposits with clearing organizations will be returned to the Company in connection with the termination of its memberships with these organizations.

	Payable to clearing organizations at December 31, 2012 included approximately $35.5 million of excess equity (funds that are readily available to the Company) held at the Company's principal clearing broker.

	Prior to the discontinuation of the Company's Fixed Income businesses during the second quarter of 2013, securities transactions were recorded on their trade date as if they had settled. The related amounts receivable and payable for unsettled securities transactions were recorded net, by clearing organization, in Receivables from or Payables to brokers, dealers and clearing organizations in the Consolidated Statements of Financial Condition.

Receivables_from_and_Payables_1

Receivables from and Payables to Others	12 Months Ended
Receivables from and Payables to Others	Dec. 31, 2013
Receivables from and Payables to Others	'
Receivables from and Payables to Others	'

	NOTE 7. Receivables from and Payables to Others

	Amounts Receivable from or Payable to others consisted of the following at December 31:


	(In thousands)	2013			2012
	Loan receivable	$	600		$	600
	Loan receivable—reserve		(400	)		—
	Insurance receivable		209			—
	Management fees receivable		185			189
	Loans and advances		126			234
	Receivable from Homeward—transition services		46			—
	Principal paydown—Agency mortgage-backed securities		—			5,744
	Interest receivable		—			4,370
	Others		142			1,426


	Total receivables from others	$	908		$	12,563


	Payable to employees for the Employee Investment Funds (Refer to Note 10)	$	939		$	941
	Draft payables		238			133
	Others		691			1,177


	Total payables to others	$	1,868		$	2,251





	The Company maintains a group of "zero balance" bank accounts which are included in Payables to others on the Consolidated Statements of Financial Condition. Drafts payable represent the balance in these accounts related to outstanding checks that have not yet been presented for payment at the bank. The Company has sufficient funds on deposit to clear these checks, and these funds will be transferred to the "zero-balance" accounts upon presentment of these checks.

Financial_Instruments

Financial Instruments	12 Months Ended
Financial Instruments	Dec. 31, 2013
Financial Instruments	'
Financial Instruments	'

	NOTE 8. Financial Instruments

	The Company sold substantially all of its financial instruments in connection with the discontinuation of its Fixed Income businesses in the second quarter of 2013 and the Homeward Transaction in the first quarter of 2013. The Company maintains cash equivalents and continues to hold investments, principally in FA Technology Ventures, L.P. ("FATV" or "the Partnership").

	The Company's financial instruments are recorded within the Statement of Financial Condition at fair value. ASC 820 "Fair Value Measurements and Disclosures" defines fair value as the price that would be received upon the sale of an asset or paid upon the transfer of a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date and establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs as follows:

	Level 1: Quoted prices in active markets that the Company has the ability to access at the reporting date, for identical assets or liabilities.

	Level 2: Directly or indirectly observable prices in active markets for similar assets or liabilities; quoted prices for identical or similar items in markets that are not active; inputs other than quoted prices (e.g., interest rates, yield curves, credit risks, volatilities); or "market corroborated inputs."

	Level 3: Unobservable inputs that reflect management's own assumptions about the assumptions market participants would make.

	Prices are not adjusted for the effects, if any, of the Company holding a large block relative to the overall trading volume (referred to as a "blockage factor").

	Fair Valuation Methodology

	Cash Equivalents—These financial assets represent cash in banks or cash invested in highly liquid investments with original maturities of less than 90 days that are not segregated for regulatory purposes or held for sale in the ordinary course of business. These investments are valued at par, which represent fair value, and are considered Level 1 as these instruments are generally traded in active, quoted and highly liquid markets. The Company's cash equivalents were $3.8 million and $3.1 million at December 31, 2013 and December 31, 2012, respectively.

	Financial Instruments Owned—The remaining financial instruments owned of approximately $0.7 million at December 31, 2013 were primarily associated with legacy deferred compensation plans provided by the Company, which are scheduled to be paid out to plan participants between 2014 and 2016. The Company has not permitted new amounts to be deferred under these plans since February 28, 2007. The assets are all Level 1 equity securities, which are traded in active, quoted and highly liquid markets.

	Investments—The Company's investments consist of interests in privately held securities, the valuations of which are based predominantly on unobservable inputs and are therefore classified as Level 3. The Company's investments were $18.9 million and $20.5 million at December 31, 2013 and December 31, 2012, respectively. Refer to Note 10 herein for additional information.

	Investments—Quantitative Disclosure About Significant Unobservable Inputs

	The Company's investments are primarily associated with the Company's limited partnership investment in FATV of approximately $17.6 million (6 privately held companies) and $17.1 million (7 privately held companies) at December 31, 2013 and December 31, 2012, respectively. Refer to Note 10 herein for additional information.

	Unobservable Inputs—December 31, 2013


	Valuation Technique		Unobservable Input		Range (Weighted Average)
	Market comparable companies		Enterprise value/Revenue multiple		2.7x - 7.0x (5.5x)
			Discount applied to multiples		30% - 35% (30%)
	Venture capital method		Enterprise value/EBITDA multiple		5.0x
			Discount applied to enterprise value		55%

	Unobservable Inputs—December 31, 2012


	Valuation Technique		Unobservable Input		Range (Weighted Average)
	Market comparable companies		Enterprise value/Revenue multiple		4.3x - 6.7x (5.7x)
			Discount applied to multiples		25.0% - 40.0% (22.0%)

	An increase in the enterprise value/revenue and EBITDA multiples would result in a higher fair value for these investments, whereas, an increase in the discounts applied would reduce fair value.

	The following table summarizes the categorization of the financial instruments within the fair value hierarchy including those for which the Company accounts for under the FVO at December 31, 2012 (prior to the discontinuation of the Fixed Income businesses):


			Assets at Fair Value
	(In thousands)		Level 1			Level 2			Level 3			Total
	Financial instruments owned
	Agency mortgage-backed securities		$	—		$	903,928		$	1,110		$	905,038
	Loans			—			77,573			—			77,573
	Federal agency obligations			—			46,021			—			46,021
	Corporate debt securities			—			30,246			—			30,246
	Residential mortgage-backed securities			—			23,077			149			23,226
	Commercial mortgage-backed securities			—			4,880			18			4,898
	Preferred stock			2,439			—			—			2,439
	U.S. Government obligations			1,996			100			—			2,096
	Other debt obligations			—			2,074			—			2,074
	Equity securities			675			—			28			703
	Collateralized debt obligations			—			—			671			671
	Derivatives			232			—			964			1,196
Investments			—			—			20,478			20,478


Total financial assets at fair value		$	5,342		$	1,087,899		$	23,418		$	1,116,659






		Liabilities at Fair Value
(In thousands)		Level 1			Level 2			Level 3			Total
Securities sold but not yet purchased
U.S. Government obligations		$	128,504		$	—		$	—		$	128,504
Corporate debt securities			—			2,520			—			2,520
Equity securities			2			—			—			2
Derivatives			1,704			—			—			1,704


Total financial liabilities at fair value		$	130,210		$	2,520		$	—		$	132,730





The Company reviews its financial instrument classification on a quarterly basis. As the observability and strength of valuation attributes change, the Company may reclassify certain financial assets or liabilities between levels. The Company's policy is to utilize an end-of-period convention for determining transfers in or out of Levels 1, 2 and 3. During the years ended December 31, 2013 and December 31, 2012, there were no transfers between Levels 1 and 2.

Prior to the discontinuation of the Company's Fixed Income businesses, the Company held financial instruments classified as Level 3 within the fair value hierarchy. All of these financial instruments have been sold. The following table summarizes the changes in the Company's Level 3 financial instruments for the year ended December 31, 2013:


(In thousands of dollars)		Balance at			Total gains or			Purchases			Sales			Settlements			Transfers in			Balance at		Changes in
		December 31,			(losses)												and/or out			December 31,		unrealized
		2012			(realized and												of Level 3			2013		gains/(losses)
					unrealized)																	on Level 3
																						assets still
																						held at the
																						reporting
																						date
Agency mortgage-backed securities		$	1,110		$	(50	)	$	—		$	(1,060	)	$	—		$	—		$	—	$	—
Collateralized debt obligations			671			(567	)		—			(104	)		—			—			—		—
Residential mortgage-backed securities			149			(86	)		—			(51	)		(12	)		—			—		—
Equities			28			(28	)		—			—			—			—			—		—
Commercial mortgage-backed securities			18			(15	)		—			(3	)		—			—			—		—
Investments			20,478			1,267			946			—			(3,802	)		—			18,889		281
Derivatives			964			—			—			—			(964	)		—			—		—


Total		$	23,418		$	521		$	946		$	(1,218	)	$	(4,778	)	$	—		$	18,889	$	281





The following table summarizes the changes in the Company's Level 3 financial instruments for the year ended December 31, 2012:


(In thousands)		Balance at			Total gains or			Purchases			Sales			Settlements			Transfers in			Balance at		Changes in
		December 31,			(losses)												and/or out			December 31,		unrealized
		2011			(realized and												of Level 3(1)			2012		gains/(losses)
					unrealized)																	on Level 3
																						assets still
																						held at the
																						reporting
																						date
Agency mortgage-backed securities		$	1,367		$	(350	)	$	222		$	(1,232	)	$	(2	)	$	1,105		$	1,110	$	(181	)
Collateralized debt obligations			647			24			61			(61	)		—			—			671		28
Residential mortgage-backed securities			18,419			(623	)		303			(17,329	)		(621	)		—			149		14
Equities			112			(84	)		—			—			—			—			28		(85	)
Commercial mortgage-backed securities			38,154			(6,938	)		8,393			(37,432	)		(58	)		(2,101	)		18	$	(58	)
Other debt obligations			192			—			3,784			(3,976	)		—			—			—		—
Preferred stock			571			870			4,942			(6,383	)		—			—			—		—
Investments			18,310			1,235			950			—			(17	)		—			20,478		1,767
Derivatives			1,696			6,539			—			—			(7,271	)		—			964		964


Total		$	79,468		$	673		$	18,655		$	(66,413	)	$	(7,969	)	$	(996	)	$	23,418	$	2,449






-1
During the year ended December 31, 2012, the Company transferred approximately $2.1 million of commercial mortgage-backed securities from Level 3 to Level 2 due to price discovery resulting from Company trading activity occurring in close proximity to the respective quarter-end. In addition, $1.1 million of agency mortgage-backed securities were transferred into Level 3 (from Level 2) due to limited price discovery at year-end.

Derivatives

Derivatives	12 Months Ended
Derivatives	Dec. 31, 2013
Derivatives	'
Derivatives	'

	NOTE 9. Derivatives

	The Company utilized derivatives for various economic hedging strategies to actively manage its market and liquidity exposures, principally in connection with the sales and trading activities of the Company's MBS & Rates division (now discontinued). In addition, ClearPoint entered into mortgage loan IRLCs in connection with its mortgage lending activities, which have been wound down in connection with the Homeward Transaction. The following table summarizes the Company's derivative instruments at December 31, 2013 and December 31, 2012:


		December 31, 2013						December 31, 2012
	(In thousands of dollars)	Number of		Notional		Fair Value		Number of		Notional		Fair Value
	(In thousands of dollars)	Contracts		Notional		Fair Value		Contracts		Notional		Fair Value
	Purchase Contracts
	TBA purchase agreements		—	$	—	$	—		19	$	202,646	$	54
	IRLCs		—		—		—		512		100,079		964


	Total		—	$	—	$	—		531	$	302,725	$	1,018




	Sale Contracts
	TBA sale agreements		—	$	—	$	—		27	$	708,076	$	(1,511	)
	Eurodollar futures contracts		—		—		—		268		268,000		(15	)


	Total		—	$	—	$	—		295	$	976,076	$	(1,526	)

Investments

Investments	12 Months Ended
Investments	Dec. 31, 2013
Investments	'
Investments	'

	NOTE 10. Investments

	Fair value information regarding the Company's investments is presented below at December 31:


	(In thousands)		2013			2012
	Investment in FATV(1)		$	17,624		$	17,110
	Employee Investment Funds net of Company's ownership interest			1,265			1,218
	Other investments			—			2,150


	Total Investments		$	18,889		$	20,478






	-1
	Excludes the Company's share of carried interest in FATV of approximately $2.9 million and $1.6 million at December 31, 2013 and December 31, 2012, which is unrecognized as collection is not reasonably assured.

	The Company's investment in FATV is susceptible to changes in the financial condition or prospects of the companies underlying these investments. It is expected that some or all of the assets in which FATV is invested will experience a "liquidity event" (i.e., there will be a disposition of the assets generating cash distributions to FATV's investors, including the Company), the timing of any such liquidity event is uncertain, and the value realized for any of the investment assets is similarly uncertain. If the Company attempts to sell this investment, it may result in the realization of substantially less in proceeds than if the Company monetizes its investment through the harvesting of the underlying portfolio companies.

	Investment gains and losses were comprised of the following for the years ended December 31:


	(In thousands of dollars)		2013			2012			2011
	Investment in FATV		$	3,800		$	1,261		$	2,188
	Employee Investment Funds			(36	)		(28	)		(39	)
	Other investments			(2,497	)		—			847


	Total investment gains, net		$	1,267		$	1,233		$	2,996





	FATV

	The Company has an equity-method investment in FATV of approximately $17.6 million and $17.1 million at December 31, 2013 and December 31, 2012, respectively. FATV's primary purpose is to provide investment returns consistent with the risk of investing in venture capital. FA Technology Ventures Corporation, a wholly-owned subsidiary of the Company, is the investment advisor to FATV. There were no material open commitments to fund this portfolio at December 31, 2013. At December 31, 2013 and December 31, 2012, total Partnership capital for all investors in FATV equaled $77.3 million and $70.9 million, respectively. The Partnership is now scheduled to terminate on July 19, 2014. The Partnership is considered a variable interest entity. The Company is not the primary beneficiary, due to other investors' level of investment in the Partnership. Accordingly, the Company has not consolidated the Partnership in these consolidated financial statements, but has only recorded the fair value of its investment, which also represents the Company's maximum exposure to loss in the Partnership at December 31, 2013 and December 31, 2012. The Company's share of management fee income derived from the Partnership for the years ended December 31, 2013, 2012 and 2011 was $0.5 million, $0.6 million and $0.6 million, respectively.

	SEC Rule 4-08(g) of Regulation S-X requires summarized financial information to be provided for equity-method investees deemed to be significant. The Company's equity-method investment in FATV has been determined to be significant as the Company's investment in FATV exceeds 10 percent of the Company's total assets at December 31, 2013. Disclosed below is the required summarized financial information of FATV.

	FA Technology Ventures, L.P.—Statements of Financial Condition


	(In thousands of dollars)		December 31,			December 31,
	(In thousands of dollars)		2013			2012
	Assets:
	Investments at fair value		$	75,188		$	69,736
	Cash and cash equivalents			786			1,220
	Escrow receivable and other			1,352			46


	Total assets		$	77,326		$	71,002




	Liabilities:
	Accrued expenses and other liabilities		$	57		$	53


Partners' Capital:
Partner's capital			77,269			70,949


Total Liabilities and Partners' Capital		$	77,326		$	71,002





FA Technology Ventures, L.P.—Statements of Operations


		For the years ending
		December 31,
(In thousands of dollars)		2013			2012			2011
Revenue:
Interest income		$	1		$	428		$	37


Expenses:
Management fees			532			576			582
Professional fees			61			57			74
Other			3			6			49


Total expenses			596			639			705


Net investment loss			(595	)		(211	)		(668	)
Net gains on investments			19,417			7,454			11,507


Net increase in partners' capital from operations		$	18,822		$	7,243		$	10,839





Employee Investment Funds

The Employee Investment Funds ("EIF") are limited liability companies established by the Company for the purpose of having select employees invest in private equity securities. The EIF is managed by Broadpoint Management Corp., a wholly-owned subsidiary of the Company, which has contracted with FATV to act as an investment advisor with respect to funds invested in parallel with the Partnership. The Company consolidated EIF resulting in approximately $1.3 million and $1.2 million of Investments, respectively, and approximately $0.9 million and $0.9 million of payables to former employees, respectively, being recorded in the Consolidated Statements of Financial Condition at December 31, 2013 and December 31, 2012, respectively. Management fees are not material.

Other Investments

Other investments of approximately $2.2 million at December 31, 2012 are investments in privately held companies that were strategically aligned with the operations of the Company conducted at the respective times of investment (the Company has ascribed no fair value to such investments at December 31, 2013). Disclosed below is a rollforward of the Company's other investments.


(In thousands of dollars)		2013			2012
Balance—January 1		$	2,150		$	1,200
Purchases of investments			947			950
Sales / redemptions of investments			-600	-1		—
Losses on investments			(2,497	)		—


Balance—December 31		$	—		$	2,150






-1
The Company held an investment in a privately held newly-formed commercial mortgage origination company ("investee"), which was redeemed during the fourth quarter of 2013 at par ($0.6 million). In connection with this redemption, the investee granted the Company warrants which are exercisable for $1, solely upon a liquidity event, as defined, and expire on November 18, 2023. To the extent that a liquidity event (as defined) were to occur, the warrants would become exercisable into a 0.4%-2.2% ownership interest in the investee. The actual ownership interest for which the warrants convert is dependent upon the certain performance hurdles being met by the investee. The Company ascribed no fair value to these warrants at December 31, 2013 as the warrants cannot be net settled and are not readily convertible to cash.

Goodwill_and_Intangible_Assets

Goodwill and Intangible Assets	12 Months Ended
Goodwill and Intangible Assets	Dec. 31, 2013
Goodwill and Intangible Assets	'
Goodwill and Intangible Assets	'

	NOTE 11. Goodwill and Intangible Assets

	The following table sets forth the roll-forward of goodwill for the years ending December 31, 2013 and 2012:

	Goodwill


	(In thousands)		Segment			Segment			Total
	(In thousands)		MBS & Rates(1)			Inv. Banking(1)			Total
	Goodwill
	Balance at December 31, 2011		$	17,364		$	3,732		$	21,096
	Impairment of goodwill			(17,364	)		(3,732	)		(21,096	)
	RangeMark acquisition			1,212			—			1,212


	Balance at December 31, 2012		$	1,212		$	—		$	1,212
	RangeMark disposition—Impairment			(1,212	)		—			(1,212	)


	Balance at December 31, 2013		$	—		$	—		$	—






	-1
	Discontinued operations

	On November 7, 2012, a subsidiary of the Company acquired certain assets and assumed certain liabilities from RangeMark Financial Services, Inc. and certain of its affiliates and other parties, in exchange for purchase consideration of $2.5 million, payable in four installments commencing on September 30, 2013 through March 31, 2015. This transaction resulted in the recognition of approximately $1.2 million of goodwill. In the second quarter of 2013, the Company determined that this goodwill was fully impaired as a result of the Company's exit from its Fixed Income businesses. The impairment of the RangeMark goodwill (and intangible assets) was substantially offset against the unpaid purchase consideration and therefore had an insignificant impact to the Company's results of operations during the year ended December 31, 2013.

	During the second quarter of 2012, the Company performed an interim goodwill impairment test which was triggered as a result of the Company's market capitalization trading at levels significantly below book value during the three months ended June 30, 2012. The Company determined that all of its then remaining goodwill of approximately $21.1 million had been impaired, due to the duration and severity of the decline in the Company's stock price in relation to its book value.

	Intangible Assets


	(In thousands)		December 31,			December 31,
	(In thousands)		2013			2012
	Intangible assets (amortizable):
	MBS & Rates segment—Customer relationships
	Gross carrying amount		$	641		$	641
	Accumulated amortization			(476	)		(463	)
	Impairment of intangible asset—second quarter of 2013			(165	)		—


	Net carrying amount			—			178


	RangeMark—Intellectual Property
	Gross carrying amount			1,050			1,050
	Accumulated amortization			(87	)		(35	)
	Impairment of intangible asset—second quarter of 2013			(963	)		—


	Net carrying amount			—			1,015


	RangeMark—Trade Name
	Gross carrying amount			480			480
	Accumulated amortization			(20	)		(8	)
	Impairment of intangible asset—second quarter of 2013			(460	)		—


Net carrying amount			—			472


Credit Products segment—Customer relationships
Gross carrying amount			795			795
Accumulated amortization			(795	)		(768	)


Net carrying amount			—			27


Investment Banking segment—Trade name
Gross carrying amount			4,066			4,066
Accumulated amortization			(1,134	)		(1,057	)
Impairment of intangible asset—second quarter of 2013			(2,932	)		—


Net carrying amount			—			3,009


ClearPoint segment—Customer relationships
Gross carrying amount			803			803
Accumulated amortization			(216	)		(201	)
Impairment of intangible asset—first quarter of 2013			(587	)		—


Net carrying amount			—			602


Total Intangible assets		$	—		$	5,303





The intangible assets of the Investment Banking and Fixed Income businesses were fully impaired in connection with the Company's exit from these businesses during the second quarter of 2013. During the first quarter of 2013, the Company determined that the ClearPoint customer relationship intangible asset was fully impaired as a result of the Homeward Transaction. These impairment charges have been classified as part of discontinued operations. As previously mentioned, the impairment of the RangeMark intangible assets (and goodwill) were substantially offset against the unpaid purchase consideration and therefore had an insignificant impact to the Company's results of operations for the second quarter of 2013.

Office_Equipment_and_Leasehold

Office Equipment and Leasehold Improvements	12 Months Ended
Office Equipment and Leasehold Improvements	Dec. 31, 2013
Office Equipment and Leasehold Improvements	'
Office Equipment and Leasehold Improvements	'

	NOTE 12. Office Equipment and Leasehold Improvements

	Office equipment and leasehold improvements consists of the following at December 31:


	(In thousands)	2013			2012
	Communications and data processing equipment	$	279		$	5,149
	Furniture and fixtures		—			3,334
	Leasehold improvements		—			1,802
	Software		62			850


	Total		341			11,135


	Less: accumulated depreciation and amortization		(226	)		(5,824	)




	Total office equipment and leasehold improvements, net	$	115		$	5,311





	During the third quarter of 2013, the Company recorded a non-cash impairment charge related to office equipment and leasehold improvements of approximately $0.5 million which were abandoned in connection with the termination of its lease for its headquarters at 1290 Avenue of the Americas, New York, New York. Refer to Note 17 "Leases" herein for additional information. In addition, during the second quarter of 2013, a non-cash impairment charge of approximately $3.5 million relating to office equipment and leasehold improvements was recorded by the Company in connection with its exits from the Investment Banking and Fixed Income businesses. These charges have been recorded as restructuring expenses and are included within discontinued operations. Refer to Note 21 "Restructuring" and Note 22 "Discontinued Operations" herein for additional information.

