10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-K/A

(Amendment No.1)

(Mark One)

þANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended November 30, 2019

or

¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to            

Commission file number: 001-35064

EMERGENT CAPITAL, INC.

(Exact name of registrant as specified in its charter)

Florida	30-0663473
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

5355 Town Center Road—Suite 701

Boca Raton, Florida 33486

(Address of principal executive offices, including zip code)

(561) 995-4200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

None

Securities registered pursuant to Section 12(g) of the Act:

Title of Each Class	Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share	OTCQX

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ¨    No  þ

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.    Yes  ¨    No  þ

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  þ    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	¨	Accelerated filer	¨
Non-accelerated filer	þ	Smaller reporting company	þ
		Emerging growth company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Yes  ¨ No ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  þ

The aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant on May 31, 2019 was $8,224,053.

The number of shares of the registrant’s common stock outstanding as of March 12, 2020 was 159,270,553.

DOCUMENTS INCORPORATED BY REFERENCE:

None

EXPLANATORY NOTE

This Amendment No.1 ("Amendment No. 1") to the Annual Report on Form 10-K of Emergent Capital, Inc. (the "Company") for the fiscal year ended November 30, 2019, as filed with the U.S. Securities and Exchange Commission on March 13, 2020 (the "Original Form 10-K"), is being filed for the sole purpose of correcting the Consent of Independent Registered Public Accounting Firm (the "Consent"). The original Consent did not contain a conformed signature as a result of inadvertent error. A corrected Consent is filed as Exhibit 23.1 attached hereto.

Except as otherwise expressly noted herein, this Amendment No. 1 does not modify or update in any way the disclosures in, or exhibits to, the Original Form 10-K, nor does it reflect events occurring after the filing of the Original Form 10-K. Accordingly, this Amendment No. 1 should be read in conjunction with the Original Form 10-K.

In addition, as required by Rule 12b-15 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), new certifications by the Company’s principal executive officer and principal financial officer are filed herewith as exhibits to this Amendment No.1 pursuant to Rule 13a-14(a) or 15d-14(a) of the Exchange Act. As no financial statements have been included in this Amendment and this Amendment does not contain or amend any disclosure with respect to Items 307 and 308 of Regulation S-K, paragraphs 3, 4, and 5 of the certifications have been omitted. The Company is not including certifications pursuant to Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as no financial statements are being filed with this Amendment No.1.

PART IV

EXHIBIT INDEX

In reviewing the agreements included as exhibits to this report, please remember they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about the Company, its subsidiaries or other parties to the agreements. The Agreements contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and:

• should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;

• have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;

• may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and

• were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. The Company acknowledges that, notwithstanding the inclusion of the foregoing cautionary statements, it is responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this report not misleading. Additional information about the Company may be found elsewhere in this report and the Company’s other public files, which are available without charge through the SEC’s website at http://www.sec.gov.

Exhibit Number	Exhibit Description	Form	Exhibit	Filing Date	Filed Herewith	SEC File #
3.1	Articles of Incorporation of Registrant, as amended.	10-K	3.1	03/14/18		001-35064
3.2	Amended and Restated Bylaws of Registrant, as amended.	10-Q	3.1	11/16/18		001-35064
4.1	Form of Common Stock Certificate.	S-1/A	4.1	11/10/10		333-168785

4.2	Indenture, dated as of February 21, 2014, by and among the Registrant and U.S. Bank, National Association, as indenture trustee.	8-K	4.1	02/21/14	001-35064
4.2.1	First Supplemental Indenture, dated as of March 13, 2017, by and among Emergent Capital, Inc. and U.S. Bank National Association.	8-K	4.2	03/17/17	001-35064
4.2.2	Second Supplemental Indenture, dated as of July 28, 2017, by and among Emergent Capital, Inc. and U.S. Bank National Association.	8-K	4.2	08/01/17	001-35064
4.3	Indenture, dated as of July 28, 2017, by and among Emergent Capital, Inc. and U.S. Bank National Association.	8-K	4.3	08/01/17	001-35064
4.4	Amended and Restated Indenture, dated as of July 28, 2017, by and among Emergent Capital, Inc. and Wilmington Trust, National Association.	8-K	4.4	08/01/17	001-35064
4.4.1	First Supplemental Indenture, dated January 10, 2018, by and among Emergent Capital, Inc. and Wilmington Trust, National Association.	10-Q	4.1	08/20/18	001-35064
4.4.2	Second Supplemental Indenture, dated as of December 10, 2018, by and among Emergent Capital, Inc. and Wilmington Trust, National Association.	8-K	10.1	12/14/18	001-35064
4.5	Form of Common Stock Purchase Warrant, dated as of July 28, 2017.	8-K	4.1	08/01/17	001-35064
4.6	Form of Warrant to purchase common stock.	S-1/A	4.2	01/12/11	333-168785
4.7	Warrant Agreement related to Class Action Settlement.	10-K	4.3	03/14/16	001-35064
4.8	Special Dividend Note, dated as of July 28, 2017, made by Lamington Road Designated Activity Company in favor of Markley Asset Portfolio, LLC.	8-K	4.5	08/01/17	001-35064
4.9	Description of Securities	10-K	4.9	03/13/20	001-35064
10.1†	Amended & Restated Imperial Holdings 2010 Omnibus Incentive Plan.	Def 14A	A	04/08/15	001-35064
10.1.1†	Amendment to Amended & Restated Imperial Holdings 2010 Omnibus Incentive Plan.	Def 14A	A	06/09/17	001-35064
10.1.2†	2010 Omnibus Incentive Plan Form of Stock Option Award Agreement.	10-Q	10.7	08/13/13	001-35064
10.1.3†	2010 Omnibus Incentive Plan Form Performance Share Award Agreement.	8-K	10.1	06/09/14	001-35064
10.1.4†	2010 Omnibus Incentive Plan Form Restricted Stock Unit Award Agreement.	10-K	10.2.4	03/14/18	001-035064

3

10.1.5†	2010 Omnibus Incentive Plan as Amended and Restated Stock Appreciation Rights Award Agreement.	10-Q	10.2	08/20/18	001-35064
10.2††	Second Amended and Restated Loan and Security Agreement, dated as of January 31, 2017, by and among White Eagle Asset Portfolio, LP, as borrower, Imperial Finance and Trading, LLC, Lamington Road Bermuda, LTD, as Portfolio Manager, CLMG Corp., as Administrative Agent, and LNV Corporation, as Lender.	10-K	10.18	03/21/17	001-35064
10.2.1	First Amendment, dated as of October 4, 2017, to Second Amended and Restated Loan and Security Agreement dated January 31, 2017, by and among white Eagle Asset Portfolio, LP, as borrower, Imperial Finance and Trading, LLC, Lamington Road Bermuda, LTD, as Portfolio Manager, CLMG Corp., as Administrative Agent, and LNV Corporation, as Lender.	10-K	10.3.4	03/14/18	001-35064
10.3	Second Amended and Restated Securities Account Control and Custodian Agreement, dated January 31, 2017, among White Eagle Asset Portfolio, LP, as borrower, Wilmington Trust, National Association, as securities intermediary and custodian, and CLMG Corp, as the administrative agent.	10-K	10.19	03/21/17	001-35064
10.4.†	Employment Agreement between Imperial Finance and Trading, LLC and Miriam Martinez dated as of March 13, 2018.	10-K	10.5.1	03/14/18	001-35064
10.5	Master Trust Indenture dated as of September 24, 2010 by and among Imperial Settlements Financing 2010, LLC as the Issuer, Portfolio Financial Servicing Company as the Initial Master Servicer, and Wilmington Trust Company as the Trustee and Collateral Trustee.	S-1/A	10.15	11/10/10	333-168785
10.5.1	Series 2010-1 Supplement dated as of September 24, 2010 to the Master Trust Indenture dated as of September 24, 2010 by and among Imperial Settlements Financing 2010, LLC as the Issuer, Portfolio Financial Servicing Company as the Initial Servicer, and Wilmington Trust Company as the Trustee and Collateral Trustee.	S-1/A	10.16	11/10/10	333-168785
10.6	Registration Rights Agreement, dated as of July 28, 2017, by and among Emergent Capital, Inc., and the holders party thereto.	8-K	10.3	08/01/17	001-35064
10.7	Board Designation Agreement, dated as of July 28, 2017, by and between Emergent Capital, Inc. and Evermore Global Advisors, LLC.	8-K	10.4	08/01/17	001-35064
10.8	Board Designation Agreement, dated as of July 28, 2017, by and among Emergent Capital, Inc., PJC Investments, LLC and JSARCo, LLC.	8-K	10.5	08/01/17	001-35064
10.9	Board Designation Agreement, dated as of July 28, 2017, by and between Emergent Capital, Inc. and Opal Sheppard Opportunities Fund I LP.	8-K	10.6	08/01/17	001-35064

4

10.10	Board Designation Agreement, dated as of July 28, 2017, by and among Emergent Capital, Inc., Ironsides P Fund L.P. and Ironsides Partners Special Situations Master Fund II L.P.	8-K	10.7	8/1/2017	001-35064
10.11	Board Designation Agreement, dated as of July 28, 2017, by and between Emergent Capital, Inc. and Nantahala Capital Management, LLC.	8-K	10.8	8/1/2017	001-35064
10.12	Registration Rights Agreement, dated as of August 11, 2017, be and between Emergent Capital, Inc. and Brennan Opportunities Fund I LP.	10-Q	10.32	8/14/2017	001-35064
10.13†	Employment Agreement between Imperial Finance and Trading, LLC and Jack Simony dated as of March 13, 2018.	10-K	10.26	3/14/2018	001-35064
10.14†	Employment Agreement between Imperial Finance and Trading, LLC and Harvey Werblowsky dated as of March 13, 2018.	10-K	10.27	3/14/2018	001-35064
10.15	Commitment Letter from PJC Investments, LLC dated March 13, 2018.	10-K	10.28	3/14/2018	001-35064
10.15.1	Commitment Letter from PJC Investments, LLC dated May 9, 2018.	10-Q	10.1	5/10/2018	001-35064
10.15.2	Commitment Letter from PJC Investments, LLC dated August 20, 2018.	10-Q	10.3	8/20/2018	001-35064
10.16	Commitment Letter from Evermore Global Advisors, LLC dated May 9, 2018.	10-Q	10.2	5/10/2018	001-35064
10.16.1	Commitment Letter from Evermore Global Advisors, LLC dated August 20, 2018.	10-Q	10.5	8/20/2018	001-35064
10.17	Commitment Letter from River City Capital, LLC dated May 9, 2018.	10-Q	10.3	5/10/2018	001-35064
10.17.1	Commitment Letter River City Capital, LLC dated August 20, 2018.	10-Q	10.4	8/20/2018	001-35064
10.18	Commitment Letter Ironsides Partners LLC dated December 28, 2018.	8-K	10.2	1/3/2018	001-35064
10.19	Form of Subscription Agreement, dated as of December 28, 2018, by and between Emergent Capital, Inc. and each Investors party thereto.	8-K	10.2	1/3/2019	001-35064
10.20	Note Purchase Agreement dated as of January 30, 2019, by and between Emergent Capital, Inc. and Ironsides Partners Special Situations Master Fund III L.P.	8-K	10.1	2/4/2019	001-35064

5

10.21†	Retention agreement between Emergent Capital, Inc and Miriam Martinez dated December 10, 2019.	8-K	10.1	12/16/2019	001-35064
10.22†	Retention agreement between Emergent Capital, Inc and Jack Simony dated November 8, 2019.	8-K	10.1	11/18/2019	001-35064
10.23†	Retention agreement between Emergent Capital, Inc and Harvey Werblowsky dated November 8, 2019.	8-K	10.2	11/18/2019	001-35064
10.24	Settlement Agreement dated as of May 24, 2019 by and among LNV Corporation, CLMG Corp., White Eagle Assets Portfolio, LP, Lamington Road Designated Activity Company, White Eagle General Partner, LLC, Emergent Capital, Inc., Imperial Finance and Trading, LLC, Lamington Road Bermuda, LTD, OLIPP IV, LLC and Markley Asset Portfolio LLC.	8-K	10.1	6/14/2019	001-35064
10.25	Debtor-in-Possession Credit Agreement dated as of May 24, 2019 among White Eagle Asset portfolio, LP, LNV Corporation, as DIP Lender, CLMG Corp., as DIP Agent, and the Guarantors named therein.	8-K	10.2	6/14/2019	001-35064
10.26	Second Amended Joint Plan of Reorganization of White Eagle Asset Portfolio, LP, et al., dated as of June 19, 2019.	8-K	10.1	6/24/2019	001-35064
10.27	Commitment Letter dated as of July 18, 2019 among Emergent Capital, Inc., Lamington Road Designated Activity Company, White Eagle Asset Portfolio, LP and Jade Mountain Partners.	8-K	10.1	7/24/2019	001-35064
10.28	Subscription Agreement dated as of August 16, 2019 among Emergent Capital, Inc., Lamington Road Designated Activity Company, White Eagle Asset Portfolio, LP and Jade Mountain Partners.	8-K	10.1	8/21/2019	001-35064
10.29	Amended and Restated Limited Partnership Agreement of White Eagle Asset Portfolio, LP dated as of August 16, 2019.***	8-K	10.2	8/21/2019	001-35064
10.30	Master Termination Agreement dated as of August 16, 2019 among White Eagle General Partner, LLC, Lamington Road Designated Activity Company, White Eagle Asset Portfolio, LP, Markley Asset Portfolio, LLC, CLMG Corp., as administrative agent, LNV Corporation, as initial lender, Wilmington Trust, National Association, in its capacities as securities intermediary, custodian and agent, and Palomino JV, L.P.	8-K	10.3	8/21/2019	001-35064
10.31	Pledge Agreement dated as of August 16, 2019 between Lamington Road Designated Activity Company and Palomino JV, L.P.	8-K	10.4	8/21/2019	001-35064
10.32	Assumption Agreement dated as of August 16, 2019 among White Eagle Asset Portfolio, LP, Lamington Road Designated Activity Company, Emergent Capital Inc. and White Eagle General Partner, LLC.	8-K	10.5	8/21/2019	001-35064

6

10.33	Indemnification Agreement dated as of August 16, 2019 between Emergent Holdings, Inc. and Wilmington Trust, National Association.	8-K	10.6	8/21/2019		001-35064
10.34	Subscription Agreement dated as of February11, 2019, by and between Emergent Capital.	8-K	10.1	2/15/2019		001-35064
21.1	Subsidiaries of the Registrant.	10-K	21.1	3/13/2020		001-35064
23.1	Consent of Grant Thornton LLP				*
31.1	Chief Executive Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.				*
31.2	Chief Financial Officer Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.				*
32.1	Chief Executive Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	10-K	32.1	3/13/2020		001-35064
32.2	Chief Financial Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	10-K	32.2	3/13/2020		001-35064
101	Interactive Data Files.	10-K	101	3/13/2020		001-35064
101.INS	XBRL Instance Document	10-K	101.INS	3/13/2020		001-35064
101.SCH	XBRL Taxonomy Extension Schema Document	10-K	101.SCH	3/13/2020		001-35064
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document	10-K	101.CAL	3/13/2020		001-35064
101.TAX	XBRL Taxonomy Definition Linkbase Document 10.1 & 10.2	10-K	101.TAX	3/13/2020		001-35064
101.LAB	XBRL Taxonomy Extension Label Linkbase Document	10-K	101.LAB	3/13/2020		001-35064
101.PRE	SBRL Taxonomy Extension Presentation Linkbase Document	10-K	101.PRE	3/13/2020		001-35064

†† Certain portions of the exhibit have been omitted pursuant to a confidential treatment order. An unredacted copy of the exhibit has been filed separately with the United States Securities and Exchange Commission pursuant to the request for confidential treatment.

* Filed herewith.

† Management compensatory arrangement.

7

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

EMERGENT CAPITAL, INC.
By:	/S/    PATRICK CURRY
Name:	Patrick J. Curry
Title:	Chief Executive Officer

Date: March 16, 2020

8

EX-23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We have issued our report dated March 13, 2020, with respect to the consolidated financial statements included in the Annual Report of Emergent Capital, Inc. on Form 10-K for the year ended November 30, 2019. We consent to the incorporation by reference of said report in the Registration Statements of Emergent Capital, Inc. on Form S-1 (File No. 333-220187) and on Forms S-8 (File No. 333-172113 and File No. 333-223944).

/s/ GRANT THORNTON LLP

Fort Lauderdale, Florida

March 13, 2020

EX-31.1

Exhibit 31.1

CERTIFICATIONS

I, Patrick J. Curry, certify that:

1. I have reviewed this Amendment No. 1 to the Annual Report on Form 10-K of Emergent Capital, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

/S/    Patrick Curry

Patrick J. Curry

Chief Executive Officer

(Principal Executive Officer)

March 16, 2020

EX-31.2

Exhibit 31.2

CERTIFICATIONS

I, Miriam Martinez, certify that:

1. I have reviewed this Amendment No. 1 to the Annual Report on Form 10-K of Emergent Capital, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report.

/S/    Miriam Martinez

Miriam Martinez

Chief Financial Officer

(Principal Financial Officer)

March 16, 2020

XML

SUBSEQUENT EVENTS (Details)							11 Months Ended	12 Months Ended
	Jan. 29, 2020 USD ($)	Jan. 27, 2020 USD ($) shares	Dec. 11, 2019 USD ($)	Dec. 10, 2019 USD ($)	Dec. 04, 2019 USD ($) contract	Nov. 12, 2019 USD ($)	Nov. 30, 2018 USD ($)	Nov. 30, 2019 USD ($)	Dec. 31, 2017 USD ($)	Mar. 13, 2018 USD ($)	Apr. 18, 2017
Subsequent Event [Line Items]
Investment in life settlements fair value							$ 506,407,000	$ 1,297,000
Proceeds from maturity of life settlements							90,780,000	17,768,000	$ 42,131,000
Legal fees							3,052,000	2,935,000	3,721,000
Gain on extinguishment of debt							$ 0	$ 0	$ (2,018,000)
Cheif Financial Officer
Subsequent Event [Line Items]
Severance annual salary										$ 352,229
V.P. Chief Investment Officer
Subsequent Event [Line Items]
Severance annual salary										$ 275,000
V.P. Chief Investment Officer | Mr. Simony Retention Agreement
Subsequent Event [Line Items]
Severance annual salary						$ 1,000,000.0
Period covered by COBRA health insurance under employment agreement						12 months
Retention percentage payable upon employee entering into agreement						66.00%
Retention percentage payable upon consummation of restructuring						33.00%
Period after consummation of restructuring						3 days
5.0% Convertible Notes
Subsequent Event [Line Items]
Debt instrument, interest rate							5.00%	5.00%
Convertible Debt | 5.0% Convertible Notes
Subsequent Event [Line Items]
Debt instrument, interest rate								5.00%			5.00%
Subsequent Event | Cheif Financial Officer | Ms. Martinez Retention Agreement
Subsequent Event [Line Items]
Severance annual salary				$ 700,000
Period covered by COBRA health insurance under employment agreement				18 months
Retention percentage payable upon employee entering into agreement				66.00%
Retention percentage payable upon consummation of restructuring				33.00%
Period after consummation of restructuring				3 days
Subsequent Event | V.P. Chief Investment Officer | Mr. Simony Retention Agreement
Subsequent Event [Line Items]
Severance annual salary	$ 1,000,000.0
Retention percentage payable upon employee entering into agreement	66.00%
Retention percentage payable upon consummation of restructuring	33.00%
Period after consummation of restructuring	3 days
Period after the amendment date	7 days
Subsequent Event | Sun Life
Subsequent Event [Line Items]
Number of life insurance policies canceled | contract					31
Investment in life settlements fair value					$ 163,500,000
Proceeds from maturity of life settlements					36,100,000
Gain on disposal of life insurance contract					743,000
Legal fees					10,600,000
Subsequent Event | Sun Life | White Eagle
Subsequent Event [Line Items]
Investment in life settlements fair value					$ 141,500,000
Number of life insurance policies owned | contract					28
Number of life insurance policies in receivable for maturity | contract					1
Receivable for maturity of life insurance policies					$ 10,000,000
Payments for maturity of life insurance policies					13,400,000
Subsequent Event | Wilmington Trust | Sun Life
Subsequent Event [Line Items]
Payments for maturity of life insurance policies					10,000,000
Subsequent Event | Convertible Debt | 5.0% Convertible Notes
Subsequent Event [Line Items]
Debt repurchased			$ 8,000,000
Debt instrument, interest rate			5.00%
Cash consideration on debt redemption			$ 4,800,000
Repayment of accrued interest and unpaid interest on debt redeemed			123,000
Gain on extinguishment of debt			2,800,000
Expense for derivative of debt redeemed			442,000
Write off issuance costs			$ 66,000
Subsequent Event | Forecast | Chief Executive Officer | Mr. Simony Bonus
Subsequent Event [Line Items]
Period after consummation of restructuring		30 days
Period after approval of restructuring		45 days
Subsequent Event | Forecast | Sun Life
Subsequent Event [Line Items]
Proceeds from maturity of life settlements					$ 2,000,000
Subsequent Event | Forecast | Payable after the grant | Chief Executive Officer | Mr. Simony Bonus
Subsequent Event [Line Items]
Bonus payable in cash		$ 400,000
Subsequent Event | Forecast | Payable upon consummation of Restructuring | Chief Executive Officer | Mr. Simony Bonus
Subsequent Event [Line Items]
Bonus payable in cash		300,000
Subsequent Event | Forecast | Payable if the Company effects the Restructuring | Chief Executive Officer | Mr. Simony Bonus
Subsequent Event [Line Items]
Bonus payable in cash		300,000
Subsequent Event | Forecast | Payable under the approved Restructuring budget (at least) | Chief Executive Officer | Mr. Simony Bonus
Subsequent Event [Line Items]
Bonus payable in cash		$ 600,000
Subsequent Event | Forecast | Restricted Stock | Chief Executive Officer | Mr. Simony Bonus
Subsequent Event [Line Items]
Bonus stock awards reserved for issuance (in shares) | shares		1,000,000
Subsequent Event | Forecast | Restricted Stock | First anniversary of the grant date | Chief Executive Officer | Mr. Simony Bonus
Subsequent Event [Line Items]
Bonus awards vesting percentage		33.33%
Subsequent Event | Forecast | Restricted Stock | Second anniversary of the grant date | Chief Executive Officer | Mr. Simony Bonus
Subsequent Event [Line Items]
Bonus awards vesting percentage		33.33%
Subsequent Event | Forecast | Restricted Stock | Third anniversary of the grant date | Chief Executive Officer | Mr. Simony Bonus
Subsequent Event [Line Items]
Bonus awards vesting percentage		33.33%

XML

INVESTMENT IN LIMITED PARTNERSHIP (Tables)

12 Months Ended

Nov. 30, 2019

Investments in and Advances to Affiliates [Abstract]

Schedule of Funds in the Premium/Expense Reserve Account

Funds in the premium/expense reserve account shall be used or otherwise distributed in the following order of priority:

Premium/Expense Reserve Account	August 16, 2019 to November 30, 2019
	Amount		Use of Proceeds
First	$	30,173	Premiums, Expenses and Manager Fees
Second	1,667		Minimum Class B Interest Monthly Distribution - after three years, Class D Returns takes priority until paid in full
Third	—		Minimum Class B Interest Monthly Distribution
Fourth	—		Retained For Premium/Expense to Cover Three Months of Transactions, excess to be sent to the Collection Account
	$	31,840

Schedule of Reconciliation of Premium/Expense Reserve Account

he below is a reconciliation of the premium/expense reserve account for the twelve months ended November 30, 2019.

