Gleacher & Company (GLCH) 10-Q 9 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 30, 2014
Document and Entity Information	'	'
Entity Registrant Name	'GLEACHER & COMPANY, INC.	'
Entity Central Index Key	'0000782842	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	6,185,133
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenues:	'	'
Investment gains, net	$587	$172
Fees and other	205	169
Total revenues	792	341
Expenses:	'	'
Compensation and benefits	1,444	2,523
Professional fees	2,745	2,510
Communications and data processing	164	406
Occupancy, depreciation and amortization	158	307
Other	551	794
Total expenses	5,062	6,540
Loss from continuing operations before income taxes and discontinued operations	-4,270	-6,199
Income tax expense	14	39
Loss from continuing operations	-4,284	-6,238
Loss from discontinued operations, net of taxes (Refer to Note 16)	-517	-11,733
Net loss	($4,801)	($17,971)
Basic loss per share	'	'
Continuing operations (in dollars per share)	($0.69)	($1.04)
Discontinued operations (in dollars per share)	($0.09)	($1.97)
Net loss per share (in dollars per share)	($0.78)	($3.01)
Diluted loss per share	'	'
Continuing operations (in dollars per share)	($0.69)	($1.04)
Discontinued operations (in dollars per share)	($0.09)	($1.97)
Net loss per share (in dollars per share)	($0.78)	($3.01)
Weighted average shares of common stock:	'	'
Basic (in shares)	6,181	5,976
Diluted (in shares)	6,181	5,976

CONSOLIDATED_STATEMENTS_OF_FIN

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Cash and cash equivalents	$57,466	$51,353
Cash and securities segregated for regulatory and other purposes	5,000	6,000
Receivables from:	'	'
Brokers, dealers and clearing organizations	2,586	9,173
Related parties	872	856
Others	845	908
Financial instruments owned, at fair value	683	664
Investments	19,476	18,889
Office equipment and leasehold improvements, net	102	115
Income taxes receivable	438	4,116
Other assets	3,556	3,890
Total Assets	91,024	95,964
Payables to:	'	'
Related parties	474	475
Others	1,498	1,868
Restructuring reserve	2,023	2,491
Accrued compensation	1,932	1,907
Accounts payable and accrued expenses	2,346	1,629
Income taxes payable	3,392	3,331
Subordinated debt	409	409
Total Liabilities	12,074	12,110
Commitments and Contingencies (Refer to Note 11)	'	'
Stockholders' Equity	'	'
Common stock; $.01 par value; authorized 10,000,000 shares, issued 6,688,387 and 6,688,387 shares; and outstanding 6,183,489 and 6,174,990 shares, at March 31, 2014 and December 31, 2013, respectively	1,337	1,337
Additional paid-in capital	455,591	455,910
Deferred compensation	101	101
Accumulated deficit	-367,910	-363,109
Treasury stock, at cost (504,898 shares and 513,397 shares, at March 31, 2014 and December 31, 2013, respectively)	-10,169	-10,385
Total Stockholders' Equity	78,950	83,854
Total Liabilities and Stockholders' Equity	$91,024	$95,964

CONSOLIDATED_STATEMENTS_OF_FIN1

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION	'	'
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	6,183,489	6,174,990
Treasury stock, shares	504,898	513,397

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net loss	($4,801)	($17,971)
Adjustments to reconcile net loss to net cash provided by operating activities:	'	'
Investment gains, net	-587	-172
Amortization of stock-based compensation	69	1,107
Depreciation of fixed assets and amortization of leasehold improvements	13	439
Impairment of intangible assets	'	587
Clawback of stock-based compensation subject to non-competition provisions	'	-361
Amortization of intangible assets	'	165
Changes in operating assets and liabilities:	'	'
Cash and securities segregated for regulatory and other purposes	1,000	7,000
Receivables from brokers, dealers and clearing organizations, net	6,587	-229,409
Income taxes receivable, net	3,739	3,087
Securities purchased under agreements to resell	'	-20,816
Receivable/payable from/to others, net	-307	2,918
Receivable/payable from/to related parties, net	-17	'
Financial instruments owned, at fair value	-19	610,201
Other assets	334	-1,003
Securities sold under agreements to repurchase	'	-159,386
Securities sold, but not yet purchased, at fair value	'	-111,017
Restructuring reserve	-468	271
Accounts payable and accrued expenses	852	-3,553
Accrued compensation	25	-24,631
Drafts payable	-135	935
Net cash provided by operating activities	6,285	58,391
Cash flows from investing activities:	'	'
Purchase of investments	'	-947
ClearPoint sale - net payment to Homeward Residential, Inc. (Refer to Note 1)	'	-510
Purchases of office equipment and leasehold improvements	'	-7
Net cash used in investing activities	'	-1,464
Cash flows from financing activities:	'	'
Proceeds from secured borrowings	'	185,381
Repayments of secured borrowings	'	-246,017
Payment for employee tax withholdings on stock-based compensation	-172	-747
Net cash used in financing activities	-172	-61,383
Increase/(decrease) in cash and cash equivalents	6,113	-4,456
Cash and cash equivalents at beginning of the period	51,353	44,868
Cash and cash equivalents at the end of the period	$57,466	$40,412
NON CASH INVESTING AND FINANCING ACTIVITIES	'	'
Treasury stock, net of forfeitures, related to vesting of stock-based compensation (in shares)	12,985	'
Forfeitures exceeded shares issued (in shares)	'	49,262