Other_Assets

Other Assets	12 Months Ended
Other Assets	Dec. 31, 2013
Other Assets	'
Other Assets	'

	NOTE 13. Other Assets

	Other assets consist of the following at December 31:


	(In thousands)	2013		2012
	Prepaid expenses	$	3,028	$	2,761
	Collateral deposits		486		5,165
	Other		376		1,104


	Total other assets	$	3,890	$	9,030





	On September 27, 2013, the Company entered into an agreement terminating the lease for its headquarters at 1290 Avenue of the Americas, New York, New York. In connection with this termination, the landlord retained approximately $3.9 million previously deposited by the Company with the landlord as security under the lease. Refer to Note 17 "Leases" herein for additional information.

Secured_Borrowings

Secured Borrowings	12 Months Ended
Secured Borrowings	Dec. 31, 2013
Secured Borrowings	'
Secured Borrowings	'

	NOTE 14. Secured Borrowings

	There are no secured borrowings at December 31, 2013. ClearPoint was extended secured mortgage warehouse lines of credit in order to fund mortgage originations. As of December 31, 2012, the outstanding borrowings under these credit facilities were approximately $64.9 million. In connection with the Homeward Transaction, the Company entered into Consent and Wind-down Agreements in favor of the lenders to these credit facilities. ClearPoint had no remaining exposure to these credit facilities as of the second quarter of 2013.

	ClearPoint Held for Sale Activities, including Transition Services

	In addition, in connection with the Homeward Transaction, ClearPoint agreed to provide transition services which included loan origination services in Massachusetts and Virginia. These loan origination services terminated on April 30, 2013. Homeward has indemnified ClearPoint from and against any losses suffered in connection with these activities, had provided a payment and performance guaranty of ClearPoint's obligations to the lender of this facility and was obligated to reimburse ClearPoint for the costs of providing the loan origination services.

Subordinated_Debt

Subordinated Debt	12 Months Ended
Subordinated Debt	Dec. 31, 2013
Subordinated Debt	'
Subordinated Debt	'

	NOTE 15. Subordinated Debt

	A group of management and highly compensated employees were eligible to participate in the Company's Deferred Compensation Plan for Key Employees (the "Key Employee Plan"). The employees entered into subordinated loans with Gleacher & Company Securities, Inc. ("Gleacher Securities"), a wholly owned subsidiary, to provide for the deferral of compensation and employer allocations under the Key Employee Plan. The accounts of the participants of the Key Employee Plan are credited with earnings and/or losses based on the performance of various investment benchmarks selected by the participants. Maturities of the subordinated debt were based on the distribution election made by each participant, which may be deferred to a later date by the participant. As of February 28, 2007, the Company no longer permits new amounts to be deferred under the Key Employee Plan.

	Principal debt repayments to plan participants, which occur on about April 15th of each year, are as follows:


	(In thousands)
	2014	$	320
	2015		63
	2016		26


	Balance—December 31, 2013	$	409





	The Financial Industry Regulatory Authority ("FINRA") has approved the net capital treatment of the Company's subordinated debt agreements disclosed above. Pursuant to these approvals, these amounts are allowable in Gleacher Securities' computation of net capital.

Stockholders_Equity

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2013
Stockholders' Equity	'
Stockholders' Equity	'

	NOTE 16. Stockholders' Equity

	Reverse Stock Split

	On May 30, 2013, the Company implemented a reverse stock split of its shares of common stock at a ratio of 1-for-20. As a consequence of the reverse stock split, every 20 shares of the Company's outstanding common stock was combined into one share, without any change to the par value per share. As previously mentioned, all share numbers and share-related disclosures contained herein have been adjusted to the extent necessary, to give retroactive effect to the reverse stock split.

	Stock Repurchase (10b-18 Plan)

	On October 27, 2010, the Company announced that its Board of Directors approved a stock repurchase program whereby the Company was authorized to purchase shares of its common stock for up to $25 million, subject to the requirements of Rule 10b-18 promulgated under the Exchange Act. This program was originally scheduled to terminate on the date which the Company publicly released its results of operations for the year ending December 31, 2011 and was subsequently renewed for the fiscal year 2012. In February 2013, the Board of Directors of the Company again renewed of this stock repurchase program, authorizing up to $10 million in annual repurchases of Company common stock. No repurchases were made during the year ended December 31, 2013. The program expired on March 13, 2014 and has not been renewed. For the year ended December 31, 2012 and 2011, the Company repurchased 66,470 and 266,710 shares, respectively, for approximately $1.2 million and $10.6 million, respectively, under this program.

	Tender Offer

	On November 22, 2011, the Company closed its modified "Dutch auction" tender offer. The Company accepted for purchase 330,066 shares of its common stock at a purchase price of $25.00 per share, or approximately $8.3 million in the aggregate. Included within the shares accepted for purchase were 30,066 additional common shares that the Company elected to purchase pursuant to its option to increase the size of the offering by 2% of the outstanding shares of common stock. The shares purchased represented 5.17% of the shares outstanding immediately prior to the consummation of the tender offer.

	Registration Rights Agreement

	On June 5, 2009, the Company and Eric J. Gleacher entered into a registration rights Agreement (the "Registration Rights Agreement"). The Registration Rights Agreement entitles Mr. Gleacher, subject to limited exceptions, to have his shares included in any registration statement filed by the Company in connection with a public offering solely for cash, a right often referred to as a "piggyback registration right." Mr. Gleacher also has the right to require the Company to prepare and file a shelf registration statement to permit the sale to the public from time to time of the shares of Company common stock that Mr. Gleacher received on the closing of the transaction. The Company has agreed to pay all expenses in connection with any registration effected pursuant to the Registration Rights Agreement. The Registration Rights Agreement may be amended with the consent of the Company and the written consent of the holders representing a majority of Company common stock that is registrable pursuant thereto.

	Deferred Compensation and Employee Stock Trust

	In prior years, the Company adopted the Key Employee Plan for the benefit of a select group of highly compensated former employees. Participants could elect under this plan to have the value of their plan accounts track the performance of one or more investment benchmarks available under the plans, including the Gleacher & Company Common Stock Investment Benchmark, which tracks the performance of the Company's common stock. With respect to the Gleacher & Company Common Stock Investment Benchmark, the Company contributed its common stock to a rabbi trust (the "Trust") that it has established in connection with meeting its related liability under the plans. As of February 28, 2007, the Company no longer permits any new amounts to be deferred under its current plans.

	Assets of the Trust have been consolidated with those of the Company. The value of the Company's stock at the time contributed to the Trust has been classified in Stockholders' equity and generally accounted for in a manner similar to treasury stock.

	The deferred compensation arrangement requires the related liability to be settled by delivery of a fixed number of shares of Company common stock. Accordingly, the related liability is classified in equity under deferred compensation and changes in the fair market value of the amount owed to the participant in the plan is not recognized.

	Dividends

	No dividends have been declared or paid on our common stock in the last two years.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2013
Commitments and Contingencies	'
Commitments and Contingencies	'

	NOTE 17. Commitments and Contingencies

	Litigations and Arbitrations

	Arbitration—Thomas J. Hughes (former Chief Executive Officer) and John Griff (former Chief Operating Officer)

	In August 2012, the Company adopted the Senior Management Compensation and Retention Plan ("Retention Plan") and entered into related agreements with Thomas J. Hughes, our former Chief Executive Officer, and John Griff, our former Chief Operating Officer. Under the Retention Plan, termination of employment under certain circumstances in connection with the occurrence of a Change in Control, as defined by the Retention Plan, could trigger payments to the covered executive officers. In general, a cash payment would be required following an involuntary termination of employment by the Company (or a resignation by the covered executive officer for good reason, as defined) within six months before or two years after a Change in Control.

	Effective May 24, 2013, the employment of each of Thomas J. Hughes was terminated by the Company. Messrs. Hughes and Griff each participated in the Retention Plan and had entered into a related retention plan agreement with the Company. To the extent a Change in Control had occurred by November 24, 2013 (six months after the applicable dates of termination), cash payments totaling approximately $7.0 million (and other incidental benefits) would have become payable to these former employees (subject to satisfaction by the former employees of certain conditions).

	Subsequent to the Company's termination of these former officers, Messrs. Hughes and Griff made a demand to the Company for benefits under the Retention Plan and their related agreements, and following the Company's rejection of their demand, commenced an arbitration proceeding on September 17, 2013 before the Financial Industry Regulatory Authority ("FINRA") seeking money damages in an approximate amount of $7.9 million, vesting of unvested equity awards and other relief, all of which they claim are due as a result of their respective terminations. The Company has determined that no severance payments or other benefits based upon a "Change in Control" (as defined in the applicable agreements) are due to these former officers inasmuch as the Company has concluded that no "Change in Control" has occurred. We believe that these individuals' claims that a Change in Control has occurred are without merit. A FINRA hearing of the matter is currently expected to occur in the summer of 2014.

	Pursuant to his employment agreement, in the absence of a "Change in Control," Mr. Hughes would have been entitled to a severance payment of $750,000 (not accrued at December 31, 2013), and pursuant to his Restricted Stock Award Agreement, Mr. Griff would have been entitled to vesting of 20,833 unvested shares of restricted stock, subject in each case to the execution and delivery within a specified time period (and non-revocation) of a release of claims against the Company and continued compliance with certain restrictive covenants. These conditions were not satisfied.

	No amounts in respect of Messrs. Hughes' and Griff's claims have been accrued as of December 31, 2013, and we consider all unvested equity awards previously held by them to have been forfeited.

	Settlement—Joseph Mannello (former employee)

	On October 17, 2013, Gleacher & Company Securities, Inc. ("Gleacher Securities"), a wholly-owned subsidiary of the Company, and Mr. Joseph Mannello, a former employee, entered into a settlement and release agreement (the "Settlement") relating to compensation and other claims made by Mr. Mannello in connection with his previous employment by Gleacher Securities and its subsequent termination. Under the terms of the Settlement, Gleacher Securities paid to Mr. Mannello approximately $2.9 million and reimbursed him for legal costs in the amount of $0.6 million. In exchange, Mr. Mannello released Gleacher Securities, its Parent and affiliates from all claims that he had, has or may have and confirmed that he has forfeited any equity in the Company that was unvested as of the date of his termination.

	In connection with the Settlement, the Company recorded a charge of approximately $3.2 million during the year ended December 31, 2013 which is included within Settlement of arbitration and other claims in the Consolidated Statements of Operations.

	Contingent Gains

	The Company has made claims against certain third parties for monetary damages. Recoveries, if any, made as a result of these claims could be material, although there can be no assurance that the Company will prevail in its claims or that any recoveries will be made. The Company would recognize any such recoveries once realized. In connection with these matters, the Company has, and may continue to, incur substantial expenses, including legal fees, in pursuing these claims.

	General

	Due to the nature of the Company's prior business activities and ongoing operations, the Company and its subsidiaries have been exposed to risks associated with a variety of legal proceedings and claims. These include litigations, arbitrations and other proceedings initiated by private parties and arising from underwriting, financial advisory, securities trading or other transactional activities, client account activities, mortgage lending and employment matters, and stockholder claims. Third parties who assert claims may do so for monetary damages that are substantial, particularly relative to the Company's financial position. These proceedings and claims typically involve associated legal costs incurred by the Company in connection with defending against these matters, which could be significant. The Company has been in the past, and currently is, subject to a variety of claims and litigations arising from its former business activities and its ongoing operations, most of which it considers to be routine.

	As a result of their prior business activities and ongoing operations, the Company and its subsidiaries are also subject to both routine and unscheduled regulatory examinations of their prior business activities and investigations of securities industry practices by governmental agencies and self-regulatory organizations. In recent years, securities and mortgage lending firms have been subject to increased scrutiny and regulatory enforcement activity. Regulatory investigations can result in substantial fines being imposed on the Company and/or its subsidiaries. As a result of prior business activities, the Company and its subsidiaries have received, and may in the future receive, inquiries and subpoenas from the SEC, FINRA, state regulators and other regulatory organizations. The Company does not always know the purpose behind these communications or the status or target of any related investigation. Some of these communications have, in the past, resulted in disciplinary actions which have sometimes included monetary sanctions and citations for regulatory deficiencies. To date, none of these communications have had a material adverse effect on the Company nor does the Company believe that any pending communications are likely to have such an effect. Nevertheless, there can be no assurance that any pending or future communications will not have a material adverse effect on the Company. In addition, the Company is at risk for employment-based claims alleging discrimination, harassment, wrongful discharge or breach of an employment agreement or other contractual arrangement, among other things. Employees could seek recoupment of compensation claimed to be owed (whether for cash or forfeited equity awards), severance payments, vesting of equity awards and other damages. These claims could involve significant amounts.

	The Company recognizes a liability in its financial statements with respect to legal proceedings or claims when incurrence of a loss is probable and the amount of loss is reasonably estimable. However, accurately predicting the timing and outcome of legal proceedings and claims, including the amounts of any settlements, judgments or fines, is inherently difficult insofar as it depends on obtaining all of the relevant facts (which is sometimes not feasible) and applying to them often-complex legal principles. It is reasonably possible that the Company incurs losses pertaining to these matters in the form of settlements and/or adverse judgments and incurs legal and other expenses in defending against these matters. In either case, losses and/or expenses could be different in character or amount than anticipated by management when preparing the accompanying financial statements. Based on currently available information, the Company does not believe that any current litigation, proceeding, claim or other matter to which it is a party or otherwise involved, including any associated defense costs, will have a material adverse effect on its financial position, or cash flows, although an adverse development, or an increase in associated legal fees, could be material to the Company's results of operations in a particular period, depending in part on the Company's operating results in that period.

	Employment Agreements—Company's General Counsel and Secretary and its Controller

	On October 18, 2013, the Company entered into key employee retention agreements (each an "Employment Agreement") with each of its General Counsel and Secretary and its Controller. These Employment Agreements supersede all prior agreements relating to matters covered in the Employment Agreements, including each of these executive's participation agreements under the Retention Plan.

	The Employment Agreements cover the period beginning on January 1, 2013 and ending on November 30, 2014 and provide for guaranteed bonus compensation in the aggregate of $3,550,000 (and other incidental benefits) to these executives, subject to continuing employment and payable in accordance with a fixed schedule, which may be accelerated in certain circumstances. In connection with entering into the Employment Agreements, the Company recorded a charge of approximately $1.9 million (of which $1.0 million has been paid) during the year ended December 31, 2013. A liability of approximately $0.9 million is included within Accrued compensation within the Consolidated Statements of Financial Condition.

	Other Compensation Matters

	As a result of the Company's restructuring, the Company entered into agreements with the majority of its remaining employees (excluding the Company's General Counsel and its Controller, discussed above) designed to retain these employees through specified dates. The agreements provide for continued employment and the payment of guaranteed bonus compensation contingent upon continued service through such specified dates. These bonus payments totaled approximately $1.0 million in the aggregate. During the year ended December 31, 2013, the Company recognized compensation expense of $0.8 million (all of which has been paid).

	Guarantees and Other Indemnifications Relating to Certain Contractual Obligations of ClearPoint

	On February 14, 2013, the Company and certain of its affiliates, including ClearPoint, entered into an Asset Purchase Agreement ("Purchase Agreement") in connection with the Homeward Transaction. The Purchase Agreement, among other things, provides for customary indemnification provisions. Pursuant to these provisions, ClearPoint established an escrow account of $5.0 million for a three-year period following the closing date (February 22, 2016). The Parent has also provided for a guaranty of ClearPoint's indemnification obligations to Homeward, up to a maximum of $7.5 million, of which $5.0 million is payable by Parent under the guaranty only in limited circumstances in which, during the three-year period following the closing date, the sums held in the escrow account are not available to satisfy indemnification claims. Any amounts paid under the guaranty will be released to the Company from the escrow account on a dollar-for-dollar basis (assuming funds are available). Indemnity claims of Homeward, if any, will be paid first from the escrow account, and then, to the extent necessary, drawn upon the guaranty.

	Outstanding claims which are expected to be paid from the escrow account in satisfaction of certain claims made by Homeward include (i) losses incurred in connection with two loan repurchase requests (currently estimated to be less than $0.1 million) and (ii) reimbursements of premiums received in connection with certain loans that refinanced within 180 days following the date of purchase by Homeward (approximately $0.1 million).

	ClearPoint Loan Repurchases

	In addition to the indemnification provisions related to the Homeward Transaction, in the ordinary course of business, ClearPoint also indemnified its other counterparties, against potential losses incurred by such parties including under its warehouse line agreements and loan sale agreements related to originated mortgage loans since inception (June 2008). Subsequent to the Homeward Transaction, ClearPoint paid approximately $0.1 million in satisfaction of its indemnification obligations under loan sale agreements related to losses incurred in connection with two repurchase requests from counterparties other than Homeward.

	ClearPoint maintains a reserve for the previously discussed loan repurchase and indemnification claims. At December 31, 2013 and December 31, 2012 this reserve was approximately $0.4 million and $0.4 million, respectively, and is included within Accounts payable and accrued expenses in the Consolidated Statements of Financial Condition.

	Leases

	On September 27, 2013, as a result of its previously disclosed restructurings, the Company entered into an agreement terminating the lease for its headquarters at 1290 Avenue of the Americas, New York, New York. The lease was previously scheduled to expire on April 30, 2025 and had a remaining contractual obligation for base rent of approximately $61 million. Pursuant to this agreement, the Company surrendered a portion of the premises (the "First Premises") to the landlord on September 30, 2013 (the "First Surrender Date") and the remainder of the premises (the "Second Premises") was surrendered on or about November 14, 2013 (the "Second Surrender Date"). As of the First Surrender Date (as to the First Premises) and the Second Surrender Date (as of the Second Premises), all rights and obligations of the Company under the lease expired and terminated with the same effect as if each Surrender Date were the expiration date set forth in the lease.

	The lease termination terms are set forth in the Surrender Agreement, dated September 27, 2013 (the "Surrender Agreement"), between the Company and the landlord. The Company's total termination obligation under the Surrender Agreement was $19.5 million, satisfied by a cash payment of approximately $15.6 million (which amount included rent and expenses through the Second Surrender Date) and retention by the landlord of approximately $3.9 million previously deposited by the Company with the landlord as security under the lease.

As a result of this transaction, the Company recorded a charge of approximately $19.0 million during the year ended December 31, 2013. This charge is recorded as restructuring expense and is included within discontinued operations, since the Company currently no longer requires a long-term commitment for office space due to the discontinuation of its revenue-producing operating businesses. Refer to Notes 1, 21 and 22 herein, for additional information.

Future minimum annual lease payments for the Company's remaining lease commitments, and sublease rental income as of December 31, 2013, are disclosed within the table below. These leases expire at various times through 2015.


(In thousands of dollars)		Future		Sublease		Net Lease
		Minimum		Rental		Payments
		Lease		Income
		Payments
2014		$	1,431	$	974	$	457
2015			712		530		182


Total		$	2,143	$	1,504	$	639





In addition, the Company entered into a sublease with Capstone Advisory Group, LLC ("Capstone") which commenced on November 15, 2013 and initially provides for monthly base rental payments of approximately $12,000, based upon the Company's current space needs. This arrangement provides the Company with flexibility and at a cost that is below other market comparable alternatives. This sublease was evaluated by the Company's Audit Committee and approved on October 10, 2013, since this is a related-party transaction. The sublease continues on a month-to-month basis and provides the Company with the ability to reduce its occupied space upon not less than 30 days notice to Capstone. Any such reduction would reduce the monthly base rental payments based upon pre-determined rates.

The Company recognizes rent expense over the entire lease term on a straight-line basis. To the extent the Company is provided tenant improvement allowances funded by the lessor, they are amortized over the initial lease period and serve to reduce rent expense. Rental expense from continuing operations, net of sublease rental income, for the years ended December 31, 2013, 2012 and 2011 was approximately $0.5 million, $0.7 million and $0.5 million, respectively.

Letters of Credit

The Company was contingently liable under bank stand-by letter of credit agreements, executed primarily in connection with office leases totaling $4.9 million at December 31, 2012 (there were no stand-by letters of credit agreements at December 31, 2013). These agreements were all collateralized by cash which is included within Other assets within the Consolidated Statements of Financial Condition. Refer to Note 13 "Other Assets" herein. During the second quarter and fourth quarter of 2013, letters of credit for approximately $3.9 million and $0.3 million had expired and cash collateral was in the possession of the Company's landlords. In addition, during the fourth quarter of 2013, cash collateral of $0.7 million was returned to the Company in connection with the expiration of a lease.

The $3.9 million of collateral was retained by the landlord in connection with the Company's termination of its lease for its headquarters at 1290 Avenue of the Americas, New York, New York on September 27, 2013. Refer to "Leases" above for additional information. The remaining collateral currently held by the Company's landlord of approximately $0.3 million is expected to be returned upon expiration of the respective lease.

Other

In the normal course of its prior business activities, the Company provided guarantees to third parties with respect to the obligations of certain of its subsidiaries. The majority of these arrangements, discussed below, are connected to the sales and trading activities of the Company's prior MBS & Rates and Credit Products divisions, the activities of which were discontinued in the second quarter of 2013.

In the normal course of business, Gleacher Securities indemnified certain service providers, such as clearing and custody agents, trustees, and administrators, against specified potential losses in connection with their acting as an agent of, or providing services to, the Company or its affiliates. Gleacher Securities also indemnified some clients against potential losses incurred in the event of non-performance by specified third-party service providers, including sub-custodians. The maximum potential amount of future payments that Gleacher Securities could be required to make under these indemnifications cannot be estimated. However, Gleacher Securities has historically made no material payments under these arrangements and believes that it is unlikely it will have to make material payments in the future. Therefore, the Company has not recorded any contingent liability in the consolidated financial statements for these indemnifications.

The Company provided representations and warranties to counterparties in connection with a variety of transactions and occasionally agreed to indemnify them against potential losses caused by the breach of those representations and warranties and occasionally other liabilities. The maximum potential amount of future payments that the Company could be required under these indemnifications cannot be estimated. However, the Company has historically made no material payments under these agreements and believes that it is unlikely it will have to make material payments in the future; therefore it has not recorded any contingent liability in the consolidated financial statements for these indemnifications.