	August 16, 2019 to November 30, 2019
Distributions received
Class A and Class B holders	$	30,000
Collections account	6,035
Total distribution received	$	36,035
Less Payments:
Premiums and expenses	$	30,173
Class B monthly distribution	1,667
Total payments	$	31,840
Balance at November 30, 2019	$	4,195

Schedule of Funds on Deposit in the Collections Account and Distributions by the Paying Agent

On each Distribution Date, funds on deposit in the Collections Account shall be distributed by the Paying Agent ("Wilmington Trust, N.A") pursuant to the Waterfall Notice in the following order of priority:

Collection Account	August 16, 2019 to November 30, 2019
Priority	Amount		Use of Proceeds
First	$	6,035	Premium/Expense Reserve Account - to cover next three months of premiums and expense
Second	—		Class A Minimum Return Cumulative Amount*
Third	—		Minimum Class B Interest Monthly Distribution
Fourth	—		Re-balancing the Total Return Distributions with 72.5% to the Class A Limited Partner and 27.5% to Class B Limited Partner
Fifth	—		72.5% to the Class A Limited Partner and 27.5% to the Class B Limited Partner
	$	6,035

*To pay the Class A Limited Partner the amount necessary such that the Class A Limited Partner shall have received the Class A Minimum Return Cumulative Amount (applied first which is11%), second to the amounts necessary to reduce the principal balance from $406.0 million on the Effective Date to April 2039 when it is expected to be paid in full (the A&R LPA stipulate the expected monthly reduction in target principal commencing in April 2021), third to later contributions by the Class A Limited Partner, excluding Advance Facility but includes funded into premium/expense account on its own behalf and fourth the Class D Return, in each case of the definition of Class A Minimum Return Cumulative Amount as of the last day of the month immediately prior to such Distribution Date.

Schedule of Funds Received And Distributions From Collection Account

The below is a reconciliation of funds received in and distributed from the collection account for the twelve months ended November 30, 2019.

	August 16, 2019 to November 30, 2019
Maturity proceeds received - face	$	19,000
Proceeds received - other	42
Total receipts	$	19,042
Less: Distribution to premium/expense account	6,035
Balance at November 30, 2019	$	13,007

Schedule Reconciliation For Receivable For Maturity of Life Settlement

The below is a reconciliation of receivable for maturity of life settlement held by the limited partnership for the twelve months ended November 30, 2019.

	August 16, 2019 to November 30, 2019
Maturities	$	32,726
Proceeds received	19,000
Receivable at November 30, 2019	$	13,726

Schedule of Weighted Average Remaining Life Expectancy of Life Insurance Policies

The following table describes the Company’s life settlements as of November 30, 2018 (dollars in thousands).

Remaining Life Expectancy (In Years)*	Number of Life Settlement Contracts	Fair Value		Face Value
0-1	—	$	—	$	—
1-2	—	—		—
2-3	—	—		—
3-4	—	—		—
4-5	—	—		—
Thereafter	2	1,172		12,000
Total	2	$	1,172	$	12,000

The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the White Eagle at November 30, 2018 was 8.9 years.

Remaining Life Expectancy (In Years)*	Number of Life Settlement Contracts	Fair Value		Face Value
0-1	6	$	24,221	$	28,796
1-2	12	30,828		46,390
2-3	31	72,343		126,402
3-4	37	57,874		139,447
4-5	46	77,719		217,450
Thereafter	454	242,251		2,217,430
Total	586	$	505,236	$	2,775,915

The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the Company at November 30, 2019 was 11.4 years.

Remaining Life Expectancy (In Years)*	Number of Life Settlement Contracts	Fair Value		Face Value
0-1	—	$	—	$	—
1-2	—	—		—
2-3	—	—		—
3-4	—	—		—
4-5	—	—		—
Thereafter	2	1,297		12,000
Total	2	$	1,297	$	12,000

Remaining Life Expectancy (In Years)*	Number of Life Settlement Contracts	Face Value
0-1	8	$	30,795
1-2	25	94,018
2-3	35	139,464
3-4	59	272,895
4-5	50	257,050
Thereafter	384	1,846,886
Total	561	$	2,641,108

*Based on remaining life expectancy at November 30, 2019, as derived from reports of third party life expectancy providers, and does not indicate the timing of expected death benefits. See "Life Settlements," in Note 15, "Fair Value Measurements," of the accompanying consolidated financial statements.

Schedule of Estimated Premiums to be Paid on Life Insurance Policies

Estimated premiums to be paid for each of the five succeeding fiscal years and thereafter to keep the life insurance policies in force as of November 30, 2019, are as follows (in thousands):

Year	Expected Premiums
2020	101,737
2021	106,765
2022	102,721
2023	97,127
2024	91,852
Thereafter	614,608
	$	1,114,810

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EARNINGS PER SHARE (Tables)

12 Months Ended

Nov. 30, 2019

Earnings Per Share [Abstract]

Reconciliation of Actual Basic and Diluted Earnings Per Share

The following tables reconcile actual basic and diluted earnings per share for the twelve months ended November 30, 2019 and the eleven months ended November 30, 2018 and twelve months ended December 31, 2017 (in thousands except per share data).

	2019			2018			2017
	(1)			(2)			(3)
Income (loss) per share:
Numerator:
Net (loss) income from continuing operations	$	16,859		$	(169,942	)	$	(3,238	)
Net (loss) income from discontinued operations	(2,363		)	(29		)	(271		)
Numerator for basic and diluted EPS - net income (loss) attributable to common stockholders	$	14,496		$	(169,971	)	$	(3,509	)
Basic income (loss) per common share:
Basic income (loss) from continuing operations	$	0.11		$	(1.09	)	$	(0.04	)
Basic income (loss) from discontinued operations	$	(0.02	)	$	—		$	—
Basic income (loss) per share available to common shareholders	$	0.09		$	(1.09	)	$	(0.04	)
Diluted income (loss) per common share:
Diluted income (loss) from continuing operations	$	0.11		$	(1.09	)	$	(0.04	)
Diluted income (loss) from discontinued operations	(0.02		)	—			—
Diluted income (loss) per share available to common shareholders	$	0.09		$	(1.09	)	$	(0.04	)
Denominator:
Basic	156,994,105			155,949,444			82,323,050
Diluted	157,823,660			155,949,444			82,323,050

(1) The computation of diluted EPS does not include 85,000 shares of common stock underlying options, 100,000 shares of stock appreciation rights, 42,500,000 shares of common stock underlying warrants, up to 37,918,483 shares of common stock issuable upon conversion of the 5% Convertible Notes (as defined below) as the effect of their inclusion would have been anti-dilutive.

(2) The computation of diluted EPS does not include 85,000 shares of common stock underlying options, 100,000 shares of stock appreciation rights, 1,400,000 shares of restricted stock, 44,500,000 shares of common stock underlying warrants, up to 37,918,483 shares of common stock issuable upon conversion of the 5% Convertible Notes (as defined below) and up to 181,249 shares of common stock issuable upon the conversion of the 8.5% Convertible Notes (as defined below), as the effect of their inclusion would have been anti-dilutive for the fiscal year ended November 30, 2018.

(3) The computation of diluted EPS did not include 542,102 options, 48,740,521 warrants, 2,102,522 shares of restricted stock, up to 37,918,483 shares of underlying common stock issuable upon conversion of the Convertible Notes and up to 181,249 shares of underlying common stock issuable upon conversion of the 8.5% Convertible Notes (as defined below) for the year ended December 31, 2017, as the effect of their inclusion would have been anti-dilutive.

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8.50% SENIOR UNSECURED CONVERTIBLE NOTES

12 Months Ended

Nov. 30, 2019

8.50% Senior Unsecured Convertible Notes

Debt Instrument [Line Items]

SENIOR NOTES

8.50% SENIOR UNSECURED CONVERTIBLE NOTES

In February 2014, the Company issued $70.7 million in an aggregate principal amount of 8.50% senior unsecured convertible notes due 2019 (the "Convertible Notes" or "8.5% Convertible Notes"). The Convertible Notes were issued pursuant to an indenture dated February 21, 2014, between the Company and U.S. Bank National Association, as trustee (the "Convertible Note Indenture").

The Convertible Notes are general senior unsecured obligations and rank equally in right of payment with all of the Company's other existing and future senior unsecured indebtedness. The Convertible Notes are effectively subordinate to all of the Company's secured indebtedness to the extent of the value of the assets collateralizing such indebtedness. The Convertible Notes are not guaranteed by the Company's subsidiaries.

The maturity date of the Convertible Notes is February 15, 2019. The Convertible Notes accrue interest at the rate of 8.50% per annum on the principal amount of the Convertible Notes, payable semi-annually in arrears on August 15 and February 15 of each year.

The Convertible Notes are convertible into shares of common stock at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date. Initially, the Convertible Notes were convertible into shares of common stock at a conversion rate of 147.9290 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to a conversion price of $6.76 per share of common stock). In the second quarter of 2015, the conversion rate was adjusted to 151.7912 shares of common stock per $1,000 principal amount of Convertible Notes (equivalent to a conversion price of $6.59 per share of common stock) in connection with an anti-dilution adjustment triggered by a rights offering that resulted in the issuance of 6,688,433 shares of the Company’s common stock.

On and after February 15, 2017 and prior to the maturity date, the Company may redeem for cash all, but not less than all, of the Convertible Notes if the last reported sale price of the Company’s common stock equals or exceeds 130% of the applicable conversion price for at least 20 trading days during the 30 consecutive trading day period ending on the trading day immediately prior to the date the Company delivers notice of the redemption. The redemption price will be equal to 100% of the principal amount of the Convertible Notes, plus any accrued and unpaid interest to, but excluding, the redemption date. In addition, a make-whole fundamental change occurs prior to the maturity date, and a holder elects to convert its Convertible Notes in connection therewith, the Company will, in certain circumstances, increase the conversion rate by a number of additional shares of common stock for holders who convert their notes prior to the redemption date.

The Company determined that an embedded conversion option existed in the Convertible Notes that was required to be separately accounted for as a derivative under ASC 815 which required the Company to bifurcate the embedded conversion option, record it as a liability at fair value and record a debt discount by an equal amount. Upon receipt of shareholder approval to issue shares of common stock upon conversion of the Convertible Notes in an amount that exceeded applicable New York Stock Exchange limits for issuances without shareholder approval, the Company reclassified the embedded conversion derivative liability to equity. The Convertible Notes are recorded at accreted value and will continue to be accreted up to the par value of the Convertible Notes at maturity.

On February 14, 2017, the Company solicited consents (the "Consent Solicitation") to issue additional 8.50% Convertible Notes (the "Additional Convertible Notes") in lieu of a cash payment of interest on February 15, 2017 (the "2017 Interest Payment Date") to holders of the Convertible Notes.

On March 14, 2017, the Company issued Additional Convertible Notes for an aggregate principal amount of $3.5 million following the Company’s receipt of the requisite consents of the holders of approximately 98% of the aggregate principal amount of Convertible Notes (the "Consenting Holders"), pursuant to the Consent Solicitation, whereby each Consenting Holder agreed to accept Additional Convertible Notes in lieu of a cash payment of interest on the Convertible Notes due on the 2017 Interest Payment Date. All Additional Convertible Notes issued by the Company to Consenting Holders were issued under the Convertible Note Indenture and such Additional Convertible Notes have identical terms to the existing Convertible Notes. Interest on the Additional Convertible Notes will accrue from February 15, 2017.

On March 15, 2017 and May 12, 2017, the Company entered into a series of separate Master Transaction Agreements (the "Master Transaction Agreements") by and among the Company, PJC Investments, LLC, a Texas limited liability company ("PJC") and each such Consenting Convertible Note Holder that is a party to such Master Transaction Agreement regarding a series of integrated transactions with the intent to effect a recapitalization of the Company (the "Transaction") which included, among other transactions, a Convertible Note Exchange Offer and a New Convertible Note Indenture providing for the issuance of New Convertible Notes to be delivered in connection with the Transaction (each as defined in the Master Transaction Agreements).

As part of the Transaction, on April 18, 2017, the Company launched an exchange offer (the "Convertible Note Exchange Offer") to the existing holders of its outstanding Convertible Notes for 5.0% Senior Unsecured Convertible Notes due 2023 (the "New Convertible Notes" or "5% Convertible Notes"). At least 98% of the holders of the Convertible Notes were required to tender in the Convertible Note Exchange Offer as a condition to closing the Transaction.

On July 26, 2017, the Company’s offer to exchange its outstanding $74.2 million aggregate principal amount of Convertible Notes for its New Convertible Notes expired. Holders of at least 98% of the Convertible Notes tendered in the Convertible Note Exchange Offer. On July 28, 2017, the Company consummated a series of integrated transactions to effect a recapitalization of the Company (the "Transaction Closing") pursuant to the Master Transaction Agreements, which transactions included the consummation of the Convertible Note Exchange Offer. The amount exchanged included approximately $73.0 million of principal outstanding prior to the exchange and approximately $2.8 million of interest paid in kind at the exchange date. The outstanding principal amount of the Convertible Notes after the exchange was approximately $1.2 million.

In connection with the Transaction Closing, the Company entered into a supplemental indenture (the "Supplemental Convertible Note Indenture") to the Convertible Note Indenture governing the Convertible Notes. The purpose of the Supplemental Convertible Note Indenture was to eliminate substantially all of the restrictive covenants, eliminate certain events of default, eliminate the covenant restricting mergers and consolidations and modify certain provisions relating to defeasance contained in the Convertible Note Indenture and the Convertible Notes (collectively, the "Proposed Amendments") promptly after the receipt of the requisite consents for the Proposed Amendments.

The Company performed an assessment of the modification of the Convertible Notes under ASC 470, Debt, and determined the transaction is a troubled debt restructuring. The Company did not recognize any gain as a result of the restructuring, therefore, approximately $7.7 million was reclassified to the New Convertible Notes, including $6.7 million and $1.0 million related to debt discount and origination cost, respectively.

On February 20, 2019, the Company received written notice from U.S. Bank, National Association, the trustee under New Convertible Note Indenture, that the Company was in default (the "Event of Default") under the New Convertible Note Indenture for failure to pay the principal amount and accrued interest due upon maturity on February 15, 2019 of Convertible Notes due 2019 (the "Convertible Notes").

The Event of Default, which caused an automatic acceleration of the outstanding principal and accrued interest, had no practical effect on the Company, as such amounts were already due and payable. The Event of Default did not result in a cross-default under other debt agreements or arrangements of the Company.

On August 28, 2019, the Company paid off the outstanding principal and accrued interest on its Convertible Notes, consisting of $1.2 million in principal, $110,000 in accrued and unpaid interest and $38,000 in administrative fees and expenses. The Convertible Notes matured on February 15, 2019. Upon the payoff, the Convertible Notes were extinguished.

The Company recorded $93,000 of interest expense on the Convertible Notes, including $73,000, $18,000 and $3,000 from interest, amortizing debt discounts and originations costs, respectively, during the twelve months ended November 30, 2019.

For the eleven months ended November 30, 2018, the Company recorded $169,000 of interest expense on the Convertible Notes, including $93,000, $66,000and $10,000 from interest, amortizing debt discounts and origination costs, respectively.

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CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS FOR ENTITIES IN BANKRUPTCY

12 Months Ended

Nov. 30, 2019

Condensed Financial Information of Debtor-in-Possession Disclosure [Abstract]

CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS FOR ENTITIES IN BANKRUPTCY

CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS FOR ENTITIES IN BANKRUPTCY

Condensed consolidated financial information for Lamington Road DAC is set forth below, presented at historical cost basis

Lamington Road DAC

(Debtor-in-Possession)

Condensed and Consolidated Statements Balance Sheet

	November 30,		November 30,
	2019		2018
	(In thousands except share data)
ASSETS
Assets
Cash and cash equivalents	—		33,719
Prepaid expenses and other assets	—		68
Investment in life settlements, at estimated fair value	—		505,235
Receivable for maturity of life settlements	—		27,700
Total assets	$	—	$	566,722
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Accounts payable and accrued expenses	—		1,410
Other liabilities (subject to compromise)*	—		5,997
Revolving Credit Facility debt, at estimated fair value	—		346,671
Promissory notes payable (subject to compromise)*	—		137,813
Promissory notes interest payable (subject to compromise)*	—		8,580
Total liabilities	—		500,471
Share Capital (1 share of $1 authorized and issued)	—		—
Additional paid in capital	—		60,602
Retained earnings	—		5,649
Total stockholders' equity	—		66,251
Total liabilities and stockholders' equity	$	—	$	566,722

*Liabilities subject to compromise include pre-petition unsecured claims, which may be settled at amounts different

from those recorded in the condensed consolidated balance sheet.

Lamington Road DAC

(Debtor-in-Possession)

Condensed and Consolidated Statements of Operations

December 1, 2018 to August 16, 2019 and November 14, 2018 to November 30, 2018

	2019			2018
Change in fair value of life settlements (Notes 9 & 15)	$	(16,841	)	$	(6,034	)
Change in fair value of investment in limited partnership (Note 10 &15)	15,352			—
Realized Gain on Life Settlements, Net	21,336			—
Other Income	709			35
Total income	20,556			(5,999		)
Interest expense	28,331			—
Interest expense - affiliate	—			458
Change in fair value of White Eagle Revolving Credit Facility (Notes 11 & 15)	17,094			53,613
Loss on extinguishment of debt	7,360			—
Reorganization cost	13,954			563
Legal fees	890			139
Professional fees	1,549			79
Administrative service fees - affiliate	2,765			229
Other general and administrative expenses	469			17
Total expenses	72,412			55,098
Income taxes	—			—
(Loss) income	$	(51,856	)	$	(61,097	)

Lamington Road DAC

(Debtor-in-Possession)

Condensed and Consolidated Statements of Cash Flows

For the Year Ended November 30, 2019 and November 14, 2018 to November 30, 2018

	2019			2018
Net cash flows from operating activities	$	(58,793	)	$	68
Cash flows from investing activities
Premiums paid on life settlements	(69,827		)	(6,557		)
Proceeds from maturity of life settlements	92,505			5,000
Net cash provided by/(used in) investing activities	$	22,678		$	(1,557	)
Cash flows from financing activities
Repayment of borrowings under White Eagle Revolving Credit Facility	(1,804		)	—
Borrowings from White Eagle Revolving Credit Facility	4,221			5,198
Cash distributed to Parent Company	(21		)	—
Net cash provided by financing activities	$	2,396		$	5,198
Net increase in cash and cash equivalents	(33,719		)	3,709
Cash and cash equivalents, at beginning of the period	33,719			30,010
Cash and cash equivalents, at end of the period	$	—		$	33,719
Supplemental disclosures of cash flow information:
Cash paid for interest during the period	$	28,331		$	—
Supplemental disclosures of non-cash financing activities:
Repayment of White Eagle Revolving Credit Facility by third party from proceeds of sale of life settlement	$	366,821		$	—
White Eagle early extinguishment fees paid by third party from proceeds of Class D Shares	$	7,360		$	—

Related Party Transactions

Certain related party transactions had been eliminated in consolidation. Due to the deconsolidation of Lamington, transactions after November 13, 2018 are no longer eliminated. With the discharge of the Chapter 11 Cases, effective August 17, 2019 related party transactions are now eliminated in consolidation. The below is a description of related party transactions for the period.