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2014
Basis of Presentation	'
Basis of Presentation	'
	1.                            Basis of Presentation
	Organization and Nature of Business
	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 currently traded on The NASDAQ Global Market (“NASDAQ”) under the symbol “GLCH.”
	On March 13, 2014, the Company announced that its Board of Directors had determined that it is in the best interests of the Company’s stockholders for the Company to dissolve, liquidate and distribute to stockholders its available assets.  The Company’s Plan of Dissolution was subsequently approved by its Board of Directors on April 4, 2014.  The Plan of Dissolution is subject to stockholder approval.  At the Company’s 2014 Annual Meeting of Stockholders (the “2014 Annual Meeting), currently scheduled for May 29, 2014, stockholders of record as of April 21, 2014 will be asked to approve the voluntary dissolution and liquidation of the Company pursuant to the Plan of Dissolution.
	Planned Dissolution and Liquidation
	The Company has been engaged in a lengthy and intensive evaluation of potential strategic alternatives in order to preserve and maximize stockholder value.  The Board of Directors and the Company, together with its external advisors, devoted substantial time and effort to identifying and pursuing strategic opportunities to further enhance stockholder value and reduce risk.  However, at a meeting of the Board of Directors on March 12, 2014, the Board of Directors concluded that no strategic alternative that had been identified to date would yield any opportunities viewed by the Board of Directors as reasonably likely to provide greater realizable value, or a greater reduction in risk, to stockholders than the complete dissolution and liquidation of the Company.
	At this meeting, the Board of Directors determined that it is advisable and in the best interests of the Company and our stockholders for the Company to dissolve, liquidate and distribute to stockholders its available assets.  At a meeting on April 4, 2014, the Board of Directors confirmed its determination that it is advisable and in the best interests of the Company and its stockholders for the Company to dissolve, approved and declared advisable the dissolution and liquidation of the Company, approved and adopted the Plan of Dissolution and recommended approval of the Plan of Dissolution to its stockholders.  At the Company’s 2014 Annual Meeting, the Company’s stockholders will be asked to approve the voluntary dissolution and liquidation of the Company pursuant to the Plan of Dissolution.  The Company’s proxy materials filed with the Securities and Exchange Commission provides further information regarding these matters discussed above.
	If the dissolution and liquidation of the Company pursuant to the Plan of Dissolution is approved by the Company’s stockholders, the Company plans to file a Certificate of Dissolution with the Delaware Secretary of State no sooner than seven days, and likely no later than 45 days, thereafter, cease all of the Company’s business activities except those related to winding up and liquidating the Company’s business and to preserve the value of its assets, complete the liquidation of its remaining assets, satisfy or make provision for its remaining claims and obligations in accordance with Delaware law, and make distributions to its stockholders of available liquidation proceeds, if any.  This is expected to be a multi-year process.
	In addition, if the Company’s stockholders approve the dissolution and liquidation of the Company pursuant to the Plan of Dissolution, the Company will also initiate a process to delist its common stock from the NASDAQ Global Market.  However, the Company has limited control over its continued listing status, and NASDAQ may decide to delist the Company at any time.  A delisting would limit trading activity and liquidity in the Company’s common stock, among other matters.
	The Company’s planned dissolution and liquidation of the Company pursuant to the Plan of Dissolution could be abandoned by the Company’s Board of Directors for any reason, including if a more attractive transaction became available to the Company, prior to the filing of the Certificate of Dissolution.
	Discontinuation of Operations and Appointment of Capstone Advisory Group, LLC
	The Company has no meaningful revenue-producing operations.  During the second quarter of 2013, the Company discontinued 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 Company’s residential mortgage lending operations, conducted through its subsidiary ClearPoint Funding, Inc. (“ClearPoint”) was discontinued, and the business sold to Homeward Residential, Inc. (“Homeward”) in February 2013 (the “Homeward Transaction”).  As of May 9, 2014, the Company had 10 employees.
	On May 31, 2013, the Company entered into an engagement agreement with Capstone Advisory Group, LLC (“Capstone”) and Mr. Christopher J. Kearns, an Executive Director of Capstone and member of the firm. In connection with this agreement, the Board of Directors appointed Mr. Kearns as the Company’s Chief Restructuring Officer and Chief Executive Officer.  Under the terms of this agreement, Capstone was and continues to be engaged in providing a number of services to the Company related to overseeing the operations of the Company, has assisted with an exploration of strategic alternatives and is assisting with the execution of our selected course of action.
	Going Concern and Basis of Presentation
	As noted above, the Company’s Board of Directors approved a dissolution and liquidation of the Company, pursuant to its Plan of Dissolution, which is subject to stockholder approval.  If this proposal is approved by the Company’s stockholders, 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 dissolution proposal also contemplates a further, orderly wind-up of the Company’s business and operations and 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.
	These financial statements have been prepared on a going concern basis, as required by accounting principles generally accepted in the United States of America (“GAAP”).  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.
	Accounting Policies and Other
	The accounting and financial reporting policies of the Company conform to GAAP.  The consolidated financial statements prepared in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenue and expenses, and the disclosure of contingent assets and liabilities.  Actual results could be different from these estimates.  In the opinion of management, all normal, recurring adjustments necessary for a fair statement of this interim financial information are contained in the accompanying consolidated financial statements.  The results for any interim period are not necessarily indicative of those for the full year.
	The accompanying consolidated financial statements are presented in accordance with the SEC requirements for Quarterly Reports on Form 10-Q and are unaudited.  Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted.  Reference should be made to the Company’s audited consolidated financial statements and notes within the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 for additional information, including a summary of the Company’s significant accounting policies.
	Reclassifications
	Certain amounts in the prior period 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 were reported as discontinued operations, beginning in the second quarter of 2013.  Refer to Notes 15 and 16 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 prior three-month period ending March 31, 2013 as follows:
		March 31,
	(In thousands of dollars)	2013
	Items reclassified as discontinued operations
	Revenue
	Net interest income	$	632
	Total revenues:	632
	Expenses
	Compensation expense	1,520
	Professional fees	388
	Occupancy expense	591
	Goodwill and intangible asset impairment	—		-1
	Communications and data processing	165
	Other	157
	Total expenses:	2,821
	Net items reclassified to discontinued operations	$	2,189
	(1)  Impairment of intangible assets of $0.6 million for the three months ended March 31, 2013, recognized in connection with the Company’s exits from ClearPoint is recorded as restructuring expense and included within discontinued operations (Note 15 and Note 16).
	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 prior year share and share-related information herein has been adjusted, to the extent necessary, to reflect this reverse stock split.
	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 adoption of ASU 2013-11 did not 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 the Company’s proposed dissolution and liquidation, discussed above, requires the affirmative vote from the holders of a majority of its outstanding stock.  Therefore liquidation is not imminent.  Refer to “Going Concern and Basis of Presentation” above for additional information.

LossEarnings_Per_Common_Share

(Loss)/Earnings Per Common Share	3 Months Ended
	Mar. 31, 2014
(Loss)/Earnings Per Common Share	'
(Loss)/Earnings Per Common Share	'
	2.                            (Loss)/Earnings 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:
		Three Months Ended
		March 31,
	(In thousands of shares)	2014	2013
	Weighted average shares for basic (loss)/earnings per share	6,181	5,976
	Effect of dilutive common share equivalents	—	—
	Weighted average shares and dilutive common share equivalents for dilutive (loss)/earnings per share	6,181	5,976
	GAAP requires the exclusion of certain potentially dilutive securities when an entity reports a net loss, so that the calculated earnings per share are a more conservative (greater) loss per share.  The Company was in a net loss position for the three months ended March 31, 2014 and March 31, 2013, and therefore excluded approximately 330,000 and 455,000, respectively, of shares underlying stock options (all of which were significantly out of the money), 6,900 and 175,000, respectively, of shares of restricted stock, and 4,400 and 205,000, respectively, of 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	3 Months Ended
	Mar. 31, 2014
Cash and Cash Equivalents	'
Cash and Cash Equivalents	'
	3.                            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.  At March 31, 2014 and December 31, 2013, cash equivalents were approximately $3.5 million and $3.8 million, respectively.  Cash and cash equivalents of approximately $44.8 million and $28.5 million at March 31, 2014 and December 31, 2013, respectively, were held at one financial institution.

Cash_and_Securities_Segregated

Cash and Securities Segregated for Regulatory and Other Purposes	3 Months Ended
	Mar. 31, 2014
Cash and Securities Segregated for Regulatory and Other Purposes	'
Cash and Securities Segregated for Regulatory and Other Purposes	'
	4.                            Cash and Securities Segregated for Regulatory and Other Purposes
	Cash and securities segregated for regulatory and other purposes at March 31, 2014 and 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 11 herein for additional information.
	In addition, cash segregated at December 31, 2013 includes $1.0 million set aside 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’s broker-dealer subsidiary was previously conducting self-clearing in prior years, including outstanding checks issued to customers and vendors, and other miscellaneous items.  No deposit was required at March 31, 2014 as the Company’s broker-dealer subsidiary had satisfied existing customer payables.

Receivables_from_Brokers_Deale

Receivables from Brokers, Dealers, and Clearing Organizations	3 Months Ended
	Mar. 31, 2014
Receivables from Brokers, Dealers, and Clearing Organizations	'
Receivables from Brokers, Dealers, and Clearing Organizations	'
	5.                            Receivables from Brokers, Dealers, and Clearing Organizations
	Amounts receivable from and payable to brokers, dealers and clearing organizations consists of the following:
	(In thousands of dollars)	March 31,		December 31,
		2014		2013
	Receivables from clearing organizations	$	2,086	$	2,117
	Deposits with clearing organizations	500		7,056
	Total receivables	$	2,586	$	9,173
	During the three months ended March 31, 2014, approximately $6.6 million of deposits with clearing organizations were returned to the Company.   The remaining deposits and receivables with clearing organizations will be returned to the Company in connection with the termination of any remaining relationships with these organizations.

Receivables_from_and_Payables_

Receivables from and Payables to Others	3 Months Ended
	Mar. 31, 2014
Receivables from and Payables to Others	'
Receivables from and Payables to Others	'
	6.                            Receivables from and Payables to Others
	Amounts Receivable from and Payable to Others consist of the following:
	(In thousands of dollars)	March 31,		December 31,
		2014		2013
	Loans receivable	$	—	$	600
	Loans receivable - reserve	—		(400		)
	Insurance receivable	262		209
	Management fees and other — Employee Investment Funds (Refer to Note 8)	267		258
	Loans and advances	135		126
	Receivable from Homeward — transition services	49		46
	Others	132		69
	Total receivables from others	$	845	$	908
	Payable to employees for the Employee Investment Funds (Refer to Note 8)	$	926	$	939
	Loan loss reserves — ClearPoint (Refer to Note 11)	431		431
	Draft payables	103		238
	Others	38		260
	Total payables to others	$	1,498	$	1,868
	The Company maintains a group of “zero balance” bank accounts which are included in Payable 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.