Income_Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2013
Income Taxes	'
Income Taxes	'

	NOTE 18. Income Taxes

	The components of income tax (benefit)/expense from continuing operations reflected in the Consolidated Statements of Operations are set forth below for the years ended December 31:


	(In thousands)		2013			2012			2011
	Federal
	Current		$	(485	)	$	(5,570	)	$	(5,539	)
	Deferred			—			19,174			(568	)
	State and local
	Current			(597	)		(635	)		(1,193	)
	Deferred			—			9,971			(122	)


	Total income tax (benefit)/expense from continuing operations		$	(1,082	)	$	22,940		$	(7,422	)





	A reconciliation of the U.S. federal statutory income tax rate to the Company's effective income tax rate (continuing operations) is set forth below for the years ended December 31:


	(In thousands)		2013			2012			2011
	Federal statutory rate—35%		$	(9,663	)	$	(9,452	)	$	(6,710	)
	Increase in deferred tax asset valuation allowance			12,664			35,299			—
	State and local income taxes, net of federal income taxes			(3,001	)		(2,935	)		(1,443	)
	Expiration of statute of limitations			(608	)		—			—
	Provision to return adjustments			(486	)		(274	)		530
	Change in estimated state tax rates			—			—			(181	)
	Uncertain tax positions			—			281			96
	Other			12			21			286


	Total income tax (benefit)/expense from continuing operations		$	(1,082	)	$	22,940		$	(7,422	)





	The deferred tax assets and liabilities consisted of the following at December 31:


	(In thousands)		2013			2012
	Deferred tax assets, net
	Net operating loss carryforwards ("NOLs")		$	72,996		$	22,089
	Compensation			5,007			12,061
	Accrued liabilities			1,143			2,230
	Investments			(4,050	)		(3,782	)
	Uncertain tax positions			831			831
	Fixed assets			—			(337	)
	Intangible assets			—			(823	)
	Deferred revenues			—			92
	Other			417			1,323


	Total net deferred tax asset before valuation allowance			76,344			33,684
	Less: valuation allowance			(76,344	)		(33,684	)


	Total deferred tax assets, net of valuation allowance		$	—		$	—





During the year ended December 31, 2012, the Company established a valuation allowance against its deferred tax assets. In assessing the need for a valuation allowance, the Company considered both positive and negative evidence related to the likelihood of realization of the deferred tax assets. The weight given to the positive and negative evidence is commensurate with the extent to which the evidence can be objectively verified. GAAP states that a cumulative loss in recent years is a significant piece of negative evidence that is difficult to overcome in determining that a valuation allowance is not needed against deferred tax assets. As such, it is generally difficult for positive evidence regarding projected future taxable income exclusive of reversing taxable temporary differences to outweigh objective negative evidence of recent financial reporting losses.

The Company entered a three-year cumulative loss position during the year ended December 31, 2012. This cumulative loss position, along with other evidence, merited the establishment of a valuation allowance against the deferred tax assets. A sustained period of profitability is required before the Company would change its judgment regarding the need for a valuation allowance against its net deferred tax assets.

At December 31, 2013, the Company had pre-tax net operating loss carryforwards of approximately $159 million, which expire between 2023 and 2033. These net operating loss carryforwards have been reduced by the impact of an annual limitation described in the Internal Revenue Code ("IRC") Section 382. In general, the IRC Section 382 places an annual limitation on the use of certain tax attributes such as net operating losses. The annual limitation arose as a result of an ownership change which occurred on September 21, 2007. For state and local tax purposes, the Company's net operating loss carryforwards have expiration periods between 1 and 20 years and are also subject to various apportionment factors and limitations on utilization. In the event that the Company experiences an ownership change under IRC Section 382, the Company's NOLs would be fully impaired (reduced nearly to zero). Absent an ownership change, including in the event of a dissolution, the Company's NOLs would be available to offset any income it may recognize, if any.

The following table summarizes the activity related to the Company's unrecognized tax benefits:


(In thousands)
Balance—December 31, 2011		$	3,551
Decreases related to settlements			(184	)
Decreases related to expiration of statute of limitations			(133	)
Gross increases related to current year's tax positions			285


Balance—December 31, 2012		$	3,519
Decreases related to expiration of statute of limitations			(671	)


Balance—December 31, 2013		$	2,848





The total amount of unrecognized tax benefits that, if recognized, would impact either the effective tax rate or discontinued operations is $2.3 million. We currently anticipate that total unrecognized tax benefits will decrease by up to $2.1 million in the next twelve months, which will affect the effective tax rate, primarily as a result of the settlement of tax examinations.

The Company recognizes interest and penalties as a component of income tax expense. During the years ended December 31, 2013, 2012 and 2011, the Company recognized $0.4 million, $0.4 million and $0.2 million, respectively, of interest expense as a component of income tax expense. The Company had approximately $1.0 million and $0.7 million for the payment of interest and penalties accrued at December 31, 2013 and 2012, respectively.

The Company is subject to U.S. federal income tax as well as income tax of multiple state and local jurisdictions. As of December 31, 2013, with few exceptions, the Company was no longer subject to U.S. federal tax or state and local income tax examinations for years before 2008. The Company began audits with the Internal Revenue Service in 2013 and New York State in 2012.

StockBased_Compensation_and_Ot

Stock-Based Compensation and Other Plans	12 Months Ended
Stock-Based Compensation and Other Plans	Dec. 31, 2013
Stock-Based Compensation and Other Plans	'
Stock-Based Compensation and Other Plans	'

	NOTE 19. Stock-Based Compensation and Other Plans

	Under the Company's 2007 Incentive Compensation Plan ("Incentive Plan") and the 2003 Non-Employee Directors Plan ("2003 Directors Plan"), (referred to herein as the "Plans") employees and non-employees of the Company have been awarded stock options, restricted stock and/or restricted stock units, which expire at various times through 2018. The Company generally issues treasury shares in connection with option exercises, restricted stock awards or the settlement of vested restricted stock units to the extent there are adequate shares in treasury to satisfy such activity.

	The Incentive Plan provides for awards in a variety of forms, including, incentive stock options (within the meaning of Section 422 of the Internal Revenue Code), nonqualified stock options, restricted stock and restricted stock units. The Incentive Plan imposes a limit on the number of shares of the Company's common stock that may be subject to awards. On February 6, 2008, the Company's Board of Directors authorized, and on June 5, 2008, the Company's stockholders approved, an additional 533,750 shares for issuance pursuant to the Incentive Plan. On April 16, 2009, in connection with amending and restating the Incentive Plan, the Company's Board of Directors authorized and on June 16, 2009, the Company's stockholders approved an additional 250,000 shares for issuance pursuant to the Incentive Plan. An award relating to shares may be granted if the aggregate number of shares subject to then-outstanding awards, under the Incentive Plan and under the pre-existing plans, plus the number of shares subject to the award being granted do not exceed the sum of (i) 25% of the number of shares of common stock issued and outstanding immediately prior to the grant plus (ii) 783,750 shares.

	The 2003 Directors Plan allows awards in the form of stock options and restricted shares. The 2003 Directors Plan imposes a limit on the number of shares of our common stock that may be subject to awards. On April 16, 2009, in connection with amending and restating the 2003 Directors Plan, the Company's Board of Directors authorized and on June 16, 2009, the Company's stockholders approved, increasing the number of shares available for issuance from 5,000 to 100,000 shares.

	The following is a recap of all Plans as of December 31, 2013:


	Shares authorized for issuance			2,432,706


	Share awards used:
	Stock options granted and outstanding			296,189
	Restricted stock awards granted and unvested			14,834
	Restricted stock units granted and unvested			3,471
	Restricted stock units granted and vested			25,658


	Total share awards used(1)			340,152


	Shares available for future awards			2,092,554






	-1
	Awards exclude vested options for 33,334 shares granted to the Parent's former CEO outside of the Incentive Plan and pursuant to the "employee inducement" award exception of the NASDAQ rules in connection with his hiring in the second quarter of 2011.

	The Company recognized stock-based compensation expense related to its various employee and non-employee director stock-based incentive plans during the years ended December 31, as follows:


	(In thousands of dollars)		2013			2012			2011
	Continuing operations		$	1,112		$	3,151		$	1,968
	Discontinued operations			4,480			3,649			13,106


	Total		$	5,592	-2	$	6,800		$	15,074






	-2
	Includes stock-based compensation for the year ended December 31, 2013 of $4.1 million associated with the vesting of 267,000 shares in connection with the Company's previously disclosed restructurings (Refer to Note 1 herein).

	For the years ended December 31, 2013, 2012 and 2011, total stock-based compensation expense was $5.6 million, $6.8 million and $15.1 million, respectively, and the related tax benefit recognized in the Consolidated Statements of Operations was $0.0 million, $0.0 million and $6.4 million, respectively. The actual tax benefit realized for the tax deductions for share-based compensation was $0.0 million, $0.0 million and $8.1 million for the years ended December 31, 2013, 2012 and 2011, respectively.

	At December 31, 2013, the total compensation expense related to non-vested awards (which are expected to vest) not yet recognized is $0.3 million, which is expected to be recognized over the remaining weighted average vesting period of 0.9 years.

	Options: Options have been granted with exercise prices not less than fair market value of the Company's common stock on the date of grant, as defined in each Plan, vest over a maximum of three years, and expire six years after grant date.

	Unvested options are generally forfeited upon termination of employment, with limited exceptions. Option transactions for the three years ended December 31, 2013, 2012 and 2011 were as follows:


			Shares Underlying Stock Options			Weighted Average Exercise Price
Balance at December 31, 2010			304,970		$	63.2
Options granted			218,684			35.2
Options exercised			—			—
Options forfeited/expired			(68,288	)		50.2


Balance at December 31, 2011			455,366		$	51.6
Options granted			33,333			17.4
Options exercised			—			—
Options forfeited/expired			(32,993	)		78.8


Balance at December 31, 2012			455,706		$	47.2
Options granted			—			—
Options exercised			—			—
Options forfeited/expired(3)			(126,183	)		35.49


Balance at December 31, 2013			329,523		$	51.67






-3
Options forfeited includes shares underlying stock options of 50,000 and 33,332 granted to the Company's former CEO and former COO, respectively, which were forfeited pursuant to the terms of the respective award agreements and the Retention Plan. Refer to Note 17 "Arbitration—Thomas J. Hughes (former Chief Executive Officer) and John Griff (former Chief Operating Officer)" for additional information.

There were no options exercised for the years ended December 31, 2013, 2012 and 2011. At December 31, 2013, the outstanding options for 329,523 shares (all of which are exercisable) had a remaining average contractual term of 1.4 years and no intrinsic value as they were all significantly out of the money.

The following table summarizes information about stock options outstanding at December 31, 2013:


		Outstanding									Exercisable
Exercise Price Range		Shares			Average			Average			Shares			Average
					Life			Exercise						Exercise
					Remaining			Price						Price
					(years)
$17.00 - $20.00			13,691			4.4		$	17.4			13,691		$	17.4
$20.01 - $30.00			16,667			0.4			29.2			16,667			29.2
$30.01 - $40.00			120,091			1.3			37.36			120,091			37.36
$40.01 - $60.00			110,000			1.6			56.99			110,000			56.99
$60.01 - $150.00			69,074			1			80.29			69,074			80.29


Total			329,523	-4		1.4		$	51.67			329,523	-4	$	51.67






-4
Options outstanding and exercisable above include options for 33,334 shares granted to the Company's former CEO pursuant to the "employee inducement" award exception of the NASDAQ rules in connection with his hiring in the second quarter of 2011.

The Black-Scholes option pricing model is used to determine the fair value of options granted. For year ended December 31 of each respective year, significant assumptions used to estimate the fair value of share based compensation awards include the following:


		2013			2012			2011
Expected term(5)			N/A			3.27			3.94
Expected volatility			N/A			73.6	%		87.1	%
Expected dividends			—			—			—
Risk-free interest rate			N/A			0.5	%		1.2	%


-5
The Company utilized the simplified method for calculating the expected term assumption for the years 2012 and 2011, as prescribed by ASC 718, due to insufficient historical stock option exercise experience.

Restricted Stock Awards/Restricted Stock Units: Restricted stock awards and restricted stock units have been valued at the market value of the Company's common stock as of the grant date and expensed over the service period, which is typically 3 years.

Restricted stock awards/restricted stock units for the years ended December 31, 2013, 2012 and 2011 were as follows:


		Unvested			Weighted			Unvested			Weighted
		Restricted			Average			Restricted			Average
		Stock			Grant-Date			Stock Units			Grant Date
		Awards			Fair Value						Fair Value
					Restricted						Restricted
					Stock						Stock Units
Balance at December 31, 2010			570,525		$	72			309,567		$	64.4
Granted			129,154			38.4			327,393			39.2
Vested			(341,232	)		60.4			(159,768	)		57.4
Forfeited			(52,760	)		55			(77,662	)		50.6


Balance at December 31, 2011			305,687		$	73.6			399,530		$	49.4
Granted			408,728			27.8			80,000			17.2
Vested			(140,399	)		52.4			(145,290	)		58
Forfeited			(236,429	)		64.4			(136,278	)		40.2


Balance at December 31, 2012			337,587		$	33.4			197,962		$	36.2
Granted			11,955			14.03			75,531			13.8
Vested			(212,047	)		33.17			(236,945	)		28.71
Forfeited			-122,661	-6		32.09			-33,077	-6		37.91


Balance at December 31, 2013			14,834		$	32			3,471		$	42






-6
Awards forfeited includes unvested restricted stock units of 16,667 granted to the Company's former CEO and unvested shares of restricted stock of 20,833 granted to the Company's former COO which were forfeited pursuant to the terms of the respective award agreements and the Retention Plan. Refer to Note 17 "Arbitration—Thomas J. Hughes (former Chief Executive Officer) and John Griff (former Chief Operating Officer)" for additional information.

The total fair value of awards vested, based on the market value of the stock on the vest date, during the years ended December 31, 2013, 2012, and 2011 was $6.6 million, $7.6 million and $21.2 million, respectively.

Other Compensation Arrangements

At December 31, 2013 and December 31, 2012, there was approximately $0.4 million and $0.4 million, respectively, of accrued compensation within the Consolidated Statements of Financial Condition related to deferred compensation plans provided by the Company, which will be paid out between 2014 and 2016. As of February 28, 2007, the Company no longer permits new amounts to be deferred under these plans.

Net_Capital_Requirements

Net Capital Requirements	12 Months Ended
Net Capital Requirements	Dec. 31, 2013
Net Capital Requirements	'
Net Capital Requirements	'

	NOTE 20. Net Capital Requirements

	Gleacher Securities is subject to the net capital requirements of Rule 15c3-1 promulgated under the Exchange Act (the "Net Capital Rule"), which requires the maintenance of a minimum net capital. Gleacher Securities has elected to use the alternative method permitted by the Net Capital Rule, which requires it to maintain a minimum net capital amount equal to the greater of 2% of aggregate debit balances arising from customer transactions (as defined) or $0.25 million, subject to certain adjustments related to market making activities in certain securities. As of December 31, 2013, Gleacher Securities had net capital, as defined by the Net Capital Rule, of $33.9 million, which was $33.6 million in excess of the $0.25 million required minimum net capital.

	Gleacher Partners, LLC is also subject to the Net Capital Rule. Gleacher Partners, LLC has also elected to use the alternative method permitted by the rule. As of December 31, 2013, Gleacher Partners, LLC had net capital, as defined by the Net Capital Rule, of $0.9 million, which was $0.6 million in excess of the $0.25 million required minimum net capital.

	Both Gleacher Securities and Gleacher Partners, LLC intend to submit Forms BDW in order to withdraw their registrations as broker-dealers from the SEC, self-regulatory organizations, and the states. Withdrawal from broker-dealer registration becomes effective 60 days after the filing of Form BDW, unless a firm consents to a longer period or the SEC institutes a proceeding, delays or shortens the date of effectiveness, or otherwise imposes terms or conditions upon such withdrawal.

Restructuring

Restructuring	12 Months Ended
Restructuring	Dec. 31, 2013
Restructuring	'
Restructuring	'

	NOTE 21. Restructuring

	Investment Banking and Fixed Income Businesses

	The Company's Board of Directors approved plans to discontinue operations in its Investment Banking division on May 30, 2013 and Fixed Income businesses on April 5, 2013. Exiting these businesses impacted approximately 150 employees. Refer to Note 22 herein for additional information.

	ClearPoint—Homeward Transaction

	On February 14, 2013, the Company entered into an agreement to sell substantially all of ClearPoint's assets to Homeward. This transaction closed on February 22, 2013, and all remaining business activities of ClearPoint have been substantially wound down. Refer to Note 22 herein for additional information.

	Equities Business—Exit on August 22, 2011

	On August 22, 2011, the Board of Directors of the Company approved a plan to exit the Equities business, effective immediately. Exiting the Equities business impacted 62 employees. Refer to Note 22 herein for additional information.

	The following table summarizes the restructuring charges incurred by the Company for the years ended December 31, which have been recorded as a component of discontinued operations:


	(In thousands of dollars)		2013			2012			2011
	Cash Charges:
	Investment Banking
	Severance compensation		$	1,417		$	—		$	—
	Third party vendor contracts and other costs			332			—			—


	Subtotal—Investment Banking (cash charges):			1,749			—			—


	Fixed Income businesses
	Severance compensation			8,323			—			—
	Third party vendor contracts and other costs			6,134			—			—


	Subtotal—Fixed Income (cash charges):			14,457			—			—


	ClearPoint
	Severance and other compensation			1,263			—			—
	Third party vendor contracts and other costs			201			—			—


	Subtotal—ClearPoint (cash charges):			1,464			—			—


	Equities
	Severance and other compensation			—			—			2,578
	Third party vendor contracts and other costs			—			(222	)		2,208


	Subtotal—Equities (cash charges):			—			(222	)		4,786


	Other
	Severance compensation			712			—			—
	Reserve for lease commitments			19,957			(133	)		597


	Subtotal—Other (cash charges):			20,669			(133	)		597


	Total—Cash Charges:		$	38,339		$	(355	)	$	5,383


Non-Cash Charges:
Investment Banking
Intangible asset impairment		$	2,932		$	—		$	—
Stock-based compensation vesting			254			—			—


Subtotal—Investment Banking (non-cash charges):			3,186			—			—


Fixed Income businesses
Goodwill & intangible asset impairment			388			—			—
Stock-based compensation vesting			3,681			—			—


Subtotal—Fixed Income (non-cash charges):			4,069			—			—


ClearPoint
Intangible asset impairment			587			—			—
Deferred compensation and other charges			448			—			—


Subtotal—ClearPoint (non-cash charges):			1,035			—			—


Equities
Stock-based compensation vesting			—			(92	)		1,395


Subtotal—Equities (non-cash charges):			—			(92	)		1,395


Other
Stock-based compensation vesting			195			—			—
Impairment of fixed assets and leasehold improvements			4,006			—			316


Subtotal—Other (non-cash charges)			4,201			—			316


Total—Non-Cash Charges:		$	12,491		$	(92	)	$	1,711


Restructuring expenses—Total:		$	50,830		$	(447	)	$	7,094





The following table summarizes the changes in the Company's liability related to the restructurings for the years ended December 31:


(In thousands of dollars)		2013			2012			2011
Balance—January 1		$	108		$	1,427		$	—
Restructuring expense			50,830			(447	)		7,094
Plus: Deferred rent obligation, prior to restructuring			2,160			—			—
Less: Non-cash charges			(12,491	)		92			(1,711	)
Payment for lease termination—Company headquarters			(19,500	)		—			—
Payments for severance and other compensation			(11,715	)		—			(2,578	)
Payments for third party vendor contracts and other costs			(4,908	)		(747	)		(1,131	)
Payments for lease commitments, net of sublease income			(1,993	)		(217	)		(247	)


Restructuring reserve—December 31		$	2,491		$	108		$	1,427





As previously mentioned, on September 27, 2013, the Company entered into an agreement terminating the lease for its headquarters at 1290 Avenue of the Americas, New York, New York. The Company's total termination obligation was $19.5 million, satisfied by a cash payment of approximately $15.6 million and retention by the landlord of approximately $3.9 million previously deposited by the Company with the landlord as security under the lease. Refer to Note 17 "Leases" herein for additional information.

The Company's remaining obligation associated with these exits at December 31, 2013 was approximately $2.5 million and was primarily related to costs associated with the termination of third party vendor contracts, and to a lesser extent, lease commitments. The Company expects the majority of its remaining liability to be settled within the next six months. No other material charges are expected to be incurred.

Discontinued_Operations

Discontinued Operations	12 Months Ended
Discontinued Operations	Dec. 31, 2013
Discontinued Operations	'
Discontinued Operations	'

	NOTE 22. Discontinued Operations

	As previously disclosed, the Board of Directors of the Company approved plans to discontinue its Investment Banking and Fixed Income businesses during the second quarter of 2013 (MBS & Rates revenue includes losses incurred in connection with the wind down of the division's financial instruments owned) and approved plans to discontinue its Equities business in the third quarter of 2011. In addition, during the first quarter of 2013, substantially all of ClearPoint's assets were sold to Homeward (resulting in a loss of approximately $1.1 million). As a result of these exits, the results of these businesses have been classified as discontinued operations.

	Amounts reflected in the Consolidated Statements of Operations related to these discontinued operations for the years ending December 31, are presented in the following table.


	(In thousands of dollars)	2013			2012			2011
	Net revenue
	Investment Banking	$	15,056		$	27,441		$	26,610
	MBS & Rates		(4,412	)		40,638			103,858
	Credit Products		13,049			74,432			71,056
	ClearPoint		4,356			53,375			46,924
	Equities division		76			54			13,064
	Other items reclassified from continuing operations (Note 1)		574			5,627			8,660


	Total net revenue		28,699			201,567			270,172


	Total expenses (excluding restructuring expense)
	Investment Banking		12,633			22,863			24,320
	MBS & Rates		11,003			40,511			70,738
	Credit Products		14,521			70,687			61,318
	ClearPoint		6,611			59,265			50,610
	Equities division		169			98			31,714
	Other items reclassified from continuing operations (Note 1)		5,752			34,532			92,828


	Total expenses (excluding restructuring expense)		50,689			227,956			331,528


	(Loss)/income from discontinued operations before income taxes (excluding restructuring expense)
	Investment Banking		2,423			4,578			2,290
	MBS & Rates		(15,415	)		127			33,120
	Credit Products		(1,472	)		3,745			9,738
	ClearPoint		(2,255	)		(5,890	)		(3,686	)
	Equities division		(93	)		(44	)		(18,650	)
	Other items reclassified from continuing operations		(5,178	)		(28,905	)		(84,168	)


	Subtotal		(21,990	)		(26,389	)		(61,356	)
	Restructuring expense (Note 21)		(50,830	)		447			(7,094	)


	Loss from discontinued operations before income taxes		(72,820	)		(25,942	)		(68,450	)
	Income tax expense		185			1,802			1,925


	Loss from discontinued operations, net of taxes	$	(73,005	)	$	(27,744	)	$	(70,375	)

Fair_Value_of_Financial_Instru

Fair Value of Financial Instruments	12 Months Ended
Fair Value of Financial Instruments	Dec. 31, 2013
Fair Value of Financial Instruments	'
Fair Value of Financial Instruments	'

	NOTE 23. Fair Value of Financial Instruments

	All of the financial instruments of the Company are reported on the Consolidated Statements of Financial Condition at market or fair value, or at carrying amounts that approximate fair value, because of their short term nature.