Administrative Services Fees

In 2014, White Eagle entered into an Administrative Service Agreement with Imperial Finance and Trading ("IFT"). Under the agreement, IFT will perform certain non-discretionary, administrative or ministerial services to assist with certain reporting, compliance and document retention duties and obligations arising under or in connection with the Amended and Restated Loan and Securities Agreement. IFT shall recover all cost incurred in performing these services, with billings quarterly or annually. Bills will be based on actual cost or an appropriate allocation methodology. White Eagle incurred post-petition administrative service expenses of approximately $2.8 million during the twelve months ended November 30, 2019 and 229,000 from November 14, 2018 to November 30, 2018. Amounts due from White Eagle resulting from the administrative services during the twelve months ended November 30, 2019 were contributed on August 16, 2019 consistent with the Master Termination Agreement. During the period from January 1, 2018 to November 13, 2018, White Eagle incurred pre-petition administrative service expense of approximately $5.2 million, these amounts were eliminated on consolidation.

Promissory Notes Receivables

Effective May 16, 2014, Lamington entered into a 10 year, $59.3 million unsecured Promissory Note ("the 8.5% Promissory Note") with its parent company, Markley Asset Portfolio, LLC ("Markley"). The amount was used by Lamington as the partial purchase price of Markley’s interest in White Eagle. The annual interest rate on the Promissory Note is 8.5% and is due to be paid at the end of each calendar year; provided that any interest accrued at the end of a calendar year which is not paid within seven business days thereafter shall be capitalized and increased to the outstanding principal balance. As of August 16, 2019, the outstanding principal balance was $86.5 million, which includes $27.7 million in capitalized interest. Total interest expense related to the Promissory Note was $0 and $6.3 million for the period December 1, 2018 to August 16, 2019 and the eleven months ended November 30, 2018, respectively. The entire remaining principal balance of the Promissory Note shall be due and payable, together with all accrued but unpaid interest, on May 16, 2024. No principal payments are due prior to the maturity date.

Subsequent to August 16, 2019, the Promissory Note interest expense was approximately $1.9 million at November 30, 2019, these amounts were eliminated on consolidation.

Effective July 28, 2017, Lamington, issued an unsecured Promissory Note to Markley, in a principal amount of $57.0 million. The amount represents distributions of earnings from Lamington's share of profits of White Eagle, to satisfy Profit Participation Notes issued by Markley to Lamington (the "Special Dividend Note"). The Special Dividend Note matures on July 28, 2027 and bears interest at an annual rate of 5.0% provided that any interest accrued at the end of a calendar year which is not paid within seven business days thereafter shall be capitalized and increased to the outstanding principal balance. As of August 16, 2019, the outstanding principal balance was $59.9 million, which includes $2.9 million in capitalized interest. Total interest expense related to the Special Dividend Note was $0.0 million and $2.7 million for the period December 1, 2018 to August 16, 2019 and the eleven months ended November 30, 2018, respectively. The entire remaining principal balance of the Special Dividend Note shall be due and payable, together with all accrued but unpaid interest, on July 28, 2027. No principal payments are due prior to the maturity date.

Subsequent to August 16, 2019, approximately $30.0 million was repaid towards the outstanding principal for the Special Dividend Note, with interest expense of approximately $713,000 through November 30, 2019, these amounts were eliminated on consolidation. The balance at November 30, 2019 was $29.9 million.

At August 16, 2019, the notes were fair valued in accordance with ASC 820, with a fair value of approximately $146.3 million, resulting in a change in fair value of approximately $89.7 million for the period up to August 16, 2019, which is included in change in fair value of investment in deconsolidated subsidiaries. The notes are now being eliminated in consolidation effective August 17, 2019.

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DISCONTINUED OPERATIONS

12 Months Ended

Nov. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

On October 25, 2013, the Company sold substantially all of the operating assets comprising its structured settlement business to Majestic Opco LLC pursuant to an Asset Purchase Agreement. No structured settlement receivables were sold and no on-balance sheet liabilities were transferred in connection with the sale. On August 18, 2015, the Company sold its remaining structured settlement receivables asset for $920,000 to the buyer of its operating assets.

As a result of the sale of its structured settlements business, the Company reclassified its structured settlement business operating results as discontinued operations in the accompanying Consolidated Statements of Operations for all periods presented.

Operating results related to the Company’s discontinued structured settlement business are as follows:

	Twelve Months Ended November 30,			Eleven Months Ended November 30,			Twelve Months Ended December 31,
	2019			2018			2017
	(in thousands)
Change in fair value of investments in affiliates	$	(2,384	)	$	—		$	—
Other income	—			17			33
	(2,384		)	17			33
Total expenses	(21		)	46			304
Income (loss) before income taxes	(2,363		)	(29		)	(271		)
(Benefit) provision for income taxes	—			—			—
Income (loss) from discontinued operations, net of income taxes	$	(2,363	)	$	(29	)	$	(271	)

During twelve months ended November 30, 2019, the discounted operations incurred change in fair value loss on its investment in affiliates of approximately $2.4 million. This investment was held by our structured settlement subsidiary whose primary activities were discontinued in 2013 with the sale of the structured settlement assets and the final investment of $2.4 million was written off in the fourth quarter of 2019 as part of the restructuring transactions of the Company.

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FAIR VALUE MEASUREMENTS - Life Expectancy Sensitivity Analysis (Details) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	$ 1,297	$ 506,407
Plus 6 Life Expectancy Months Adjustment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	1,090
Change in Value	(207)
No Change in Life Expectancy
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	1,297
Change in Value	0
-6 Life Expectancy Months Adjustment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Value	1,514
Change in Value	$ 217

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

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INVESTMENT IN LIMITED PARTNERSHIP - Remaining Life Expectancy and Face Value of Life Settlements (Details) $ in Thousands	Nov. 30, 2019 USD ($) contract
Face Value
Total	$ 12,000
WE Investment
Number of Life Settlement Contracts
0-1 | contract	8
1-2 | contract	25
2-3 | contract	35
3-4 | contract	59
4-5 | contract	50
Thereafter | contract	384
Total | contract	561
Face Value
0-1	$ 30,795
1-2	94,018
2-3	139,464
3-4	272,895
4-5	257,050
Thereafter	1,846,886
Total	$ 2,641,108

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8.5% SENIOR SECURED NOTES (Details) - USD ($)				1 Months Ended	9 Months Ended	11 Months Ended	12 Months Ended
	Aug. 14, 2017	Aug. 11, 2017	Jul. 28, 2017	Aug. 31, 2017	Aug. 31, 2019	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017	Feb. 11, 2019	Jan. 30, 2019	Dec. 28, 2018	Dec. 13, 2018	Dec. 10, 2018	Jan. 10, 2018	Dec. 29, 2016
Debt Instrument [Line Items]
Additional debt issuance						$ 0	$ 0	$ 30,000,000
Stock Purchase Agreement
Debt Instrument [Line Items]
Sale of stock, price per share (in dollars per share)			$ 0.2
Sale of stock, number of shares issued (in shares)			115,000,000
Brennan | Stock Purchase Agreement
Debt Instrument [Line Items]
Securities remaining for future issuance (shares)				12,500,000
Sale of stock, price per share (in dollars per share)				$ 0.40
Sale of stock, aggregate purchase price		$ 5,000,000		$ 5,000,000
Sale of stock, number of shares issued (in shares)	3,750,000	8,750,000
8.5% Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate			8.50%				850.00%					8.50%
Debt instrument issued		$ 5,000,000	$ 30,000,000
Debt repurchase amount								$ 24,500,000	$ 725,250	$ 1,500,000	$ 4,300,000
Debt repurchased									967,000	$ 2,000,000	5,700,000
Additional interest rate percentage to be paid to holders who accept interest paid-in-kind interest													3.00%
Senior notes, net						34,170,000	$ 45,675,000
8.5% Senior Secured Notes | Board of Directors Member
Debt Instrument [Line Items]
Debt repurchase amount											1,500,000
Debt repurchased											$ 2,000,000
8.5% Senior Secured Notes | Brennan
Debt Instrument [Line Items]
Debt repurchase amount									967,000
Debt repurchased									$ 725,000
Brennan Notes | Brennan | Stock Purchase Agreement
Debt Instrument [Line Items]
Debt repurchased	$ 1,500,000	$ 3,500,000
15.0% Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument, interest rate			15.00%
New Convertible Notes Indenture
Debt Instrument [Line Items]
Debt instrument issued			$ 40,000,000										$ 70,000,000
Paid-in-kind interest payable													26,800,000
Paid-in-kind interest payable in cash													$ 8,200,000
Additional debt issuance							4,000,000
Senior Notes | New Senior Secured Notes
Debt Instrument [Line Items]
Percentage of senior debt to be purchased, maximum			100.00%
Senior Notes | 8.5% Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument issued							47,600,000
Senior notes, net							45,700,000
Unamortized debt discount							1,600,000
Unamortized debt issuance costs							362,000
Interest expense debt						3,000,000	6,000,000
Interest included in interest expense						2,800,000	4,900,000
Amortization of debt issuance costs						$ 244,000	$ 468,000
Amortization of debt discounts					$ 594,000
Senior Notes | 15.0% Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument issued															$ 69,600,000.0
Senior Notes | 15.0% Senior Secured Notes | Change in control
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage			107.50%
Convertible Notes | New Convertible Notes Indenture
Debt Instrument [Line Items]
Debt instrument issued			$ 75,836,966
Debt instrument, required percentage pledged to equity interest			65.00%
Debt covenant, percent of equity interests pledged as collateral														65.00%
Debt instrument, required percentage of trustees or holders to declare notes immediately due and payable			25.00%

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8.50% SENIOR UNSECURED CONVERTIBLE NOTES (Details)							1 Months Ended	3 Months Ended	6 Months Ended	11 Months Ended	12 Months Ended
	Aug. 28, 2019 USD ($)	Jul. 28, 2017 USD ($)	Jul. 26, 2017 USD ($)	Apr. 18, 2017	Mar. 14, 2017 USD ($)	Feb. 15, 2017 d	Feb. 28, 2014 USD ($) $ / shares	Jun. 30, 2015 $ / shares shares	Jun. 30, 2015 $ / shares	Nov. 30, 2018 USD ($)	Nov. 30, 2019 USD ($)	Dec. 31, 2017 USD ($)	Feb. 14, 2017
8.50% Senior Unsecured Convertible Notes
Debt Instrument [Line Items]
Debt instrument issued							$ 70,700,000.0
Debt instrument, interest rate							8.50%
Debt issuance date							Feb. 21, 2014
Maturity date											Feb. 15, 2019
Period payments											semi-annually in arrears on August 15 and February 15 of each year
Debt instrument, convertible, conversion rate							147.9290	151.7912	151.7912
Conversion price (usd per share) | $ / shares							$ 6.76	$ 6.59	$ 6.59
Debt instrument, conversion rate							0.147929		0.1517912
Issuance of common stock (shares) | shares								6,688,433
Redemption start date						Feb. 15, 2017
Debt instrument, convertible, minimum percentage of common stock price						130.00%
Debt instrument, convertible, threshold trading days | d						20
Debt instrument, redemption price, percentage						100.00%
Amortization of debt discounts
8.50% Senior Unsecured Convertible Notes
Debt Instrument [Line Items]
Debt instrument, interest rate										8.50%	8.50%	8.50%
Interest paid in kind										$ 0	$ 0	$ 6,288,000
8.50% Senior Unsecured Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Debt instrument issued		$ 73,000,000	$ 74,200,000
Debt instrument, convertible, threshold consecutive trading days | d						30
Interest paid in kind			$ 2,800,000
Outstanding principal balance		1,200,000
Debt restructuring, amount reclassified to succeeding debt instrument		7,700,000
Debt restructuring, debt discount reclassified to succeeding instrument		6,700,000
Debt instrument, debt issuance costs reclassified to succeeding debt instrument		$ 1,000,000
Debt paid-off	$ 1,200,000
Repayment of accrued interest and unpaid interest on debt paid-off	110,000
Administrative fees and expenses paid on debt paid-off	$ 38,000
Interest expense debt										169,000	93,000
Interest										93,000	73,000
Amortization of debt discounts										66,000	18,000
Amortization of debt issuance costs										$ 10,000	$ 3,000
8.50% Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Debt instrument issued					$ 3,500,000
Debt instrument, interest rate													8.50%
Percentage of aggregate principal amount consenting to accept notes in lieu of cash payment					98.00%
5.0% Convertible Notes
Debt Instrument [Line Items]
Debt instrument, interest rate										5.00%	5.00%
5.0% Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Debt instrument, interest rate				5.00%							5.00%
Percentage of holders tendering exchange offer, minimum			98.00%
Exchange Offers | Existing Note Holders
Debt Instrument [Line Items]
Percentage of holders tendering exchange offer, minimum				98.00%

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FAIR VALUE MEASUREMENTS - Changes in Fair Value of All Assets Using Material Level of Unobservable (Level 3) Inputs (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Aug. 16, 2019	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value of investment in limited partnership				$ 0	$ 1,361	$ 0
Lamington | Subsidiaries
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Change in fair value of investment in limited partnership	$ 0		$ 15,352
Level 3 | Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		$ 138,155	0		0
Change in fair value			15,352
Balance transfers			130,803
Advance for Class D Shares			(8,000)
Distributions		(1,667)
Change in fair value of investment in limited partnership		1,361
Ending Balance	0	137,849	138,155	0	137,849
Changes in fair value included in earnings for the period relating to assets held at the end of the period		(306)
Level 3 | Life Finance
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance			1,172	567,492	1,172
Purchase of policies				0
Change in fair value				(46,879)
Matured/lapsed/sold polices				(93,435)
Premiums paid				78,706
Transfers into level 3				(504,712)
Ending Balance	1,172			1,172		$ 567,492
Changes in fair value included in earnings for the period relating to assets held at the end of the period				315
Level 3 | Subsidiaries | Life Finance
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance			1,172		1,172
Purchase of policies					0
Change in fair value					(38)
Matured/lapsed/sold polices					0
Premiums paid					163
Ending Balance	1,172	1,297		1,172	1,297
Changes in fair value included in earnings for the period relating to assets held at the end of the period					(38)
Level 3 | Deconsolidated | Life Finance
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	504,712	0	505,235		505,235
Purchase of policies	0		0
Change in fair value	(6,034)		(16,841)
Matured/lapsed/sold polices	0		(100,373)
Receivable for maturity of life settlement write off			17,800
Policies sold			(344,845)
Premiums paid	6,557		69,827
Balance transfers			(130,803)
Ending Balance	505,235		0	505,235
Changes in fair value included in earnings for the period relating to assets held at the end of the period	(6,034)		0
Level 3 | Deconsolidated | Lamington
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	278,440	$ 0	128,795		$ 128,795
Change in fair value	(150,894)		37,941
Transferred to consolidation			(166,736)
Increase in basis investment - November 14, 2018 to November 30, 2018	1,249
Ending Balance	$ 128,795		$ 0	$ 128,795

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CONSOLIDATION OF VARIABLE INTEREST ENTITIES - Consolidated Assets and Liabilities (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018
Variable Interest Entity [Line Items]
Non-consolidated VIE, assets	$ 0	$ 2,384
Not Primary Beneficiary
Variable Interest Entity [Line Items]
Non-consolidated VIE, assets	0	2,384
Non-consolidated VIE, liabilities/maximum exposure to loss	0	2,384
Not Primary Beneficiary | White Eagle
Variable Interest Entity [Line Items]
Non-consolidated VIE, assets	137,849	0
Non-consolidated VIE, liabilities/maximum exposure to loss	$ 137,849	$ 0

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EARNINGS PER SHARE - Reconciliation Narrative (Details) - shares	9 Months Ended	11 Months Ended	12 Months Ended
	Aug. 31, 2019	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
5.0% Convertible Notes
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Debt instrument, interest rate		5.00%	5.00%
8.50% Convertible Notes
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Debt instrument, interest rate		8.50%	8.50%	8.50%
Stock Options
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (in shares)		85,000	85,000	542,102
SARs
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (in shares)	100,000	100,000
Warrants
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (in shares)		44,500,000	42,500,000	48,740,521
Restricted Stock
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (in shares)		1,400,000		2,102,522
Convertible Debt Securities | 5.0% Convertible Notes
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (in shares)		37,918,483	37,918,483	37,918,483
Convertible Debt Securities | 8.50% Convertible Notes
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (in shares)		181,249		181,249

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INCOME TAXES - Reconciliation of Actual and Expected Provision (Benefit) (Details) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Amount
Tax provision (benefit) at statutory rate	$ (35,678)	$ 4,331	$ (1,134)
State tax (net of federal benefit)	(151)	(137)	(679)
Attribute reduction from ownership change	0	0	35,871
Impact of rate changes	0	(141)	0
Other permanent items	(2)	5,802	2
Tax Cuts and Job Act Enactment	0	0	(17,199)
Prior year true-ups	(533)	764	50
Effects of deconsolidation	31,591	(18,857)	0
Foreign rate differential	3,360	11,116	0
Alternative Minimum Tax	621	0	0
Other	85	0	129
Valuation allowance (decrease) increase	752	888	(17,040)
Provision (benefit) for income taxes	$ 45	$ 3,766	$ 0
Rate
Tax provision (benefit) at statutory rate	21.00%	21.00%	35.00%
State tax (net of federal benefit)	0.09%	(0.66%)	20.98%
Attribute reduction from ownership change	0.00%	0.00%	(1107.45%)
Impact of rate changes	0.00%	(0.68%)	0.00%
Other permanent items	0.00%	28.13%	(0.07%)
Tax Cuts and Job Act Enactment	0.0000	0.0000	5.3099
Prior year true-ups	0.31%	3.70%	(1.54%)
Effects of deconsolidation	(18.59%)	(91.43%)	(0.00%)
Foreign rate differential	(1.98%)	53.90%	0.00%
Alternative Minimum Tax	(0.37%)	0.00%	0.00%
Other	(0.05%)	0.00%	(3.99%)
Valuation allowance (decrease) increase	(0.44%)	4.30%	526.08%
Provision (benefit) for income taxes	(0.03%)	18.26%	(0.01%)

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INVESTMENT IN LIMITED PARTNERSHIP - Funds on Deposit in the Collection Account (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2019	Aug. 16, 2019
Investments in and Advances to Affiliates [Line Items]
Collections account	$ 6,035	$ 6,000
First
Investments in and Advances to Affiliates [Line Items]
Collections account	6,035
Fourth
Investments in and Advances to Affiliates [Line Items]
Collections account	0
Fifth
Investments in and Advances to Affiliates [Line Items]
Collections account	0
Class A Interests | Second
Investments in and Advances to Affiliates [Line Items]
Collections account	$ 0
Internal rate of return guaranteed to majority owner of partnership investment			11.00%
Principal balance of proceeds			$ 406,000
Class A Interests | Fourth
Investments in and Advances to Affiliates [Line Items]
Percentage of equity interest sold	72.50%	72.50%
Class A Interests | Fifth
Investments in and Advances to Affiliates [Line Items]
Percentage of equity interest sold	72.50%	72.50%
Class B Interests | Third
Investments in and Advances to Affiliates [Line Items]
Collections account	$ 0
Class B Interests | Fourth
Investments in and Advances to Affiliates [Line Items]
Equity investment ownership percentage	27.50%	27.50%
Class B Interests | Fifth
Investments in and Advances to Affiliates [Line Items]
Equity investment ownership percentage	27.50%	27.50%

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FAIR VALUE MEASUREMENTS - Changes in Fair Value of All Liabilities Using Material Level of Unobservable (Level 3) Inputs (Details) - Level 3 - White Eagle - White Eagle Revolving Credit Facility - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended	10 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Aug. 16, 2019	Nov. 13, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0			$ 329,240
Draws under the White Eagle Revolving Credit Facility				82,202
Payments on White Eagle Revolving Credit Facility				(52,683)
Unrealized change in fair value				(70,900)
Deconsolidation of White Eagle Revolving Credit Facility, November 13, 2018				(287,859)
Ending balance				0
Changes in fair value included in earnings for the period relating to liabilities held at end of period				70,900
Deconsolidated
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	287,859	$ 0	$ 346,670
Draws under the White Eagle Revolving Credit Facility	5,198		4,221
Payments on White Eagle Revolving Credit Facility	0		(367,985)
Unrealized change in fair value	53,613		17,094
Ending balance	346,670		$ 0	$ 287,859
Changes in fair value included in earnings for the period relating to liabilities held at end of period	$ 53,613	$ 0

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DISCONTINUED OPERATIONS - Narrative (Details) - Discontinued operations, disposed of by sale - USD ($) $ in Thousands	3 Months Ended	11 Months Ended	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017	Aug. 18, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Consideration received on sale of structured settlement receivables					$ 920
Fair value loss on investment in affiliate due to restructuring		$ 0	$ (2,384)	$ 0
Write down of investment	$ 2,400

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LIFE SETTLEMENTS (LIFE INSURANCE POLICIES) - Analysis of Policy Maturity (Details) - Collateral pledged - Revolving Credit Facility - White Eagle $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018 USD ($) contract	Nov. 30, 2019 USD ($) contract
Financial Instruments Owned and Pledged as Collateral [Line Items]
Face value	$ 93,435	$ 100,374
Cost	31,065	27,723
Accumulated Change in Fair Value	9,105	2,351
Carrying Value	40,170	30,074
Gain on Maturities	$ 53,265	$ 70,300
Number of Policies | contract	20	18

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EMPLOYEE BENEFIT PLAN (Details)	11 Months Ended	12 Months Ended
	Nov. 30, 2018 USD ($)	Nov. 30, 2019 USD ($) yr	Dec. 31, 2017 USD ($)
Postemployment Benefits [Abstract]
401(k) plan that covers employees eligible age | yr		18
401(k) plan that covers employees service period for eligible		3 months
Employer contributions | $	$ 0	$ 0	$ 0

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DECONSOLIDATION OF SUBSIDIARIES

12 Months Ended

Nov. 30, 2019

Reorganizations [Abstract]

DECONSOLIDATION OF SUBSIDIARIES

DECONSOLIDATION OF SUBSIDIARIES

On the Petition Date, Lamington and White Eagle General Partner, LLP ("WEGP") filed the November Chapter 11 Cases in the Bankruptcy Court. As of such date, Lamington was the limited partner and owned 99.99%, and WEGP was the general partner and owned 0.01%, of White Eagle. In its capacity as general partner, WEGP managed the affairs of White Eagle. Lamington and WEGP will continue to operate their businesses as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. Emergent Capital (exclusive of its subsidiaries) is a separate entity, and has not filed for bankruptcy relief and is continuing to operate in the ordinary course.

