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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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