Related_Party_Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2013
Related Party Transactions	'
Related Party Transactions	'

	NOTE 24. Related Party Transactions

	Capstone—May 2013

	On May 31, 2013, the Board of Directors appointed Christopher J. Kearns of Capstone as the Company's Chief Restructuring Officer and Chief Executive Officer, and the Company entered into an agreement with Capstone (and Mr. Kearns) for various services. During the year ended December 31, 2013, the Company incurred approximately $2.2 million in connection with this agreement.

	RangeMark Acquisition—November 2012

	In connection with the Company's acquisition of certain assets and assumption of certain liabilities of RangeMark on November 7, 2012, the Company agreed to pay to the selling parties $2.5 million of purchase consideration, payable in four installments commencing on September 30, 2013 through March 31, 2015. In connection with the Company's exit from its Fixed Income businesses, during the second quarter of 2013, the Company exercised its right to transfer ownership of software-related intellectual property assets back to RangeMark, and was released of its payment and other obligations.

	Gleacher Acquisition—June 2009

	During the third quarter of 2009, the Company received a Notice of Proposed Tax Adjustments from the New York City Department of Finance for underpayment by Gleacher Partners, LLC of Unincorporated Business Tax. The Company has an off-setting claim against former pre-acquisition Gleacher stockholders for any pre-acquisition tax liabilities, which is partially collateralized by shares of its common stock held in an escrow account that was established at the closing of the Company's acquisition of Gleacher Partners, Inc. to satisfy any indemnification obligations. The Company does not believe, in any event, that the open tax years or other pre-acquisition tax matters will have a material adverse effect on its financial position or results of operations. During the year ended December 31, 2013, the Company reduced its indemnification receivable by approximately $0.7 million as a result of the expiration of the statute of limitations, resulting in the recognition of a non-cash expense recorded within Other expenses in the Consolidated Statements of Operations (the charge is offset by a benefit recorded within the Company's provision for income taxes). The Company's receivable for this indemnification claim at December 31, 2013 and December 31, 2012 was $0.9 million and $1.5 million, respectively.

	In connection with the acquisition of Gleacher Partners, Inc., the Company agreed to pay $10 million to the selling parties over five years after closing the transaction, subject to acceleration under certain circumstances. The Company paid $0.2 million and $4.4 million of this obligation during the years ended December 31, 2013 and December 31, 2012, respectively ($4.9 million was paid during the year ended December 31, 2010 and no payments were made during the year ended December 31, 2011). The Company's remaining obligation is recorded as a liability within the Company's Consolidated Statements of Financial Condition.

	Details on the amounts receivable from or payable to related parties are below:


	(In thousands of dollars)	December 31,		December 31,
	(In thousands of dollars)	2013		2012
	Receivables from related parties
	Former stockholders of Gleacher Partners, Inc.	$	856	$	1,474




	Payables to related parties
	Former owners of RangeMark	$	—	$	2,350
	Former stockholders of Gleacher Partners, Inc.		399		594
	Capstone		76		—


	Payables to related parties—total	$	475	$	2,944





	Other Matters

	During the third quarter of 2013, the Company reimbursed MatlinPatterson for approximately $1.1 million for costs incurred in connection with the preparation, distribution and solicitation of their proxy materials associated with the Company's 2013 Annual Meeting of Stockholders. This request for reimbursement was evaluated by the Company's Audit Committee and approved on August 2, 2013. In doing so, the Audit Committee determined that under the circumstances: (i) the amount of reimbursement sought by MatlinPatterson was reasonably incurred; (ii) such amount was not disproportionate to, and was justified by, the benefit received by the Company and its stockholders as a result of MatlinPatterson's actions; and (iii) in its good faith judgment, reimbursement by the Company of the specific expenses would be in, or would not be inconsistent with, the best interests of the Company and its stockholders. In making such determinations, the Audit Committee considered, among other things, the fact that the Company's former Committee on Directors and Corporate Governance had made no nominations of its own, that four members of that committee had stated, and later confirmed, that such members would not stand for reelection when their respective terms of office expired at the 2013 Annual Meeting of Stockholders, and that a fifth incumbent director, the Company's then-Chief Executive Officer, had waived his right to be nominated for reelection to the Board.

Subsequent_Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2013
Subsequent Events	'
Subsequent Events	'

	NOTE 25. Subsequent Events

	The Company evaluated subsequent events through the date of issuance of the accompanying consolidated financial statements. Refer to Note 1herein regarding the Company's proposed dissolution and liquidation. There were no events requiring disclosure.



	SELECTED QUARTERLY FINANCIAL DATA
	(Unaudited)
	(In thousands of dollars, except for per share data)


			Three Months Ended
			Mar-13			Jun-13			Sep-13			Dec-13
	Total revenues		$	402		$	(499	)	$	255		$	1,775
	Total expenses			6,313			6,360			11,599			5,270


	Loss from continuing operations before income taxes and discontinued operations			(5,911	)		(6,859	)		(11,344	)		(3,495	)
	Income tax (benefit)/expense			(50	)		69			74			(1,175	)


	Loss from continuing operations			(5,861	)		(6,928	)		(11,418	)		(2,320	)
	Loss from discontinued operations, net of taxes			(12,110	)		(54,567	)		(5,728	)		(600	)


	Net loss		$	(17,971	)	$	(61,495	)	$	(17,146	)	$	(2,920	)




	Loss per share:
	Basic loss per share
	Continuing operations		$	(0.98	)	$	(1.13	)	$	(1.85	)	$	(0.37	)
	Discontinued operations			(2.03	)		(8.89	)		(0.92	)		(0.10	)


	Net loss per share		$	(3.01	)	$	(10.02	)	$	(2.77	)	$	(0.47	)




	Dilutive loss per share
	Continuing operations		$	(0.98	)	$	(1.13	)	$	(1.85	)	$	(0.37	)
	Discontinued operations			(2.03	)		(8.89	)		(0.92	)		(0.10	)


	Net loss per share		$	(3.01	)	$	(10.02	)	$	(2.77	)	$	(0.47	)





	SELECTED QUARTERLY FINANCIAL DATA
	(Unaudited)
	(In thousands of dollars, except for per share data)

	The sum of the quarter earnings per share amount does not always equal the full fiscal year's amount due to the effect of averaging the number of shares of common stock and common stock equivalents throughout the year.


			Three Months Ended
			Mar-12			Jun-12			Sep-12			Dec-12
	Total revenues		$	558		$	(76	)	$	385		$	1,215
Total expenses			6,811			8,103			8,054			6,120


Loss from continuing operations before income taxes and discontinued operations			(6,253	)		(8,179	)		(7,669	)		(4,905	)
Income tax (benefit)/expense			(2,316	)		27,286			(2,223	)		193


Loss from continuing operations			(3,937	)		(35,465	)		(5,446	)		(5,098	)
(Loss)/income from discontinued operations, net of taxes			(747	)		(23,508	)		2,677			(6,166	)


Net loss		$	(4,684	)	$	(58,973	)	$	(2,769	)	$	(11,264	)




Loss per share:
Basic (loss)/income per share
Continuing operations		$	(0.65	)	$	(5.93	)	$	(0.92	)	$	(0.86	)
Discontinued operations			(0.13	)		(3.93	)		0.45			(1.03	)


Net loss per share		$	(0.78	)	$	(9.86	)	$	(0.47	)	$	(1.89	)




Dilutive (loss)/income per share
Continuing operations		$	(0.65	)	$	(5.93	)	$	(0.92	)	$	(0.86	)
Discontinued operations			(0.13	)		(3.93	)		0.45			(1.03	)


Net loss per share		$	(0.78	)	$	(9.86	)	$	(0.47	)	$	(1.89	)





The sum of the quarter earnings per share amount does not always equal the full fiscal year's amount due to the effect of averaging the number of shares of common stock and common stock equivalents throughout the year.

Correction of an Error. During the preparation of the Annual Report on Form 10-K for the year ended December 31, 2012, the Company determined that in the second quarter of 2012, we incorrectly provided for a valuation allowance on $1.9 million of net operating losses ("NOLs") that were realizable by the Company. This had the effect of overstating income tax expense by approximately $1.9 million in the Form 10-Q for the three and six months ended June 30, 2012 and nine months ended September 30, 2012. We evaluated the effects of this error and concluded that it is not material to the Company's previously issued Quarterly Report on Form 10-Q for the three and six months ended June 30, 2012 and nine months ended September 30, 2012. Nevertheless, we revised in this report, our Consolidated Statement of Operations to correct for the effect of this error in our financial statements for the three and six months ended June 30, 2012 and for the nine month ended September 30, 2012 and will include this revision in future filings. We determined that correcting the misstatement in the fourth quarter of 2012 would have been material to the results of the three months ended December 31, 2012 and thus revised the results of the three months ended June 30, 2012. The revision does not affect net operating, investing or financing cash flows reported within the Consolidated Statement of Cash Flows and has an insignificant effect on the Company's Consolidated Statement of Financial Condition for all periods.

The amounts on prior period Consolidated Statements of Operations and earnings per share ("EPS") that have been revised is summarized below:


(in thousands, except per share amounts)		Three Months			Six Months			Nine Months
		Ended June 30,			Ended June 30,			Ended September 30,
		2012			2012			2012
Net loss—as previously reported		$	(60,832	)	$	(65,516	)	$	(68,285	)
Adjustment			1,859			1,859			1,859


Net loss—as revised		$	(58,973	)	$	(63,657	)	$	(66,426	)




EPS—Basic and Diluted
EPS—as previously reported		$	(10.18	)	$	(10.99	)	$	(11.48	)


EPS—as revised		$	(9.86	)	$	(10.68	)	$	(11.17	)

Basis_of_Presentation_Policies

Basis of Presentation (Policies)	12 Months Ended
	Dec. 31, 2013
Basis of Presentation	'
Planned Dissolution and Liquidation	'

	Planned Dissolution and Liquidation

	As previously announced, the Company has been engaged in a lengthy and intensive evaluation of potential strategic alternatives in order to preserve and maximize stockholder value. Those potential alternatives included (i) pursuing a strategic transaction with a third party, such as a merger or sale of the Company; (ii) the reinvestment of the Company's liquid assets in favorable opportunities; and (iii) dissolving the Company, winding down its remaining operations and distributing its net assets to its stockholders, after making appropriate reserves for liabilities and expenses. The Board of Directors and the Company, together with its external advisors, devoted substantial time and effort in seeking, identifying and pursuing opportunities and other alternatives to enhance stockholder value; however, that process had not at that time yielded any opportunities transaction viewed by the Board as reasonably likely to provide greater realizable value to stockholders than the complete dissolution and liquidation of the Company.

	The Company's dissolution was unanimously approved by the Board of Directors on March 12, 2014, but is subject to stockholder approval. The Company intends to present this proposal to its stockholders of record as of April 21, 2014 at the Company's 2014 Annual Stockholders Meeting (the "2014 Annual Meeting"), currently scheduled for May 29, 2014. The Company will file prescribed proxy materials with the Securities and Exchange Commission in advance of that meeting. In connection with the dissolution, the Company intends to distribute to its stockholders all available cash other than as may be required to pay expenses and pay or make reasonable provision for known and potential claims and obligations of the Company, as required by applicable law. The Board of Directors' decision contemplates an orderly wind down of the Company's remaining business and operations, including the dissolution and winding-up of subsidiaries. If approved by the Company's stockholders, the Company intends to file a certificate of dissolution, pay, satisfy, resolve or make reasonable provisions for claims and obligations as well as anticipated costs associated with the Company's dissolution and liquidation, and seek to convert its remaining assets into cash or cash equivalents as soon as reasonable, practicable and financially prudent.

	Until such time, if any, as the stockholders approve the Company's dissolution, and the Board of Directors decides, and instructs management, to proceed with a dissolution, the Company will continue to investigate and consider any feasible, alternative, value-creating transactions of which it becomes aware. If prior to its dissolution, the Company receives an offer for a transaction that, in the view of the Board, would be expected to provide superior value to stockholders than the value of the currently estimated distributions, taking into account factors that could affect valuation, including timing and certainty of payment or closing, proposed terms and other factors, the dissolution could be abandoned in favor of such a transaction, even if dissolution has been previously approved by the Company's stockholders.

Discontinuation of Operations and Appointment of Capstone Advisory Group, LLC	'

	Discontinuation of Operations and Appointment of Capstone Advisory Group, LLC

	The Company has no meaningful revenue-producing operations. In the first quarter of 2013, the Company operated an investment banking business, predominately fixed-income sales and trading and financial advisory services, through three principal business units: Investment Banking, MBS & Rates and Credit Products. The Company also engaged in residential mortgage lending operations through its subsidiary ClearPoint Funding, Inc. ("ClearPoint").

	During the second quarter of 2013, the Company's Board of Directors approved plans to discontinue operations in its MBS & Rates (including RangeMark Financial Services ("RangeMark")) and Credit Products divisions (together, "Fixed Income" or the "Fixed Income businesses") as well as, later in the quarter, its Investment Banking division. Exiting these businesses impacted approximately 150 employees. The ClearPoint business was discontinued, and the business sold to Homeward Residential, Inc. ("Homeward") in February 2013 (the "Homeward Transaction"). In addition, in the third quarter of 2011, the Company exited the Equities business. Exiting the Equities business impacted 62 employees. As of March 14, 2014, the Company had 13 employees.

	On May 31, 2013, the Board of Directors appointed Christopher J. Kearns of Capstone Advisory Group, LLC ("Capstone") as the Company's Chief Restructuring Officer and Chief Executive Officer. The Company also entered into an agreement with Capstone and Mr. Kearns, pursuant to which Capstone was engaged to provide number of services to the Company, including (i) evaluating and implementing, subject to the approval of the Company's Board of Directors, the chosen course of action to preserve asset value and maximize recoveries to stockholders under the circumstances; (ii) overseeing the operations of the Company through execution of the selected course of action; (iii) ascertaining personnel and potential funding required and taking key steps to effectuate the selected course of action; and (iv) soliciting and evaluating expressions of interest in certain assets of the Company and effectuating such sales where appropriate and practical under the circumstances.

Going Concern and Basis of Presentation	'

	Going Concern and Basis of Presentation

	As noted above, the Company's Board of Directors approved a dissolution and liquidation of the Company, subject to stockholder approval. In connection with this intention, the Company intends to distribute to its stockholders all available cash other than as may be required to pay or make reasonable provision for known and potential claims and obligations of the Company. The Board of Directors' decision also contemplates a further, orderly wind down of the Company's business and operations and, if approved by the Company's stockholders, the filing of a certificate of dissolution, among other matters. All of these factors raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

	Accounting principles generally accepted in the United States of America ("GAAP") requires financial statements to be prepared on a going concern basis. A liquidation basis of accounting is only appropriate to the extent liquidation is imminent. In order to meet this criteria, among other factors, the plan for dissolving the Company, which would be followed by liquidation must be approved by the person or persons with the authority to make such a plan effective, which in this instance, is the Company's stockholders. If the plan of dissolution is approved by Company stockholders at the Company's 2014 Annual Stockholders Meeting, currently scheduled for May 29, 2014, the Company would then prospectively prepare its financial statements on a liquidation basis of accounting. The Company's accompanying financial statements have been prepared on a going concern basis as liquidation currently is not imminent.

	The consolidated financial statements include the accounts of Gleacher & Company, Inc. and all other entities in which it has a controlling financial interest. All significant inter-company balances and transactions have been eliminated in consolidation.

Use of Estimates	'

	Use of Estimates

	These consolidated financial statements have been prepared in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Basis of Presentation	'
Recent Accounting Pronouncements	'

	Recent Accounting Pronouncements

	In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-11 "Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" ("ASU 2013-11"). Current GAAP does not include explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The objective of ASU 2013-11 is to eliminate diversity in practice. ASU 2013-11 requires that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward except as follows. To the extent a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes would result from the disallowance of tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company does not expect the adoption of ASU 2013-11 to have a material impact on the Company's consolidated financial statements.

	In April 2013, the FASB issued Accounting Standards Update ("ASU") No. 2013-07 "Presentation of Financial Statements (Topic 205)" ("ASU 2013-07"). The objective of ASU 2013-07 is to clarify when an entity should apply the liquidation basis of accounting. In addition, the guidance provides principles for recognition and measurement of assets and liabilities and requirements for financial statements prepared using the liquidation basis of accounting. ASU 2013-07 requires an entity to prepare its financial statements using the liquidation basis of accounting when liquidation is imminent. Liquidation is imminent when the likelihood is remote that the entity will return from liquidation and either (a) a plan for liquidation is approved by the person or persons with the authority to make such a plan effective and the likelihood is remote that the execution of the plan will be blocked by other parties or (b) a plan for liquidation is being imposed by other forces (for example, involuntary bankruptcy). ASU 2013-07 requires financial statements prepared using the liquidation basis of accounting to present relevant information about the entity's expected resources in liquidation by measuring and presenting assets at the amount of the expected cash proceeds from liquidation. The entity should include in its presentation of assets any items it had not previously recognized under GAAP but that it expects to either sell in liquidation or use in settling liabilities. An entity should recognize and measure its liabilities in accordance with GAAP that otherwise applies to those liabilities. The entity should not anticipate that it will be legally released from being the primary obligor under those liabilities, either judicially or by creditor(s). The entity is also required to accrue and separately present the costs that it expects to incur and the income it expects to earn during the expected duration of the liquidation, including any costs associated with sale or settlement of those assets and liabilities. ASU 2013-07 also requires disclosure about an entity's plan for liquidation, the methods and significant assumptions used to measure assets and liabilities, the type and amount of costs and income accrued, and the expected duration of the liquidation process. This guidance is effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. Entities should apply the requirements prospectively from the day that liquidation becomes imminent. Early adoption is permitted. The adoption of ASU 2013-07 did not affect the Company's financial statements, as liquidation is not imminent. Refer to "Organization and Nature of Business" above, for additional information.

	In February 2013, the FASB issued Accounting Standards Update ("ASU") No. 2013-02 "Other Comprehensive Income—Reporting Amounts Reclassified Out of Accumulated Other Comprehensive Income" ("ASU 2013-02"). The objective of ASU 2013-02 is to improve the reporting of reclassifications out of accumulated other comprehensive income. This ASU seeks to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under GAAP to be reclassified in its entirety to net income. For other amounts that are not required under GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under GAAP that provide additional detail about those amounts. This guidance is effective prospectively for reporting periods beginning after December 15, 2012. ASU 2013-02 is not applicable to the Company as it has no items reported as other comprehensive income.

Correction of an Error	'

	Correction of an Error

	During the year ended December 31, 2013, the Company determined that it had incorrectly reserved for approximately $1.9 million of principal receivable on a particular position within the Company's financial instruments owned during the prior three years ended December 31, 2012, primarily during the year ended December 31, 2011. This matter was previously disclosed within the Company's Quarterly Report on Form 10-Q dated March 31, 2013. The Company assessed this error and determined that it was not material to the previous reporting periods and is not material to the current year. Therefore, the Company has recorded this item as an out of period adjustment which is included within discontinued operations for the year ending December 31, 2013.

Reclassification	'

	Reclassification

	Certain amounts in prior periods have been reclassified to conform to the current year presentation with no impact to previously reported net loss or stockholders' equity. This includes the prior period results of the Investment Banking, MBS & Rates and Credit Products divisions, which are now being reported as discontinued operations, as well as the results of ClearPoint, which was discontinued in the first quarter of 2013. Refer to Notes 21 and 22 herein for additional information. Certain items which have previously been reported within the Company's Other segment have been reclassified as discontinued operations for the years ending December 31, as follows:


	(In thousands of dollars)	2013			2012			2011
	Items reclassified as discontinued operations
	Revenue
	Net interest income	$	574		$	5,627		$	6,330
	Gain from bargain purchase—ClearPoint acquisition		—			—			2,330


	Total revenues:		574			5,627			8,660


	Expenses
	Compensation expense		2,717			7,870			6,826
	Professional fees		733			2,243			1,162
	Occupancy expense		1,458			1,753			998
	Goodwill and intangible asset impairment		—	-1		21,533			82,045
	Communications and data processing		356			727			1,271
	Other		488			406			526


	Total expenses:		5,752			34,532			92,828


	Net items reclassified to discontinued operations	$	(5,178	)	$	(28,905	)	$	(84,168	)






	-1
	Impairment of intangible assets of $3.9 million for the year ended December 31, 2013, recognized in connection with the Company's exits from Investment Banking, Fixed Income and ClearPoint is recorded as restructuring expense and included within discontinued operations (Note 21 and Note 22).

Continuing Operations	'
Basis of Presentation	'
Cash and Cash Equivalents	'

	Cash and Cash Equivalents

	The Company has defined cash equivalents as highly liquid investments, with original maturities of less than 90 days that are not segregated for regulatory purposes or held for sale in the ordinary course of business.

Financial Instruments Owned (including legacy deferred compensation assets) & Investments	'

	Financial Instruments Owned (including legacy deferred compensation assets) & Investments

	The Company's financial instruments owned are equity securities primarily associated with legacy deferred compensation plans provided by the Company. These financial instruments are recorded on their trade date and accounted for at fair value, which is the price that would be received upon the sale of an asset or paid upon transfer of a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. Changes in fair value of these assets are recorded within compensation expense, offset by corresponding changes in the associated deferred compensation liability.

	Changes in the carrying value of the Company's investments, including the Company's investment FA Technology Ventures, L.P. ("FATV" or the "Partnership") and other investments in privately held companies, are recorded within investment gains/(losses), net.

Office Equipment and Leasehold Improvements	'

	Office Equipment and Leasehold Improvements

	Office equipment is stated at cost less accumulated depreciation and is tested for impairment at the time of a triggering event, if one were to occur. Depreciation is provided on a straight-line basis over the estimated useful life of the asset (generally 2 to 5 years). Leasehold improvements are stated at cost less accumulated amortization and are amortized on a straight-line basis over the initial term of the lease.

Fees and Other Revenues	'

	Fees and Other Revenues

	Other revenues are recognized when the services have been performed and collection is reasonably assured. Other revenues also include revenues related to the clawback of certain stock-based compensation grants subject to non-competition provisions.

Stock-Based Compensation	'

	Stock-Based Compensation

	The cost of employee services received in exchange for a stock-based compensation award is measured based upon the grant-date fair value of the award. Awards that do not require future service are expensed immediately. Awards that require future service are amortized over the relevant service period on a straight-line basis. Expected forfeitures are included in determining stock-based employee compensation expense.