The Deconsolidated Entities' financial results are included in the Company’s consolidated results through November 13, 2018, the day prior the Petition Date. However, under ASC 810, Consolidation, specifically ASC 810-10-15, consolidation of a majority-owned subsidiary is precluded where control does not rest with the majority owners, for instance, where the subsidiary is in legal reorganization or bankruptcy. Accordingly, when a subsidiary files for bankruptcy, it is appropriate for the parent to deconsolidate the subsidiary. Under ASC 810, this loss of control would likely trigger a gain or loss for the parent as the parent would remeasure its retained noncontrolling investment at fair value. We assessed the inherent uncertainties associated with the outcome of the Chapter 11 reorganization process and the anticipated duration thereof, and concluded that it was appropriate to deconsolidate Lamington and its subsidiaries effective on the Petition Date.

At November 13, 2018, the pre-petition date, the Company valued its investment in Lamington to be $278.4 million, of which $127.3 million represents equity, $145.9 million represents promissory notes and interest receivable and $5.2 million represents other liabilities, which is equivalent to the Company's carrying value. This valuation was determined by performing a fair value calculation of the assets and liabilities of Lamington under ASC 820, Fair Value Measurement. The Company currently uses a probabilistic method of valuing life insurance policies, which the Company believes to be the preferred valuation method in the industry. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate. The Company calculated the fair value of the White Eagle Revolving Credit Facility using a discounted cash flow model taking into account the stated interest rate of the credit facility and probabilistic cash flows from the pledged policies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the Company’s estimates are not necessarily indicative of the amounts that the Company, or holders of the instruments, could realize in a current market exchange. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate. The use of different assumptions and/or estimation methodologies could have a material effect on the estimated fair values. All other assets and liabilities were deemed equivalent to their carrying value as at the pre-petition date. See Note 15, "Fair Value Measurements," of the accompanying consolidated financial statements.

ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities was effective for calendar year-end public business entities in 2018. Under the new guidance, a reporting entity should account for its equity investments that are not consolidated or accounted for under the equity method at fair value, with changes to fair value recorded in current earnings. Lamington's main subsidiary, White Eagle, carries its life settlements policies and debt under the White Eagle Revolving Credit Facility at fair value, these valuations are based on inputs that are both significant to the fair value measurement and unobservable. As a result, the Company adopted ASU 2016-01 to value its investment in Lamington. The calculation was performed consistent with ASC 820 with changes in fair value recorded in current earnings.

As a result of the Chapter 11 Cases, consistent with ASC 321, Investments - Equity Securities, the Company subsequently, measured its investment in Lamington at fair value as of November 30, 2018. Further, the Company engaged a third party to perform a quantitative assessment to determine the value of its investment in Lamington. The valuation report showed the fair value of the Company's investment in Lamington to be $128.8 million, which was $150.9 million lower than its pre-petition value. As a result, the Company recognized a reduction in its investment in Lamington at November 30, 2018.

On August 16, 2019, the White Eagle Revolving Credit Facility was paid in full and terminated. In addition, payment was made to all White Eagle vendors and intercompany liabilities were contributed by Emergent. Lamington and WEGP had pledged their respective interests in White Eagle to secure its obligations under the White Eagle Revolving Credit Facility. With the termination of the facility, this pledge was released. There were no outstanding third party liabilities for either Lamington or WEGP at August 16, 2019 besides intercompany obligations.

On September 16, 2019, the Bankruptcy Court entered an order and a final decree closing the White Eagle Chapter 11 Case, the Lamington and WEGP case were dismissed on November 25, 2019. However pursuant to ASC 810, Consolidation, management took the position that given that all third party claims had been satisfied in the case, consolidation of Lamington and WEGP as of August 17, 2019 was appropriate.

The Company further evaluated its investment at August 16, 2019 and recognized a gain of approximately $37.9 million, which amount is reflected in current earnings as change in fair value of investment in deconsolidated subsidiaries. The amount is associated with gains incurred by Lamington for the period up to August 16, 2019 in considering the proceeds received through the transactions for the Subscription Agreement, the actual payoff of the White Eagle Revolving Credit Facility and all other third party claims.

Effective August 17, 2019, the entities are no longer deconsolidated.

The fair value of the investment in Lamington is calculated as follows:

Investment in Lamington at December 1, 2018	$	128,795
Less: Change in fair value	37,941
Investment in Lamington at August 16, 2019	$	166,736

The table below summarizes the composition of the Company's investment in the deconsolidated entities at August 16, 2019:

			Change in Fair Value
	November 30, 2018		December 1, 2018 to August 16, 2019			August 16, 2019
Equity investment	$	66,251	$	(45,847	)	$	20,404
Promissory notes	56,596		89,736			146,332
Other liabilities	5,948		(5,948		)	—
Total investment	$	128,795	$	37,941		$	166,736

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CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance ( shares) at Dec. 31, 2016		29,021,844	608,000
Beginning balance at Dec. 31, 2016	$ 172,874	$ 290	$ (2,534)	$ 307,647	$ (132,529)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(3,509)				(3,509)
Stock-based compensation (shares)		1,991,132
Stock-based compensation	408	$ 20		388
Common stock issued through ATM, net (shares)		127,500,000
Common stock issued, net	26,889	$ 1,275		25,614
Retirement of common stock (shares)		(17,577)
Retirement of common stock	(20)			(20)
Ending balance (shares) at Dec. 31, 2017		158,495,399	608,000
Ending balance at Dec. 31, 2017	196,642	$ 1,585	$ (2,534)	333,629	(136,038)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(169,971)				(169,971)
Stock-based compensation (shares)		550,000
Stock-based compensation	562			562
Common stock issued, net (shares)		25,000
Common stock issued, net	9			9
Retirement of common stock (shares)		(336,471)
Retirement of common stock	0	$ 2		(2)
Ending balance (shares) at Nov. 30, 2018		158,733,928	608,000
Ending balance at Nov. 30, 2018	27,242	$ 1,587	$ (2,534)	334,198	(306,009)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	14,496				14,496
Stock-based compensation	375			375
Retirement of common stock (shares)		(368,653)
Retirement of common stock	0	$ (3)		3
Ending balance (shares) at Nov. 30, 2019		158,365,275	608,000
Ending balance at Nov. 30, 2019	$ 42,113	$ 1,584	$ (2,534)	$ 334,576	$ (291,513)

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DECONSOLIDATION OF SUBSIDIARIES - Company's Investment in Deconsolidated Entities (Details) - USD ($) $ in Thousands			9 Months Ended	11 Months Ended	12 Months Ended
	Aug. 16, 2019	Nov. 13, 2018	Aug. 16, 2019	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Investment Owned, Balance [Roll Forward]
Investment in Lamington at December 1, 2018			$ 0		$ 0
Change in fair value of investment in deconsolidated subsidiaries (Notes 4 & 15)				$ (150,894)	37,941	$ 0
Investment in Lamington at August 16, 2019				0	137,849
Lamington
Investment Owned, Balance [Roll Forward]
Investment in Lamington at December 1, 2018			128,795		128,795
Change in fair value of investment in deconsolidated subsidiaries (Notes 4 & 15)	$ 37,900	$ (150,900)	37,941
Investment in Lamington at August 16, 2019	166,736	278,400	166,736	128,795
Lamington | Promissory notes
Investment Owned, Balance [Roll Forward]
Investment in Lamington at December 1, 2018			56,596		56,596
Change in fair value of investment in deconsolidated subsidiaries (Notes 4 & 15)			89,736
Investment in Lamington at August 16, 2019	146,332	145,900	146,332	56,596
Lamington | Other liabilities
Investment Owned, Balance [Roll Forward]
Investment in Lamington at December 1, 2018			5,948		5,948
Change in fair value of investment in deconsolidated subsidiaries (Notes 4 & 15)			(5,948)
Investment in Lamington at August 16, 2019	0	$ 5,200	0	5,948
Lamington | Equity Securities
Investment Owned, Balance [Roll Forward]
Investment in Lamington at December 1, 2018			66,251		$ 66,251
Change in fair value of investment in deconsolidated subsidiaries (Notes 4 & 15)			(45,847)
Investment in Lamington at August 16, 2019	$ 20,404		$ 20,404	$ 66,251

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ORGANIZATION AND DESCRIPTION OF BUSINESS ACTIVITIES (Details)										1 Months Ended	11 Months Ended	12 Months Ended
	Dec. 04, 2019 USD ($) contract	Aug. 16, 2019 USD ($)	Jul. 18, 2019 USD ($)	May 22, 2019 USD ($) contract claim	May 07, 2019	Jan. 25, 2019 USD ($)	Jan. 15, 2019	Nov. 14, 2018	Nov. 13, 2018	May 31, 2019	Nov. 30, 2018 USD ($) contract	Nov. 30, 2019 USD ($) contract	Dec. 31, 2017 USD ($)	Dec. 30, 2019 USD ($)	Sep. 17, 2019	Aug. 31, 2019	Aug. 15, 2019	Feb. 11, 2019 USD ($)	Jan. 30, 2019 USD ($)	Dec. 28, 2018 USD ($)	Dec. 13, 2018	Dec. 10, 2018 USD ($)	Aug. 11, 2017 USD ($)	Jul. 28, 2017 USD ($)	Dec. 29, 2016 contract
Organization and Nature of Operations [Line Items]
Investment in life settlements fair value											$ 506,407,000	$ 1,297,000
Life insurance policies with aggregate death benefit												12,000,000
Investment in limited partnership, at estimated fair value											0	137,849,000
Investment in life settlements, at estimated fair value											1,172,000	1,297,000
Lump sum payment received on life insurance policies canceled											90,780,000	$ 17,768,000	$ 42,131,000
8.5% Senior Secured Notes and New Convertible Notes
Organization and Nature of Operations [Line Items]
Debt instrument, interest rate																					8.50%
8.5% Senior Secured Notes
Organization and Nature of Operations [Line Items]
Debt instrument, interest rate												850.00%									8.50%			8.50%
Debt instrument issued																							$ 5,000,000	$ 30,000,000
Additional interest rate percentage to be paid to holders who accept interest paid-in-kind interest																						3.00%
Debt repurchased																		$ 967,000	$ 2,000,000	$ 5,700,000
Debt repurchase amount													$ 24,500,000					$ 725,250	$ 1,500,000	4,300,000
5.0% Convertible Notes
Organization and Nature of Operations [Line Items]
Debt instrument issued																						$ 70,000,000		$ 40,000,000
Limited Partner | IRELAND | Lamington
Organization and Nature of Operations [Line Items]
Ownership interest percentage									99.99%
General Partner | WEGP
Organization and Nature of Operations [Line Items]
Ownership interest percentage									0.01%
Revolving Credit Facility
Organization and Nature of Operations [Line Items]
Repayment of outstanding principal on line of credit		$ 368,000,000
Repayment of accrued and unpaid interest on line of credit		$ 21,300,000
Revolving Credit Facility | White Eagle
Organization and Nature of Operations [Line Items]
Period during which debtors are authorized to use proceeds from pre-petition cash collateral (equivalent to weeks)					2 months 7 days		5 months			2 months 7 days
WE Investment
Organization and Nature of Operations [Line Items]
Investment in life settlements fair value												$ 2,600,000,000
Life insurance policies with aggregate death benefit												$ 2,641,108,000
Equity investment ownership percentage												27.50%
Number of life insurance policies owned | contract												561
Number of life insurance policies canceled | contract												7
WE Investment | Lamington
Organization and Nature of Operations [Line Items]
Equity investment ownership percentage		27.50%										27.50%				27.50%
Investment in limited partnership, at estimated fair value		$ 138,900,000										$ 137,800,000
WE Investment | Class B Interests | Lamington
Organization and Nature of Operations [Line Items]
Equity investment ownership percentage		27.50%
Subsidiaries
Organization and Nature of Operations [Line Items]
Investment in life settlements fair value											1,172,000
Subsidiaries | LNV
Organization and Nature of Operations [Line Items]
Equity stake percentage						45.00%
Subsidiaries | LNV | DIP Financing
Organization and Nature of Operations [Line Items]
Amount of debt committed to in connection with receiving an equity stake percentage						$ 370,000,000
Equity stake percentage						45.00%									45.00%
Subsidiaries | Limited Partner | IRELAND | Lamington
Organization and Nature of Operations [Line Items]
Ownership interest percentage								99.99%	99.99%
Subsidiaries | General Partner | WEGP
Organization and Nature of Operations [Line Items]
Ownership interest percentage								0.01%	0.01%
Subsidiaries | Forecast | LNV | WEGP | DIP Financing
Organization and Nature of Operations [Line Items]
Debtor-in-possession financing														$ 15,000,000
Subsidiaries | If paid by September 17, 2019 | LNV | White Eagle | DIP Financing
Organization and Nature of Operations [Line Items]
Default rate of outstanding principal and accrued interest															102.00%
Subsidiaries | If paid by December 30, 2019 | Forecast | LNV | White Eagle | DIP Financing
Organization and Nature of Operations [Line Items]
Default rate of outstanding principal and accrued interest														104.00%
Subsidiaries | WE Investment
Organization and Nature of Operations [Line Items]
Equity investment ownership percentage												27.50%
Subsidiaries | WE Investment | Lamington
Organization and Nature of Operations [Line Items]
Equity investment ownership percentage		27.50%
Subsidiaries | WE Investment | White Eagle
Organization and Nature of Operations [Line Items]
Number of consolidated life insurance policies owned | contract												2
Equity investment ownership percentage												27.50%
Investment in limited partnership, at estimated fair value												$ 137,800,000
Subsidiaries | WE Investment | Class B Interests | Lamington
Organization and Nature of Operations [Line Items]
Equity investment ownership percentage		27.50%
Affiliates | Jade Mountain | White Eagle
Organization and Nature of Operations [Line Items]
Exchange price on sale of equity interest in subsidiary			$ 384,300,000
Affiliates | Palomino | White Eagle
Organization and Nature of Operations [Line Items]
Percentage of equity interest sold		72.50%
Affiliates | White Eagle
Organization and Nature of Operations [Line Items]
Percentage of equity interest sold		72.50%
Proceeds from sale of limited partnership interest		$ 366,200,000
Affiliates | Class A Interests
Organization and Nature of Operations [Line Items]
Internal rate of return guaranteed to majority owner of partnership investment		11.00%
Affiliates | Class A Interests | Palomino | White Eagle
Organization and Nature of Operations [Line Items]
Percentage of equity interest sold		72.50%
Affiliates | Class D Interests
Organization and Nature of Operations [Line Items]
Internal rate of return guaranteed to majority owner of partnership investment		11.00%
Affiliates | Class D Interests | Palomino | White Eagle
Organization and Nature of Operations [Line Items]
Proceeds from sale of limited partnership interest		$ 8,000,000
Affiliates | Class B Interests
Organization and Nature of Operations [Line Items]
Period for distribution of proceeds from limited partnership interest		8 years
Internal rate of return guaranteed to majority owner of partnership investment		11.00%
Affiliates | Class B Interests | Palomino | White Eagle
Organization and Nature of Operations [Line Items]
Equity investment ownership percentage		27.50%
Affiliates | For the first 3 years | Class A Interests
Organization and Nature of Operations [Line Items]
Proceeds from sale of limited partnership interest		$ 8,000,000
Period for distribution of proceeds from limited partnership interest		3 years
Affiliates | For the subsequent 7 years | Class A Interests
Organization and Nature of Operations [Line Items]
Proceeds from sale of limited partnership interest		$ 4,000,000
Period for distribution of proceeds from limited partnership interest		7 years
CLMG | Revolving Credit Facility
Organization and Nature of Operations [Line Items]
Line of credit payoff		$ 402,500,000
CLMG | Revolving Credit Facility | White Eagle
Organization and Nature of Operations [Line Items]
Line of credit payoff		28,300,000
CLMG | Revolving Credit Facility | Class A Interests | Palomino
Organization and Nature of Operations [Line Items]
Purchase price of acquired equity interest		374,200,000
CLMG | Revolving Credit Facility | Class D Interests | Palomino
Organization and Nature of Operations [Line Items]
Purchase price of acquired equity interest allocated to Class D		8,000,000
Annual amount guaranteed to majority owners of limited partnership		$ 2,000,000
Internal rate of return guaranteed to majority owner of partnership investment		11.00%
CLMG | Affiliates | Revolving Credit Facility | Class D Interests | Palomino | White Eagle
Organization and Nature of Operations [Line Items]
Proceeds from sale of limited partnership interest		$ 8,000,000
LNV | Revolving Credit Facility
Organization and Nature of Operations [Line Items]
Early repayments of line of credit		7,400,000
Lender-allowed claims		$ 5,800,000
Collateral pledged | Revolving Credit Facility | White Eagle
Organization and Nature of Operations [Line Items]
Investment in life settlements fair value											505,236,000
Life insurance policies with aggregate death benefit											$ 2,775,915,000
Number of life insurance policies owned | contract											586	0													190
Collateral pledged | WE Investment | Lamington
Organization and Nature of Operations [Line Items]
Equity investment ownership percentage		27.50%
Collateral pledged | Subsidiaries | WE Investment | Lamington
Organization and Nature of Operations [Line Items]
Equity investment ownership percentage		27.50%
Collateral pledged | Subsidiaries | WE Investment | White Eagle
Organization and Nature of Operations [Line Items]
Equity investment ownership percentage		27.50%
Board of Directors Member | 8.5% Senior Secured Notes
Organization and Nature of Operations [Line Items]
Debt repurchased																				2,000,000
Debt repurchase amount																				$ 1,500,000
Subsequent Event | Sun Life
Organization and Nature of Operations [Line Items]
Investment in life settlements fair value	$ 163,500,000
Number of life insurance policies canceled | contract	31
Lump sum payment received on life insurance policies canceled	$ 36,100,000
Subsequent Event | Sun Life | White Eagle
Organization and Nature of Operations [Line Items]
Investment in life settlements fair value	$ 141,500,000
Number of life insurance policies owned | contract	28
Number of life insurance policies in receivable for maturity | contract	1
Receivable for maturity of life insurance policies	$ 10,000,000
Payments for maturity of life insurance policies	13,400,000
Subsequent Event | Sun Life | Emergent Capital, Inc.
Organization and Nature of Operations [Line Items]
Investment in life settlements fair value	$ 12,000,000
Number of life insurance policies canceled | contract	2
Lump sum payment received on life insurance policies canceled	$ 12,700,000
Subsequent Event | Sun Life | Wilmington Trust
Organization and Nature of Operations [Line Items]
Payments for maturity of life insurance policies	10,000,000
Subsequent Event | Sun Life | Forecast
Organization and Nature of Operations [Line Items]
Lump sum payment received on life insurance policies canceled	$ 2,000,000
Settled Litigation | Lincoln Benefit Life Company, White Eagle Asset Portfolio, L.P. and Emergent Capital, Inc.
Organization and Nature of Operations [Line Items]
Litigation settlement, amount awarded from other party				$ 21,300,000
Settled Litigation | Lincoln Benefit Life Company, White Eagle Asset Portfolio, L.P. and Emergent Capital, Inc. | White Eagle
Organization and Nature of Operations [Line Items]
Number of life insurance policies owned | contract				55
Settled Litigation | Allstate Company and Emergent Capital, Inc.
Organization and Nature of Operations [Line Items]
Litigation settlement, amount awarded to other party				$ 2,000,000
Settled Litigation | Allstate Company and Emergent Capital, Inc. | White Eagle
Organization and Nature of Operations [Line Items]
Number of pending claims | claim				6
Investment in life settlements, at estimated fair value				$ 39,100,000
Emergent Capital, Inc. | Affiliates | Palomino | White Eagle
Organization and Nature of Operations [Line Items]
Percentage of equity interest in affiliate owned																	100.00%

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Document and Entity Information - USD ($)	12 Months Ended
	Nov. 30, 2019	Mar. 12, 2020	May 31, 2019
Document And Entity Information [Abstract]
Document Type	10-K/A
Amendment Flag	false
Document Period End Date	Nov. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	Emergent Capital, Inc.
Entity Central Index Key	0001494448
Current Fiscal Year End Date	--11-30
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		159,270,553
Entity Public Float			$ 8,224,053

XML

SEGMENT INFORMATION

12 Months Ended

Nov. 30, 2019

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATION

On October 25, 2013, the Company sold its structured settlement business, which was previously reported as an operating segment. The operating results related to the Company’s structured settlement business have been included in discontinued operations in the Company’s Consolidated Statements of Operations for all periods presented and the Company has discontinued segment reporting. See, Note 8 "Discontinued Operations" to the accompanying consolidated financial statements.