Financial_Instruments

Financial Instruments

3 Months Ended

Mar. 31, 2014

Financial Instruments

'

Financial Instruments

'

7.                            Financial Instruments

Refer to Note 1 within the footnotes to the consolidated financial statements contained within Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 for a detailed discussion of accounting policies related to the Company’s financial instruments & investments.

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 $3.5 million and $3.8 million at March 31, 2014 and December 31, 2013, respectively.

Financial Instruments Owned — The financial instruments owned of approximately $0.7 million and $0.7 million at March 31, 2014 and December 31, 2013, respectively, 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 $19.5 million and $18.9 million at March 31, 2014 and December 31, 2013, respectively.  Refer to Note 8 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 $18.2 million (6 privately held companies) and $17.6 million (6 privately held companies) at March 31, 2014 and December 31, 2013, respectively. Refer to Note 8 herein for additional information.

Unobservable Inputs — March 31, 2014

Valuation Technique

Unobservable Input

Range (Weighted Average)

Market comparable companies

Enterprise value/Revenue multiple

2.4x – 6.6x (4.9x)

Discount applied to multiples

26% - 35% (27%)

Venture capital method

Enterprise value/EBITDA multiple

5.0x

Discount applied to enterprise value

55%

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%

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.

Financial Instrument Classification — Transfers between Levels 1, 2 and 3

The Company reviews its financial instrument classification on a quarterly basis.  As the observability and strength of valuation attributes change, reclassifications of certain financial assets or liabilities may occur 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 three months ended March 31, 2014 there were no transfers among Levels 1, 2 and 3.

The following table summarizes the changes in the Company’s Level 3 financial instruments for the three months ended March 31, 2014:

(In thousands of dollars)

Balance at

Total gains or

Purchases

Sales

Settlements

Transfers in

Balance at

Changes in

December 31,

(losses)

and/or out of

March 31,

unrealized

2013

(realized and

Level 3

2014

gains/(losses)

unrealized)

on Level 3

assets still

held at the

reporting date

Investments

$

18,889

$

587

$

—

$

—

$

—

$

—

$

19,476

$

587

Investments

Investments	3 Months Ended
	Mar. 31, 2014
Investments	'
Investments	'
	8.                            Investments
	Refer to Note 1 within the footnotes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 for a detailed discussion of the accounting policies related to the Company’s investments and Note 7 herein for additional information regarding valuation techniques and inputs related to the Company’s investment in FATV.
	Fair value information regarding these investments has been aggregated and is presented below:
	(In thousands of dollars)	March 31,			December 31,
		2014			2013
	Investment in FATV(1)	$	18,226		$	17,624
	Employee Investment Funds, net of Company’s ownership interest	1,250			1,265
	Other investments	—			—
	Total Investments	$	19,476		$	18,889
	(1)    Excludes the Company’s share of carried interest in FATV of approximately $3.0 million and $2.9 million at March 31, 2014 and December 31, 2013, respectively, which is unrecognized as collection is not reasonably assured.
	Investment gains and losses are comprised of the following:
		Three Months Ended
		March 31,
	(In thousands of dollars)	2014			2013
	Investment in FATV	$	601		$	138
	Employee Investment Funds	(14		)	34
	Total investment gains, net	$	587		$	172
	FATV
	The Company has an equity-method investment in FATV of approximately $18.2 million and $17.6 million at March 31, 2014 and December 31, 2013, 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 the general partner of FATV.  There were no material open commitments to fund this portfolio at March 31, 2014.  At March 31, 2014 and December 31, 2013, total Partnership capital for all investors in FATV equaled $79.7 million and $77.3 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 March 31, 2014 and December 31, 2013.  The Company’s share of management fee income derived from the Partnership for the three months ended March 31, 2014 and 2013 $0.1 million and $0.2 million, respectively.
	Employee Investment Funds
	The Employee Investment Funds (“EIF”) were limited liability companies which were established by the Company for the purpose of having select employees invest in private equity securities.  The last remaining EIF is managed by Broadpoint Management Corp., a wholly-owned subsidiary of the Company.  The Company consolidated EIF resulting in approximately $1.3 million and $1.3 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 March 31, 2014 and December 31, 2013, respectively.
	In addition, accrued management fees and other expense reimbursements of approximately $0.3 million and $0.3 million at March 31, 2014 and December 31, 2013, respectively, are due to the Company and should be settled when the EIF portfolio company investment is harvested.  These receivables are recorded within Receivable from others in the Consolidated Statements of Financial Condition.  Refer to Note 6 herein.
	Other Investments
	The Company held other investments which were investments in privately held companies that were strategically aligned with the operations of the Company conducted at the respective times of investment.  At March 31, 2014 and December 31, 2013, the Company had ascribed no fair value to such investments and for the three months ending March 31, 2014 and March 31, 2013, such investments had no impact on the Company’s Consolidated Statements of Operations.
	Other investments include warrants held by the Company in a privately held newly-formed commercial mortgage origination company (“investee”).  The warrants are exercisable for an aggregate exercise price of $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 March 31, 2014 and December 31, 2013 as the warrants cannot be net settled and are not readily convertible to cash.

Office_Equipment_and_Leasehold

Office Equipment and Leasehold Improvements	3 Months Ended
	Mar. 31, 2014
Office Equipment and Leasehold Improvements	'
Office Equipment and Leasehold Improvements	'
	9.                            Office Equipment and Leasehold Improvements
	Refer to Note 1 within the footnotes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 for a discussion of the accounting policy related to office equipment and leasehold improvements.
	Office equipment and leasehold improvements consist of the following:
	(In thousands of dollars)	March 31,			December 31,
		2014			2013
	Communications and data processing equipment	$	279		$	279
	Software	62			62
	Total	341			341
	Less: accumulated depreciation and amortization	(239		)	(226		)
	Total office equipment and leasehold improvements, net	$	102		$	115

Other_Assets

Other Assets	3 Months Ended
	Mar. 31, 2014
Other Assets	'
Other Assets	'
	10.                     Other Assets
	Other assets consist of the following:
	(In thousands of dollars)	March 31,		December 31,
		2014		2013
	Prepaid expenses	$	2,696	$	3,028
	Collateral deposits — office leases	477		486
	Other	383		376
	Total other assets	$	3,556	$	3,890