Contingencies	'

	Contingencies

	The Company is subject to contingencies, including judicial, regulatory and arbitration proceedings, tax, stockholder claims, former employee claims and other claims. The Company will recognize a liability related to legal and other claims in Accrued expenses within the Consolidated Statements of Financial Condition when incurrence of a loss is probable and the amount of the loss is reasonably estimable. The determination of these amounts requires significant judgment on the part of management. Management considers many factors including, but not limited to the amount of the claim; the amount of the loss, if any, incurred by the other party; the basis and validity of the claim; the possibility of wrongdoing on the part of the Company; likely insurance coverage (to the extent collection is probable); previous results in similar cases; and legal precedents and case law. Pending legal proceedings and potential claims are reviewed with counsel in each accounting period and the reserve, if any, is adjusted as deemed appropriate by management. Any change in the reserve amount is recorded in the consolidated financial statements and is recognized as a charge/credit to earnings in that period.

	Matters giving rise to contingent gains are recognized when realized or realizable.

Income Taxes	'

	Income Taxes

	Deferred income taxes are determined under the asset and liability method and are recognized for the tax consequences of "temporary differences" by applying enacted statutory tax rates expected to apply to taxable income in the periods in which the deferred tax liability or asset is expected to be settled or realized. The effect of tax rate changes on deferred taxes is recognized in the income tax provision in the period that includes the enactment date. The Company provides a valuation allowance against deferred tax assets when it is more likely than not that such deferred tax assets ("DTAs") will not be realized.

	The Company recognizes tax benefits from uncertain tax positions only when tax positions meet the minimum probability threshold, as defined by ASC 740, "Income Taxes," which is a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority. The Company recognizes interest and penalties related to income tax matters as a component of income tax.

Comprehensive Income	'

	Comprehensive Income

	The Company has no components of other comprehensive income, and therefore, comprehensive income equals net income.

Discontinued Operations	'
Basis of Presentation	'
Resale and Repurchase Agreements	'

	Resale and Repurchase Agreements

	Transactions which involved sales of securities under agreements to repurchase ("repurchase agreements") or purchases of securities under agreements to resell ("resale agreements") were presented on a net-by-counterparty basis when a legal right of offset exists and are accounted for as collateralized financing transactions and recorded at their contracted amounts plus accrued interest. The Company was required to provide securities to counterparties in order to collateralize repurchase agreements and receives securities from counterparties as collateral under resale agreements. The Company's agreements with counterparties generally contained contractual provisions allowing for additional collateral to be provided, or excess collateral returned, when necessary. The Company valued the collateral daily and retrieved or returned excess collateral from/to counterparties, when appropriate.

Securities Transactions (former Sales & Trading businesses)	'

	Securities Transactions (former Sales & Trading businesses)

	Securities transactions in regular-way trades and the related profit and loss arising from such transactions were recorded on their trade date as if they had settled.

	Securities owned and securities sold, but not yet purchased, were recorded at fair value, which is the price that would be received upon the sale of an asset or paid upon transfer of a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. These financial instruments were primarily comprised of holdings in fixed income securities and mortgage loans originated by ClearPoint.

Loans	'

	Loans

	The Company accounted for all of ClearPoint's originated residential mortgage loans under the fair value option ("FVO") as prescribed by Accounting Standards Codification ("ASC") 820 "Fair Value Measurements and Disclosures" ("ASC 820"). Upfront costs and fees related to the loans were immediately recognized. Fees earned were recorded within Fees and other within the Consolidated Statements of Operations. All mortgage loans were sold on a servicing-released basis pursuant to various sale contracts. These contracts included recourse provisions related to loan repurchases if certain events occur.

	Mortgage loans and any related hedging instruments were recorded within Financial instruments owned and Securities sold, but not yet purchased within the Consolidated Statements of Financial Conditions. Changes in the fair value of these items are included within discontinued operations.

Goodwill and Intangible Assets	'

	Goodwill and Intangible Assets

	The Company amortized intangible assets over their estimated useful life, which was the period over which the assets were expected to contribute directly or indirectly to the future cash flows of the Company, and tested for impairment at the time of a triggering event, if one were to occur. Goodwill was not amortized; instead, it was reviewed on an annual basis for impairment. Goodwill may be impaired when the carrying amount of the reporting unit exceeds the implied fair value of the reporting unit. A reporting unit is defined by the Company as an operating segment or a component of an operating segment provided that the component constitutes a business for which discrete financial information is available and management regularly reviews the operating results of that component. For impairment testing purposes, goodwill had been allocated to each reporting unit based upon the goodwill derived from each specific acquisition.

	The Company used a combination of the market and income approaches to determine the fair value of the reporting unit. The income approach utilized a discounted cash flow analysis based on management's projections, while the market approach derived the fair value of the reporting unit by applying market multiples of a group of selected publicly traded companies that could be used for comparison to the operating performance of the reporting unit. Goodwill and intangible assets are also tested for impairment at the time of a triggering event requiring a re-evaluation, if one were to occur.

Derivative Financial Instruments	'

	Derivative Financial Instruments

	Derivative financial instruments were recorded at fair value in the Consolidated Statements of Financial Condition and were included within Financial instruments owned and Securities sold, but not yet purchased. Derivatives entered into by the Company included purchase and sale agreements of to-be-announced securities ("TBAs"), which are forward mortgage-backed securities whose collateral remain "to be announced" until just prior to the trade settlement. The settlement of these transactions did have a material effect upon the Company's consolidated financial statements. The Company also entered into interest rate lock commitments ("IRLCs") in connection with the mortgage lending activities of ClearPoint (which have been discontinued in the year 2013 as a result of the Homeward Transaction). To a lesser extent, the Company entered into exchange traded futures and options contracts. Derivatives were primarily utilized for economic hedging and trading related purposes. Derivatives involve varying degrees of off-balance sheet risk, whereby changes in the level or volatility of interest rates, or market values of the underlying financial instruments may result in changes in the value of a particular financial instrument in excess of its carrying amount.

Principal Transactions	'

	Principal Transactions

	Principal transaction revenues were recorded on a trade date basis and primarily related to trading activities in financial instruments owned, securities sold, but not yet purchased, derivative transactions and mortgage loans originated by ClearPoint, all of which were accounted for at fair value and is included within discontinued operations.

Commission Income	'

	Commission Income

	Commission income was recorded on a trade-date basis as securities transactions occurred. This income was primarily comprised of commission equivalents earned on riskless principal transactions and is included within discontinued operations.

Investment Banking	'

	Investment Banking

	Investment banking revenues were derived from debt, equity and convertible securities offerings in which the Company acted as an underwriter or placement agent and from financial advisory services rendered in connection with client mergers, acquisitions, restructurings, recapitalizations and other strategic transactions. Investment banking revenues were recorded net of transaction-related expenses. Fees from underwriting activities were recognized in earnings when the services related to the underwriting transaction were completed under the terms of the assignment and when the income was determined and is not subject to any other contingencies. Financial advisory fees were recognized when earned, and is included within discontinued operations.

Interest Income and Expense	'

	Interest Income and Expense

	Interest income and expense was recorded on an accrual basis, calculated based on contractual interest rates and is included within discontinued operations.

Basis_of_Presentation_Tables

Basis of Presentation (Tables)	12 Months Ended
Basis of Presentation (Tables)	Dec. 31, 2013
Basis of Presentation	'
Schedule of certain items reclassified as discontinued operations	'




	(In thousands of dollars)	2013			2012			2011
	Items reclassified as discontinued operations
	Revenue
	Net interest income	$	574		$	5,627		$	6,330
	Gain from bargain purchase—ClearPoint acquisition		—			—			2,330


	Total revenues:		574			5,627			8,660


	Expenses
	Compensation expense		2,717			7,870			6,826
	Professional fees		733			2,243			1,162
	Occupancy expense		1,458			1,753			998
	Goodwill and intangible asset impairment		—	-1		21,533			82,045
	Communications and data processing		356			727			1,271
	Other		488			406			526


	Total expenses:		5,752			34,532			92,828


	Net items reclassified to discontinued operations	$	(5,178	)	$	(28,905	)	$	(84,168	)






	-1
	Impairment of intangible assets of $3.9 million for the year ended December 31, 2013, recognized in connection with the Company's exits from Investment Banking, Fixed Income and ClearPoint is recorded as restructuring expense and included within discontinued operations (Note 21 and Note 22).

Loss_Per_Common_Share_Tables

Loss Per Common Share (Tables)	12 Months Ended
Loss Per Common Share (Tables)	Dec. 31, 2013
Loss Per Common Share	'
Schedule of weighted average shares outstanding	'






	(In thousands of shares)	2013		2012		2011
	Weighted average shares for basic loss per share		6,120		5,949		6,172
	Effect of dilutive common share equivalents		—		—		—


	Weighted average shares and dilutive common share equivalents for dilutive loss per share		6,120		5,949		6,172

Resale_and_Repurchase_Agreemen1

Resale and Repurchase Agreements (Tables)	12 Months Ended
Resale and Repurchase Agreements (Tables)	Dec. 31, 2013
Resale and Repurchase Agreements	'
Schedule of gross and net information about the Company's resale and repurchase agreements that are offset in the financial statements	'




				2013									2012
	(In thousands of dollars)	Collateral Type		Gross			Netting			Net			Gross			Netting			Net
	(In thousands of dollars)	Collateral Type		Amounts			Netting			Amounts			Amounts			Netting			Amounts
	Asset / Liability
	Resale agreements	U.S. government and federal agency obligations		$	—		$	—		$	—		$	238,014		$	(238,014	)	$	—
	Repurchase agreements	U.S. government and federal agency obligations		$	—		$	—		$	—		$	397,400		$	(238,014	)	$	159,386
Schedule of maturity composition of the outstanding repurchase agreements	'




		December 31, 2012
	(In thousands of dollars)	Overnight			<30 days			30-90 days			>90 days			On			Total,
	(In thousands of dollars)	Overnight			<30 days			30-90 days			>90 days			Demand			net
	Collateral Type
	U.S. government and federal agency obligations	$	106,991		$	50,052		$	—		$	—		$	2,343		$	159,386

Receivables_from_and_Payables_2

Receivables from and Payables To Brokers, Dealers, and Clearing Organizations (Tables)	12 Months Ended
	Dec. 31, 2013
Receivables from and Payables To Brokers, Dealers, and Clearing Organizations	'
Schedule of amounts receivable from and payable to brokers, dealers and clearing organizations	'




	(In thousands)	2013		2012
	Deposits with clearing organizations	$	7,056	$	9,566
	Receivable from clearing organizations		2,117		2,001
	Underwriting and syndicate fees receivable		—		1,020
	Receivable for unsettled trading activities		—		237


	Total receivables	$	9,173	$	12,824


	Payable to clearing organizations	$	—	$	638,009


	Total payables	$	—	$	638,009

Receivables_from_and_Payables_3

Receivables from and Payables to Others (Tables)	12 Months Ended
Receivables from and Payables to Others (Tables)	Dec. 31, 2013
Receivables from and Payables to Others	'
Schedule of amount receivable from or payable to others	'




	(In thousands)	2013			2012
	Loan receivable	$	600		$	600
	Loan receivable—reserve		(400	)		—
	Insurance receivable		209			—
	Management fees receivable		185			189
	Loans and advances		126			234
	Receivable from Homeward—transition services		46			—
	Principal paydown—Agency mortgage-backed securities		—			5,744
	Interest receivable		—			4,370
	Others		142			1,426


	Total receivables from others	$	908		$	12,563


	Payable to employees for the Employee Investment Funds (Refer to Note 10)	$	939		$	941
	Draft payables		238			133
	Others		691			1,177


	Total payables to others	$	1,868		$	2,251

Financial_Instruments_Tables

Financial Instruments (Tables)	12 Months Ended
Financial Instruments (Tables)	Dec. 31, 2013
Financial Instruments	'
Schedule of Disclosure About Significant Unobservable Inputs	'

	Unobservable Inputs—December 31, 2013


	Valuation Technique	Unobservable Input		Range (Weighted Average)
	Market comparable companies	Enterprise value/Revenue multiple		2.7x - 7.0x (5.5x)
		Discount applied to multiples		30% - 35% (30%)
	Venture capital method	Enterprise value/EBITDA multiple		5.0x
		Discount applied to enterprise value		55%

	Unobservable Inputs—December 31, 2012


	Valuation Technique	Unobservable Input		Range (Weighted Average)
	Market comparable companies	Enterprise value/Revenue multiple		4.3x - 6.7x (5.7x)
		Discount applied to multiples		25.0% - 40.0% (22.0%)
Summary of categorization of the financial instruments within the fair value hierarchy including those for which the company accounts for under the FVO	'

	The following table summarizes the categorization of the financial instruments within the fair value hierarchy including those for which the Company accounts for under the FVO at December 31, 2012 (prior to the discontinuation of the Fixed Income businesses):


		Assets at Fair Value
	(In thousands)	Level 1			Level 2			Level 3		Total
	Financial instruments owned
	Agency mortgage-backed securities	$	—		$	903,928		$	1,110	$	905,038
	Loans		—			77,573			—		77,573
	Federal agency obligations		—			46,021			—		46,021
	Corporate debt securities		—			30,246			—		30,246
	Residential mortgage-backed securities		—			23,077			149		23,226
	Commercial mortgage-backed securities		—			4,880			18		4,898
	Preferred stock		2,439			—			—		2,439
	U.S. Government obligations		1,996			100			—		2,096
	Other debt obligations		—			2,074			—		2,074
	Equity securities		675			—			28		703
	Collateralized debt obligations		—			—			671		671
	Derivatives		232			—			964		1,196
	Investments		—			—			20,478		20,478


	Total financial assets at fair value	$	5,342		$	1,087,899		$	23,418	$	1,116,659






		Liabilities at Fair Value
	(In thousands)	Level 1			Level 2			Level 3		Total
	Securities sold but not yet purchased
	U.S. Government obligations	$	128,504		$	—		$	—	$	128,504
	Corporate debt securities		—			2,520			—		2,520
	Equity securities		2			—			—		2
	Derivatives		1,704			—			—		1,704


	Total financial liabilities at fair value	$	130,210		$	2,520		$	—	$	132,730




Schedule of changes in the company's Level 3 financial instruments	'

	The following table summarizes the changes in the Company's Level 3 financial instruments for the year ended December 31, 2013:


	(In thousands of dollars)	Balance at			Total gains or			Purchases		Sales			Settlements			Transfers in			Balance at		Changes in
		December 31,			(losses)											and/or out			December 31,		unrealized
		2012			(realized and											of Level 3			2013		gains/(losses)
					unrealized)																on Level 3
																					assets still
																					held at the
																					reporting
																					date
	Agency mortgage-backed securities	$	1,110		$	(50	)	$	—	$	(1,060	)	$	—		$	—		$	—	$	—
	Collateralized debt obligations		671			(567	)		—		(104	)		—			—			—		—
	Residential mortgage-backed securities		149			(86	)		—		(51	)		(12	)		—			—		—
	Equities		28			(28	)		—		—			—			—			—		—
	Commercial mortgage-backed securities		18			(15	)		—		(3	)		—			—			—		—
	Investments		20,478			1,267			946		—			(3,802	)		—			18,889		281
	Derivatives		964			—			—		—			(964	)		—			—		—


	Total	$	23,418		$	521		$	946	$	(1,218	)	$	(4,778	)	$	—		$	18,889	$	281





	The following table summarizes the changes in the Company's Level 3 financial instruments for the year ended December 31, 2012:


	(In thousands)	Balance at			Total gains or			Purchases		Sales			Settlements			Transfers in			Balance at		Changes in
		December 31,			(losses)											and/or out			December 31,		unrealized
		2011			(realized and											of Level 3(1)			2012		gains/(losses)
					unrealized)																on Level 3
																					assets still
																					held at the
																					reporting
																					date
	Agency mortgage-backed securities	$	1,367		$	(350	)	$	222	$	(1,232	)	$	(2	)	$	1,105		$	1,110	$	(181	)
	Collateralized debt obligations		647			24			61		(61	)		—			—			671		28
	Residential mortgage-backed securities		18,419			(623	)		303		(17,329	)		(621	)		—			149		14
	Equities		112			(84	)		—		—			—			—			28		(85	)
	Commercial mortgage-backed securities		38,154			(6,938	)		8,393		(37,432	)		(58	)		(2,101	)		18	$	(58	)
	Other debt obligations		192			—			3,784		(3,976	)		—			—			—		—
	Preferred stock		571			870			4,942		(6,383	)		—			—			—		—
	Investments		18,310			1,235			950		—			(17	)		—			20,478		1,767
	Derivatives		1,696			6,539			—		—			(7,271	)		—			964		964


	Total	$	79,468		$	673		$	18,655	$	(66,413	)	$	(7,969	)	$	(996	)	$	23,418	$	2,449






	-1
	During the year ended December 31, 2012, the Company transferred approximately $2.1 million of commercial mortgage-backed securities from Level 3 to Level 2 due to price discovery resulting from Company trading activity occurring in close proximity to the respective quarter-end. In addition, $1.1 million of agency mortgage-backed securities were transferred into Level 3 (from Level 2) due to limited price discovery at year-end.

Derivatives_Tables

Derivatives (Tables)	12 Months Ended
Derivatives (Tables)	Dec. 31, 2013
Derivatives	'
Schedule of company's derivative instruments	'






		December 31, 2013						December 31, 2012
	(In thousands of dollars)	Number of		Notional		Fair Value		Number of		Notional		Fair Value
	(In thousands of dollars)	Contracts		Notional		Fair Value		Contracts		Notional		Fair Value
	Purchase Contracts
	TBA purchase agreements		—	$	—	$	—		19	$	202,646	$	54
	IRLCs		—		—		—		512		100,079		964


	Total		—	$	—	$	—		531	$	302,725	$	1,018




	Sale Contracts
	TBA sale agreements		—	$	—	$	—		27	$	708,076	$	(1,511	)
	Eurodollar futures contracts		—		—		—		268		268,000		(15	)


	Total		—	$	—	$	—		295	$	976,076	$	(1,526	)

Investments_Tables

Investments (Tables)	12 Months Ended
Investments (Tables)	Dec. 31, 2013
Investments	'
Schedule of fair value information regarding investments	'




	(In thousands)	2013			2012
	Investment in FATV(1)	$	17,624		$	17,110
	Employee Investment Funds net of Company's ownership interest		1,265			1,218
	Other investments		—			2,150


	Total Investments	$	18,889		$	20,478






	-1
	Excludes the Company's share of carried interest in FATV of approximately $2.9 million and $1.6 million at December 31, 2013 and December 31, 2012, which is unrecognized as collection is not reasonably assured.

Schedule of investment gains and losses	'




	(In thousands of dollars)	2013			2012			2011
	Investment in FATV	$	3,800		$	1,261		$	2,188
	Employee Investment Funds		(36	)		(28	)		(39	)
	Other investments		(2,497	)		—			847


	Total investment gains, net	$	1,267		$	1,233		$	2,996




Summary of statements of financial condition for equity method investments	'






	(In thousands of dollars)	December 31,			December 31,
	(In thousands of dollars)	2013			2012
	Assets:
	Investments at fair value	$	75,188		$	69,736
	Cash and cash equivalents		786			1,220
	Escrow receivable and other		1,352			46


	Total assets	$	77,326		$	71,002




	Liabilities:
	Accrued expenses and other liabilities	$	57		$	53


	Partners' Capital:
	Partner's capital		77,269			70,949


	Total Liabilities and Partners' Capital	$	77,326		$	71,002




Summary of statements of operations for equity method investments	'






		For the years ending
		December 31,
	(In thousands of dollars)	2013			2012			2011
	Revenue:
	Interest income	$	1		$	428		$	37


	Expenses:
	Management fees		532			576			582
	Professional fees		61			57			74
	Other		3			6			49


	Total expenses		596			639			705


	Net investment loss		(595	)		(211	)		(668	)
	Net gains on investments		19,417			7,454			11,507


	Net increase in partners' capital from operations	$	18,822		$	7,243		$	10,839




Schedule of other investments	'






	(In thousands of dollars)	2013			2012
	Balance—January 1	$	2,150		$	1,200
	Purchases of investments		947			950
	Sales / redemptions of investments		-600	-1		—
	Losses on investments		(2,497	)		—


	Balance—December 31	$	—		$	2,150






	-1
	The Company held an investment in a privately held newly-formed commercial mortgage origination company ("investee"), which was redeemed during the fourth quarter of 2013 at par ($0.6 million). In connection with this redemption, the investee granted the Company warrants which are exercisable for $1, solely upon a liquidity event, as defined, and expire on November 18, 2023. To the extent that a liquidity event (as defined) were to occur, the warrants would become exercisable into a 0.4%-2.2% ownership interest in the investee. The actual ownership interest for which the warrants convert is dependent upon the certain performance hurdles being met by the investee. The Company ascribed no fair value to these warrants at December 31, 2013 as the warrants cannot be net settled and are not readily convertible to cash.

Goodwill_and_Intangible_Assets1

Goodwill and Intangible Assets (Tables)	12 Months Ended
Goodwill and Intangible Assets (Tables)	Dec. 31, 2013
Goodwill and Intangible Assets	'
Schedule of goodwill	'






	(In thousands)	Segment			Segment			Total
	(In thousands)	MBS & Rates(1)			Inv. Banking(1)			Total
	Goodwill
	Balance at December 31, 2011	$	17,364		$	3,732		$	21,096
	Impairment of goodwill		(17,364	)		(3,732	)		(21,096	)
	RangeMark acquisition		1,212			—			1,212


	Balance at December 31, 2012	$	1,212		$	—		$	1,212
	RangeMark disposition—Impairment		(1,212	)		—			(1,212	)


	Balance at December 31, 2013	$	—		$	—		$	—






	-1
	Discontinued operations

Schedule of intangible assets	'






	(In thousands)	December 31,			December 31,
	(In thousands)	2013			2012
	Intangible assets (amortizable):
	MBS & Rates segment—Customer relationships
	Gross carrying amount	$	641		$	641
	Accumulated amortization		(476	)		(463	)
	Impairment of intangible asset—second quarter of 2013		(165	)		—


	Net carrying amount		—			178


	RangeMark—Intellectual Property
	Gross carrying amount		1,050			1,050
	Accumulated amortization		(87	)		(35	)
	Impairment of intangible asset—second quarter of 2013		(963	)		—


	Net carrying amount		—			1,015


	RangeMark—Trade Name
	Gross carrying amount		480			480
	Accumulated amortization		(20	)		(8	)
	Impairment of intangible asset—second quarter of 2013		(460	)		—


	Net carrying amount		—			472


	Credit Products segment—Customer relationships
	Gross carrying amount		795			795
	Accumulated amortization		(795	)		(768	)


	Net carrying amount		—			27


	Investment Banking segment—Trade name
	Gross carrying amount		4,066			4,066
	Accumulated amortization		(1,134	)		(1,057	)
	Impairment of intangible asset—second quarter of 2013		(2,932	)		—


	Net carrying amount		—			3,009


	ClearPoint segment—Customer relationships
	Gross carrying amount		803			803
	Accumulated amortization		(216	)		(201	)
	Impairment of intangible asset—first quarter of 2013		(587	)		—


	Net carrying amount		—			602


	Total Intangible assets	$	—		$	5,303

Office_Equipment_and_Leasehold1

Office Equipment and Leasehold Improvements (Tables)	12 Months Ended
Office Equipment and Leasehold Improvements (Tables)	Dec. 31, 2013
Office Equipment and Leasehold Improvements	'
Schedule of office equipment and leasehold improvements	'

	Office equipment and leasehold improvements consists of the following at December 31:


	(In thousands)	2013			2012
	Communications and data processing equipment	$	279		$	5,149
	Furniture and fixtures		—			3,334
	Leasehold improvements		—			1,802
	Software		62			850


	Total		341			11,135


	Less: accumulated depreciation and amortization		(226	)		(5,824	)




	Total office equipment and leasehold improvements, net	$	115		$	5,311

Other_Assets_Tables

Other Assets (Tables)	12 Months Ended
Other Assets (Tables)	Dec. 31, 2013
Other Assets	'
Schedule of other assets	'




	(In thousands)	2013		2012
	Prepaid expenses	$	3,028	$	2,761
	Collateral deposits		486		5,165
	Other		376		1,104


	Total other assets	$	3,890	$	9,030

Subordinated_Debt_Tables

Subordinated Debt (Tables)	12 Months Ended
Subordinated Debt (Tables)	Dec. 31, 2013
Subordinated Debt	'
Principal debt repayments to plan participants	'






	(In thousands)
	2014	$	320
	2015		63
	2016		26


	Balance—December 31, 2013	$	409

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2013
Commitments and Contingencies	'
Schedule of future minimum annual lease payments, and sublease rental income	'

	Future minimum annual lease payments for the Company's remaining lease commitments, and sublease rental income as of December 31, 2013, are disclosed within the table below. These leases expire at various times through 2015.