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SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED)

12 Months Ended

Nov. 30, 2019

Quarterly Financial Information Disclosure [Abstract]

SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED)

SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED)

The following tables set forth our unaudited consolidated financial data regarding continuing operations for each quarter of fiscal 2019 and 2018 (in thousands). This information, in the opinion of management, includes all adjustments necessary, consisting only of normal and recurring adjustments, to state fairly the information set forth therein. Certain amounts previously reported have been reclassified to conform to the current presentation. These reclassifications had no net impact on the results of operations (in thousands).

	Fiscal 2019
	1st Quarter				2nd Quarter					3rd Quarter		4th Quarter
Total income	$	(33,953	)	(2)	$	(18,792	)	(2	)	$	86,858	7,412
(Loss)/income from continuing operations before taxes	(37,459		)		(22,650		)			80,196		538
Net (loss)/income from continuing operations	(37,459		)		(25,868		)			80,201		(15		)
(Loss)/income per share from continuing operations:
Basic	$	(0.24	)		$	(0.16	)			$	0.51	$	—		(1)
Diluted	$	(0.24	)		$	(0.16	)			$	0.41	$	(0.02	)	(1)

	Fiscal 2018
	1st Quarter			2nd Quarter			3rd Quarter		4th Quarter
Total income	$	5,591		$	5,563		$	29,714	$	(86,395	)
(Loss)/income from continuing operations before income taxes	(3,994		)	(6,483		)	11,751		(171,170		)
Net (loss)/income from continuing operations	(3,994		)	(9,603		)	14,288		(170,631		)
(Loss)/income per share from continuing operations:
Basic and diluted	$	(0.03	)	$	(0.04	)	$	0.09	$	(1.09	)

(1) The sum of the basic and diluted earnings per share amounts for each quarter in fiscal year 2019 and 2018 do not equal the amount presented in the statements of operations for the twelve months ended November 30, 2019 and the eleven months ended November 30, 2018 due to the Company having losses for the twelve months ended November 30, 2019 and the eleven months ended November 30, 2018 and therefore all common stock equivalents were antidilutive for the quarters in which in the Company had losses.

(2) Certain reclassifications of the prior period amounts and presentation have been made to conform to the presentation for the current period. These reclassification relate primarily to change in fair value of investment in deconsolidated subsidiaries which was reclassified from expense to income.

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COMMITMENTS AND CONTINGENCIES - Narrative (Details)												3 Months Ended	6 Months Ended	11 Months Ended	12 Months Ended
	Jan. 29, 2020 USD ($)	Jan. 27, 2020 USD ($) shares	Dec. 10, 2019 USD ($)	Dec. 04, 2019 USD ($) contract	Nov. 12, 2019 USD ($)	May 22, 2019 USD ($) contract claim	Mar. 11, 2019 USD ($)	Jan. 25, 2019 USD ($)	Oct. 01, 2018 USD ($)	Mar. 13, 2018 USD ($)	Jul. 29, 2013 USD ($)	Aug. 31, 2019 USD ($)	Nov. 30, 2019 USD ($) contract	Nov. 30, 2018 USD ($)	Nov. 30, 2019 USD ($) contract	Dec. 31, 2017 USD ($)	Sep. 17, 2019	Aug. 16, 2019	Dec. 13, 2018	Jul. 28, 2017	Jan. 12, 2017 appeal	Apr. 18, 2013 policy
Commitments and Contingencies [Line Items]
Annual base rent															$ 268,000
Percentage of annual increase of base rent															3.00%
Rent expense under operating lease														$ 396,000	$ 290,000	$ 407,000
Annual base rent							$ 89,000		$ 78,000
Investment in life settlements, at estimated fair value													$ 1,297,000	1,172,000	1,297,000
Investment in life settlements fair value													$ 1,297,000	506,407,000	1,297,000
Proceeds from maturity of life settlements														90,780,000	$ 17,768,000	$ 42,131,000
8.5% Senior Secured Notes
Commitments and Contingencies [Line Items]
Debt instrument, interest rate													850.00%		850.00%				8.50%	8.50%
Pending Litigation
Commitments and Contingencies [Line Items]
Life insurance, policies issued | policy																						28
Compensatory damages sought in addition to an award of punitive damages											$ 30,000,000.0
Loss contingency, number of appeals | appeal																					2
V.P. Chief Investment Officer
Commitments and Contingencies [Line Items]
Severance annual salary										$ 275,000
Severance period										6 years
Employee agreement term										1 year
Employee agreement extension period										1 year
Period to give written notice to terminate employment										60 days
V.P. Chief Investment Officer | Mr. Simony Retention Agreement
Commitments and Contingencies [Line Items]
Severance annual salary					$ 1,000,000.0
Period covered by COBRA health insurance under employment agreement					12 months
Retention percentage payable upon employee entering into agreement					66.00%
Retention percentage payable upon consummation of restructuring					33.00%
Period after consummation of restructuring					3 days
V.P. Chief Legal Officer and General Counsel
Commitments and Contingencies [Line Items]
Severance annual salary										$ 250,000
Severance period										6 months
Employee agreement term										1 year
Employee agreement extension period										1 year
Period to give written notice to terminate employment										60 days
V.P. Chief Legal Officer and General Counsel | Mr. Werblowsky Retention Agreement
Commitments and Contingencies [Line Items]
Severance annual salary					$ 500,000
Period covered by COBRA health insurance under employment agreement					12 months
Retention percentage payable upon employee entering into agreement					66.00%
Retention percentage payable upon consummation of restructuring					33.00%
Period after consummation of restructuring					3 days
Cheif Financial Officer
Commitments and Contingencies [Line Items]
Severance annual salary										$ 352,229
Severance period										12 months
Change in control period										2 years
Base salary multiplier										200.00%
Subsidiaries
Commitments and Contingencies [Line Items]
Investment in life settlements fair value														$ 1,172,000
Subsidiaries | LNV
Commitments and Contingencies [Line Items]
Percentage of debt commitment in connection with receiving an equity stake percentage								45.00%
Subsidiaries | DIP Financing | LNV
Commitments and Contingencies [Line Items]
Amount of debt committed to in connection with receiving an equity stake percentage								$ 370,000,000
Percentage of debt commitment in connection with receiving an equity stake percentage								45.00%									45.00%
Affiliates | White Eagle
Commitments and Contingencies [Line Items]
Percentage of equity interest sold																		72.50%
White Eagle | Affiliates | Palomino
Commitments and Contingencies [Line Items]
Percentage of equity interest sold																		72.50%
White Eagle | Class A Interests | Affiliates | Palomino
Commitments and Contingencies [Line Items]
Percentage of equity interest sold																		72.50%
WE Investment
Commitments and Contingencies [Line Items]
Life insurance, number of policies | contract													561		561
Number of life insurance policies canceled | contract													7		7
Investment in life settlements fair value													$ 2,600,000,000		$ 2,600,000,000
Equity investment ownership percentage													27.50%		27.50%
WE Investment | Lamington
Commitments and Contingencies [Line Items]
Equity investment ownership percentage												27.50%	27.50%		27.50%			27.50%
WE Investment | Subsidiaries
Commitments and Contingencies [Line Items]
Equity investment ownership percentage													27.50%		27.50%
WE Investment | Subsidiaries | White Eagle
Commitments and Contingencies [Line Items]
Equity investment ownership percentage													27.50%		27.50%
WE Investment | Subsidiaries | Lamington
Commitments and Contingencies [Line Items]
Equity investment ownership percentage																		27.50%
Collateral pledged | WE Investment | Lamington
Commitments and Contingencies [Line Items]
Equity investment ownership percentage																		27.50%
Collateral pledged | WE Investment | Subsidiaries | White Eagle
Commitments and Contingencies [Line Items]
Equity investment ownership percentage																		27.50%
Collateral pledged | WE Investment | Subsidiaries | Lamington
Commitments and Contingencies [Line Items]
Equity investment ownership percentage																		27.50%
Subsequent Event | V.P. Chief Investment Officer | Mr. Simony Retention Agreement
Commitments and Contingencies [Line Items]
Severance annual salary	$ 1,000,000.0
Retention percentage payable upon employee entering into agreement	66.00%
Retention percentage payable upon consummation of restructuring	33.00%
Period after consummation of restructuring	3 days
Period after the amendment date	7 days
Subsequent Event | Cheif Financial Officer | Ms. Martinez Retention Agreement
Commitments and Contingencies [Line Items]
Severance annual salary			$ 700,000
Period covered by COBRA health insurance under employment agreement			18 months
Retention percentage payable upon employee entering into agreement			66.00%
Retention percentage payable upon consummation of restructuring			33.00%
Period after consummation of restructuring			3 days
Sun Life | Subsequent Event
Commitments and Contingencies [Line Items]
Number of life insurance policies canceled | contract				31
Investment in life settlements fair value				$ 163,500,000
Proceeds from maturity of life settlements				$ 36,100,000
Sun Life | Subsequent Event | Emergent Capital, Inc.
Commitments and Contingencies [Line Items]
Number of life insurance policies canceled | contract				2
Investment in life settlements fair value				$ 12,000,000
Proceeds from maturity of life settlements				12,700,000
Sun Life | Subsequent Event | Wilmington Trust
Commitments and Contingencies [Line Items]
Payments for maturity of life insurance policies				$ 10,000,000
Sun Life | Subsequent Event | White Eagle
Commitments and Contingencies [Line Items]
Life insurance, number of policies | contract				28
Investment in life settlements fair value				$ 141,500,000
Number of life insurance policies in receivable for maturity | contract				1
Receivable for maturity of life insurance policies				$ 10,000,000
Payments for maturity of life insurance policies				13,400,000
Forecast | Subsequent Event | Chief Executive Officer | Mr. Simony Bonus
Commitments and Contingencies [Line Items]
Period after consummation of restructuring		30 days
Period after approval of restructuring		45 days
Forecast | Sun Life | Subsequent Event
Commitments and Contingencies [Line Items]
Proceeds from maturity of life settlements				$ 2,000,000
Forecast | Payable after the grant | Subsequent Event | Chief Executive Officer | Mr. Simony Bonus
Commitments and Contingencies [Line Items]
Bonus payable in cash		$ 400,000
Forecast | Payable upon consummation of Restructuring | Subsequent Event | Chief Executive Officer | Mr. Simony Bonus
Commitments and Contingencies [Line Items]
Bonus payable in cash		300,000
Forecast | Payable if the Company effects the Restructuring | Subsequent Event | Chief Executive Officer | Mr. Simony Bonus
Commitments and Contingencies [Line Items]
Bonus payable in cash		300,000
Forecast | Payable under the approved Restructuring budget (at least) | Subsequent Event | Chief Executive Officer | Mr. Simony Bonus
Commitments and Contingencies [Line Items]
Bonus payable in cash		$ 600,000
Forecast | Restricted Stock | Subsequent Event | Chief Executive Officer | Mr. Simony Bonus
Commitments and Contingencies [Line Items]
Bonus stock awards reserved for issuance (in shares) | shares		1,000,000
Forecast | Restricted Stock | First anniversary of the grant date | Subsequent Event | Chief Executive Officer | Mr. Simony Bonus
Commitments and Contingencies [Line Items]
Bonus awards vesting percentage		33.33%
Forecast | Restricted Stock | Second anniversary of the grant date | Subsequent Event | Chief Executive Officer | Mr. Simony Bonus
Commitments and Contingencies [Line Items]
Bonus awards vesting percentage		33.33%
Forecast | Restricted Stock | Third anniversary of the grant date | Subsequent Event | Chief Executive Officer | Mr. Simony Bonus
Commitments and Contingencies [Line Items]
Bonus awards vesting percentage		33.33%
Lincoln Benefit Life Company, White Eagle Asset Portfolio, L.P. and Emergent Capital, Inc. | Settled Litigation
Commitments and Contingencies [Line Items]
Litigation settlement, amount awarded from other party						$ 21,300,000
Lincoln Benefit Life Company, White Eagle Asset Portfolio, L.P. and Emergent Capital, Inc. | White Eagle | Settled Litigation
Commitments and Contingencies [Line Items]
Life insurance, number of policies | contract						55
Allstate Company and Emergent Capital, Inc. | Settled Litigation
Commitments and Contingencies [Line Items]
Litigation settlement, amount awarded to other party						$ 2,000,000
Allstate Company and Emergent Capital, Inc. | White Eagle | Settled Litigation
Commitments and Contingencies [Line Items]
Number of pending claims | claim						6
Investment in life settlements, at estimated fair value						$ 39,100,000
Receivable for maturity of life settlement write off												$ 17,800,000
Proceeds from settlements													$ 2,000,000

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DISCONTINUED OPERATIONS - Operating Results of Structured Settlement Business (Details) - USD ($)	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income (loss) before income taxes	$ (29,000)	$ (2,363,000)	$ (271,000)
(Benefit) provision for income taxes	0	0	0
Discontinued operations, disposed of by sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Change in fair value of investments in affiliates	0	(2,384,000)	0
Other income	17,000	0.00	33,000
Operating income (loss)	17,000	(2,384,000)	33,000
Total expenses	46,000	(21,000)	304,000
Income (loss) before income taxes	(29,000)	(2,363,000)	(271,000)
(Benefit) provision for income taxes	0	0	0
Income (loss) from discontinued operations, net of income taxes	$ (29,000)	$ (2,363,000)	$ (271,000)

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INVESTMENT IN LIMITED PARTNERSHIP - Narrative (Details)			3 Months Ended	4 Months Ended	12 Months Ended
	Aug. 16, 2019 USD ($)	Nov. 30, 2018 USD ($) contract	Nov. 30, 2019 USD ($) contract	Mar. 16, 2020 USD ($)	Nov. 30, 2019 USD ($) contract	Aug. 31, 2019	Dec. 29, 2016 contract
Investments in and Advances to Affiliates [Line Items]
Distributions from premium/expense reserve			$ 31,840,000		$ 31,800,000
Premium/expense reserve			4,195,000		4,195,000
Distributions received from premium/expense account			36,035,000		36,000,000
Collections account			6,035,000		6,000,000
Balance on collection account pending distribution			13,007,000		13,007,000
Maturities of life settlements			32,726,000		32,700,000
Proceeds received			19,000,000		19,000,000
Investment in limited partnership, at estimated fair value		$ 0	137,849,000		137,849,000
Investment in life settlements fair value		$ 506,407,000	$ 1,297,000		$ 1,297,000
Affiliates | White Eagle
Investments in and Advances to Affiliates [Line Items]
Percentage of equity interest sold	72.50%
Proceeds from sale of limited partnership interest	$ 366,200,000
White Eagle | Affiliates | Palomino
Investments in and Advances to Affiliates [Line Items]
Percentage of equity interest sold	72.50%
WE Investment
Investments in and Advances to Affiliates [Line Items]
Equity investment ownership percentage			27.50%		27.50%
Number of life insurance policies matured | contract			7		7
Life insurance, number of policies | contract			561		561
Investment in life settlements fair value			$ 2,600,000,000		$ 2,600,000,000
Weighted average life expectancy of life settlement contracts					7 years 1 month
Estimated future premium payments on life settlement contracts			$ 1,114,810,000		$ 1,114,810,000
WE Investment | Lamington
Investments in and Advances to Affiliates [Line Items]
Equity investment ownership percentage	27.50%		27.50%		27.50%	27.50%
Investment in limited partnership, at estimated fair value	$ 138,900,000		$ 137,800,000		$ 137,800,000
Revolving Credit Facility
Investments in and Advances to Affiliates [Line Items]
Repayment of outstanding principal on line of credit	368,000,000
Repayment of accrued and unpaid interest on line of credit	21,300,000
Revolving Credit Facility | CLMG
Investments in and Advances to Affiliates [Line Items]
Line of credit payoff	402,500,000
Revolving Credit Facility | CLMG | White Eagle
Investments in and Advances to Affiliates [Line Items]
Line of credit payoff	28,300,000
Revolving Credit Facility | LNV
Investments in and Advances to Affiliates [Line Items]
Early repayments of line of credit	7,400,000
Lender-allowed claims	5,800,000
Class A Interests
Investments in and Advances to Affiliates [Line Items]
Distributions from premium/expense reserve	$ 1,800,000				1,900,000
Class A Interests | Affiliates
Investments in and Advances to Affiliates [Line Items]
Internal rate of return guaranteed to majority owner of partnership investment	11.00%
Initial contribution percentage	100.00%
Percentage of amounts funded into premium/expense	100.00%
Contributions to premium/expense account	$ 21,800,000				28,300,000
Premium/expense reserve	30,000,000		4,200,000		4,200,000
Class A Interests | Affiliates | For the first 3 years
Investments in and Advances to Affiliates [Line Items]
Proceeds from sale of limited partnership interest	$ 8,000,000
Period for distribution of proceeds from limited partnership interest	3 years
Class A Interests | Affiliates | For the subsequent 7 years
Investments in and Advances to Affiliates [Line Items]
Proceeds from sale of limited partnership interest	$ 4,000,000
Period for distribution of proceeds from limited partnership interest	7 years
Class A Interests | White Eagle | Affiliates | Palomino
Investments in and Advances to Affiliates [Line Items]
Percentage of equity interest sold	72.50%
Class A Interests | Revolving Credit Facility | CLMG | Palomino
Investments in and Advances to Affiliates [Line Items]
Purchase price of acquired equity interest	$ 374,200,000
Class D Interests | Affiliates
Investments in and Advances to Affiliates [Line Items]
Internal rate of return guaranteed to majority owner of partnership investment	11.00%
Percentage of payment amount	125.00%
Class D Interests | White Eagle | Affiliates | Palomino
Investments in and Advances to Affiliates [Line Items]
Proceeds from sale of limited partnership interest	$ 8,000,000
Class D Interests | Revolving Credit Facility | CLMG | Palomino
Investments in and Advances to Affiliates [Line Items]
Purchase price of acquired equity interest allocated to Class D	8,000,000
Annual amount guaranteed to majority owners of limited partnership	$ 2,000,000
Internal rate of return guaranteed to majority owner of partnership investment	11.00%
Principal and interest payment amount allocated to Class D	$ 10,000,000		259,000		259,000
Principal amount allocated to Class D			8,000,000		8,000,000
Payments to limited partnership					0
Class D Interests | Revolving Credit Facility | CLMG | White Eagle | Affiliates | Palomino
Investments in and Advances to Affiliates [Line Items]
Proceeds from sale of limited partnership interest	$ 8,000,000
Class B Interests
Investments in and Advances to Affiliates [Line Items]
Distributions from premium/expense reserve			1,667,000		1,700,000
Class B Interests | Affiliates
Investments in and Advances to Affiliates [Line Items]
Period for distribution of proceeds from limited partnership interest	8 years
Internal rate of return guaranteed to majority owner of partnership investment	11.00%
Payments to limited partnership					0
Distributions from premium/expense reserve	$ 8,300,000
Accrued and unpaid interest outstanding			267,000		267,000
Class B Interests | Affiliates | Third Anniversary
Investments in and Advances to Affiliates [Line Items]
Monthly distribution amount	$ 666,667
Percentage of net assets value for monthly distribution from limited partners	0.125%
Class B Interests | Affiliates | Tenth Anniversary
Investments in and Advances to Affiliates [Line Items]
Monthly distribution amount	$ 333,333
Percentage of net assets value for monthly distribution from limited partners	0.0625%
Class B Interests | White Eagle | Affiliates | Palomino
Investments in and Advances to Affiliates [Line Items]
Equity investment ownership percentage	27.50%
Class B Interests | WE Investment | Lamington
Investments in and Advances to Affiliates [Line Items]
Equity investment ownership percentage	27.50%
Class B Interests | Revolving Credit Facility | CLMG | Palomino
Investments in and Advances to Affiliates [Line Items]
Estimated true up payment			0		$ 0
Class A and Class B Interests
Investments in and Advances to Affiliates [Line Items]
Collections account			$ 30,000,000
Class A and Class B Interests | Affiliates | For the first 3 years
Investments in and Advances to Affiliates [Line Items]
Proceeds from sale of limited partnership interest	$ 8,000,000
Period for distribution of proceeds from limited partnership interest	3 years
Class A and Class B Interests | Affiliates | For the subsequent 7 years
Investments in and Advances to Affiliates [Line Items]
Proceeds from sale of limited partnership interest	$ 4,000,000
Period for distribution of proceeds from limited partnership interest	7 years
Collateral pledged | WE Investment | Lamington
Investments in and Advances to Affiliates [Line Items]
Equity investment ownership percentage	27.50%
Collateral pledged | Revolving Credit Facility | White Eagle
Investments in and Advances to Affiliates [Line Items]
Life insurance, number of policies | contract		586	0		0		190
Investment in life settlements fair value		$ 505,236,000
Weighted average life expectancy of life settlement contracts		8 years 10 months 30 days
Subsequent Event | Class A Interests | Affiliates
Investments in and Advances to Affiliates [Line Items]
Contributions to premium/expense account				$ 667,000