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies	'
Commitments and Contingencies	'
	11.                     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 and John Griff 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.  Messrs. Hughes and Griff also seek reimbursement for their legal fees, which could be significant, incurred in connection with bringing this action against the Company.  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.  The Company has incurred, and may continue to incur, substantial expenses, including legal fees in connection with this matter.  In addition, there can be no assurance that the Company will not incur losses in connection with this matter that are material to the Company’s financial statements.
	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 March 31, 2014), 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 March 31, 2014, and we consider all unvested equity awards previously held by them to have been forfeited.
	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 not recognize any such recoveries unless and until realized.  In pursuing these claims, the Company has incurred, and may continue to incur, substantial expenses, including legal fees.
	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 legal costs which could be significant, incurred by the Company defending against these matters.  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.
	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, other than with respect to associated legal fees, the Company does not believe that any current litigation, proceeding, claim or other matter to which it is a party or otherwise involved will have a material adverse effect on its financial statements.  However, there can be no assurance that the Company will not incur losses in connection with these matters that are material to the Company’s financial statements.
	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.  During the three months ended March 31, 2014, the Company recognized compensation expense of approximately $0.5 million in connection with these Employment Agreements.  A liability of approximately $1.4 million and $0.9 million at March 31, 2014 and December 31, 2013, respectively (which has been reduced by approximately $1.0 million of payments to date), is included within Accrued compensation within the Consolidated Statements of Financial Condition.
	Other Compensation Matters
	As a result of the Company’s restructuring in the second quarter of 2013, 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 payment of guaranteed bonus compensation contingent upon continued service through such specified dates.  These bonus obligations totaled approximately $0.9 million in the aggregate (of which approximately $0.8 million has been paid).  The Company’s liability accrued at March 31, 2014 and December 31, 2013 is less than $0.1 million as substantially all compensation recognized to date has been paid.
	During the three months ended March 31, 2014, the Company recognized compensation expense of $0.1 million related to these agreements.
	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 and is required to maintain such account until February 22, 2016 (the third anniversary of the closing date).  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 the 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 during the year ended December 31, 2013, in connection with two loan repurchase requests (currently estimated to be less than $0.1 million and not yet paid) and (ii) reimbursements of premiums received in connection with certain loans that refinanced within 180 days following the date of purchase by Homeward during the year ended December 31, 2013 (approximately $0.1 million and not yet paid).  No additional obligations were incurred by ClearPoint during the three months ended March 31, 2014.
	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 during the year ended December 31, 2013 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.  No such obligations were incurred by ClearPoint during the three months ended March 31, 2014.
	ClearPoint maintains a reserve for the previously discussed loan repurchase and indemnification claims.  At March 31, 2014 and December 31, 2013 this reserve was approximately $0.4 million and $0.4 million, respectively, and is included within Payable to others in the Consolidated Statements of Financial Condition.
	Leases
	The Company currently operates from three office locations within approximately 6,000 square feet of space.  In addition, the Company has remaining lease commitments for office space no longer in use, which was abandoned in connection with the Company’s previously disclosed restructurings.  Future minimum annual lease payments for the Company’s remaining lease commitments, and sublease rental income as of March 31, 2014, are disclosed within the table below.  These leases expire at various times through 2015.
	(In thousands of dollars)	Future		Sublease Rental		Net Lease
		Minimum		Income		Payments
		Lease
		Payments
	2014 (remaining)	$	1,026	$	730	$	296
	2015	712		530		182
	Total	$	1,738	$	1,260	$	478
	One of the Company’s three office locations is space currently being sublet from Capstone.  This arrangement commenced on November 15, 2013 and currently provides for monthly base rental payments of approximately $7,600, 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 (and as a result, is not included within the table above).  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 three months ended March 31, 2014 and March 31, 2013 was approximately $65,000 and $141,000, respectively.
	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 to make 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	3 Months Ended
	Mar. 31, 2014
Income Taxes	'
Income Taxes	'
	12.                     Income Taxes
	Refer to Note 1 within the footnotes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 for a discussion of the accounting policy related to income taxes and further information regarding the Company’s net operating losses (“NOLs”).  During interim periods, the Company calculates and reports an estimated annual effective income tax rate pursuant to ASC 740-270, “Income Taxes — Interim Reporting.”
	The Company provided for a full valuation allowance against NOLs generated during the three months ended March 31, 2014 and 2013, resulting in no income tax benefit.  In the event that the Company experiences an ownership change under Internal Revenue Code Section 382, the Company’s NOLs would be fully impaired (reduced nearly to zero).  Income tax expense from continuing operations of approximately $14,000 and $39,000 for the three months ended March 31, 2014 and March 31, 2013, respectively, is primarily due to interest expense on uncertain tax positions.

StockBased_Compensation_Plans

Stock-Based Compensation Plans	3 Months Ended
	Mar. 31, 2014
Stock-Based Compensation Plans	'
Stock-Based Compensation Plans	'
	13.                     Stock-Based Compensation Plans
	Refer to Note 1 within the footnotes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 for a discussion of the accounting policy related to stock-based compensation.
	The Company recognized stock-based compensation expense related to its various employee and non-employee director stock-based incentive plans, as follows:
		Three Months Ended
		March 31,
	(In thousands of dollars)	2014		2013
	Continuing operations	$	69	$	795
	Discontinued operations	—		312
	Total	$	69	$	1,107

Net_Capital_Requirements

Net Capital Requirements	3 Months Ended
	Mar. 31, 2014
Net Capital Requirements	'
Net Capital Requirements	'
	14.                     Net Capital Requirements
	Gleacher Securities is currently 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 March 31, 2014, Gleacher Securities had net capital, as defined by the Net Capital Rule, of $30.0 million, which was $29.7 million in excess of the approximately $0.3 million required minimum net capital.
	Gleacher Partners, LLC is also currently subject to the Net Capital Rule and has also elected to use the alternative method permitted by the rule.  As of March 31, 2014, 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 approximately $0.3 million required minimum net capital.
	Both Gleacher Securities and Gleacher Partners, LLC have submitted Form BDWs on April 1, 2014 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.

Restructurings

Restructurings	3 Months Ended
	Mar. 31, 2014
Restructurings	'
Restructuring	'
	15.                     Restructurings
	Investment Banking and Fixed Income Businesses (2nd Quarter of 2013)
	The Company discontinued 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 16 herein for additional information.
	ClearPoint — Homeward Transaction (1st Quarter of 2013)
	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 16 herein for additional information.
	There were no restructuring charges incurred during the three months ended March 31, 2014.  The following table summarizes the restructuring charges incurred by the Company for the three months ended March 31, 2013 (all of which relate to ClearPoint), which have been recorded as a component of discontinued operations:
		Three Months
		Ended
	(In thousands of dollars)	March 31, 2013
	Cash Charges:
	ClearPoint
	Severance and other compensation	$	1,263
	Third party vendor contracts and other costs	161
	Total — Cash Charges:	$	1,424
	Non-Cash Charges:
	ClearPoint
	Intangible asset impairment	$	587
	Deferred compensation and other charges	448
	Total — Non-Cash Charges:	$	1,035
	Restructuring expenses — Total:	$	2,459
	The following table summarizes the changes in the Company’s liability related to the restructurings for the three months ended March 31, 2014:
	(In thousands of dollars)
	Balance — December 31, 2013	$	2,491
	Restructuring expense	—
	Less: Non-cash charges	—
	Payments for third party vendor contracts	(332		)
	Payments for lease commitments, net of sublease income	(136		)
	Restructuring reserve — March 31, 2014	$	2,023
	The Company’s remaining obligation associated with these exits at March 31, 2014 was approximately $2.0 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 three months.  No other material charges are expected to be incurred.

Discontinued_Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2014
Discontinued Operations	'
Discontinued Operations	'
	16.                     Discontinued Operations
	As previously disclosed, the Company discontinued operations in its Investment Banking and Fixed Income businesses during the second quarter of 2013.  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 for the three months ended March 31, 2014 and 2013 related to these discontinued operations are presented in the following table.
		Three Months Ended
		March 31,
	(In thousands of dollars)	2014			2013
	Net revenue
	Investment Banking	$	—		$	15,033
	MBS & Rates	—			(723		)
	Credit Products	—			11,825
	ClearPoint	—			4,408
	Equities division	—			76
	Other items reclassified from continuing operations (Note 1)	—			632
	Total net revenue	—			31,251
	Total expenses (excluding restructuring expense)
	Investment Banking	147			11,688
	MBS & Rates	118			7,533
	Credit Products	142			12,242
	ClearPoint	56			6,153
	Equities division	6			42
	Other items reclassified from continuing operations (Note 1)	—			2,821
	Total expenses (excluding restructuring expense)	469			40,479
	(Loss)/income from discontinued operations before income taxes (excluding restructuring expense)
	Investment Banking	(147		)	3,345
	MBS & Rates	(118		)	(8,256		)
	Credit Products	(142		)	(417		)
	ClearPoint	(56		)	(1,745		)
	Equities division	(6		)	34
	Other items reclassified from continuing operations	—			(2,189		)
	Subtotal	(469		)	(9,228		)
	Restructuring expense (Note 15)	—			(2,459		)
	Loss from discontinued operations before income taxes	(469		)	(11,687		)
	Income tax expense	48			46
	Loss from discontinued operations, net of taxes	$	(517	)	$	(11,733	)

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2014
Related Party Transactions	'
Related Party Transactions	'
	17.                     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 three months ended March 31, 2014, the Company incurred approximately $0.6 million in connection with this agreement.
	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 cash of approximately $0.2 million (included within payable to related parties), as well as 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.  The Company’s receivable for this indemnification claim at March 31, 2014 and December 31, 2013 was $0.9 million and $0.9 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’s remaining obligation of approximately $0.2 million at March 31, 2014 and December 31, 2013 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)	March 31,		December 31,
		2014		2013
	Receivables from related parties
	Former stockholders of Gleacher Partners, Inc.	$	872	$	856
	Payables to related parties
	Former stockholders of Gleacher Partners, Inc.	$	399	$	399
	Capstone	75		76
	Payables to related parties - total	$	474	$	475

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events	'
Subsequent Events	'
	18.                     Subsequent Events
	The Company evaluated subsequent events through the date of issuance of the accompanying consolidated financial statements.  There were no events requiring disclosure.