	(In thousands of dollars)	Future		Sublease		Net Lease
		Minimum		Rental		Payments
		Lease		Income
		Payments
	2014	$	1,431	$	974	$	457
	2015		712		530		182


	Total	$	2,143	$	1,504	$	639

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2013
Income Taxes	'
Schedule of components of income tax (benefit)/expense from continuing operations	'




	(In thousands)	2013			2012			2011
	Federal
	Current	$	(485	)	$	(5,570	)	$	(5,539	)
	Deferred		—			19,174			(568	)
	State and local
	Current		(597	)		(635	)		(1,193	)
	Deferred		—			9,971			(122	)


	Total income tax (benefit)/expense from continuing operations	$	(1,082	)	$	22,940		$	(7,422	)




Schedule of reconciliation of U.S. federal statutory income tax rate to the Company's effective income tax rate	'




	(In thousands)	2013			2012			2011
	Federal statutory rate—35%	$	(9,663	)	$	(9,452	)	$	(6,710	)
	Increase in deferred tax asset valuation allowance		12,664			35,299			—
	State and local income taxes, net of federal income taxes		(3,001	)		(2,935	)		(1,443	)
	Expiration of statute of limitations		(608	)		—			—
	Provision to return adjustments		(486	)		(274	)		530
	Change in estimated state tax rates		—			—			(181	)
	Uncertain tax positions		—			281			96
	Other		12			21			286


	Total income tax (benefit)/expense from continuing operations	$	(1,082	)	$	22,940		$	(7,422	)

Schedule of deferred tax assets and liabilities	'




	(In thousands)	2013			2012
	Deferred tax assets, net
	Net operating loss carryforwards ("NOLs")	$	72,996		$	22,089
	Compensation		5,007			12,061
	Accrued liabilities		1,143			2,230
	Investments		(4,050	)		(3,782	)
	Uncertain tax positions		831			831
	Fixed assets		—			(337	)
	Intangible assets		—			(823	)
	Deferred revenues		—			92
	Other		417			1,323


	Total net deferred tax asset before valuation allowance		76,344			33,684
	Less: valuation allowance		(76,344	)		(33,684	)


	Total deferred tax assets, net of valuation allowance	$	—		$	—




Summary of activity related to the Company's unrecognized tax benefits	'






	(In thousands)
	Balance—December 31, 2011	$	3,551
	Decreases related to settlements		(184	)
	Decreases related to expiration of statute of limitations		(133	)
	Gross increases related to current year's tax positions		285


	Balance—December 31, 2012	$	3,519
	Decreases related to expiration of statute of limitations		(671	)


	Balance—December 31, 2013	$	2,848

StockBased_Compensation_and_Ot1

Stock-Based Compensation and Other Plans (Tables)	12 Months Ended
Stock-Based Compensation and Other Plans (Tables)	Dec. 31, 2013
Stock-Based Compensation and Other Plans	'
Schedule of recap of all Plans	'

	The following is a recap of all Plans as of December 31, 2013:


	Shares authorized for issuance		2,432,706


	Share awards used:
	Stock options granted and outstanding		296,189
	Restricted stock awards granted and unvested		14,834
	Restricted stock units granted and unvested		3,471
	Restricted stock units granted and vested		25,658


	Total share awards used(1)		340,152


	Shares available for future awards		2,092,554






	-1
	Awards exclude vested options for 33,334 shares granted to the Parent's former CEO outside of the Incentive Plan and pursuant to the "employee inducement" award exception of the NASDAQ rules in connection with his hiring in the second quarter of 2011.

Schedule of stock-based compensation expense related to various employee and non-employee director stock-based incentive plans	'




	(In thousands of dollars)	2013			2012			2011
	Continuing operations	$	1,112		$	3,151		$	1,968
	Discontinued operations		4,480			3,649			13,106


	Total	$	5,592	-2	$	6,800		$	15,074






	-2
	Includes stock-based compensation for the year ended December 31, 2013 of $4.1 million associated with the vesting of 267,000 shares in connection with the Company's previously disclosed restructurings (Refer to Note 1 herein).

Schedule of option transactions	'






		Shares Underlying Stock Options			Weighted Average Exercise Price
	Balance at December 31, 2010		304,970		$	63.2
	Options granted		218,684			35.2
	Options exercised		—			—
	Options forfeited/expired		(68,288	)		50.2


	Balance at December 31, 2011		455,366		$	51.6
	Options granted		33,333			17.4
	Options exercised		—			—
	Options forfeited/expired		(32,993	)		78.8


	Balance at December 31, 2012		455,706		$	47.2
	Options granted		—			—
	Options exercised		—			—
	Options forfeited/expired(3)		(126,183	)		35.49


	Balance at December 31, 2013		329,523		$	51.67






	-3
	Options forfeited includes shares underlying stock options of 50,000 and 33,332 granted to the Company's former CEO and former COO, respectively, which were forfeited pursuant to the terms of the respective award agreements and the Retention Plan. Refer to Note 17 "Arbitration—Thomas J. Hughes (former Chief Executive Officer) and John Griff (former Chief Operating Officer)" for additional information.

Summary of information of stock options outstanding by exercise price range	'

	The following table summarizes information about stock options outstanding at December 31, 2013:


		Outstanding									Exercisable
	Exercise Price Range	Shares			Average			Average			Shares			Average
					Life			Exercise						Exercise
					Remaining			Price						Price
					(years)
	$17.00 - $20.00		13,691			4.4		$	17.4			13,691		$	17.4
	$20.01 - $30.00		16,667			0.4			29.2			16,667			29.2
	$30.01 - $40.00		120,091			1.3			37.36			120,091			37.36
	$40.01 - $60.00		110,000			1.6			56.99			110,000			56.99
	$60.01 - $150.00		69,074			1			80.29			69,074			80.29


	Total		329,523	-4		1.4		$	51.67			329,523	-4	$	51.67






	-4
	Options outstanding and exercisable above include options for 33,334 shares granted to the Company's former CEO pursuant to the "employee inducement" award exception of the NASDAQ rules in connection with his hiring in the second quarter of 2011.

Schedule of significant assumptions used to estimate the fair value of share based compensation awards	'




		2013			2012			2011
	Expected term(5)		N/A			3.27			3.94
	Expected volatility		N/A			73.6	%		87.1	%
	Expected dividends		—			—			—
	Risk-free interest rate		N/A			0.5	%		1.2	%


	-5
	The Company utilized the simplified method for calculating the expected term assumption for the years 2012 and 2011, as prescribed by ASC 718, due to insufficient historical stock option exercise experience.

Schedule of restricted stock awards/restricted stock units	'






		Unvested			Weighted			Unvested			Weighted
		Restricted			Average			Restricted			Average
		Stock			Grant-Date			Stock Units			Grant Date
		Awards			Fair Value						Fair Value
					Restricted						Restricted
					Stock						Stock Units
	Balance at December 31, 2010		570,525		$	72			309,567		$	64.4
	Granted		129,154			38.4			327,393			39.2
	Vested		(341,232	)		60.4			(159,768	)		57.4
	Forfeited		(52,760	)		55			(77,662	)		50.6


	Balance at December 31, 2011		305,687		$	73.6			399,530		$	49.4
	Granted		408,728			27.8			80,000			17.2
	Vested		(140,399	)		52.4			(145,290	)		58
	Forfeited		(236,429	)		64.4			(136,278	)		40.2


	Balance at December 31, 2012		337,587		$	33.4			197,962		$	36.2
	Granted		11,955			14.03			75,531			13.8
	Vested		(212,047	)		33.17			(236,945	)		28.71
	Forfeited		-122,661	-6		32.09			-33,077	-6		37.91


	Balance at December 31, 2013		14,834		$	32			3,471		$	42






	-6
	Awards forfeited includes unvested restricted stock units of 16,667 granted to the Company's former CEO and unvested shares of restricted stock of 20,833 granted to the Company's former COO which were forfeited pursuant to the terms of the respective award agreements and the Retention Plan. Refer to Note 17 "Arbitration—Thomas J. Hughes (former Chief Executive Officer) and John Griff (former Chief Operating Officer)" for additional information.

Restructuring_Tables

Restructuring (Tables)	12 Months Ended
Restructuring (Tables)	Dec. 31, 2013
Restructuring	'
Summary of restructuring charges	'




	(In thousands of dollars)		2013			2012			2011
	Cash Charges:
	Investment Banking
	Severance compensation		$	1,417		$	—		$	—
	Third party vendor contracts and other costs			332			—			—


	Subtotal—Investment Banking (cash charges):			1,749			—			—


	Fixed Income businesses
	Severance compensation			8,323			—			—
	Third party vendor contracts and other costs			6,134			—			—


	Subtotal—Fixed Income (cash charges):			14,457			—			—


	ClearPoint
	Severance and other compensation			1,263			—			—
	Third party vendor contracts and other costs			201			—			—


	Subtotal—ClearPoint (cash charges):			1,464			—			—


	Equities
	Severance and other compensation			—			—			2,578
	Third party vendor contracts and other costs			—			(222	)		2,208


	Subtotal—Equities (cash charges):			—			(222	)		4,786


	Other
	Severance compensation			712			—			—
	Reserve for lease commitments			19,957			(133	)		597


	Subtotal—Other (cash charges):			20,669			(133	)		597


	Total—Cash Charges:		$	38,339		$	(355	)	$	5,383


	Non-Cash Charges:
	Investment Banking
	Intangible asset impairment		$	2,932		$	—		$	—
	Stock-based compensation vesting			254			—			—


	Subtotal—Investment Banking (non-cash charges):			3,186			—			—


	Fixed Income businesses
	Goodwill & intangible asset impairment			388			—			—
	Stock-based compensation vesting			3,681			—			—


Subtotal—Fixed Income (non-cash charges):			4,069			—			—


ClearPoint
Intangible asset impairment			587			—			—
Deferred compensation and other charges			448			—			—


Subtotal—ClearPoint (non-cash charges):			1,035			—			—


Equities
Stock-based compensation vesting			—			(92	)		1,395


Subtotal—Equities (non-cash charges):			—			(92	)		1,395


Other
Stock-based compensation vesting			195			—			—
Impairment of fixed assets and leasehold improvements			4,006			—			316


Subtotal—Other (non-cash charges)			4,201			—			316


Total—Non-Cash Charges:		$	12,491		$	(92	)	$	1,711


Restructuring expenses—Total:		$	50,830		$	(447	)	$	7,094




Schedule of changes in the company's liability related to restructuring	'




	(In thousands of dollars)		2013			2012			2011
	Balance—January 1		$	108		$	1,427		$	—
	Restructuring expense			50,830			(447	)		7,094
	Plus: Deferred rent obligation, prior to restructuring			2,160			—			—
	Less: Non-cash charges			(12,491	)		92			(1,711	)
	Payment for lease termination—Company headquarters			(19,500	)		—			—
	Payments for severance and other compensation			(11,715	)		—			(2,578	)
	Payments for third party vendor contracts and other costs			(4,908	)		(747	)		(1,131	)
	Payments for lease commitments, net of sublease income			(1,993	)		(217	)		(247	)


	Restructuring reserve—December 31		$	2,491		$	108		$	1,427

Discontinued_Operations_Tables

Discontinued Operations (Tables)	12 Months Ended
Discontinued Operations (Tables)	Dec. 31, 2013
Discontinued Operations	'
Schedule of amounts reflected in the Consolidated Statements of Operations related to discontinued operations	'




	(In thousands of dollars)	2013			2012			2011
	Net revenue
	Investment Banking	$	15,056		$	27,441		$	26,610
	MBS & Rates		(4,412	)		40,638			103,858
	Credit Products		13,049			74,432			71,056
	ClearPoint		4,356			53,375			46,924
	Equities division		76			54			13,064
	Other items reclassified from continuing operations (Note 1)		574			5,627			8,660


	Total net revenue		28,699			201,567			270,172


	Total expenses (excluding restructuring expense)
	Investment Banking		12,633			22,863			24,320
	MBS & Rates		11,003			40,511			70,738
	Credit Products		14,521			70,687			61,318
	ClearPoint		6,611			59,265			50,610
	Equities division		169			98			31,714
	Other items reclassified from continuing operations (Note 1)		5,752			34,532			92,828


	Total expenses (excluding restructuring expense)		50,689			227,956			331,528


	(Loss)/income from discontinued operations before income taxes (excluding restructuring expense)
	Investment Banking		2,423			4,578			2,290
	MBS & Rates		(15,415	)		127			33,120
	Credit Products		(1,472	)		3,745			9,738
	ClearPoint		(2,255	)		(5,890	)		(3,686	)
	Equities division		(93	)		(44	)		(18,650	)
	Other items reclassified from continuing operations		(5,178	)		(28,905	)		(84,168	)


	Subtotal		(21,990	)		(26,389	)		(61,356	)
	Restructuring expense (Note 21)		(50,830	)		447			(7,094	)


	Loss from discontinued operations before income taxes		(72,820	)		(25,942	)		(68,450	)
	Income tax expense		185			1,802			1,925


	Loss from discontinued operations, net of taxes	$	(73,005	)	$	(27,744	)	$	(70,375	)

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	12 Months Ended
Related Party Transactions (Tables)	Dec. 31, 2013
Related Party Transactions	'
Schedule of amounts receivable from or payable to related parties	'






	(In thousands of dollars)	December 31,		December 31,
	(In thousands of dollars)	2013		2012
	Receivables from related parties
	Former stockholders of Gleacher Partners, Inc.	$	856	$	1,474




	Payables to related parties
	Former owners of RangeMark	$	—	$	2,350
	Former stockholders of Gleacher Partners, Inc.		399		594
	Capstone		76		—


	Payables to related parties—total	$	475	$	2,944

Basis_of_Presentation_Details

Basis of Presentation (Details)	3 Months Ended		3 Months Ended	0 Months Ended	3 Months Ended
	Mar. 31, 2013	Mar. 17, 2014	Jun. 30, 2013	Aug. 22, 2011	Sep. 30, 2011
	item	employee	Exit of Fixed Income and Investment Banking businesses	Equities business	Equities business
			employee	employee	employee
Basis of Presentation	'	'	'	'	'
Number of principal business units	3	'	'	'	'
Basis of Presentation	'	'	'	'	'
Number of employees impacted	'	'	150	62	62
Number of employees	'	13	'	'	'

Basis_of_Presentation_Details_

Basis of Presentation (Details 2) (Office equipment)	12 Months Ended
Basis of Presentation (Details 2) (Office equipment)	Dec. 31, 2013
Minimum	'
Office equipment and leasehold improvements	'
Estimated useful life	'2 years
Maximum	'
Office equipment and leasehold improvements	'
Estimated useful life	'5 years

Basis_of_Presentation_Details_1

Basis of Presentation (Details 3) (As previously reported, USD $)	Dec. 31, 2012
In Millions, unless otherwise specified	Dec. 31, 2012
As previously reported	'
Reserve for principal receivable on a particular position within the company's financial instruments owned (error correction)	$1.90

Basis_of_Presentation_Details_2

Basis of Presentation (Details 4) (USD $)	0 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	30-May-13	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenue	'	'	'	'
Gain from bargain purchase - ClearPoint acquisition	'	'	'	$2,330
Total revenue:	'	1,933	2,082	4,062
Expenses	'	'	'	'
Compensation expense	'	9,098	13,053	12,017
Professional fees	'	11,184	9,643	4,503
Occupancy expense	'	1,349	1,577	1,346
Goodwill and intangible asset impairment	'	3,907	21,096	94,555
Communications and data processing	'	1,181	1,935	2,105
Other	'	3,584	2,880	3,262
Total expenses	'	29,542	29,088	23,233
Restructuring expenses	'	50,830	-447	7,094
Reverse stock split ratio	0.05	'	'	'
Items reclassified as discontinued operations	'	'	'	'
Revenue	'	'	'	'
Net interest income	'	574	5,627	6,330
Gain from bargain purchase - ClearPoint acquisition	'	'	'	2,330
Total revenue:	'	574	5,627	8,660
Expenses	'	'	'	'
Compensation expense	'	2,717	7,870	6,826
Professional fees	'	733	2,243	1,162
Occupancy expense	'	1,458	1,753	998
Goodwill and intangible asset impairment	'	'	21,533	82,045
Communications and data processing	'	356	727	1,271
Other	'	488	406	526
Total expenses	'	5,752	34,532	92,828
Net items reclassified to discontinued operations	'	-5,178	-28,905	-84,168
Items reclassified as discontinued operations \| Intangible asset impairment	'	'	'	'
Expenses	'	'	'	'
Restructuring expenses	'	$3,900	'	'

Loss_Per_Common_Share_Details

Loss Per Common Share (Details)	12 Months Ended
Loss Per Common Share (Details)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Loss Per Common Share	'	'	'
Weighted average shares for basic loss per share	6,120,000	5,949,000	6,172,000
Weighted average shares and dilutive common share equivalents for dilutive loss per share	6,120,000	5,949,000	6,172,000
Stock options and warrants	'	'	'
Loss Per Common Share	'	'	'
Anti-dilutive securities excluded from computation of dilutive loss per share (in shares)	330,000	455,000	505,000
Restricted stock	'	'	'
Loss Per Common Share	'	'	'
Anti-dilutive securities excluded from computation of dilutive loss per share (in shares)	15,000	340,000	305,000
Restricted stock units (RSUs)	'	'	'
Loss Per Common Share	'	'	'
Anti-dilutive securities excluded from computation of dilutive loss per share (in shares)	3,000	165,000	305,000

Cash_and_Cash_Equivalents_Deta

Cash and Cash Equivalents (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Cash and Cash Equivalents	'	'
Cash equivalents	$3.80	$3.10
Approximate cash and cash equivalents held at one financial institution	$28.50	$21.80

Cash_and_Securities_Segregated1

Cash and Securities Segregated for Regulatory and Other Purposes (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2012	Dec. 31, 2013
			ClearPoint	ClearPoint
				Homeward
Cash and Securities Segregated for Regulatory and Other Purposes	'	'	'	'
Cash segregated in special reserve bank account for exclusive benefit of customer	$1,000,000	$1,000,000	'	'
Cash on deposit in connection with ClearPoint's loan origination activities included in segregated cash	'	'	'	5,000,000
Period following the closing date for escrow account	'	'	'	'3 years
Cash received in connection with a working capital loan agreement included in segregated cash	'	'	$12,000,000	'

Resale_and_Repurchase_Agreemen2

Resale and Repurchase Agreements (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Repurchase agreements	'	'
Net Amounts	$0	$159,386
U.S. government and federal agency obligations	'	'
Resale agreements	'	'
Gross Amounts	'	238,014
Netting	'	-238,014
Repurchase agreements	'	'
Gross Amounts	'	397,400
Netting	'	-238,014
Net Amounts	'	$159,386
Number of repurchase agreements	0	'

Resale_and_Repurchase_Agreemen3

Resale and Repurchase Agreements (Details 2) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Resale and Repurchase Agreements	'	'
Fair value of financial instruments held as collateral that the entity was permitted to deliver or repledge	'	$137,900,000
Details on the composition of the outstanding repurchase agreements	'	'
Carrying value of securities sold under agreements to repurchase	0	159,386,000
U.S. government and federal agency obligations	'	'
Details on the composition of the outstanding repurchase agreements	'	'
Carrying value of securities sold under agreements to repurchase	'	159,386,000
Overnight \| U.S. government and federal agency obligations	'	'
Details on the composition of the outstanding repurchase agreements	'	'
Fair value of collateral held that has been repledged	'	106,991,000
Less than 30 days \| U.S. government and federal agency obligations	'	'
Details on the composition of the outstanding repurchase agreements	'	'
Fair value of collateral held that has been repledged	'	50,052,000
On Demand \| U.S. government and federal agency obligations	'	'
Details on the composition of the outstanding repurchase agreements	'	'
Fair value of collateral held that has been repledged	'	$2,343,000

Receivables_from_and_Payables_4

Receivables from and Payables To Brokers, Dealers, and Clearing Organizations (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Receivables from and Payables To Brokers, Dealers, and Clearing Organizations	'	'
Deposits with clearing organizations	$7,056,000	$9,566,000
Receivable from clearing organizations	2,117,000	2,001,000
Underwriting and syndicate fees receivable	'	1,020,000
Receivable for unsettled trading activities	'	237,000
Total receivables	9,173,000	12,824,000
Payable to clearing organizations	'	638,009,000
Total payables	'	638,009,000
Deposit with FICC	6,300,000	8,800,000
Excess equity held at the entity's principal clearing broker	'	$35,500,000

Receivables_from_and_Payables_5

Receivables from and Payables to Others (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Receivables from and Payables to Others	'	'
Loan receivable	$600	$600
Loan receivable - reserve	-400	'
Insurance receivable	209	'
Management fees receivable	185	189
Loans and advances	126	234
Receivable from Homeward - transition services	46	'
Principal paydown - Agency mortgage-backed securities	'	5,744
Interest receivable	'	4,370
Others	142	1,426
Total receivables from others	908	12,563
Payable to employees for the Employee Investment Funds	939	941
Draft payables	238	133
Others	691	1,177
Total payables to others	$1,868	$2,251

