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RELATED PARTY TRANSACTIONS
|
9 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
|
Sep. 30, 2011
|
Dec. 31, 2010
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| Related Party Transactions Disclosure [Text Block] |
The
Company had accrued and unpaid dividends in respect of
its Series B Preferred Stock of $6,996,000 and $6,050,000
as of September 30, 2011 and December 31, 2010,
respectively.
The
Company had notes payable to its Chairman of the Board
and its Chief Executive Officer totaling $1,250,000 as of
September 30, 2011 and December 31, 2010. These notes
mature on March 31, 2012.
|
14.
RELATED PARTY TRANSACTIONS.
The
Company had accrued and unpaid dividends in respect of its
Series B Preferred Stock of $6,050,000 and $3,202,000 as of
December 31, 2010 and 2009, respectively.
The
Company had notes payable to its Chairman of the Board and
its Chief Executive Officer totaling $1,250,000 and
$2,000,000 and accrued and unpaid interest in respect of
these notes of $0 and $120,000 as of December 31, 2010 and
2009, respectively. On October 29, 2010, the Company paid all
accrued interest and $750,000 in principal under these notes.
On November 5, 2010, the Company entered into amendments to
these notes, extending the maturity date to March 31,
2012.
The
Company had notes payable to Lyles in the aggregate principal
amount of $31,500,000 and accrued and unpaid interest and
fees in respect of these notes of $2,731,000 as of December
31, 2009. On October 6, 2010, the Company paid in full all
amounts owed under its notes payable to Lyles, consisting of
$12,500,000 in principal and $4,537,000 in accrued interest
and fees.
In
May 2009, the Company entered into a consulting agreement
with Ryan W. Turner, who is the son-in-law of the
Company’s Chairman of the Board, at $10,000 per month
for consulting services relating to the Company’s
restructuring efforts. In November 2009, the Company executed
a new consulting agreement with Mr. Turner at $20,000 per
month for similar consulting services. The Company paid Mr.
Turner an aggregate of $23,100 and $86,500 for the years
ended December 31, 2010 and 2009, respectively, under these
arrangements. As of December 31, 2010 and 2009, the Company
had no outstanding accounts payable to Mr. Turner. The
Company’s consulting relationship with Mr. Turner was
terminated in connection with his appointment to the
Company’s Board of Directors in February 2010.
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