Basis_of_Presentation_Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2014
Basis of Presentation	'
Planned Dissolution and Liquidation	'
	Planned Dissolution and Liquidation
	The Company has been engaged in a lengthy and intensive evaluation of potential strategic alternatives in order to preserve and maximize stockholder value.  The Board of Directors and the Company, together with its external advisors, devoted substantial time and effort to identifying and pursuing strategic opportunities to further enhance stockholder value and reduce risk.  However, at a meeting of the Board of Directors on March 12, 2014, the Board of Directors concluded that no strategic alternative that had been identified to date would yield any opportunities viewed by the Board of Directors as reasonably likely to provide greater realizable value, or a greater reduction in risk, to stockholders than the complete dissolution and liquidation of the Company.
	At this meeting, the Board of Directors determined that it is advisable and in the best interests of the Company and our stockholders for the Company to dissolve, liquidate and distribute to stockholders its available assets.  At a meeting on April 4, 2014, the Board of Directors confirmed its determination that it is advisable and in the best interests of the Company and its stockholders for the Company to dissolve, approved and declared advisable the dissolution and liquidation of the Company, approved and adopted the Plan of Dissolution and recommended approval of the Plan of Dissolution to its stockholders.  At the Company’s 2014 Annual Meeting, the Company’s stockholders will be asked to approve the voluntary dissolution and liquidation of the Company pursuant to the Plan of Dissolution.  The Company’s proxy materials filed with the Securities and Exchange Commission provides further information regarding these matters discussed above.
	If the dissolution and liquidation of the Company pursuant to the Plan of Dissolution is approved by the Company’s stockholders, the Company plans to file a Certificate of Dissolution with the Delaware Secretary of State no sooner than seven days, and likely no later than 45 days, thereafter, cease all of the Company’s business activities except those related to winding up and liquidating the Company’s business and to preserve the value of its assets, complete the liquidation of its remaining assets, satisfy or make provision for its remaining claims and obligations in accordance with Delaware law, and make distributions to its stockholders of available liquidation proceeds, if any.  This is expected to be a multi-year process.
	In addition, if the Company’s stockholders approve the dissolution and liquidation of the Company pursuant to the Plan of Dissolution, the Company will also initiate a process to delist its common stock from the NASDAQ Global Market.  However, the Company has limited control over its continued listing status, and NASDAQ may decide to delist the Company at any time.  A delisting would limit trading activity and liquidity in the Company’s common stock, among other matters.
	The Company’s planned dissolution and liquidation of the Company pursuant to the Plan of Dissolution could be abandoned by the Company’s Board of Directors for any reason, including if a more attractive transaction became available to the Company, prior to the filing of the Certificate of Dissolution.
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.  During the second quarter of 2013, the Company discontinued 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 Company’s residential mortgage lending operations, conducted through its subsidiary ClearPoint Funding, Inc. (“ClearPoint”) was discontinued, and the business sold to Homeward Residential, Inc. (“Homeward”) in February 2013 (the “Homeward Transaction”).  As of May 9, 2014, the Company had 10 employees.
	On May 31, 2013, the Company entered into an engagement agreement with Capstone Advisory Group, LLC (“Capstone”) and Mr. Christopher J. Kearns, an Executive Director of Capstone and member of the firm. In connection with this agreement, the Board of Directors appointed Mr. Kearns as the Company’s Chief Restructuring Officer and Chief Executive Officer.  Under the terms of this agreement, Capstone was and continues to be engaged in providing a number of services to the Company related to overseeing the operations of the Company, has assisted with an exploration of strategic alternatives and is assisting with the execution of our selected course of action.
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, pursuant to its Plan of Dissolution, which is subject to stockholder approval.  If this proposal is approved by the Company’s stockholders, 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 dissolution proposal also contemplates a further, orderly wind-up of the Company’s business and operations and 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.
	These financial statements have been prepared on a going concern basis, as required by accounting principles generally accepted in the United States of America (“GAAP”).  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.
Reclassifications	'
	Reclassifications
	Certain amounts in the prior period 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 were reported as discontinued operations, beginning in the second quarter of 2013.  Refer to Notes 15 and 16 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 prior three-month period ending March 31, 2013 as follows:
		March 31,
	(In thousands of dollars)	2013
	Items reclassified as discontinued operations
	Revenue
	Net interest income	$	632
	Total revenues:	632
	Expenses
	Compensation expense	1,520
	Professional fees	388
	Occupancy expense	591
	Goodwill and intangible asset impairment	—		-1
	Communications and data processing	165
	Other	157
	Total expenses:	2,821
	Net items reclassified to discontinued operations	$	2,189
	(1)  Impairment of intangible assets of $0.6 million for the three months ended March 31, 2013, recognized in connection with the Company’s exits from ClearPoint is recorded as restructuring expense and included within discontinued operations (Note 15 and Note 16).
	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 prior year share and share-related information herein has been adjusted, to the extent necessary, to reflect this reverse stock split.
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 adoption of ASU 2013-11 did not 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 the Company’s proposed dissolution and liquidation, discussed above, requires the affirmative vote from the holders of a majority of its outstanding stock.  Therefore liquidation is not imminent.  Refer to “Going Concern and Basis of Presentation” above for additional information.

Basis_of_Presentation_Tables

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2014
Basis of Presentation	'
Schedule of certain items reclassified as discontinued operations	'
		March 31,
	(In thousands of dollars)	2013
	Items reclassified as discontinued operations
	Revenue
	Net interest income	$	632
	Total revenues:	632
	Expenses
	Compensation expense	1,520
	Professional fees	388
	Occupancy expense	591
	Goodwill and intangible asset impairment	—		-1
	Communications and data processing	165
	Other	157
	Total expenses:	2,821
	Net items reclassified to discontinued operations	$	2,189
	(1)  Impairment of intangible assets of $0.6 million for the three months ended March 31, 2013, recognized in connection with the Company’s exits from ClearPoint is recorded as restructuring expense and included within discontinued operations (Note 15 and Note 16).

LossEarnings_Per_Common_Share_

(Loss)/Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2014
(Loss)/Earnings Per Common Share	'
Schedule of weighted average shares outstanding	'
		Three Months Ended
		March 31,
	(In thousands of shares)	2014	2013
	Weighted average shares for basic (loss)/earnings per share	6,181	5,976
	Effect of dilutive common share equivalents	—	—
	Weighted average shares and dilutive common share equivalents for dilutive (loss)/earnings per share	6,181	5,976

Receivables_from_Brokers_Deale1

Receivables from Brokers, Dealers, and Clearing Organizations (Tables)	3 Months Ended
	Mar. 31, 2014
Receivables from Brokers, Dealers, and Clearing Organizations	'
Schedule of amounts receivable from and payable to brokers, dealers and clearing organizations	'
	(In thousands of dollars)	March 31,		December 31,
		2014		2013
	Receivables from clearing organizations	$	2,086	$	2,117
	Deposits with clearing organizations	500		7,056
	Total receivables	$	2,586	$	9,173