Financial_Instruments_Details

Financial Instruments (Details) (USD $)	12 Months Ended
Financial Instruments (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Disclosure About Significant Unobservable Inputs	'	'
Investments	18,889,000	20,478,000
Level 1	'	'
Disclosure About Significant Unobservable Inputs	'	'
Cash equivalents	3,800,000	3,100,000
Remaining financial instruments owned related to legacy deferred compensation plans	700,000	'
Investments \| Level 3	'	'
Disclosure About Significant Unobservable Inputs	'	'
Investments	18,900,000	20,478,000
Investments \| Level 3 \| Market comparable companies \| Minimum	'	'
Disclosure About Significant Unobservable Inputs	'	'
Enterprise value/Revenue multiple	2.7	4.3
Discount rate (as a percent)	30.00%	25.00%
Investments \| Level 3 \| Market comparable companies \| Maximum	'	'
Disclosure About Significant Unobservable Inputs	'	'
Enterprise value/Revenue multiple	7	6.7
Discount rate (as a percent)	35.00%	40.00%
Investments \| Level 3 \| Market comparable companies \| Weighted average	'	'
Disclosure About Significant Unobservable Inputs	'	'
Enterprise value/Revenue multiple	5.5	5.7
Discount rate (as a percent)	30.00%	22.00%
Investments \| Level 3 \| Venture capital method \| Weighted average	'	'
Disclosure About Significant Unobservable Inputs	'	'
Enterprise value/EBITDA multiple	5	'
Discount rate (as a percent)	55.00%	'
Investment in FATV	'	'
Disclosure About Significant Unobservable Inputs	'	'
Investments	17,624,000	17,110,000
Investment in FATV \| Level 3	'	'
Disclosure About Significant Unobservable Inputs	'	'
Investments	17,600,000	17,100,000
Number of privately held companies	6	7

Financial_Instruments_Details_

Financial Instruments (Details 2) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Assets at Fair Value	'	'
Financial instruments owned	$664	$1,096,181
Investments	18,889	20,478
Liabilities at Fair Value	'	'
Securities sold but not yet purchased	'	132,730
Level 1	'	'
Assets at Fair Value	'	'
Total	'	5,342
Liabilities at Fair Value	'	'
Total financial liabilities at fair value	'	130,210
Level 1 \| Preferred stock	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	2,439
Level 1 \| U.S. Government obligations	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	1,996
Liabilities at Fair Value	'	'
Securities sold but not yet purchased	'	128,504
Level 1 \| Equity securities	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	675
Liabilities at Fair Value	'	'
Securities sold but not yet purchased	'	2
Level 1 \| Derivatives	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	232
Liabilities at Fair Value	'	'
Securities sold but not yet purchased	'	1,704
Level 2	'	'
Assets at Fair Value	'	'
Total	'	1,087,899
Liabilities at Fair Value	'	'
Total financial liabilities at fair value	'	2,520
Level 2 \| Agency mortgage-backed securities	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	903,928
Level 2 \| Loans	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	77,573
Level 2 \| Federal agency obligations	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	46,021
Level 2 \| Corporate debt securities	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	30,246
Liabilities at Fair Value	'	'
Securities sold but not yet purchased	'	2,520
Level 2 \| Residential mortgage-backed securities	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	23,077
Level 2 \| Commercial mortgage-backed securities	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	4,880
Level 2 \| U.S. Government obligations	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	100
Level 2 \| Other debt obligations	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	2,074
Level 3	'	'
Assets at Fair Value	'	'
Total	'	23,418
Level 3 \| Agency mortgage-backed securities	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	1,110
Level 3 \| Residential mortgage-backed securities	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	149
Level 3 \| Commercial mortgage-backed securities	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	18
Level 3 \| Equity securities	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	28
Level 3 \| Collateralized debt obligations	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	671
Level 3 \| Derivatives	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	964
Level 3 \| Investments	'	'
Assets at Fair Value	'	'
Investments	18,900	20,478
Total	'	'
Assets at Fair Value	'	'
Total	'	1,116,659
Liabilities at Fair Value	'	'
Total financial liabilities at fair value	'	132,730
Total \| Agency mortgage-backed securities	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	905,038
Total \| Loans	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	77,573
Total \| Federal agency obligations	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	46,021
Total \| Corporate debt securities	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	30,246
Liabilities at Fair Value	'	'
Securities sold but not yet purchased	'	2,520
Total \| Residential mortgage-backed securities	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	23,226
Total \| Commercial mortgage-backed securities	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	4,898
Total \| Preferred stock	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	2,439
Total \| U.S. Government obligations	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	2,096
Liabilities at Fair Value	'	'
Securities sold but not yet purchased	'	128,504
Total \| Other debt obligations	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	2,074
Total \| Equity securities	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	703
Liabilities at Fair Value	'	'
Securities sold but not yet purchased	'	2
Total \| Collateralized debt obligations	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	671
Total \| Derivatives	'	'
Assets at Fair Value	'	'
Financial instruments owned	'	1,196
Liabilities at Fair Value	'	'
Securities sold but not yet purchased	'	1,704
Total \| Investments	'	'
Assets at Fair Value	'	'
Investments	'	$20,478

Financial_Instruments_Details_1

Financial Instruments (Details 3) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Changes in the company's Level 3 financial instruments	'	'
Balance at the beginning of the period	$23,418	$79,468
Total gains or (losses) (realized and unrealized)	521	673
Purchases	946	18,655
Sales	-1,218	-66,413
Settlements	-4,778	-7,969
Transfers in and/or out of Level 3	'	-996
Balance at the end of the period	18,889	23,418
Changes in unrealized gains/(losses) on Level 3 assets still held at the reporting date	281	2,449
Agency mortgage-backed securities	'	'
Changes in the company's Level 3 financial instruments	'	'
Balance at the beginning of the period	1,110	1,367
Total gains or (losses) (realized and unrealized)	-50	-350
Purchases	'	222
Sales	-1,060	-1,232
Settlements	'	-2
Transfers in and/or out of Level 3	'	1,105
Balance at the end of the period	'	1,110
Changes in unrealized gains/(losses) on Level 3 assets still held at the reporting date	'	-181
Collateralized debt obligations	'	'
Changes in the company's Level 3 financial instruments	'	'
Balance at the beginning of the period	671	647
Total gains or (losses) (realized and unrealized)	-567	24
Purchases	'	61
Sales	-104	-61
Balance at the end of the period	'	671
Changes in unrealized gains/(losses) on Level 3 assets still held at the reporting date	'	28
Residential mortgage-backed securities	'	'
Changes in the company's Level 3 financial instruments	'	'
Balance at the beginning of the period	149	18,419
Total gains or (losses) (realized and unrealized)	-86	-623
Purchases	'	303
Sales	-51	-17,329
Settlements	-12	-621
Balance at the end of the period	'	149
Changes in unrealized gains/(losses) on Level 3 assets still held at the reporting date	'	14
Equities	'	'
Changes in the company's Level 3 financial instruments	'	'
Balance at the beginning of the period	28	112
Total gains or (losses) (realized and unrealized)	-28	-84
Balance at the end of the period	'	28
Changes in unrealized gains/(losses) on Level 3 assets still held at the reporting date	'	-85
Commercial mortgage-backed securities	'	'
Changes in the company's Level 3 financial instruments	'	'
Balance at the beginning of the period	18	38,154
Total gains or (losses) (realized and unrealized)	-15	-6,938
Purchases	'	8,393
Sales	-3	-37,432
Settlements	'	-58
Transfers in and/or out of Level 3	'	-2,101
Balance at the end of the period	'	18
Changes in unrealized gains/(losses) on Level 3 assets still held at the reporting date	'	-58
Other debt obligations	'	'
Changes in the company's Level 3 financial instruments	'	'
Balance at the beginning of the period	'	192
Purchases	'	3,784
Sales	'	-3,976
Preferred stock	'	'
Changes in the company's Level 3 financial instruments	'	'
Balance at the beginning of the period	'	571
Total gains or (losses) (realized and unrealized)	'	870
Purchases	'	4,942
Sales	'	-6,383
Investments	'	'
Changes in the company's Level 3 financial instruments	'	'
Balance at the beginning of the period	20,478	18,310
Total gains or (losses) (realized and unrealized)	1,267	1,235
Purchases	946	950
Settlements	-3,802	-17
Balance at the end of the period	18,889	20,478
Changes in unrealized gains/(losses) on Level 3 assets still held at the reporting date	281	1,767
Derivatives	'	'
Changes in the company's Level 3 financial instruments	'	'
Balance at the beginning of the period	964	1,696
Total gains or (losses) (realized and unrealized)	'	6,539
Settlements	-964	-7,271
Balance at the end of the period	'	964
Changes in unrealized gains/(losses) on Level 3 assets still held at the reporting date	'	$964

Derivatives_Details

Derivatives (Details) (USD $)	Dec. 31, 2012
In Thousands, unless otherwise specified	contract
Purchase Contracts	'
Derivatives	'
Number of Contracts	531
Notional	$302,725
Fair Value	1,018
Purchase Contracts \| TBA agreements	'
Derivatives	'
Number of Contracts	19
Notional	202,646
Fair Value	54
Purchase Contracts \| IRLCs	'
Derivatives	'
Number of Contracts	512
Notional	100,079
Fair Value	964
Sale Contracts	'
Derivatives	'
Number of Contracts	295
Notional	976,076
Fair Value	-1,526
Sale Contracts \| TBA agreements	'
Derivatives	'
Number of Contracts	27
Notional	708,076
Fair Value	-1,511
Sale Contracts \| Eurodollar futures contracts	'
Derivatives	'
Number of Contracts	268
Notional	268,000
Fair Value	($15)

Investments_Details

Investments (Details) (USD $)	12 Months Ended
Investments (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Investments	'	'	'
Fair value of investments	$18,889,000	$20,478,000	'
Total investment gains, net	1,267,000	1,233,000	2,996,000
Unrecognized carried interest	2,900,000	1,600,000	'
Investment in FATV	'	'	'
Investments	'	'	'
Fair value of investments	17,624,000	17,110,000	'
Total investment gains, net	3,800,000	1,261,000	2,188,000
Employee Investment Funds net of Company's ownership interest	'	'	'
Investments	'	'	'
Fair value of investments	1,265,000	1,218,000	'
Total investment gains, net	-36,000	-28,000	-39,000
Other investments	'	'	'
Investments	'	'	'
Fair value of investments	'	2,150,000	1,200,000
Total investment gains, net	($2,497,000)	'	$847,000

Investments_Details_2

Investments (Details 2) (USD $)	12 Months Ended
Investments (Details 2) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
Equity method investment	'	'	'	'
Amount of equity method investment	$18,889,000	$20,478,000	'	'
Assets:	'	'	'	'
Cash and cash equivalents	51,353,000	44,868,000	36,672,000	40,009,000
Total Assets	95,964,000	1,229,306,000	'	'
Partners' Capital:	'	'	'	'
Total Liabilities and Stockholders' Equity	95,964,000	1,229,306,000	'	'
Expenses:	'	'	'	'
Professional fees	11,184,000	9,643,000	4,503,000	'
Other	3,584,000	2,880,000	3,262,000	'
Total expenses	29,542,000	29,088,000	23,233,000	'
Net gains on investments	1,267,000	1,233,000	2,996,000	'
Investment in FATV	'	'	'	'
Equity method investment	'	'	'	'
Amount of equity method investment	17,600,000	17,100,000	'	'
Open commitments to fund portfolio	0	'	'	'
Total partnership capital	77,269,000	70,949,000	'	'
Share in management fee income	500,000	600,000	600,000	'
Assets:	'	'	'	'
Investments at fair value	75,188,000	69,736,000	'	'
Cash and cash equivalents	786,000	1,220,000	'	'
Escrow receivable and other	1,352,000	46,000	'	'
Total Assets	77,326,000	71,002,000	'	'
Liabilities:	'	'	'	'
Accrued expenses and other liabilities	57,000	53,000	'	'
Partners' Capital:	'	'	'	'
Partner's capital	77,269,000	70,949,000	'	'
Total Liabilities and Stockholders' Equity	77,326,000	71,002,000	'	'
Revenue:	'	'	'	'
Interest income	1,000	428,000	37,000	'
Expenses:	'	'	'	'
Management fees	532,000	576,000	582,000	'
Professional fees	61,000	57,000	74,000	'
Other	3,000	6,000	49,000	'
Total expenses	596,000	639,000	705,000	'
Net investment loss	-595,000	-211,000	-668,000	'
Net gains on investments	19,417,000	7,454,000	11,507,000	'
Net increase in partners' capital from operations	$18,822,000	$7,243,000	$10,839,000	'

Investments_Details_3

Investments (Details 3) (USD $)	3 Months Ended	12 Months Ended
Investments (Details 3) (USD $)	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Investments	'	'	'	'
Fair value of investments	$18,889,000	$18,889,000	$20,478,000	'
Payable to former employees	939,000	939,000	941,000	'
Rollforward of the Company's other investments	'	'	'	'
Balance at the beginning of the period	'	20,478,000	'	'
Losses on investments	'	1,267,000	1,233,000	2,996,000
Balance at the end of the period	18,889,000	18,889,000	20,478,000	'
Employee Investment Funds net of Company's ownership interest	'	'	'	'
Investments	'	'	'	'
Fair value of investments	1,265,000	1,265,000	1,218,000	'
Payable to former employees	900,000	900,000	900,000	'
Rollforward of the Company's other investments	'	'	'	'
Balance at the beginning of the period	'	1,218,000	'	'
Losses on investments	'	-36,000	-28,000	-39,000
Balance at the end of the period	1,265,000	1,265,000	1,218,000	'
Other investments	'	'	'	'
Investments	'	'	'	'
Fair value of investments	'	'	2,150,000	1,200,000
Rollforward of the Company's other investments	'	'	'	'
Balance at the beginning of the period	'	2,150,000	1,200,000	'
Purchases of investments	'	947,000	950,000	'
Sales / redemptions of investments	'	-600,000	'	'
Losses on investments	'	-2,497,000	'	847,000
Balance at the end of the period	'	'	2,150,000	1,200,000
Amount received on redemption of investment	600,000	'	'	'
Warrants granted on redemption of investments in privately held companies	'	'	'	'
Investments	'	'	'	'
Fair value of investments	0	0	'	'
Rollforward of the Company's other investments	'	'	'	'
Balance at the end of the period	$0	$0	'	'
Exercise price of warrants (in dollars per share)	$1	$1	'	'
Warrants granted on redemption of investments in privately held companies \| Minimum	'	'	'	'
Rollforward of the Company's other investments	'	'	'	'
Ownership interest in investee due to warrant exercise on occurrence of liquidity event (as a percent)	0.40%	'	'	'
Warrants granted on redemption of investments in privately held companies \| Maximum	'	'	'	'
Rollforward of the Company's other investments	'	'	'	'
Ownership interest in investee due to warrant exercise on occurrence of liquidity event (as a percent)	2.20%	'	'	'

Goodwill_and_Intangible_Assets2

Goodwill and Intangible Assets (Details) (USD $)	0 Months Ended	12 Months Ended
	Nov. 07, 2012	Dec. 31, 2013	Dec. 31, 2012
	item	Dec. 31, 2013	Dec. 31, 2012
Changes in the carrying amount of goodwill	'	'	'
Goodwill at the beginning of the period	'	'	$21,096,000
Impairment of goodwill	'	'	-21,096,000
Goodwill at the end of the period	'	'	1,212,000
Goodwill resulting from transaction	'	'	1,212,000
RangeMark	'	'	'
Changes in the carrying amount of goodwill	'	'	'
RangeMark acquisition	'	'	1,212,000
RangeMark disposition - Impairment	'	-1,212,000	'
Goodwill at the end of the period	1,200,000	'	'
Aggregate purchase consideration	2,500,000	'	'
Number of installments in which purchase consideration is payable	4	'	'
Goodwill resulting from transaction	1,200,000	'	'
Segment, MBS & Rates	'	'	'
Changes in the carrying amount of goodwill	'	'	'
Goodwill at the beginning of the period	'	'	17,364,000
Impairment of goodwill	'	'	-17,364,000
Goodwill at the end of the period	'	'	1,212,000
Goodwill resulting from transaction	'	'	1,212,000
Segment, MBS & Rates \| RangeMark	'	'	'
Changes in the carrying amount of goodwill	'	'	'
RangeMark acquisition	'	'	1,212,000
RangeMark disposition - Impairment	'	-1,212,000	'
Segment Inv. Banking	'	'	'
Changes in the carrying amount of goodwill	'	'	'
Goodwill at the beginning of the period	'	'	3,732,000
Impairment of goodwill	'	'	($3,732,000)

Goodwill_and_Intangible_Assets3

Goodwill and Intangible Assets (Details 2) (USD $)

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Jun. 30, 2013

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

In Thousands, unless otherwise specified

Intellectual property

Trade name

MBS & Rates segment

Credit Products segment

Investment Banking segment

ClearPoint segment

RangeMark

Customer relationships

Trade name

Customer relationships

Intangible assets (amortizable):

Gross carrying amount

$1,050

$480

$641

$795

$4,066

$803

Accumulated amortization

-87

-35

-20

-8

-476

-463

-795

-768

-1,134

-1,057

-216

-201

Impairment of intangible asset

-963

-460

-165

-2,932

-587

Net carrying amount

$5,303

$1,015

$472

$178

$27

$3,009

$602

Office_Equipment_and_Leasehold2

Office Equipment and Leasehold Improvements (Details) (USD $)	3 Months Ended
	Sep. 30, 2013	Jun. 30, 2013	Dec. 31, 2013	Dec. 31, 2012
Office equipment and leasehold improvements	'	'	'	'
Total	'	'	$341,000	$11,135,000
Less: accumulated depreciation and amortization	'	'	-226,000	-5,824,000
Total office equipment and leasehold improvements, net	'	'	115,000	5,311,000
Non-cash impairment charge related to office equipment and leasehold improvements of Investment Banking and Fixed Income businesses	500,000	3,500,000	'	'
Communications and data processing equipment	'	'	'	'
Office equipment and leasehold improvements	'	'	'	'
Total	'	'	279,000	5,149,000
Furniture and fixtures	'	'	'	'
Office equipment and leasehold improvements	'	'	'	'
Total	'	'	'	3,334,000
Leasehold improvements	'	'	'	'
Office equipment and leasehold improvements	'	'	'	'
Total	'	'	'	1,802,000
Software	'	'	'	'
Office equipment and leasehold improvements	'	'	'	'
Total	'	'	$62,000	$850,000

Other_Assets_Details

Other Assets (Details) (USD $)	Dec. 31, 2013	Sep. 27, 2013	Dec. 31, 2012
Other Assets	'	'	'
Prepaid expenses	$3,028,000	'	$2,761,000
Collateral deposits	486,000	'	5,165,000
Other	376,000	'	1,104,000
Total other assets	3,890,000	'	9,030,000
Deposit retained by landlord related to lease terminated	'	$3,900,000	'

Secured_Borrowings_Details

Secured Borrowings (Details) (USD $)	Dec. 31, 2012	Jun. 30, 2013	Dec. 31, 2012
		ClearPoint	Credit facility
			ClearPoint
Secured Borrowings	'	'	'
Secured borrowings	$64,908,000	'	'
Outstanding borrowings	'	'	64,900,000
Amount of remaining exposure under the credit facilities	'	$0	'

Subordinated_Debt_Details

Subordinated Debt (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Principal debt repayments to plan participants	'	'
Balance	$409	$595
Subordinated debt	'	'
Principal debt repayments to plan participants	'	'
2014	320	'
2015	63	'
2016	26	'
Balance	$409	'

Stockholders_Equity_Details

Stockholders' Equity (Details) (USD $)	0 Months Ended			1 Months Ended	12 Months Ended
In Millions, except Share data, unless otherwise specified	30-May-13	Nov. 22, 2011	Oct. 27, 2010	Feb. 28, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Stockholders' Equity	'	'	'	'	'	'	'
Reverse stock split ratio	0.05	'	'	'	'	'	'
Shares authorized under share repurchase program	'	'	$25	$10	'	'	'
Number of common stock shares repurchased	'	330,066	'	'	0	66,470	266,710
Value of shares of common stock purchased	'	$8.30	'	'	'	$1.20	$10.60
Purchase price per share (in dollars per share)	'	$25	'	'	'	'	'
Additional common shares purchased pursuant to the option to increase the size of the offering by 2% of the outstanding shares of common stock	'	30,066	'	'	'	'	'
Percentage of increase in the size of the offering to purchase additional common shares	'	2.00%	'	'	'	'	'
Shares purchased as a percentage of shares outstanding immediately prior to the consummation of the tender offer	'	5.17%	'	'	'	'	'

Stockholders_Equity_Details_2

Stockholders' Equity (Details 2) (USD $)	12 Months Ended
Stockholders' Equity (Details 2) (USD $)	Dec. 31, 2013	Dec. 31, 2012
Dividends	'	'
Period for which no dividends have been declared or paid	'2 years	'
Dividend declared (in dollars per share)	$0	$0
Dividend paid (in dollars per share)	$0	$0

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

1 Months Ended

12 Months Ended

1 Months Ended

0 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Feb. 14, 2013

Dec. 31, 2013

Oct. 17, 2013

Aug. 31, 2012

Dec. 31, 2013

Aug. 31, 2012

Sep. 17, 2013

Dec. 31, 2013

24-May-13

Dec. 31, 2013

Indemnification guaranties

Homeward

ClearPoint

Other employees

Employment Agreements - Company's General Counsel and Secretary and its Controller

Settlement

Senior Management Compensation and Retention Plan

Arbitration - Thomas Hughes and John Griff

ClearPoint

Indemnification guaranties

Homeward

General Counsel and Controller

Former employee

item

Former Chief Executive Officer and Former Chief Operating Officer

Change in control

Senior Management Compensation and Retention Plan

loan

ClearPoint

Indemnification guaranties

Gleacher Securities

Chief Executive Officer and Chief Operating Officer

Change in control

loan

Maximum

Chief Executive Officer and Chief Operating Officer

Commitments and contingencies

Number of executive officers participating in agreement

Cash payment to be made to executive officers on termination of employment, in connection with a Change in Control (as defined)

$7,000,000

Period before change in control within which the cash payment is made following an involuntary termination of employment under certain circumstances

'6 months

Period after change in control within which the cash payment is made following an involuntary termination of employment under certain circumstances

'2 years

Money damages sought

7,900,000

Potential Severance payment, upon execution and delivery of a release of claims against the Company

750,000

Restricted stock held by Mr. Griff which would have vested under Restricted Stock Award Agreement, upon execution and delivery of a release of claims against the Company