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SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	3 Months Ended							11 Months Ended	12 Months Ended
	Feb. 28, 2018	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Total income	$ 5,591	$ 7,412	$ 86,858	$ (18,792)	$ (33,953)	$ (86,395)	$ 29,714	$ 5,563	$ (196,422)	$ 41,525	$ 51,873
(Loss)/income from continuing operations before taxes	(3,994)	538	80,196	(22,650)	(37,459)	(171,170)	11,751	(6,483)	(169,897)	20,625	(3,238)
Net (loss)/income from continuing operations	$ (3,994)	$ (15)	$ 80,201	$ (25,868)	$ (37,459)	$ (170,631)	$ 14,288	$ (9,603)	$ (169,971)	$ 14,496	$ (3,509)
Basic (usd per share)		$ 0.00	$ 0.51	$ (0.16)	$ (0.24)				$ (1.09)	$ 0.09	$ (0.04)
Diluted (usd per share)		$ (0.02)	$ 0.41	$ (0.16)	$ (0.24)				$ (1.09)	$ 0.09	$ (0.04)
Basic and diluted (usd per share)	$ (0.03)					$ (1.09)	$ 0.09	$ (0.04)

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INCOME TAXES - Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018
Deferred tax assets:
Federal and state net operating loss carryforward	$ 1,371	$ 2,459
Investment impairment	585	0
Federal AMT Credit carryforward	0	576
Deferred gain and losses	2,339	2,450
Other	3,125	1,153
Total gross deferred tax assets	7,420	6,638
Less valuation allowance	(4,053)	(2,586)
Total deferred tax assets	3,367	4,052
Deferred tax liabilities:
Unrealized gains on life and structured settlements	64	76
Gain on structured settlements deferred for tax purposes	2,636	2,539
Convertible debt discount	667	861
Total deferred tax liabilities	3,367	3,476
Total net deferred tax asset (liability)	$ 0	$ 576

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INVESTMENT IN LIMITED PARTNERSHIP - Reconciliation of Funds Received And Distributions From Collection Account (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Nov. 30, 2019 USD ($)	Nov. 30, 2019 USD ($)
Investments in and Advances to Affiliates [Abstract]
Maturity proceeds received - face	$ 19,000	$ 19,000
Proceeds received - other	42
Total receipts	19,042
Less: Distribution to premium/expense account	6,035	6,000
Balance at November 30, 2019	$ 13,007	$ 13,007

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Income (Loss)
Change in fair value of life settlements (Notes 9 & 15)	$ (46,879)	$ (38)	$ 51,551
Change in fair value of investment in limited partnership, net of distributions (Notes 10 & 15)	0	1,361	0
Change in fair value of investment in deconsolidated subsidiaries (Notes 4 & 15)	(150,894)	37,941	0
Other income	1,351	2,261	322
Total income (loss)	(196,422)	41,525	51,873
Expenses
Interest expense	30,845	11,220	32,797
Change in fair value of Revolving Credit Facilities (Notes 11 & 15)	(70,900)	0	4,501
Loss on extinguishment of debt	0	0	2,018
Personnel costs	2,707	2,678	5,070
Legal fees	3,052	2,935	3,721
Professional fees	5,475	2,489	4,445
Insurance	734	929	783
Other selling, general and administrative expenses	1,562	649	1,776
Total expenses (income)	(26,525)	20,900	55,111
Income (loss) from continuing operations before income taxes	(169,897)	20,625	(3,238)
Provision (benefit) for income taxes	45	3,766	0
Net income (loss) from continuing operations	(169,942)	16,859	(3,238)
Discontinued Operations:
Income (loss) from discontinued operations, net of income taxes	(29)	(2,363)	(271)
Benefit for income taxes	0	0	0
Net income (loss) from discontinued operations	(29)	(2,363)	(271)
Net income (loss)	$ (169,971)	$ 14,496	$ (3,509)
Basic income (loss) per share
Continuing operations (usd per share)	$ (1.09)	$ 0.11	$ (0.04)
Discontinued operations (usd per share)	0.00	(0.02)	0.00
Net (loss) income - basic (usd per share)	(1.09)	0.09	(0.04)
Diluted income (loss) per share
Continuing operations (usd per share)	(1.09)	0.11	(0.04)
Discontinued operations (usd per share)	0.00	(0.02)	0.00
Net (loss) income - diluted (usd per share)	$ (1.09)	$ 0.09	$ (0.04)
Weighted average shares outstanding:
Basic (shares)	155,949,444	156,994,105	82,323,050
Diluted (shares)	155,949,444	157,823,660	82,323,050

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DECONSOLIDATION OF SUBSIDIARIES - Fair Value of Investment in Lamington (Details) - USD ($) $ in Thousands			9 Months Ended	11 Months Ended	12 Months Ended
	Aug. 16, 2019	Nov. 13, 2018	Aug. 16, 2019	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Investment In Deconsolidated Subsidiary [Roll Forward]
Investment in Lamington at December 1, 2018			$ 0		$ 0
Less: Change in fair value				$ (150,894)	37,941	$ 0
Investment in Lamington at August 16, 2019				0	137,849
Lamington
Investment In Deconsolidated Subsidiary [Roll Forward]
Investment in Lamington at December 1, 2018			128,795		$ 128,795
Less: Change in fair value	$ 37,900	$ (150,900)	37,941
Investment in Lamington at August 16, 2019	$ 166,736	$ 278,400	$ 166,736	$ 128,795

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INCOME TAXES (Tables)

12 Months Ended

Nov. 30, 2019

Income Tax Disclosure [Abstract]

Schedule of Provision (Benefit) for Income Taxes from Continuing Operations

The provision (benefit) for income taxes from continuing operations consisted of (in thousands):

	November 30, 2019			November 30, 2018			December 31, 2017
Continuing operations	$	3,766		$	45		$	—
Discontinued operations	—			—			—
Provision (benefit) for income taxes	$	3,766		$	45		$	—
Current
Federal	$	3,190		$	621		$	—
State	—			—			—
	$	3,190		$	621		$	—
Deferred
Federal	(34		)	2,427			14,109
State	(278		)	(60		)	2,931
	(312		)	2,367			17,040
Valuation allowance increase (decrease)	888			(2,943		)	(17,040		)
	$	576		$	(576	)	$	—
Provision (benefit) for income taxes from continuing operations	$	3,766		$	45		$	—

Schedule of U.S. and Foreign Components of Income (Loss) From Continuing Operations before Income Taxes

U.S. and foreign components of income (loss) from continuing operations before income taxes were as follows (in thousands):

	November 30, 2019			November 30, 2018			December 31, 2017
U.S.	$	72,481		$	(153,896	)	$	(19,016	)
Foreign	(51,856		)	(16,001		)	15,778
	$	20,625		$	(169,897	)	$	(3,238	)

Schedule of Actual Provision (Benefit) for Income Taxes from Continuing operations Differ from Federal Expected Income Tax Provision

The Company’s actual provision (benefit) for income taxes from continuing operations differ from the federal expected income tax provision as follows (in thousands):

	2019					2018					2017
	Amount			Rate		Amount			Rate		Amount			Rate
Tax provision (benefit) at statutory rate	$	4,331		21.00	%	$	(35,678	)	21.00	%	$	(1,134	)	35.00	%
Increase (decrease) in taxes resulting from:	—			—		—			—		—			—
State tax (net of federal benefit)	(137		)	(0.66	)	(151		)	0.09		(679		)	20.98
Attribute reduction from ownership change	—			—		—			—		35,871			(1,107	)
Impact of rate changes	(141		)	(0.68	)	—			—		—			—
Other permanent items	5,802			28.13		(2		)	—		2			(0.07	)
Tax Cuts and Job Act Enactment	—			—		—			—		(17,199		)	530.99
Prior year true-ups	764			3.70		(533		)	0.31		50			(2	)
Effects of deconsolidation	(18,857		)	(91.43	)	31,591			(18.59	)	—			—
Foreign rate differential	11,116			53.90		3,360			(1.98	)	—			—
Alternative Minimum Tax	—			—		621			(0.37	)	—			—
Other	—			—		85			(0.05	)	129			(3.99	)
Valuation allowance (decrease) increase	888			4.30		752			(0.44	)	(17,040		)	526.08
Provision (benefit) for income taxes	$	3,766		18.26	%	$	45		(0.03	)%	$	—		—	%

Schedule of Significant Portions of Deferred Tax Assets and Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and tax liabilities were (in thousands):

	November 30, 2019			November 30, 2018
Deferred tax assets:
Federal and state net operating loss carryforward	$	1,371		$	2,459
Investment impairment	585			—
Federal AMT Credit carryforward	—			576
Deferred gain and losses	2,339			2,450
Other	3,125			1,153
Total gross deferred tax assets	7,420			6,638
Less valuation allowance	(4,053		)	(2,586		)
Total deferred tax assets	3,367			4,052
Deferred tax liabilities:
Unrealized gains on life and structured settlements	64			76
Gain on structured settlements deferred for tax purposes	2,636			2,539
Convertible debt discount	667			861
Total deferred tax liabilities	3,367			3,476
Total net deferred tax asset (liability)	$	—		$	576

Schedule of Reconciliation of Total Amounts of Unrecognized Benefits

A reconciliation of the total amounts of unrecognized benefits at the beginning and end of the period was as follows (in thousands):

	November 30, 2019		November 30, 2018		December 31, 2017
Balance as of beginning of period	$	—	$	—	$	6,295
Additions based on tax positions taken in the current year	—		—		—
Reductions of tax positions for prior years	—		—		(6,295		)
Balance as of end of period	$	—	$	—	$	—

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Nov. 30, 2019

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company, all of its wholly-owned subsidiary companies and its special purpose entities, with the exception of the Deconsolidated Entities, White Eagle , an unconsolidated equity investment effective August 17, 2019, which is accounted for using fair value and Imperial Settlements Financing 2010, LLC ("ISF 2010"), an unconsolidated special purpose entity which is accounted for using the measurement alternative, which is measured at cost less impairment. The special purpose entity was to fulfill specific objectives. All significant intercompany balances and transactions except those related to Lamington after November 13, 2018 to August 16, 2019 (see Note 3) have been eliminated in consolidation, including income from services performed by subsidiary companies in connection with the White Eagle Revolving Credit Facility, as detailed herein.

Liquidity

Historically, the Company has incurred substantial losses, which has resulted in an accumulated deficit of approximately $291.5 million as of November 30, 2019.This amount include $14.5 million of net income for the twelve months ended November 30, 2019 for which $37.9 million relates to a gain on change in fair value on the investment in deconsolidated subsidiaries as a result of the resolution of their emergence from bankruptcy. Cash flows used in operating activities were $12.4 million for the twelve months ended November 30, 2019 and $41.2 million for the eleven months ended November 30, 2018. As of November 30, 2019, we had approximately $24.3 million of cash and cash equivalents and certificates of deposit of $511,000.

Subsequent Events

On December 4, 2019 the Company and certain of its subsidiaries entered into a Settlement Agreement and Mutual Release (the "Settlement Agreement") with Sun Life Assurance Company of Canada ("Sun Life") and Wilmington Trust, N.A. as securities intermediary ("Wilmington Trust").

Pursuant to the Settlement Agreement, 31 life insurance policies with face totaling $163.5 million issued by Sun Life were canceled in exchange for a lump sum payment of $36.1 million. The settlement included two policies held by the Company outside of White Eagle with an aggregate face value of $12.0 million, 28 policies held by White Eagle with an aggregate face value of $141.5 million and one policy with a face value of $10.0 million in receivable for maturity for White Eagle. Of this amount, approximately $12.7 million was received by the Company, $13.4 million was paid to White Eagle and $10.0 million was paid to Wilmington Trust for the maturity receivable. With this settlement, the Company no longer owns any life insurance policies and hence no future obligation for premium payments.

See Note 22, "Subsequent Events" of the accompanying consolidated financial statements for further information.

The Company’s ability to continue as a going concern is dependent on its ability to meet its liquidity needs through a combination of factors including but not limited to, the receipt of distributions from its investment in its equity investment in White Eagle and cash on hand.

As of the filing date of this Form 10-K, we had approximately $22.2 million of cash and cash equivalents inclusive of certificates of deposit of $513,000. In considering our forecast for the next twelve months with the current cash balance as of the filing of this Form 10-K, the Company has sufficient resources to meet its liquidity needs for the foreseeable future.

The accompanying consolidated financial statements are prepared on a going concern basis and do not include any adjustments that might result from uncertainty about the Company’s ability to continue as a going concern.

Reorganization and Consolidation

Lamington and its subsidiaries' (White Eagle and WEGP) filing of the Chapter 11 Cases was a reconsideration event for Emergent Capital to reevaluate whether consolidation of Lamington and its subsidiaries (White Eagle, WEGP and Lamington Road Bermuda Limited) (collectively, and with Lamington, the "Deconsolidated Entities") continued to be appropriate. Under ASC 810, Consolidation, specifically ASC 810-10-15, consolidation of a majority-owned subsidiary is precluded where control does not rest with the majority owners, for instance, where the subsidiary is in legal reorganization or bankruptcy. Accordingly, when a subsidiary files for bankruptcy, it is appropriate for the parent to deconsolidate the subsidiary. Under ASC 810, this loss of control would likely trigger a gain or loss for the parent as the parent would remeasure its retained noncontrolling investment at fair value. We assessed the inherent uncertainties associated with the outcome of the Chapter 11 reorganization process and the anticipated duration thereof, and concluded that it was appropriate to deconsolidate Lamington and its subsidiaries effective on the Petition Date.

On June 19, 2019, the Bankruptcy Court entered an order confirming the Plan of Reorganization for the Chapter 11 Cases. The Plan of Reorganization implemented the Settlement Agreement and the DIP Financing. In addition, the Plan of Reorganization provided for the payment of all other allowed third party creditor claims in full, including allowed professional fees and taxes. The effective date of the Plan of Reorganization was June 19, 2019.

On August 16, 2019, the White Eagle Revolving Credit Facility was paid in full and terminated. Additionally, payment was made to all White Eagle vendors and intercompany liabilities were contributed by Emergent. Lamington and WEGP had pledged their respective interests in White Eagle to secure its obligations under the White Eagle Revolving Credit Facility. With the termination of the White Eagle Revolving Credit Facility, this pledge was released. There were no outstanding third party liabilities for either Lamington or WEGP at August 16, 2019 besides intercompany obligations to Emergent. Pursuant to ASC 810, Consolidation, management took the position that given that all third party claims had been satisfied in the case, consolidation of Lamington and WEGP as of August 17, 2019 was appropriate. However, the consummation of the transaction under the Subscription Agreement resulted in the Company being a minority owner in White Eagle, the entity was not reconsolidated but rather treated as an equity investment.

On September 16, 2019, the Bankruptcy Court entered an order and a final decree closing the White Eagle Chapter 11 Case, the Lamington and WEGP case were dismissed on November 25, 2019.

Related Party Relationship

Upon filing for Chapter 11 and the subsequent deconsolidation, transactions with Lamington are no longer eliminated in consolidation and are treated as related party transactions for Emergent Capital. On August 17, 2019 Lamington was reconsolidated and its transactions were eliminated in consolidation. See Note 4 "Condensed and Consolidated Financial Statements For Entities in Bankruptcy" for all transactions between Emergent Capital and Lamington.

Discontinued Operations

On October 25, 2013, the Company sold substantially all of the assets comprising its structured settlement business. As a result, the Company has discontinued segment reporting and classified its operating results of the structured settlement business, net of income taxes, as discontinued operations. The accompanying consolidated statements of operations for the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the year ended December 31, 2017 and the related notes to the consolidated financial statements reflect the classification of its structured settlement business operating results, net of tax, as discontinued operations. See Note 8, "Discontinued Operations," of the accompanying consolidated financial statements for further information. Unless otherwise noted, the following notes refer to the Company’s continuing operations.

Ownership of Life Insurance Policies

In the ordinary course of our legacy premium finance business, a large portion of our borrowers defaulted by not paying off their loans and relinquished ownership of their life insurance policies to us in exchange for our release of the obligation to pay amounts due. We also buy life insurance policies in the secondary and tertiary markets. We account for life insurance policies that we own as life settlements (life insurance policies) in accordance with ASC 325-30, Investments in Insurance Contracts, which requires us to either elect the investment method or the fair value method. The election is made on an instrument-by-instrument basis and is irrevocable. We have elected to account for these life insurance policies as investments using the fair value method.

We initially record life settlements at the transaction price. For policies acquired upon relinquishment by our borrowers, we determined the transaction price based on fair value of the acquired policies at the date of relinquishment. The difference between the net carrying value of the loan and the transaction price is recorded as a gain (loss) on loan payoffs and settlement. For policies acquired for cash, the transaction price is the amount paid.

Valuation of Insurance Policies

Our valuation of insurance policies is a critical component of our estimate of the fair value of our life settlements (life insurance policies). We currently use a probabilistic method of valuing life insurance policies, which we believe to be the preferred valuation method in the industry. The most significant assumptions are the Company’s estimate of the life expectancy of the insured and the discount rate. See Note 15 "Fair Value Measurements" of the accompanying consolidated financial statements.

Fair Value Measurement Guidance

We follow ASC 820, Fair Value Measurements and Disclosures, which defines fair value as an exit price representing the amount that would be received if an asset were sold or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. Level 1 relates to quoted prices in active markets for identical assets or liabilities. Level 2 relates to observable inputs other than quoted prices included in Level 1. Level 3 relates to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Our investments in life insurance policies, and debt under the Revolving Credit Facilities are considered Level 3 as there is currently no active market where we are able to observe quoted prices for identical assets/liabilities and our valuation model incorporates significant inputs that are not observable. See Note 15, "Fair Value Measurements" of the accompanying consolidated financial statements.

Fair Value Option

We have elected to account for life settlements using the fair value method. The fair value of the asset is the estimated amount that would be received to sell an asset in an orderly transaction between market participants at the measurement date. We calculate the fair value of the asset using a present value technique to estimate the fair value of the life settlements. The Company currently uses a probabilistic method of valuing life insurance policies, which the Company believes to be the preferred valuation method in the industry. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate. See Note 9, "Life Settlements (Life Insurance Policies)" and Note 15, "Fair Value Measurements" of the accompanying consolidated financial statements.

We have elected to account for the investment in limited partnership using the fair value method. We calculate the fair value of the investment using a present value technique to estimate the fair value of the limited partnership investment. The most significant assumptions are the estimates of life expectancy of the insured for the life insurance policies that are held by the partnership, the stipulated rate of return by the Class A Holder of the partnership, repayment of advances made by the Class A holder on the Company's behalf, distributions to the Company and the discount rate. See Note 10, "Investment in Limited Partnership" and Note 15, "Fair Value Measurements" of the notes to consolidated financial statements for further information.

We have elected to account for the debt under the White Eagle Revolving Credit Facility, which includes the interests in policy proceeds to the lender, using the fair value method. The fair value of the debt is the estimated amount that would have to be paid to transfer the debt to a market participant in an orderly transaction. We calculated the fair value of the debt using a discounted cash flow model taking into account the stated interest rate of the credit facility and probabilistic cash flows from the pledged policies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, our estimates are not necessarily indicative of the amounts that we, or holders of the instruments, could realize in a current market exchange. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate. The use of assumptions and/or estimation methodologies could have a material effect on estimated fair values.

Income Recognition from Continuing Operations

Our primary sources of income from continuing operations are in the form of changes in fair value and gains on life settlements, net. Our income recognition policies for these sources of income are as follows:

• Changes in Fair Value of Life Settlements—When the Company acquires certain life insurance policies, we initially record these investments at the transaction price, which is the fair value of the policy for those acquired upon relinquishment or the amount paid for policies acquired for cash. The fair value of the investment in insurance policies is evaluated at the end of each reporting period. Changes in the fair value of the investment are recorded as changes in fair value of life settlements in our consolidated statement of operations. The fair value is determined on a discounted cash flow basis that incorporates current life expectancy assumptions. The discount rate incorporates current information about market interest rates, the credit exposure to the insurance company that issued the life insurance policy and our estimate of the risk premium an investor in the policy would require. The Company recognizes income from life settlement maturities on the date we are in receipt of death notice or verified obituary of the insured. This income is the difference between the death benefit and fair value of the policy at the time of maturity.

• Change in Fair Value of Investment in Limited Partnership - ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities requires that a reporting entity should account for its equity investments that are not consolidated or accounted for under the equity method at fair value, with changes to fair value recorded in current earnings. White Eagle previously valued its life settlement policies at fair value whose valuation are based on inputs that are both significant to the fair value measurement and unobservable. The Company now holds an equity investment of 27.5% in White Eagle whose only assets are these life settlement. Additionally, the investment includes a mezzanine financing which the Company assumed at closing which repayment by, and ultimate distributions to, the Company are based on a prescribed waterfall with a guaranteed 11% return to the majority owner partner. The Company recognizes income from monthly distribution from the partnership as prescribed by the Subscription Agreement.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and all highly liquid instruments with an original maturity of three months or less, when purchased. The Company maintains the majority of its cash in several operating accounts with two commercial banks. Balances on deposit are insured by the Federal Deposit Insurance Corporation ("FDIC"). However, from time to time, the Company’s balances may exceed the FDIC insurable amount at its banks.

Certificate of Deposit

The Company maintains a portion of its operating funds in a certificate of deposit. At November 30, 2019 and November 30, 2018, the carrying amount of the certificate of deposit was $511,000 and $500,000, respectively, which approximates fair value. The certificate of deposit matures on September 22, 2020 and bears interest at a rate of 2.0%.