Receivables_from_and_Payables_1

Receivables from and Payables to Others (Tables)	3 Months Ended
	Mar. 31, 2014
Receivables from and Payables to Others	'
Schedule of amount receivable from and payable to others	'
	(In thousands of dollars)	March 31,		December 31,
		2014		2013
	Loans receivable	$	—	$	600
	Loans receivable - reserve	—		(400		)
	Insurance receivable	262		209
	Management fees and other — Employee Investment Funds (Refer to Note 8)	267		258
	Loans and advances	135		126
	Receivable from Homeward — transition services	49		46
	Others	132		69
	Total receivables from others	$	845	$	908
	Payable to employees for the Employee Investment Funds (Refer to Note 8)	$	926	$	939
	Loan loss reserves — ClearPoint (Refer to Note 11)	431		431
	Draft payables	103		238
	Others	38		260
	Total payables to others	$	1,498	$	1,868

Financial_Instruments_Tables

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

Financial Instruments

'

Schedule of Disclosure About Significant Unobservable Inputs

'

Valuation Technique

Unobservable Input

Range (Weighted Average)

Market comparable companies

Enterprise value/Revenue multiple

2.4x – 6.6x (4.9x)

Discount applied to multiples

26% - 35% (27%)

Venture capital method

Enterprise value/EBITDA multiple

5.0x

Discount applied to enterprise value

55%

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%

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

'

(In thousands of dollars)

Balance at

Total gains or

Purchases

Sales

Settlements

Transfers in

Balance at

Changes in

December 31,

(losses)

and/or out of

March 31,

unrealized

2013

(realized and

Level 3

2014

gains/(losses)

unrealized)

on Level 3

assets still

held at the

reporting date

Investments

$

18,889

$

587

$

—

$

—

$

—

$

—

$

19,476

$

587

Investments_Tables

Investments (Tables)	3 Months Ended
	Mar. 31, 2014
Investments	'
Schedule of fair value information regarding investments	'
	(In thousands of dollars)	March 31,			December 31,
		2014			2013
	Investment in FATV(1)	$	18,226		$	17,624
	Employee Investment Funds, net of Company’s ownership interest	1,250			1,265
	Other investments	—			—
	Total Investments	$	19,476		$	18,889
	(1)    Excludes the Company’s share of carried interest in FATV of approximately $3.0 million and $2.9 million at March 31, 2014 and December 31, 2013, respectively, which is unrecognized as collection is not reasonably assured.
Schedule of investment gains and losses	'
		Three Months Ended
		March 31,
	(In thousands of dollars)	2014			2013
	Investment in FATV	$	601		$	138
	Employee Investment Funds	(14		)	34
	Total investment gains, net	$	587		$	172

Office_Equipment_and_Leasehold1

Office Equipment and Leasehold Improvements (Tables)	3 Months Ended
	Mar. 31, 2014
Office Equipment and Leasehold Improvements	'
Schedule of office equipment and leasehold improvements	'
	(In thousands of dollars)	March 31,			December 31,
		2014			2013
	Communications and data processing equipment	$	279		$	279
	Software	62			62
	Total	341			341
	Less: accumulated depreciation and amortization	(239		)	(226		)
	Total office equipment and leasehold improvements, net	$	102		$	115

Other_Assets_Tables

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2014
Other Assets	'
Schedule of other assets	'
	(In thousands of dollars)	March 31,		December 31,
		2014		2013
	Prepaid expenses	$	2,696	$	3,028
	Collateral deposits — office leases	477		486
	Other	383		376
	Total other assets	$	3,556	$	3,890

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies	'
Schedule of future minimum annual lease payments, and sublease rental income	'
	(In thousands of dollars)	Future		Sublease Rental		Net Lease
		Minimum		Income		Payments
		Lease
		Payments
	2014 (remaining)	$	1,026	$	730	$	296
	2015	712		530		182
	Total	$	1,738	$	1,260	$	478

StockBased_Compensation_Plans_

Stock-Based Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2014
Stock-Based Compensation Plans	'
Schedule of stock-based compensation expense related to various employee and non-employee director stock-based incentive plans	'
		Three Months Ended
		March 31,
	(In thousands of dollars)	2014		2013
	Continuing operations	$	69	$	795
	Discontinued operations	—		312
	Total	$	69	$	1,107

Restructurings_Tables

Restructurings (Tables)	3 Months Ended
	Mar. 31, 2014
Restructurings	'
Summary of restructuring charges	'
		Three Months
		Ended
	(In thousands of dollars)	March 31, 2013
	Cash Charges:
	ClearPoint
	Severance and other compensation	$	1,263
	Third party vendor contracts and other costs	161
	Total — Cash Charges:	$	1,424
	Non-Cash Charges:
	ClearPoint
	Intangible asset impairment	$	587
	Deferred compensation and other charges	448
	Total — Non-Cash Charges:	$	1,035
	Restructuring expenses — Total:	$	2,459
Schedule of changes in the company's liability related to restructuring	'
	(In thousands of dollars)
	Balance — December 31, 2013	$	2,491
	Restructuring expense	—
	Less: Non-cash charges	—
	Payments for third party vendor contracts	(332		)
	Payments for lease commitments, net of sublease income	(136		)
	Restructuring reserve — March 31, 2014	$	2,023

Discontinued_Operations_Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2014
Discontinued Operations	'
Schedule of amounts reflected in the Consolidated Statements of Operations related to discontinued operations	'
		Three Months Ended
		March 31,
	(In thousands of dollars)	2014			2013
	Net revenue
	Investment Banking	$	—		$	15,033
	MBS & Rates	—			(723		)
	Credit Products	—			11,825
	ClearPoint	—			4,408
	Equities division	—			76
	Other items reclassified from continuing operations (Note 1)	—			632
	Total net revenue	—			31,251
	Total expenses (excluding restructuring expense)
	Investment Banking	147			11,688
	MBS & Rates	118			7,533
	Credit Products	142			12,242
	ClearPoint	56			6,153
	Equities division	6			42
	Other items reclassified from continuing operations (Note 1)	—			2,821
	Total expenses (excluding restructuring expense)	469			40,479
	(Loss)/income from discontinued operations before income taxes (excluding restructuring expense)
	Investment Banking	(147		)	3,345
	MBS & Rates	(118		)	(8,256		)
	Credit Products	(142		)	(417		)
	ClearPoint	(56		)	(1,745		)
	Equities division	(6		)	34
	Other items reclassified from continuing operations	—			(2,189		)
	Subtotal	(469		)	(9,228		)
	Restructuring expense (Note 15)	—			(2,459		)
	Loss from discontinued operations before income taxes	(469		)	(11,687		)
	Income tax expense	48			46
	Loss from discontinued operations, net of taxes	$	(517	)	$	(11,733	)

Related_Party_Transactions_Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2014
Related Party Transactions	'
Schedule of amounts receivable from or payable to related parties	'
	(In thousands of dollars)	March 31,		December 31,
		2014		2013
	Receivables from related parties
	Former stockholders of Gleacher Partners, Inc.	$	872	$	856
	Payables to related parties
	Former stockholders of Gleacher Partners, Inc.	$	399	$	399
	Capstone	75		76
	Payables to related parties - total	$	474	$	475

Basis_of_Presentation_Details

Basis of Presentation (Details)	3 Months Ended		3 Months Ended
	Mar. 31, 2014	9-May-14	Jun. 30, 2013
		Subsequent event	Exit of Fixed Income and Investment Banking businesses
		employee	employee
Basis of Presentation	'	'	'
Minimum period within which Certificate of Dissolution will be filed	'7 days	'	'
Maximum period within which Certificate of Dissolution will be filed	'45 days	'	'
Basis of Presentation	'	'	'
Number of employees impacted	'	'	150
Number of employees	'	10	'