20,833

Employee-related Liabilities

1,907,000

34,199,000

Amount paid

2,900,000

Legal costs reimbursed

600,000

Settlement charge

3,146,000

3,200,000

Bonus guarantees to certain officers

3,550,000

Compensation charge

1,900,000

Compensation paid

1,000,000

Accrued compensation

900,000

Other Compensation Matters

Compensation charge

800,000

Bonus guarantees to other employees

1,000,000

Escrow Deposit

5,000,000

Period following the closing date for escrow account

'3 years

Maximum amount of guarantee provided

7,500,000

Amount payable by Parent under the guaranty only in limited circumstances

5,000,000

Number of loans requested to be repurchased

Losses on loans requested to be repurchased

-100,000

Period of loans refinanced following the date of purchase for which premiums received are to be reimbursed

'180 days

Amount of reimbursement for premiums received in connection with loans refinanced within 180 days following the date of purchase

100,000

Amount of indemnification obligations paid

100,000

Reserve for loan repurchases and indemnification claims

$400,000

Commitments_and_Contingencies_2

Commitments and Contingencies (Details 2) (USD $)	12 Months Ended				0 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Sep. 27, 2013	Nov. 15, 2013
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Sep. 27, 2013	Capstone
Leases	'	'	'	'	'
Remaining contractual obligation for base rent related to lease terminated	'	'	'	$61,000,000	'
Termination obligation under the Surrender Agreement	'	'	'	19,500,000	'
Termination obligation payable in cash under the Surrender Agreement	'	'	'	15,600,000	'
Deposit retained by landlord related to lease terminated	'	'	'	3,900,000	'
Lease restructuring charge	19,000,000	'	'	'	'
Future Minimum Lease Payments	'	'	'	'	'
2014	1,431,000	'	'	'	'
2015	712,000	'	'	'	'
Total	2,143,000	'	'	'	'
Sublease Rental Income	'	'	'	'	'
2014	974,000	'	'	'	'
2015	530,000	'	'	'	'
Total	1,504,000	'	'	'	'
Net Lease Payments	'	'	'	'	'
2014	457,000	'	'	'	'
2015	182,000	'	'	'	'
Total	639,000	'	'	'	'
Rental expense, net of sublease rental income	500,000	700,000	500,000	'	12,000
Commitments and contingencies	'	'	'	'	'
Monthly base rental payments for sublease	$500,000	$700,000	$500,000	'	$12,000
Minimum notice period required for adjusting space needs under sublease arrangements	'	'	'	'	'30 days

Commitments_and_Contingencies_3

Commitments and Contingencies (Details 3) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2013	Jun. 30, 2013
In Millions, unless otherwise specified	Letter of Credit	Letter of Credit	Letter of Credit Expired and Retained by Landlord	Letter of Credit Expired and Retained by Landlord
Letters of Credit	'	'	'	'
Letters of Credit	$0	$4.90	'	'
Letters of Credit	'	'	0.3	3.9
Cash collateral returned to the Company in connection with the expiration of lease	'	'	0.7	'
Cash collateral held by the Company's landlord	$0.30	'	'	'

Income_Taxes_Details

Income Taxes (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Federal	'	'	'
Current	($485)	($5,570)	($5,539)
Deferred	'	19,174	-568
State and local	'	'	'
Current	-597	-635	-1,193
Deferred	'	9,971	-122
Total income tax expense/(benefit) from continuing operations	-1,082	22,940	-7,422
Reconciliation of U.S. federal statutory income tax rate to the effective income tax rate	'	'	'
Federal statutory tax rate (as a percent)	35.00%	'	'
Federal statutory rate - 35%	-9,663	-9,452	-6,710
Increase in deferred tax asset valuation allowance	12,664	35,299	'
State and local income taxes, net of federal income taxes	-3,001	-2,935	-1,443
Expiration of statute of limitations	-608	'	'
Provision to return adjustments	-486	-274	530
Change in estimated state tax rates	'	'	-181
Uncertain tax positions	'	281	96
Other	12	21	286
Total income tax expense/(benefit) from continuing operations	-1,082	22,940	-7,422
Deferred tax assets, net	'	'	'
Net operating loss carryforwards ("NOLs")	72,996	22,089	'
Compensation	5,007	12,061	'
Accrued liabilities	1,143	2,230	'
Investments	-4,050	-3,782	'
Uncertain tax positions	831	831	'
Fixed assets	'	-337	'
Intangible assets	'	-823	'
Deferred revenues	'	92	'
Other	417	1,323	'
Total net deferred tax asset before valuation allowance	76,344	33,684	'
Less: valuation allowance	($76,344)	($33,284)	'

Income_Taxes_Details_2

Income Taxes (Details 2) (USD $)	12 Months Ended		12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2013
			State and local	State and local
			Minimum	Maximum
Income Taxes	'	'	'	'
Cumulative loss position period	'3 years	'	'	'
Operating loss carryforwards	'	'	'	'
Pre-tax net operating loss carryforwards	'	$159	'	'
Expiration period	'	'	'1 year	'20 years

Income_Taxes_Details_3

Income Taxes (Details 3) (USD $)	12 Months Ended
Income Taxes (Details 3) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Changes in the company's unrecognized tax benefits	'	'	'
Balance at the beginning of the period	$3,519,000	$3,551,000	'
Decreases related to settlements	'	-184,000	'
Decreases related to expiration of statute of limitations	-671,000	-133,000	'
Gross increases related to current year's tax positions	'	285,000	'
Balance at the end of the period	2,848,000	3,519,000	3,551,000
Total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate	2,300,000	'	'
Anticipated decrease in total unrecognized tax benefits in the next twelve months	2,100,000	'	'
Interest expenses recognized as a component of income tax expense	400,000	400,000	200,000
Interest and penalties accrued	$1,000,000	$700,000	'

StockBased_Compensation_and_Ot2

Stock-Based Compensation and Other Plans (Details) (USD $)

12 Months Ended

3 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Jun. 30, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2013

Jun. 16, 2009

Jun. 05, 2008

Dec. 31, 2013

Jun. 16, 2009

All grants excluding those to Company's CEO outside of Incentive Plan

Stock options

Restricted Stock

Restricted stock units

Incentive Plan

2003 Directors Plan

CEO

All grants excluding those to Company's CEO outside of Incentive Plan

Stock-Based Compensation Plans

Additional shares authorized

250,000

533,750

Percentage of number of shares of common stock issued and outstanding immediately prior to the grant used to calculate the maximum award

25.00%

Number of shares used to calculate the maximum award

783,750

Number of shares available for issuance before additional shares were approved

5,000

Shares authorized for issuance

2,432,706

100,000

Share awards used:

Shares granted and outstanding

329,523

455,706

455,366

304,970

296,189

Shares granted and unvested

14,834

337,587

305,687

570,525

3,471

197,962

399,530

309,567

3,471

Shares granted and vested

25,658

Total share awards used

340,152

Shares available for future awards

2,092,554

Options granted (in shares)

33,333

218,684

33,334

Stock-based compensation expense (in dollars)

$5,592,000

$6,800,000

$15,074,000

Tax benefit recognized related to stock-based compensation expense (in dollars)

6,400,000

Actual tax benefit realized for the tax deductions for share-based compensation (in dollars)

8,100,000

Total compensation expense related to non-vested awards not yet recognized (in dollars)

$300,000

Remaining weighted average vesting period for recognition of compensation expense

'10 months 24 days

Vesting period

'3 years

Expiration term

'6 years

StockBased_Compensation_and_Ot3

Stock-Based Compensation and Other Plans (Details 2) (USD $)	12 Months Ended
In Thousands, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Stock-based compensation expense	'	'	'
Continuing operations	$1,112	$3,151	$1,968
Discontinued operations	4,480	3,649	13,106
Total	5,592	6,800	15,074
Exit of Investment Banking and Fixed Income Businesses	'	'	'
Stock-based compensation expense	'	'	'
Discontinued operations	$4,100	'	'
Shares vested	267,000	'	'

StockBased_Compensation_and_Ot4

Stock-Based Compensation and Other Plans (Details 3) (Stock options, USD $)	12 Months Ended			3 Months Ended	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Jun. 30, 2011	Dec. 31, 2013	Dec. 31, 2013
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	CEO	CEO	COO
Shares Underlying Stock Options	'	'	'	'	'	'
Balance at the beginning of the period (in shares)	455,706	455,366	304,970	'	'	'
Options granted (in shares)	'	33,333	218,684	33,334	'	'
Options exercised (in shares)	0	0	0	'	'	'
Options forfeited/expired (in shares)	-126,183	-32,993	-68,288	'	50,000	33,332
Balance at the end of the period (in shares)	329,523	455,706	455,366	'	'	'
Weighted Average Exercise Price	'	'	'	'	'	'
Balance at the beginning of the period (in dollars per share)	$47.20	$51.60	$63.20	'	'	'
Options granted (in dollars per share)	'	$17.40	$35.20	'	'	'
Options forfeited/expired (in dollars per share)	$35.49	$78.80	$50.20	'	'	'
Balance at the end of the period (in dollars per share)	$51.67	$47.20	$51.60	'	'	'
Additional disclosure	'	'	'	'	'	'
Remaining average contractual term of shares exercisable	'1 year 4 months 24 days	'	'	'	'	'
Intrinsic value of options outstanding (in dollars)	$0	'	'	'	'	'

StockBased_Compensation_and_Ot5

Stock-Based Compensation and Other Plans (Details 4) (USD $)	12 Months Ended
	Dec. 31, 2013
Outstanding	'
Shares	329,523
Average Life Remaining	'1 year 4 months 24 days
Average Exercise Price (in dollars per share)	$51.67
Exercisable	'
Shares	329,523
Average Exercise Price (in dollars per share)	$51.67
$17.00-$20.00	'
Stock options outstanding by exercise price range	'
Exercise price, low end of range (in dollars per share)	$17
Exercise price, high end of range (in dollars per share)	$20
Outstanding	'
Shares	13,691
Average Life Remaining	'4 years 4 months 24 days
Average Exercise Price (in dollars per share)	$17.40
Exercisable	'
Shares	13,691
Average Exercise Price (in dollars per share)	$17.40
$20.01-$30.00	'
Stock options outstanding by exercise price range	'
Exercise price, low end of range (in dollars per share)	$20.01
Exercise price, high end of range (in dollars per share)	$30
Outstanding	'
Shares	16,667
Average Life Remaining	'4 months 24 days
Average Exercise Price (in dollars per share)	$29.20
Exercisable	'
Shares	16,667
Average Exercise Price (in dollars per share)	$29.20
$30.01-$40.00	'
Stock options outstanding by exercise price range	'
Exercise price, low end of range (in dollars per share)	$30.01
Exercise price, high end of range (in dollars per share)	$40
Outstanding	'
Shares	120,091
Average Life Remaining	'1 year 3 months 18 days
Average Exercise Price (in dollars per share)	$37.36
Exercisable	'
Shares	120,091
Average Exercise Price (in dollars per share)	$37.36
$40.01-$60.00	'
Stock options outstanding by exercise price range	'
Exercise price, low end of range (in dollars per share)	$40.01
Exercise price, high end of range (in dollars per share)	$60
Outstanding	'
Shares	110,000
Average Life Remaining	'1 year 7 months 6 days
Average Exercise Price (in dollars per share)	$56.99
Exercisable	'
Shares	110,000
Average Exercise Price (in dollars per share)	$56.99
$60.01-$150.00	'
Stock options outstanding by exercise price range	'
Exercise price, low end of range (in dollars per share)	$60.01
Exercise price, high end of range (in dollars per share)	$150
Outstanding	'
Shares	69,074
Average Life Remaining	'1 year
Average Exercise Price (in dollars per share)	$80.29
Exercisable	'
Shares	69,074
Average Exercise Price (in dollars per share)	$80.29

StockBased_Compensation_and_Ot6

Stock-Based Compensation and Other Plans (Details 5) (Stock options)	12 Months Ended		3 Months Ended
	Dec. 31, 2012	Dec. 31, 2011	Jun. 30, 2011
	Dec. 31, 2012	Dec. 31, 2011	CEO
Significant assumptions used to estimate the fair value of share based compensation awards	'	'	'
Expected term	'3 years 3 months 7 days	'3 years 11 months 8 days	'
Expected volatility (as a percent)	73.60%	87.10%	'
Risk-free interest rate (as a percent)	0.50%	1.20%	'
Options granted (in shares)	33,333	218,684	33,334

StockBased_Compensation_and_Ot7

Stock-Based Compensation and Other Plans (Details 6) (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Other Compensation Arrangements	'	'	'
Accrued compensation costs related to the deferred compensation plans	$0.40	$0.40	'
Restricted stock and restricted stock units	'	'	'
Restricted Stock Awards/Restricted Stock Units:	'	'	'
Service period	'3 years	'	'
Additional information	'	'	'
Total fair value of awards vested (in dollars)	$6.60	$7.60	$21.20
Unvested Restricted Stock Awards	'	'	'
Unvested shares	'	'	'
Balance at the beginning of the period (in shares)	337,587	305,687	570,525
Granted (in shares)	11,955	408,728	129,154
Vested (in shares)	-212,047	-140,399	-341,232
Forfeited (in shares)	-122,661	-236,429	-52,760
Balance at the end of the period (in shares)	14,834	337,587	305,687
Weighted Average Grant-Date Fair Value	'	'	'
Balance at the beginning of the period (in dollars per share)	$33.40	$73.60	$72
Granted (in dollars per share)	$14.03	$27.80	$38.40
Vested (in dollars per share)	$33.17	$52.40	$60.40
Forfeited (in dollars per share)	$32.09	$64.40	$55
Balance at the end of the period (in dollars per share)	$32	$33.40	$73.60
Unvested Restricted Stock Awards \| Former Chief Operating Officer \| Senior Management Compensation and Retention Plan	'	'	'
Other Compensation Arrangements	'	'	'
Unvested shares of restricted stock	20,833	'	'
Unvested Restricted Stock Units	'	'	'
Unvested shares	'	'	'
Balance at the beginning of the period (in shares)	197,962	399,530	309,567
Granted (in shares)	75,531	80,000	327,393
Vested (in shares)	-236,945	-145,290	-159,768
Forfeited (in shares)	-33,077	-136,278	-77,662
Balance at the end of the period (in shares)	3,471	197,962	399,530
Weighted Average Grant-Date Fair Value	'	'	'
Balance at the beginning of the period (in dollars per share)	$36.20	$49.40	$64.40
Granted (in dollars per share)	$13.80	$17.20	$39.20
Vested (in dollars per share)	$28.71	$58	$57.40
Forfeited (in dollars per share)	$37.91	$40.20	$50.60
Balance at the end of the period (in dollars per share)	$42	$36.20	$49.40
Unvested Restricted Stock Units \| CEO	'	'	'
Unvested shares	'	'	'
Granted (in shares)	16,667	'	'

Net_Capital_Requirements_Detai

Net Capital Requirements (Details) (USD $)	Dec. 31, 2013
In Millions, unless otherwise specified	Dec. 31, 2013
Gleacher Securities	'
Net Capital Requirements	'
Required minimum net capital	$33.90
Excess net capital	33.6
Minimum net capital under the alternative method	0.25
Gleacher Partners, LLC	'
Net Capital Requirements	'
Required minimum net capital	0.9
Excess net capital	0.6
Minimum net capital under the alternative method	$0.25

Restructuring_Details

Restructuring (Details) (USD $)

12 Months Ended

3 Months Ended

12 Months Ended

0 Months Ended

3 Months Ended

12 Months Ended

In Thousands, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Jun. 30, 2013

Dec. 31, 2013

Aug. 22, 2011

Sep. 30, 2011

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2011

Exit of Investment Banking and Fixed Income Businesses

Investment Banking

Fixed Income businesses

ClearPoint

Equities division

Other

employee

Severance compensation

Third party vendor contracts and other costs

Intangible asset impairment

Stock-based compensation vesting

Severance compensation

Third party vendor contracts and other costs

Stock-based compensation vesting

Goodwill & intangible asset impairment

Severance compensation

Third party vendor contracts and other costs

Intangible asset impairment

Deferred compensation and other charges

employee

Severance compensation

Third party vendor contracts and other costs

Stock-based compensation vesting

Severance compensation

Reserve for lease commitments

Stock-based compensation vesting

Impairment of fixed assets and leasehold improvements

Restructuring

Number of employees impacted

150

Restructuring charges

Cash charges

$38,339

($355)

$5,383

$1,749

$1,417

$332

$14,457

$8,323

$6,134

$1,464

$1,263

$201

($222)

$4,786

$2,578

($222)

$2,208

$20,669

($133)

$597

$712

$19,957

($133)

$597

Non-cash charges

12,491

-92

1,711

3,186

2,932

254

4,069

3,681

388

1,035

587

448

-92

1,395

-92

1,395

4,201

316

195

4,006

316

Restructuring expenses - Total:

$50,830

($447)

$7,094

Restructuring_Details_2

Restructuring (Details 2) (USD $)	12 Months Ended
Restructuring (Details 2) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Sep. 27, 2013
Changes in the company's liability related to restructuring	'	'	'	'
Balance at the beginning of the period	$108,000	$1,427,000	'	'
Restructuring expense	50,830,000	-447,000	7,094,000	'
Plus: Deferred rent obligation, prior to restructuring	2,160,000	'	'	'
Less: Non-cash charges	-12,491,000	92,000	-1,711,000	'
Payments for restructuring	-38,100,000	'	'	'
Balance at the end of the period	2,491,000	108,000	1,427,000	'
Termination obligation under the Surrender Agreement	'	'	'	19,500,000
Termination obligation payable in cash under the Surrender Agreement	'	'	'	15,600,000
Deposit retained by landlord related to lease terminated	'	'	'	3,900,000
Settlement period of majority of remaining liability associated with restructuring	'6 months	'	'	'
Lease termination - Company headquarters	'	'	'	'
Changes in the company's liability related to restructuring	'	'	'	'
Payments for restructuring	-19,500,000	'	'	'
Severance and other compensation	'	'	'	'
Changes in the company's liability related to restructuring	'	'	'	'
Payments for restructuring	-11,715,000	'	-2,578,000	'
Third party vendor contracts and other costs	'	'	'	'
Changes in the company's liability related to restructuring	'	'	'	'
Payments for restructuring	-4,908,000	-747,000	-1,131,000	'
Lease commitments, net of sublease income	'	'	'	'
Changes in the company's liability related to restructuring	'	'	'	'
Payments for restructuring	($1,993,000)	($217,000)	($247,000)	'

Discontinued_Operations_Detail

Discontinued Operations (Details) (USD $)	3 Months Ended	12 Months Ended
Discontinued Operations (Details) (USD $)	Mar. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Discontinued Operations	'	'	'	'
Total net revenue	'	$28,699,000	$201,567,000	$270,172,000
Total expenses (excluding restructuring expense)	'	50,689,000	227,956,000	331,528,000
Subtotal	'	-21,990,000	-26,389,000	-61,356,000
Restructuring expense	'	-50,830,000	447,000	-7,094,000
Loss from discontinued operations before income taxes	'	-72,820,000	-25,942,000	-68,450,000
Income tax expense	'	185,000	1,802,000	1,925,000
Loss from discontinued operations, net of taxes	'	-73,005,000	-27,744,000	-70,375,000
Other items reclassified from continuing operations	'	'	'	'
Discontinued Operations	'	'	'	'
Total net revenue	'	574,000	5,627,000	8,660,000
Total expenses (excluding restructuring expense)	'	5,752,000	34,532,000	92,828,000
Expenses, net of revenues	'	-5,178,000	-28,905,000	-84,168,000
Investment Banking	'	'	'	'
Discontinued Operations	'	'	'	'
Total net revenue	'	15,056,000	27,441,000	26,610,000
Total expenses (excluding restructuring expense)	'	12,633,000	22,863,000	24,320,000
Expenses, net of revenues	'	2,423,000	4,578,000	2,290,000
MBS & Rates	'	'	'	'
Discontinued Operations	'	'	'	'
Total net revenue	'	-4,412,000	40,638,000	103,858,000
Total expenses (excluding restructuring expense)	'	11,003,000	40,511,000	70,738,000
Expenses, net of revenues	'	-15,415,000	127,000	33,120,000
Credit Products	'	'	'	'
Discontinued Operations	'	'	'	'
Total net revenue	'	13,049,000	74,432,000	71,056,000
Total expenses (excluding restructuring expense)	'	14,521,000	70,687,000	61,318,000
Expenses, net of revenues	'	-1,472,000	3,745,000	9,738,000
ClearPoint	'	'	'	'
Discontinued Operations	'	'	'	'
Loss recognized from discontinued operations	1,100,000	'	'	'
Total net revenue	'	4,356,000	53,375,000	46,924,000
Total expenses (excluding restructuring expense)	'	6,611,000	59,265,000	50,610,000
Expenses, net of revenues	'	-2,255,000	-5,890,000	-3,686,000
Equities Division [Member]	'	'	'	'
Discontinued Operations	'	'	'	'
Total net revenue	'	76,000	54,000	13,064,000
Total expenses (excluding restructuring expense)	'	169,000	98,000	31,714,000
Expenses, net of revenues	'	($93,000)	($44,000)	($18,650,000)

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Nov. 07, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2012	Sep. 30, 2013	Dec. 31, 2013
			RangeMark	Former stockholders of Gleacher Partners, Inc.	Former stockholders of Gleacher Partners, Inc.	Former stockholders of Gleacher Partners, Inc.	Former stockholders of Gleacher Partners, Inc.	Former owners of RangeMark	MatlinPatterson or its affiliated persons or entities	Capstone
			item						item
Related Party Transactions	'	'	'	'	'	'	'	'	'	'
Expenses incurred in related party transaction	'	'	'	'	'	'	'	'	'	$2,200,000
Aggregate purchase consideration	'	'	2,500,000	'	'	'	'	'	'	'
Number of installments in which purchase consideration is payable	'	'	4	'	'	'	'	'	'	'
Reduction in indemnification claim based upon the resolution of certain tax years	'	'	'	700,000	'	'	'	'	'	'
Amount agreed to be paid to selling parties	'	'	'	10,000,000	'	'	'	'	'	'
Period over which purchase consideration will be paid to selling parties	'	'	'	'5 years	'	'	'	'	'	'
Payment of purchase consideration obligation	'	'	'	200,000	4,400,000	0	4,900,000	'	'	'
Amounts receivable from or payable to related parties	'	'	'	'	'	'	'	'	'	'
Receivables from related parties	856,000	1,474,000	'	'	'	'	'	'	'	'
Payables to related parties	475,000	2,944,000	'	399,000	594,000	'	'	2,350,000	'	76,000
Expense reimbursement of MatlinPatterson	'	'	'	'	'	'	'	'	$1,100,000	'
Number of members in Audit Committee not standing for re-election	'	'	'	'	'	'	'	'	4	'