Deferred Debt Costs

Deferred debt costs include costs incurred in connection with acquiring and maintaining debt arrangements. These costs are directly deducted from the carrying amount of the liability in the consolidated balance sheets, are amortized over the life of the related debt using the effective interest method and are classified as interest expense in the accompanying consolidated statements of operations. These deferred costs are related to the Company's 8.5% Convertible Notes, 5% Convertible Notes and 8.5% Senior Secured Notes. The Company did not recognize any deferred debt costs on the White Eagle Revolving Credit Facility given all costs were expensed due to electing the fair value option in valuing the White Eagle Revolving Credit Facility.

Treasury Stock

The Company accounts for its treasury stock using the treasury stock method as set forth in ASC 505-30, Treasury Stock.  Under the treasury stock method, the total amount paid to acquire the stock is recorded and no gain or loss is recognized at the time of purchase. Gains and losses are recognized at the time the treasury stock is reinstated or retired and are recorded in additional paid in capital or retained earnings.  At November 30, 2019 and November 30, 2018, the Company owned 608,000 shares of treasury stock. 

Stock-Based Compensation

We have adopted ASC 718, Compensation—Stock Compensation. ASC 718 addresses accounting for share-based awards, including stock options, restricted stock, performance shares and warrants, with compensation expense measured using fair value and recorded over the requisite service or performance period of the award. The fair value of equity instruments awarded will be determined based on a valuation using an option pricing model that takes into account various assumptions that are subjective. Key assumptions used in the valuation will include the expected term of the equity award taking into account both the contractual term of the award, the effects of expected exercise and post-vesting termination behavior, expected volatility, expected dividends and the risk-free interest rate for the expected term of the award. Compensation expense associated with performance shares is only recognized to the extent that it is probable the performance measurement will be met.

Earnings Per Share

The Company computes net income per share in accordance with ASC 260, Earnings Per Share. Under the provisions of ASC 260, basic net income per share is computed by dividing the net income available to common shareholders by the weighted average common shares outstanding during the period. Diluted net income per share adjusts basic net income per share for the effects of stock options, warrants, convertible notes and restricted stock awards only in periods, or for such awards in which the effect is dilutive. ASC 260 also requires the Company to present basic and diluted earnings per share information separately for each class of equity instruments that participate in any income distribution with primary equity instruments.

Held-for-sale and discontinued operations

We report a business as held-for-sale when management has approved or received approval to sell the business and is committed to a formal plan, the business is available for immediate sale, the business is being actively marketed, the sale is anticipated to occur during the ensuing year and certain other specified criteria are met. A business classified as held-for-sale is recorded at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value, a loss is recognized. Depreciation is not recorded on assets of a business classified as held-for-sale. Assets and liabilities related to a business classified as held-for-sale are segregated in the Consolidated Balance Sheet and major classes are separately disclosed in the notes to the Consolidated Financial Statements commencing in the period in which the business is classified as held-for-sale. We report the results of operations of a business as discontinued operations if the business is classified as held-for-sale, the operations and cash flows of the business have been or will be eliminated from the ongoing operations of the Company as a result of a disposal transaction and we will not have any significant continuing involvement in the operations of the business after the disposal transaction. The results of discontinued operations are reported in Discontinued Operations in the Consolidated Statement of Operations for current and prior periods commencing in the period in which the business meets the criteria of a discontinued operation, and include any gain or loss recognized on closing or adjustment of the carrying amount to fair value less cost to sell. During the fourth quarter of 2013, we sold substantially all of our structured settlements business. The remaining balance of $2.4 million was written off as a result of ongoing restructuring plans in the fourth quarter of fiscal 2019 as the Company decided not to continue to pursue this line of investment. As a result, we have classified our structured settlement operating results as discontinued operations.

Foreign Currency

We own certain foreign subsidiary companies formed under the laws of Ireland, Bahamas and Bermuda. These foreign subsidiary companies utilize the U.S. dollar as their functional currency. The functional currency of foreign subsidiary companies' financial statements is the U.S. dollars and therefore, there are no translation gains and losses. Any gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the subsidiary companies functional currency) are included in income. These gains and losses are immaterial to our financial statements.

Use of Estimates

The preparation of these consolidated financial statements, in conformity with accounting principles generally accepted in the United States of America ("GAAP"), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting periods. Actual results could differ from these estimates and such differences could be material. Significant estimates made by management include income taxes, the valuation of life settlements, the valuation of the debt owing under the White Eagle Revolving Credit Facility, the valuation of deconsolidated subsidiaries, the valuation on investment in limited partnership and the valuation of equity awards.

Reclassifications

Certain reclassifications of the prior period amounts and presentation have been made to conform to the presentation for the current period. These reclassification relate primarily to change in fair value of investment in deconsolidated subsidiaries.

Risks and Uncertainties

In the normal course of business, the Company encounters economic, legal and longevity risk. There are two main components of economic risk that could potentially impact the Company: market risk and concentration of credit risk. Market risk for the Company includes interest rate risk. Market risk also reflects the risk of declines in valuation of the Company’s life settlements, including declines caused by the selection of increased discount rates associated with the Company’s fair value model for life settlements. It is reasonably possible that future changes to estimates involved in valuing life settlements could change and result in material effects to the future financial statements. Concentration of credit risk includes the risk that an insurance carrier who has issued life insurance policies held by the Company in its portfolio, does not remit the amount due under those policies due to the deteriorating financial condition of the carrier or otherwise. Legal risk includes the risk that statutes define or courts interpret insurable interest in a manner adverse to the Company’s ownership rights in its portfolio of life insurance policies and the risk that courts allow insurance carriers to retain premiums paid by the Company in respect of insurance policies that have been successfully rescinded or contested. Longevity risk refers to the risk that the Company does not experience the mortalities of insureds in its portfolio of life insurance policies that are anticipated to occur on an actuarial basis in a timely manner, which would result in the Company expending additional amounts for the payment of premiums.

Recent Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02, "Leases" (Topic 842). The new guidance establishes the principles to report transparent and economically neutral information about the assets and liabilities that arise from leases. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. All leases create an asset and a liability for the lessee in accordance with FASB Concepts Statement No. 6, Elements of Financial Statements, and, therefore, recognition of those lease assets and lease liabilities represents an improvement over previous GAAP, which did not require lease assets and lease liabilities to be recognized for most leases. In December 2018, the Board released the amendments related to 1) sales taxes and other similar taxes collected from lessees that affect all lessors electing the accounting policy election; 2) lessor costs affecting all lessor entities that have lease contracts that either require lessees to pay lessor costs directly to a third party or require lessees to reimburse lessors for costs paid by lessors directly to third parties; and 3) recognition of variable payments for contracts with lease and nonlease components affecting all lessor entities with variable payments related to both lease and nonlease components. During the first quarter of 2019, the FASB issued targeted amendments to ASC 842 that affect how (1) financial institution lessors present lessee payments in their statements of cash flows and (2) lessors that are not manufacturers or dealers determine the fair value of the underlying asset. The FASB also clarified that companies transitioning to ASC 842 do not need to provide the interim transition disclosures required by ASC 250 (accounting changes and error corrections). All entities, including early adopters, must apply the amendments in this Update to all new and existing leases. This ASU is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. As a result, ASC 842 will be implemented as of December 1, 2019 since Company’s fiscal year begins on December 1 and ends on November 30. Early adoption is permitted. We do not expect that it will have a material impact.

In February 2018, the FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" to address stakeholder concerns about the guidance in current generally accepted accounting principles (GAAP) that requires deferred tax liabilities and assets to be adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date. The amendments in this update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. As a result, this update will be implemented as of December 1, 2019 since Company’s fiscal year begins on December 1 and ends on November 30. We do not expect that it will have a material impact.

In July 2018, the FASB issued ASU 2018-11, "Targeted Improvements to Leases" (Topic 842) primarily to provide another transition method in addition to the existing transition method by allowing entities to initially apply the new leases standard at the adoption date (such as January 1, 2019, for calendar year-end public business entities) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers’ requests. The amendments in this Update address stakeholders’ concerns about the requirement for lessors to separate components of a contract by providing lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component, similar to the expedient provided for lessees. The amendments in this Update also clarify which Topic (Topic 842 or Topic 606) applies for the combined component. For entities that have not adopted Topic 842 before the issuance of this Update, the effective date and transition requirements for the amendments in this Update related to separating components of a contract are the same as the effective date and transition requirements in Update 2016-02.

In August 2018, the FASB issued ASU 2018-13, "Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement" which modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The following disclosure requirements were removed from Topic 820 among others: 1) The amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy 2) The policy for timing of transfers between levels. The following disclosure requirements were part of the modifications in Topic 820:1) For investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly. The amendments also clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. Lastly, the following disclosure requirements were added to Topic 820: 1) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; 2) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements.

In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities ("ASU 2018-17"). ASU 2018-17 provides that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. ASU 2018-17 is effective for public companies for annual and interim periods beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements.

In May 2019, the FASB issued ASU No. 2019- 05 which amends ASU 2016-13 to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of ASC 326-203 if the instruments are eligible for the fair value option under ASC 825-10.4 The fair value option election does not apply to held-to-maturity debt securities. Entities are required to make this election on an instrument-by-instrument basis. ASU 2019-05’s amendments should be applied "on a modified-retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings balance in the statement of financial position as of the date that an entity adopted the amendments in ASU 2016-13." Certain disclosures are required. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-05 are effective for fiscal years beginning after December 15, 2019, including interim periods therein. An entity may early adopt the ASU in any interim period after its issuance if the entity has adopted ASU 2016-13. For all other entities, the effective date will be the same as the effective date in ASU 2016-13.We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements.

In May 2019, the FASB issued ASU No 2019-04 which clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments. The ASU’s amendments apply to all entities within the scope of the affected guidance. Accrued interest - Amortized cost basis is defined in ASU 2016-13 as "the amount at which a financing receivable or investment is originated or acquired, adjusted for applicable accrued interest, accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, writeoffs, foreign exchange, and fair value hedge accounting adjustments" (emphasis added). To address stakeholders’ concerns that the inclusion of accrued interest in the definition of amortized cost basis could make application of the credit loss guidance operationally burdensome, ASU 2019-04 provides certain alternatives for the measurement of the allowance for credit losses (ALL) on accrued interest receivable (AIR). These measurement alternatives include (1) measuring an ALL on AIR separately, (2) electing to provide separate disclosure of the AIR component of amortized cost as a practical expedient, and (3) making accounting policy elections to simplify certain aspects of the presentation and measurement of such AIR. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-04 related to ASU 2016-13 are effective for fiscal years beginning after December 15, 2019, and interim periods therein. ASU 2019-04’s amendments should be applied "on a modified-retrospective basis by means of a cumulative-effect adjustment to the opening retained earnings balance in the statement of financial position as of the date an entity adopted the amendments in ASU 2016-13." Certain disclosures are also required. For all other entities, the effective date will be the same as the effective date in ASU 2016-13.We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements.

Adopted Accounting Pronouncements

On August 17, 2018, the SEC issued a final rule that amends certain of its disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, or changes in the information environment. The financial reporting implications of the final rule’s amendments are generally expected to reduce or eliminate some of an SEC registrant’s disclosure requirements. In limited circumstances, however, the amendments may expand those requirements, including those related to interim disclosures about changes in stockholders’ equity and noncontrolling interests (hereinafter referred to as changes in stockholders’ equity). The changes in stockholders’ equity extends to interim periods the annual disclosure requirement in SEC Regulation S-X, Rule 3-04,5,6 of presenting (1) changes in stockholders’ equity and (2) the amount of dividends per share for each class of shares. An analysis of changes in stockholders’ equity will now be required for the current and comparative year-to-date interim periods with subtotals for each interim period. Note that both rules refer to Rule 3-04 for presentation requirements, which, among other items, include a reconciliation that describes all significant reconciling items in each caption of stockholders’ equity and noncontrolling interests (if applicable). Rule 3-04 permits the disclosure of changes in stockholders’ equity (including dividend-per-share amounts) to be made either in a separate financial statement or in the notes to the financial statements. The final rule was effective for all filings submitted on or after November 5, 2018. This standard was adopted during the year ended November 30, 2019.

In July 2019, the FASB issued ASU No 2019-07, Codification Updates to SEC Sections-Amendments to SEC paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates. The FASB has updated the SEC portion of its codification literature to reflect changes the regulator made to simplify disclosures, modernize the reporting and disclosure of information by registered investment companies, and other items. ASU. 2019-07 updates the codification to reflect the amendments of various SEC disclosure requirements that the agency determined were redundant, duplicative, overlapping, outdated or superseded. The SEC amended its disclosure rules in 2018 with the aim of providing investors with useful disclosure information and to simplify compliance without significantly altering the mix of the information being provided. The amendments were part of an initiative by the SEC’s Division of Corporation Finance to review disclosure requirements applicable to issuers to consider ways to improve the requirements for the benefit of investors and issuers. The amendments are effective upon issuance of this update on July 2019.

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COMMITMENTS AND CONTINGENCIES

12 Months Ended

Nov. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

Lease Agreements

The Company leases office space under a lease that commenced on October 1, 2014. The lease expires on September 30, 2020. The annual base rent is $268,000, with a provision for a 3% increase on each anniversary of the rent commencement date. Rent expense was approximately $290,000, $396,000 and $407,000 for the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and 2017, respectively.

During the eleven months ended November 30, 2018, the Company entered into a sublease agreement with a subtenant that commenced on October 1, 2018 and expires on September 15, 2020. The annual base rent of the subtenant is $78,000. On March 11, 2019 the sublease contract was amended to increase the square footage thereunder, hence increasing the annual base rent to $89,000.

The future minimum payments under operating leases for each of the one succeeding years subsequent to November 30, 2019 are as follows (in thousands):

November 30,
2020	$	217

Employment Agreements

The Company has entered into employment agreements with certain of its officers, including with its chief financial officer, whose agreement provides for payments in the event that the executive terminates her employment with the Company due to a material change in the geographic location where the chief financial officer performs her duties or upon a material diminution of her base salary or responsibilities, with or without cause (the "2018 Martinez Agreement"). If the Company terminates the 2018 Martinez Agreement without cause or she resigns with Good Reason (as defined in the 2018 Martinez Agreement), she will be entitled to receive her base salary or $352,229, whichever is greater, through the twelve (12) months following such termination (the "Martinez Severance Period") as well as any bonus earned but not yet paid. If Ms. Martinez resigns for good reason, she will also be entitled to have the Company continue to pay its portion of healthcare premiums for plans in which she is participating immediately prior to the termination through the Martinez Severance Period. If such termination or resignation occurs within two years after a change in control (as defined in the 2018 Martinez Agreement), then in lieu of receiving her base salary, Ms. Martinez would be entitled to receive (i) accrued vacation days, (ii) a lump sum payment equal to the sum of two times her then base salary, (iii) a portion of her bonus prorated through the termination date that would be due to her when bonus payments are otherwise made for the year in which the termination occurs, (iv) any unpaid portion of a bonus for the year preceding the termination, and (v) reimbursement of COBRA healthcare costs through the Martinez Severance Period.

On March 13, 2018, the Company entered into an employment agreement with Jack Simony (the "Simony Agreement"), pursuant to which Mr. Simony will continue to serve as Vice President and Chief Investment Officer of the Company. The term of the Simony Agreement commenced on March 13, 2018 and continues for one year, with automatic one-year extensions unless (x) either Mr. Simony or the Company gives written notice not to extend at least sixty (60) days’ prior to the end of the then-current term or (y) Mr. Simony’s employment is terminated in accordance with the terms of the Simony Agreement. Pursuant to the Simony Agreement, Mr. Simony will receive an annual base salary of $275,000.

The Simony Agreement further provides that Mr. Simony is entitled to participate in all benefit plans provided to executives of the Company. If the Company terminates Mr. Simony’s employment without cause or he resigns with Good Reason (as defined in the Simony Agreement), the Simony Agreement provides that he will be entitled to receive his base salary through the six (6) months following such termination (the "Simony Severance Period") as well as any incentive bonus that has been declared or awarded to him for a prior fiscal year but has not yet been paid. If Mr. Simony resigns for good reason, he will also be entitled to have the Company continue to pay its portion of health care premiums for plans in which he is participating immediately prior to the termination through the Simony Severance Period.

On March 13, 2018, the Company entered into an employment agreement with Harvey Werblowsky (the "Werblowsky Agreement"), pursuant to which Mr. Werblowsky will continue to serve as Vice President, Chief Legal Officer and General Counsel of the Company. The term of the Werblowsky Agreement commenced on March 13, 2018 and continues for one year, with automatic one-year extensions unless (x) either Mr. Werblowsky or the Company gives written notice not to extend at least sixty (60) days’ prior to the end of the then-current term or (y) Mr. Werblowsky’s employment is terminated in accordance with the terms of the Werblowsky Agreement. Pursuant to the Werblowsky Agreement, Mr. Werblowsky will receive an annual base salary of $250,000.

The Werblowsky Agreement further provides that Mr. Werblowsky is entitled to participate in all benefit plans provided to executives of the Company. If the Company terminates Mr. Werblowsky’s employment without cause or he resigns with Good Reason (as defined in the Werblowsky Agreement), the Werblowsky Agreement provides that he will be entitled to receive his base salary through the six (6) months following such termination (the "Werblowsky Severance Period") as well as any incentive bonus that has been declared or awarded to him for a prior fiscal year but has not yet been paid. If Mr. Werblowsky resigns for good reason, he will also be entitled to have the Company continue to pay its portion of health care premiums for plans in which he is participating immediately prior to the termination through the Werblowsky Severance Period.

Severance Agreements

On November 12, 2019, the Company entered into a retention agreement with each of Mr. Simony, (the "Simony Retention Agreement"), and Mr. Werblowsky, (the "Werblowsky Retention Agreement" and, together with the Simony Retention Agreement, the "Retention Agreements"). Each Retention Agreement provides for a cash retention payment (each, a "Retention Payment") and certain extended benefits to each of Mr. Simony and Mr. Werblowsky (the "Benefits") in recognition of his significant contributions to consummating the Company’s August 2019 transaction with Jade Mountain Partners, LLC, which allowed the Company and its then subsidiary White Eagle Asset Portfolio, L.P to refinance an onerous credit facility and improve the Company’s overall financial position (the "White Eagle Transaction), and in consideration of Mr. Simony’s and Mr. Werblowsky’s continued support and assistance with the current restructuring under consideration by the Company (the Restructuring").

The Retention Agreements provide that in exchange for the Retention Payment and Benefits, each of Mr. Simony and Mr. Werblowsky will remain employed by Imperial pursuant to his current employment agreement, each dated March 13, 2018 (the "Employment Agreements"), and that each Retention Payment is in lieu of any severance otherwise payable to Mr. Simony or Mr. Werblowsky under his Employment Agreement. In addition, each of Mr. Simony and Mr. Werblowsky will not be eligible to receive any portion of his Retention Payment if he is terminated for Cause (as defined in the Employment Agreements) or resigns without Good Reason (as defined in the Employment Agreements). The Retention Payments consist of $1.0 million for Mr. Simony and $500,000 for Mr. Werblowsky. The Benefits consist of, for each of Mr. Simony and Mr. Werblowsky, 12 months of (x) COBRA health insurance coverage reimbursement from the company and (x) other benefits to which he would be entitled upon an involuntary termination without Cause under his Employment Agreement. The Retention Payments are payable as to two-thirds upon entering into the Retention Agreements and one-third within three (3) business days of the consummation of the Restructuring, so long as the White Eagle Transaction remains in full force and effect and White Eagle and its limited partnership agreement remain operative and in good standing.

Subsequent Event

On December 10, 2019, the Company, entered into a retention agreement with Miriam Martinez, the Company’s Senior Vice President, Chief Financial Officer and Secretary (the "Martinez Retention Agreement").The Martinez Retention Agreement provides for a cash retention payment (the "Martinez Retention Payment") and certain extended benefits to Ms. Martinez (the "Martinez Benefits") in recognition of the significant contributions to consummating the Company’s August 2019 transaction with Jade Mountain, which allowed the Company and White Eagle to refinance the White Eagle Revolving Credit Facility and improve the Company’s overall financial position (the "White Eagle Transaction"), and in consideration of Ms. Martinez’s continued support and assistance with the Restructuring.

The Martinez Retention Agreement provides that in exchange for the Martinez Retention Payment and Martinez Benefits, Ms. Martinez will remain employed by Imperial pursuant to the 2018 Martinez Agreement, and that the Martinez Retention Payment is in lieu of any severance otherwise payable to Ms. Martinez under the 2018 Martinez Agreement. In addition, Ms. Martinez will not be eligible to receive any portion of the Martinez Retention Payment if she is terminated for Cause (as defined in the 2018 Martinez Agreement) or resigns without Good Reason (as defined in the 2018 Martinez Agreement). The Martinez Retention Payment consists of $700,000. The Martinez Benefits consist of 18 months of (x) COBRA health insurance coverage reimbursement from the Company and (x) other benefits to which she would be entitled upon an involuntary termination without Cause under the 2018 Martinez Agreement. The Martinez Retention Payment is payable as to two-thirds upon entering into the Martinez Retention Agreement and one-third within three (3) business days of the consummation of the Restructuring, so long as the White Eagle Transaction remains in full force and effect and White Eagle and its limited partnership agreement remain operative and in good standing. In the event that the Company files for bankruptcy prior to the payment of any portion of the Martinez Retention Payment or Martinez Benefits, the Company will file with the bankruptcy court a motion to approve a Key Employee Retention Plan to preserve each of Ms. Martinez’s rights under the Martinez Retention Agreement to the full Martinez Retention Payment and Martinez Benefits provided that she must comply with all of the provisions of the Martinez Retention Agreement.