Basis_of_Presentation_Details_

Basis of Presentation (Details 2) (USD $)	0 Months Ended	3 Months Ended
In Thousands, unless otherwise specified	30-May-13	Mar. 31, 2014	Mar. 31, 2013
Revenue	'	'	'
Total revenues	'	$792	$341
Expenses	'	'	'
Compensation expense	'	1,444	2,523
Professional fees	'	2,745	2,510
Occupancy expense	'	158	307
Communications and data processing	'	164	406
Other	'	551	794
Total expenses	'	5,062	6,540
Restructuring expenses	'	'	2,459
Reverse stock split ratio	0.05	'	'
Items reclassified as discontinued operations	'	'	'
Revenue	'	'	'
Net interest income	'	'	632
Total revenues	'	'	632
Expenses	'	'	'
Compensation expense	'	'	1,520
Professional fees	'	'	388
Occupancy expense	'	'	591
Communications and data processing	'	'	165
Other	'	'	157
Total expenses	'	'	2,821
Net items reclassified to discontinued operations	'	'	-2,189
Items reclassified as discontinued operations | Intangible asset impairment	'	'	'
Expenses	'	'	'
Restructuring expenses	'	'	$600

LossEarnings_Per_Common_Share_1

(Loss)/Earnings Per Common Share (Details)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
(Loss)/Earnings Per Common Share	'	'
Weighted average shares for basic (loss)/earnings per share	6,181,000	5,976,000
Weighted average shares and dilutive common share equivalents for dilutive (loss)/earnings per share	6,181,000	5,976,000
Stock options	'	'
Loss Per Common Share	'	'
Anti-dilutive securities excluded from computation of dilutive loss per share (in shares)	330,000	455,000
Restricted stock	'	'
Loss Per Common Share	'	'
Anti-dilutive securities excluded from computation of dilutive loss per share (in shares)	6,900	175,000
Restricted stock units (RSUs)	'	'
Loss Per Common Share	'	'
Anti-dilutive securities excluded from computation of dilutive loss per share (in shares)	4,400	205,000

Cash_and_Cash_Equivalents_Deta

Cash and Cash Equivalents (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Cash and Cash Equivalents	'	'
Cash equivalents	$3.50	$3.80
Approximate cash and cash equivalents held at one financial institution	$44.80	$28.50

Cash_and_Securities_Segregated1

Cash and Securities Segregated for Regulatory and Other Purposes (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Cash and Securities Segregated for Regulatory and Other Purposes	'	'
Cash on deposit in connection with ClearPoint's loan origination activities included in segregated cash	$0	'
Cash segregated in special reserve bank account for exclusive benefit of customer	'	1
ClearPoint | Homeward	'	'
Cash and Securities Segregated for Regulatory and Other Purposes	'	'
Cash on deposit in connection with ClearPoint's loan origination activities included in segregated cash	$5	$5
Period following the closing date for escrow account	'3 years	'

Receivables_from_Brokers_Deale2

Receivables from Brokers, Dealers, and Clearing Organizations (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Receivables from Brokers, Dealers, and Clearing Organizations	'	'
Receivable from clearing organizations	$2,086,000	$2,117,000
Deposits with clearing organizations	500,000	7,056,000
Total receivables	2,586,000	9,173,000
Deposits with clearing organizations returned	$6,600,000	'

Receivables_from_and_Payables_2

Receivables from and Payables to Others (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Receivables from and Payables to Others	'	'
Loans receivable	'	$600
Loans receivable - reserve	'	-400
Insurance receivable	262	209
Management fees and other expense reimbursements	267	258
Loans and advances	135	126
Receivable from Homeward - transition services	49	46
Others	132	69
Total receivables from others	845	908
Payable to employees for the Employee Investment Funds	926	939
Loan loss reserves - ClearPoint	431	431
Draft payables	103	238
Others	38	260
Total payables to others	$1,498	$1,868

Financial_Instruments_Details

Financial Instruments (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Disclosure About Significant Unobservable Inputs	'	'
Investments	19,476,000	18,889,000
Level 1	'	'
Disclosure About Significant Unobservable Inputs	'	'
Cash equivalents	3,500,000	3,800,000
Financial instruments owned related to legacy deferred compensation plans	700,000	700,000
Investments | Level 3	'	'
Disclosure About Significant Unobservable Inputs	'	'
Investments	19,500,000	18,900,000
Investments | Level 3 | Market comparable companies | Minimum	'	'
Disclosure About Significant Unobservable Inputs	'	'
Enterprise value/Revenue multiple	2.4	2.7
Discount rate (as a percent)	26.00%	30.00%
Investments | Level 3 | Market comparable companies | Maximum	'	'
Disclosure About Significant Unobservable Inputs	'	'
Enterprise value/Revenue multiple	6.6	7
Discount rate (as a percent)	35.00%	35.00%
Investments | Level 3 | Market comparable companies | Weighted average	'	'
Disclosure About Significant Unobservable Inputs	'	'
Enterprise value/Revenue multiple	4.9	5.5
Discount rate (as a percent)	27.00%	30.00%
Investments | Level 3 | Venture capital method | Weighted average	'	'
Disclosure About Significant Unobservable Inputs	'	'
Enterprise value/EBITDA multiple	5	5
Discount rate (as a percent)	55.00%	55.00%
Investment in FATV	'	'
Disclosure About Significant Unobservable Inputs	'	'
Investments	18,226,000	17,624,000
Investment in FATV | Level 3	'	'
Disclosure About Significant Unobservable Inputs	'	'
Investments	18,200,000	17,600,000
Number of privately held companies	6	6

Financial_Instruments_Details_

Financial Instruments (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Financial Instruments	'
Transfers of assets between Level 1 to Level 2	$0
Transfers of liabilities between Level 1 to Level 2	0
Transfers of assets between Level 2 to Level 1	0
Transfers of liabilities between Level 2 to Level 1	0
Investments	'
Changes in the company's Level 3 financial instruments	'
Balance at the beginning of the period	18,889
Total gains or (losses) (realized and unrealized)	587
Balance at the end of the period	19,476
Changes in unrealized gains/(losses) on Level 3 assets still held at the reporting date	$587

Investments_Details

Investments (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Investments	'	'	'
Fair value of investments	$19,476,000	'	$18,889,000
Total investment gains, net	587,000	172,000	'
Unrecognized carried interest	3,000,000	'	2,900,000
Payable to former employees	926,000	'	939,000
Management fees and other expense reimbursements	267,000	'	258,000
Investment in FATV	'	'	'
Investments	'	'	'
Fair value of investments	18,226,000	'	17,624,000
Total investment gains, net	601,000	138,000	'
Open commitments to fund portfolio	0	'	'
Total partnership capital	79,700,000	'	77,300,000
Share in management fee income	100,000	200,000	'
Employee Investment Funds, net of the Company's ownership interest	'	'	'
Investments	'	'	'
Fair value of investments	1,250,000	'	1,265,000
Total investment gains, net	-14,000	34,000	'
Payable to former employees	900,000	'	900,000
Management fees and other expense reimbursements	300,000	'	300,000
Other investments	'	'	'
Investments	'	'	'
Fair value of investments	0	'	0
Warrants granted on redemption of investments in privately held companies	'	'	'
Investments	'	'	'
Fair value of investments	$0	'	$0
Aggregate exercise price of warrants (in dollars per share)	$1	'	'
Warrants granted on redemption of investments in privately held companies | Minimum	'	'	'
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	'	'	'
Investments	'	'	'
Ownership interest in investee due to warrant exercise on occurrence of liquidity event (as a percent)	2.20%	'	'

Office_Equipment_and_Leasehold2

Office Equipment and Leasehold Improvements (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Office equipment and leasehold improvements	'	'
Total	$341	$341
Less: accumulated depreciation and amortization	-239	-226
Total office equipment and leasehold improvements, net	102	115
Communications and data processing equipment	'	'
Office equipment and leasehold improvements	'	'
Total	279	279
Software	'	'
Office equipment and leasehold improvements	'	'
Total	$62	$62

Other_Assets_Details

Other Assets (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Other Assets	'	'
Prepaid expenses	$2,696	$3,028
Collateral deposits - office leases	477	486
Other	383	376
Total other assets	$3,556	$3,890

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Feb. 14, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Aug. 31, 2012

Sep. 17, 2013

Mar. 31, 2014

24-May-13

Mar. 31, 2014

Indemnification guaranties

Homeward

ClearPoint

ClearPoint

ClearPoint

ClearPoint

ClearPoint

ClearPoint

Other employees

Other employees

Other employees

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

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

Senior Management Compensation and Retention Plan

Senior Management Compensation and Retention Plan

Arbitration - Thomas Hughes and John Griff

Arbitration - Thomas Hughes and John Griff

Arbitration - Thomas Hughes and John Griff

Arbitration - Thomas Hughes and John Griff

ClearPoint

Indemnification guaranties

Indemnification guaranties

Homeward

Homeward

Homeward

Maximum

Maximum

General Counsel and Controller

General Counsel and Controller

Former Chief Executive Officer and Former Chief Operating Officer

Change in control

Senior Management Compensation and Retention Plan

Senior Management Compensation and Retention Plan

Senior Management Compensation and Retention Plan

Senior Management Compensation and Retention Plan

ClearPoint

loan

Indemnification guaranties

Indemnification guaranties

Indemnification guaranties

Chief Executive Officer and Chief Operating Officer

Chief Executive Officer and Chief Operating Officer

Change in control

Change in control

loan

Maximum

Chief Executive Officer and Chief Operating Officer

Chief Executive Officer and Chief Operating Officer

Commitments and contingencies

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$7,000,000

$0

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'6 months

'

'

'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

1,932,000

1,907,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

'

Bonus guarantees to certain officers

'

'

'

'

'

'

'

'

'

'

'

'

'

3,550,000

'

'

'

'

'

'

'

Compensation expense

'

'

'

'

'

'

'

'

'

'

'

'

'

500,000

'

'

'

'

'

'

'

Accrued compensation

'

'

'

'

'

'

'

'

'

'

'

100,000

100,000

1,400,000

900,000

'

'

'

'

'

'

Compensation paid

'

'

'

'

'

'

'

'

'

'

800,000

'

'

1,000,000

'

'

'

'

'

'

'

Other Compensation Matters

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Bonus guarantees to other employees

'

'

'

'

'

'

'

'

'

'

900,000

'

'

'

'

'

'

'

'

'

'

Compensation charge

'

'

'

'

'

'

'

'

'

'

100,000

'

'

'

'

'

'

'

'

'

'

Escrow Deposit

0

'

'

'

'

'

'

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

'

'

'

'

'

'

2

'

2

'

'

'

'

'

'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

Additional obligations

'

'

0

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount of indemnification obligations paid

'

'

'

'

'

'

100,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reserve for loan repurchases and indemnification claims

'

'

'

'

$400,000

$400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Commitments_and_Contingencies_2

Commitments and Contingencies (Details 2) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
	item
	sqft
Commitments and Contingencies	'	'
Number of office locations	3	'
Area of office (in square feet)	6,000	'
Future Minimum Lease Payments	'	'
2014 (remaining)	$1,026,000	'
2015	712,000	'
Total	1,738,000	'
Sublease Rental Income	'	'
2014 (remaining)	730,000	'
2015	530,000	'
Total	1,260,000	'
Net Lease Payments	'	'
2014 (remaining)	296,000	'
2015	182,000	'
Total	478,000	'
Rental expense, net of sublease rental income	65,000	141,000
Capstone	'	'
Commitments and contingencies	'	'
Monthly base rental income from sublease	$7,600	'
Minimum notice period required for adjusting space needs under sublease arrangements	'30 days	'

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Income Taxes	'	'
Income tax benefit from NOLs after valuation allowance	$0	$0
Income tax expense from continuing operations	$14,000	$39,000

StockBased_Compensation_Plans_1

Stock-Based Compensation Plans (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Stock-Based Compensation Plans	'	'
Continuing operations	$69	$795
Discontinued operations	'	312
Total	$69	$1,107

Net_Capital_Requirements_Detai

Net Capital Requirements (Details) (USD $)	Mar. 31, 2014
In Millions, unless otherwise specified
Gleacher Securities	'
Net Capital Requirements	'
Required minimum net capital	$30
Excess net capital	29.7
Minimum net capital under the alternative method	0.3
Gleacher Partners, LLC	'
Net Capital Requirements	'
Required minimum net capital	0.9
Excess net capital	0.6
Minimum net capital under the alternative method	$0.30

Restructurings_Details

Restructurings (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2013	Jun. 30, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2013	Mar. 31, 2013	Mar. 31, 2013	Mar. 31, 2013
		Exit of Investment Banking and Fixed Income Businesses	ClearPoint	ClearPoint	ClearPoint	ClearPoint	ClearPoint	ClearPoint
		employee			Severance and other compensation	Third party vendor contracts and other costs	Deferred compensation and other charges	Impairment of fixed assets and leasehold improvements
Restructurings	'	'	'	'	'	'	'	'
Number of employees impacted	'	150	'	'	'	'	'	'
Restructuring charges	'	'	'	'	'	'	'	'
Cash charges	'	'	'	$1,424	$1,263	$161	'	'
Intangible asset impairment	'	'	'	'	'	'	'	587
Non-cash charges	'	'	'	1,035	'	'	448	'
Restructuring expenses - Total:	$2,459	'	$0	$2,459	'	'	'	'

Restructurings_Details_2

Restructurings (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Changes in the company's liability related to restructuring	'
Balance at the beginning of the period	$2,491
Balance at the end of the period	2,023
Settlement period of majority of remaining liability associated with restructuring	'3 months
Third party vendor contracts	'
Changes in the company's liability related to restructuring	'
Payments for restructuring	-332
Lease commitments, net of sublease income	'
Changes in the company's liability related to restructuring	'
Payments for restructuring	($136)

Discontinued_Operations_Detail

Discontinued Operations (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Discontinued Operations	'	'
Total net revenue	'	$31,251,000
Total expenses (excluding restructuring expense)	469,000	40,479,000
Subtotal	-469,000	-9,228,000
Restructuring expense	'	-2,459,000
Loss from discontinued operations before income taxes	-469,000	-11,687,000
Income tax expense	48,000	46,000
Loss from discontinued operations, net of taxes	-517,000	-11,733,000
Other items reclassified from continuing operations	'	'
Discontinued Operations	'	'
Total net revenue	'	632,000
Total expenses (excluding restructuring expense)	'	2,821,000
Expenses, net of revenues	'	-2,189,000
Investment Banking	'	'
Discontinued Operations	'	'
Total net revenue	'	15,033,000
Total expenses (excluding restructuring expense)	147,000	11,688,000
Expenses, net of revenues	-147,000	3,345,000
MBS & Rates	'	'
Discontinued Operations	'	'
Total net revenue	'	-723,000
Total expenses (excluding restructuring expense)	118,000	7,533,000
Expenses, net of revenues	-118,000	-8,256,000
Credit Products	'	'
Discontinued Operations	'	'
Total net revenue	'	11,825,000
Total expenses (excluding restructuring expense)	142,000	12,242,000
Expenses, net of revenues	-142,000	-417,000
ClearPoint	'	'
Discontinued Operations	'	'
Loss recognized from discontinued operations	'	1,100,000
Total net revenue	'	4,408,000
Total expenses (excluding restructuring expense)	56,000	6,153,000
Expenses, net of revenues	-56,000	-1,745,000
Restructuring expense	0	-2,459,000
Equities division	'	'
Discontinued Operations	'	'
Total net revenue	'	76,000
Total expenses (excluding restructuring expense)	6,000	42,000
Expenses, net of revenues	($6,000)	$34,000

Related_Party_Transactions_Det

Related Party Transactions (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Amounts receivable from or payable to related parties	'	'
Receivables from related parties	$872,000	$856,000
Payables to related parties	474,000	475,000
Former stockholders of Gleacher Partners, Inc.	'	'
Related Party Transactions	'	'
Cash collateral included within payable to	200,000	'
Amount agreed to be paid to selling parties	10,000,000	'
Period over which purchase consideration will be paid to selling parties	'5 years	'
Remaining obligation	200,000	200,000
Amounts receivable from or payable to related parties	'	'
Payables to related parties	399,000	399,000
Capstone	'	'
Related Party Transactions	'	'
Expenses incurred in related party transaction	600,000	'
Amounts receivable from or payable to related parties	'	'
Payables to related parties	$75,000	$76,000