Compensation Agreement - Chief Executive Officer

On January 27, 2020, the Company, granted a bonus to Patrick J. Curry, the Company’s Chief Executive Officer (the "Bonus"), in recognition of his past and ongoing work for the Company. The Bonus consists of: (i) $400,000 in cash, payable promptly after the grant, and 1,000,000 shares of restricted common stock of Emergent, vesting in thirds upon the first three anniversaries of the grant date, (ii) up to $300,000 in cash, as determined by the Compensation Committee (the "Compensation Committee") of Emergent’s Board of Directors (the "Board"), payable upon the consummation of the Company’s contemplated restructuring, and (iii) up to $300,000 in cash, as determined by the Compensation Committee, if the Company effects the Restructuring at least $600,000 under the budget for such Restructuring that is approved by the Board within 45 days of the date hereof, measured as of 30 days after the date of the Restructuring.

Resignation - Chief Investment Officer

On January 29, 2020, Jack Simony, the Company’s Chief Investment Officer, notified the Company of his resignation, effective on February 7, 2020. Also on January 29, 2020, the Company and Mr. Simony entered into an amendment (the "Amendment") to the Retention Agreement dated as of November 12, 2019 with Jack Simony, the Company’s Chief Investment Officer (the "Simony Retention Agreement"). The Simony Retention Agreement provided for, among other things, a retention payment to Simony by the Company in the amount of $1.0 million, two-thirds of which has already been paid and the remaining one-third to be paid within three (3) business days of the closing of the current restructuring under consideration by the Company. Pursuant to the Amendment, the remaining one-third of the retention payment is accelerated and will be paid within seven (7) days of the date of the Amendment.

See Note 22, "Subsequent Events," of the accompanying consolidated financial statements for further information.

The Company does not have any general policies regarding the use of employment agreements, but has and may, from time to time, enter into such a written agreement to reflect the terms and conditions of employment of a particular named executive officer, whether at the time of hire or thereafter.

Litigation

In accordance with applicable accounting guidance, the Company establishes an accrued liability for litigation and regulatory matters when those matters present loss contingencies that are both probable and estimable. In such cases, there may be an exposure to loss in excess of any amounts accrued. When a loss contingency is not both probable and estimable, the Company does not establish an accrued liability. As a litigation or regulatory matter develops, the Company, in conjunction with any outside counsel handling the matter, evaluates on an ongoing basis whether such matter presents a loss contingency that is probable and estimable. If, at the time of evaluation, the loss contingency related to a litigation or regulatory matter is not both probable and estimable, the matter will continue to be monitored for further developments that would make such loss contingency both probable and estimable. When a loss contingency related to a litigation or regulatory matter is deemed to be both probable and estimable, the Company will establish an accrued liability with respect to such loss contingency and record a corresponding amount of litigation-related expense. The Company will then continue to monitor the matter for further developments that could affect the amount of any such accrued liability.

Litigation Settlement

On May 22, 2019, a settlement (the "Lincoln Benefit Settlement") in the amount of $21.3 million was signed between Lincoln Benefit Life Company ("Lincoln Benefit"), White Eagle and Emergent Capital pursuant to which Lincoln Benefit agreed not to contest the 55 life insurance policies that are presently owned by White Eagle and Emergent Capital agreed to drop its legal action against Allstate Life Insurance Company and settle for $2.0 million. The Lincoln Benefit Settlement relates to six separate legal actions pertaining to the validity of certain White Eagle policies and receivables for maturities of life settlements totaling $39.1 million. The Lincoln Benefit Settlement was approved by the Bankruptcy Court in June 2019, and accordingly, the receivable for maturities of life settlement was adjusted to reflect the reduction which resulted in approximately $17.8 million recorded as change in fair value of life settlements loss in the condensed and consolidated financial statements of the Debtors atNovember 30, 2019. The $2.0 million settlement related to the Allstate lawsuit was recorded as other income on the statement of operations for consolidated financial statements atNovember 30, 2019.

Sun Life

On April 18, 2013, Sun Life Assurance Company of Canada ("Sun Life") filed a complaint against the Company and several of its affiliates in the United States District Court for the Southern District of Florida, entitled Sun Life Assurance Company of Canada v. Imperial Holdings, Inc., et al. ("Sun Life Case"), asserting, among other things, that at least 28 life insurance policies issued by Sun Life and owned by the Company through certain of its subsidiary companies were invalid. The Sun Life complaint, as amended, asserted the following claims: (1) violations of the federal Racketeer Influenced and Corrupt Organizations ("RICO") Act, (2) conspiracy to violate the RICO Act, (3) common law fraud, (4) aiding and abetting fraud, (5) civil conspiracy to commit fraud, (6) tortious interference with contractual obligations, and (7) a declaration that the policies issued were void. Following the filing of a motion by the Company to dismiss the Sun Life Case, on December 9, 2014, counts (2), (4), (5), (6) and (7) of the Sun Life Case were dismissed with prejudice. The Company then filed a motion for summary judgment on the remaining counts. On February 4, 2015, the Court issued an order (the "Order") granting the Company’s motion for summary judgment on counts (1) and (3), resulting in the Company prevailing on all counts in the Sun Life Case.

On July 29, 2013, the Company filed a separate complaint against Sun Life in the United States District Court for the Southern District of Florida, captioned Imperial Premium Finance, LLC v. Sun Life Assurance Company of Canada ("Imperial Case"), which was subsequently consolidated with the Sun Life Case. The Imperial Case asserted claims against Sun Life for breach of contract, breach of the covenant of good faith and fair dealing, and fraud, and sought a judgment declaring that Sun Life is obligated to comply with the promises made by it in certain insurance policies. The Imperial complaint also sought compensatory damages amounting to at least $30.0 million and an award of punitive damages. On August 23, 2013, Sun Life moved to dismiss the complaint, but the Court denied Sun Life’s motion in early 2015. Subsequently, on February 26, 2015, Sun Life appealed the denial to the United States Court of Appeals for the Eleventh Circuit. The Company moved to dismiss Sun Life’s appeal and, on December 17, 2015, the Court of Appeals ruled in favor of the Company, dismissing Sun Life’s appeal. The Imperial Case therefore returned to the District Court.

On September 22, 2016, however, the District Court granted summary judgment in favor of Sun Life on the entirety of the Imperial Case. Subsequently, on January 12, 2017, the Company appealed the District Court’s decision, and on January 24, 2017, Sun Life filed its own notice of appeal. As part of these two appeals, the Court of Appeals will review every dispositive order issued by the District Court throughout the consolidated case. Per the Court of Appeals, oral argument will be scheduled in the near future.

In January 2018, oral argument was held in the Eleventh Circuit Court of Appeals. In September 2018, the Circuit Court ruled that Florida is the jurisdiction for all the Sun Life cases.

Subsequent Event

On December 4, 2019 the Company and certain of its subsidiaries entered into a Settlement Agreement and Mutual Release (the "Settlement Agreement") with Sun Life Assurance Company of Canada ("Sun Life") and Wilmington Trust, N.A. as securities intermediary ("Wilmington Trust"). The Settlement Agreement relates to Sun Life Assurance Company of Canada v. Imperial Holdings, Inc., et al., Case No. 13-cv-80385 BRANNON (consolidated with Case No. 13-cv-80730) (S.D. Florida) (the "Legal Action"), which has been ongoing since 2013.

Pursuant to the Settlement Agreement, (i) 31 life insurance policies with face totaling $163.5 million issued by Sun Life were canceled in exchange for a lump sum payment of $36.1 million. The settlement included two policies held by the Company outside of White Eagle with an aggregate face value of $12.0 million, 28 policies held by White Eagle with an aggregate face value of $141.5 million and one policy with a face of $10.0 million in receivable for maturity for White Eagle. Of this amount, approximately $12.7 million was received by the Company, $13.4 million was paid to White Eagle and $10.0 million was paid to Wilmington Trust for the maturity receivable, (ii) the Legal Action dismissed with prejudice, (iii) Sun Life agreed not to challenge the validity of or to seek to deny coverage (other than for non-payment of premiums) for certain life insurance policies issued by it and held by White Eagle that were specifically excluded from the settlement or have already matured, and (iv) Sun Life released all claims against the Company and Wilmington Trust, and the Company and Wilmington Trust released all claims against Sun Life.

See Note 22, "Subsequent Events," of the accompanying consolidated financial statements for further information.

Voluntary Petitions for Relief Under Chapter 11

On the Petition Date, the November Chapter 11 Cases were filed. The commencement of the November Chapter 11 Cases constitutes an event of default under the White Eagle Revolving Credit Facility, resulting in the principal and accrued interest due from White Eagle thereunder becoming immediately due and payable. Lamington and WEGP have pledged their respective interests in White Eagle to secure its obligations under the White Eagle Revolving Credit Facility. Any efforts by LNV or CLMG to enforce such pledges by Lamington and WEGP of their respective interests in White Eagle in connection with the White Eagle Revolving Credit Facility are automatically stayed as a result of the commencement of the November Chapter 11 Cases and LNV’s and CLMG’s rights of enforcement in respect of the White Eagle Revolving Credit Facility are subject to the applicable provisions of the Bankruptcy Code. In addition, on November 15, 2018, White Eagle, LNV and CLMG entered into an Agreement Regarding Rights and Remedies (the "Standstill Agreement"), pursuant to which LNV and CLMG agreed to refrain from exercising their rights and remedies in connection with the White Eagle Revolving Credit Facility, subject to the terms and provisions of the Standstill Agreement, until 12:00 p.m. noon Pacific time on November 26, 2018, to facilitate negotiations.

On December 13, 2018, the White Eagle Chapter 11 Case was filed. The commencement of the White Eagle Chapter 11 Case would constitute a default and event of default under the terms of the Amended and Restated Senior Note Indenture 8.5% Senior Secured Notes Unsecured and the New Convertible Indenture relating to the New Convertible Notes. However, such defaults and events of default and their consequences were waived by holders of all of the outstanding principal amount of the outstanding 8.5% Senior Secured Notes and by holders of a majority of the outstanding principal amount of the outstanding New Convertible Notes, and consequently, the Company believes that no defaults, events of default or acceleration of the payment obligations thereunder, including principal or accrued interest, occurred under either the Amended and Restated Senior Note Indenture or the New Convertible Note Indenture.

On January 25, 2019, the Company, White Eagle, Lamington, and WEGP, collectively the "Plaintiffs", filed the Suit against LNV, Silver Point and GWG, the Defendants, in the Bankruptcy Court, where the Suit will be administered together with the Chapter 11 Cases. LNV, a subsidiary of Beal, is the lender under the White Eagle Revolving Credit Facility.

In the Suit, the Plaintiffs allege that the Defendants engaged in a scheme to coerce the Plaintiffs into selling their valuable portfolio of life insurance policies to defendants for well below its true value. Pursuant to the White Eagle Revolving Credit Facility, LNV agreed to lend $370 million to White Eagle, and in connection therewith received a 45% equity stake in White Eagle. That equity stake, and LNV’s significant control over White Eagle under the Credit Facility, creates a joint venture, and gives rise to fiduciary duties to White Eagle and Emergent, on the part of LNV. The Plaintiffs further allege that LNV has been engaged in a concerted campaign to "squeeze" White Eagle and Emergent by improperly restricting their cash flow, in the hopes that White Eagle and Emergent will have no choice but to sell the valuable policy portfolio to LNV or one of its proxies, including Silver Point and/or GWG, at below its true value.

Global Settlement Agreement in Principle in Bankruptcies

On May 7, 2019, a global settlement in principle of the Chapter 11 Cases and the Suit was announced on the record to, and filed with, the Bankruptcy Court jointly by the Debtors and Defendants (the "Proposed Settlement"). The Proposed Settlement would be effected together with the plan of reorganization, in accordance with the following schedule: (x) the Proposed Settlement and plan of reorganization, and other relevant documents, would be filed with the Bankruptcy Court by May 24, 2019, (y) the parties would use their best efforts to have the Proposed Settlement approved by the Bankruptcy Court by June 7, 2019, and (z) the parties would use their best efforts to have a confirmation hearing for approval of the plan of reorganization by the Bankruptcy Court held on or before June 21, 2019.

On June 5, 2019, the Bankruptcy Court approved an agreement memorializing the Proposed Settlement (the "Settlement

Agreement") and a debtor-in-possession credit agreement (the "DIP Financing"). The plan of reorganization for the Chapter

11 Cases, which implements the Settlement Agreements and the DIP Financing (the "Plan of Reorganization") was confirmed by the Bankruptcy Court on June 19, 2019.

On September 16, 2019, the Bankruptcy Court entered an order and final decree closing the White Eagle Chapter 11 Case. The Lamington and WEGP Chapter 11 Cases were dismissed on November 25, 2019.

Repayment and Termination of the White Eagle Revolving Credit Facility

On August 16, 2019, the Company entered into the Subscription Agreement, in connection with the Commitment Letter, pursuant to which White Eagle sold to Palomino 72.5% of its limited partnership interests, consisting of all of the newly issued and outstanding Class A and Class D interests, and WEGP sold to an affiliate of Jade Mountain all of its general partnership interests (collectively, the " WE Investment"). Pursuant to the Subscription Agreement, Lamington received 27.5% of the limited partnership interests of White Eagle, consisting of all of the newly issued and outstanding Class B interests in exchange for all of its previously owned White Eagle limited partnership interests.

The proceeds of the WE Investment were used to satisfy in full (i) the White Eagle Revolving Credit Facility, and (ii) the DIP Financing extended by CLMG, as agent, and LNV, as lender, to White Eagle, each in connection with the termination of the White Eagle Revolving Credit Facility and the release of the related liens on the collateral thereunder pursuant to the Master Termination Agreement. The repayment and termination of the White Eagle Revolving Credit Facility and the termination of the DIP Financing, which had not been drawn against, were in accordance with the Plan of Reorganization.

On August 16, 2019, Lamington also entered into (i) the Pledge Agreement pursuant to which it pledged the 27.5% limited partnership interests of White Eagle owned by it to Palomino and certain other secured parties in support of the payment and indemnification obligations described above, and (ii) the Assumption Agreement pursuant to which Lamington assumed all liabilities and obligations of White Eagle and WEGP as of the closing date of the Transactions, and Lamington, the Company and WEGP agreed to terminate, waive and release any intercompany debt, obligations and liabilities of White Eagle to Lamington, the Company and WEGP. On August 16, 2019, Emergent entered into the Indemnification Agreement pursuant to which it indemnified Wilmington Trust, National Association against claims and liabilities that may arise in relation to policies that have matured prior to the Closing Date but as to which Wilmington Trust, National Association has historically held title as securities intermediary.

In order to effectuate the settlement, a portion the proceeds under the Settlement Agreement was used to repurchase the policies from White Eagle. Any remaining proceeds were allocated in accordance with the requirements of the Amended and Restated Limited Partnership Agreement of White Eagle.

Other Litigation

Other litigation is defined as smaller claims or litigations that are neither individually nor collectively material.  It does not include lawsuits that relate to collections.

The Company is party to various other legal proceedings that arise in the ordinary course of business, separate from normal course accounts receivable collections matters. Due to the inherent difficulty of predicting the outcome of these litigations and other legal proceedings, the Company cannot predict the eventual outcome of these matters, and it is reasonably possible that some of them could be resolved unfavorably to the Company. As a result, it is possible that the Company’s results of operations or cash flows in a particular fiscal period could be materially affected by an unfavorable resolution of pending litigation or contingencies. However, the Company believes that the resolution of these other proceedings will not, based on information currently available, have a material adverse effect on the Company’s financial position or results of operations.

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INCOME TAXES

12 Months Ended

Nov. 30, 2019

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

The provision (benefit) for income taxes from continuing operations consisted of (in thousands):

	November 30, 2019			November 30, 2018			December 31, 2017
Continuing operations	$	3,766		$	45		$	—
Discontinued operations	—			—			—
Provision (benefit) for income taxes	$	3,766		$	45		$	—
Current
Federal	$	3,190		$	621		$	—
State	—			—			—
	$	3,190		$	621		$	—
Deferred
Federal	(34		)	2,427			14,109
State	(278		)	(60		)	2,931
	(312		)	2,367			17,040
Valuation allowance increase (decrease)	888			(2,943		)	(17,040		)
	$	576		$	(576	)	$	—
Provision (benefit) for income taxes from continuing operations	$	3,766		$	45		$	—

U.S. and foreign components of income (loss) from continuing operations before income taxes were as follows (in thousands):

	November 30, 2019			November 30, 2018			December 31, 2017
U.S.	$	72,481		$	(153,896	)	$	(19,016	)
Foreign	(51,856		)	(16,001		)	15,778
	$	20,625		$	(169,897	)	$	(3,238	)

The Company’s actual provision (benefit) for income taxes from continuing operations differ from the federal expected income tax provision as follows (in thousands):

	2019					2018					2017
	Amount			Rate		Amount			Rate		Amount			Rate
Tax provision (benefit) at statutory rate	$	4,331		21.00	%	$	(35,678	)	21.00	%	$	(1,134	)	35.00	%
Increase (decrease) in taxes resulting from:	—			—		—			—		—			—
State tax (net of federal benefit)	(137		)	(0.66	)	(151		)	0.09		(679		)	20.98
Attribute reduction from ownership change	—			—		—			—		35,871			(1,107	)
Impact of rate changes	(141		)	(0.68	)	—			—		—			—
Other permanent items	5,802			28.13		(2		)	—		2			(0.07	)
Tax Cuts and Job Act Enactment	—			—		—			—		(17,199		)	530.99
Prior year true-ups	764			3.70		(533		)	0.31		50			(2	)
Effects of deconsolidation	(18,857		)	(91.43	)	31,591			(18.59	)	—			—
Foreign rate differential	11,116			53.90		3,360			(1.98	)	—			—
Alternative Minimum Tax	—			—		621			(0.37	)	—			—
Other	—			—		85			(0.05	)	129			(3.99	)
Valuation allowance (decrease) increase	888			4.30		752			(0.44	)	(17,040		)	526.08
Provision (benefit) for income taxes	$	3,766		18.26	%	$	45		(0.03	)%	$	—		—	%

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and tax liabilities were (in thousands):

	November 30, 2019			November 30, 2018
Deferred tax assets:
Federal and state net operating loss carryforward	$	1,371		$	2,459
Investment impairment	585			—
Federal AMT Credit carryforward	—			576
Deferred gain and losses	2,339			2,450
Other	3,125			1,153
Total gross deferred tax assets	7,420			6,638
Less valuation allowance	(4,053		)	(2,586		)
Total deferred tax assets	3,367			4,052
Deferred tax liabilities:
Unrealized gains on life and structured settlements	64			76
Gain on structured settlements deferred for tax purposes	2,636			2,539
Convertible debt discount	667			861
Total deferred tax liabilities	3,367			3,476
Total net deferred tax asset (liability)	$	—		$	576

The Company is subject to U.S. federal, state and foreign income taxes in the jurisdictions in which it operates. The Company’s provision for income taxes from continuing operations results in an effective rate of 18.26% for the period ended November 30, 2019. The Company recorded a total tax expense of approximately $3.8 million. The Company’s effective tax rate is principally impacted by expected income inclusions under the GILTI tax regime, limitations imposed on the use of historical net operating losses, and interest expense limitations under IRC Sec. 264(a)(4) that apply when determining tested income for the GILTI inclusion. The GILTI inclusion is driven in large part by the Company’s allocable share of taxable income from the WE Investment. The Company coordinates with the manager of the WE Investment to obtain reasonable estimates of the Company’s share of taxable results.

The Company evaluates its deferred tax assets to determine if valuation allowances are required. In its evaluation, management considers taxable loss carryback availability, expectations of sufficient future taxable income, trends in earnings, existence of taxable income in recent years, the future reversal of temporary differences, and available tax planning strategies that could be implemented, if required. Valuation allowances are established based on the consideration of all available evidence using a more likely than not standard. Based on the Company’s evaluation, a deferred tax valuation allowance was established against its net deferred tax assets as of November 30, 2019.

As of November 30, 2019, the Company has federal and state net operating loss carryovers ("NOLs") of approximately $82.8 million and $96.0 million, respectively. Of these amounts, the Company estimates that approximately $3.7 million and $16.9 million, respectively, may be available for utilization prior to their scheduled expiration periods, as a substantial portion of the NOLs are subject to limitations under Section 382 of the Internal Revenue Code. These NOLs are scheduled to begin expiring in 2031, with the portion of state NOLs generated for the current year having an indefinite life.

Impact of Tax Reform

For tax years beginning after December 31, 2017 under certain circumstances, Section 245A enacted by the TCJA eliminated U.S. federal income tax on dividends received from foreign subsidiaries of domestic corporations under a new participation exemption. However, the TCJA also created a new tax on certain foreign income under new Section 951A. Specifically, for tax years beginning after December 31, 2017, income earned in excess of a deemed return on tangible assets held by a CFC (the excess referred to as "GILTI") must generally be included as U.S. taxable income on a current basis by its U.S. shareholders. In general, the gross income inclusion can be offset by a deduction in an amount up to 50% of the inclusion (through the end of 2025, thereafter the deduction is reduced to 37.5%) subject to certain limitations.

The Company changed the tax year of its U.S. parent from December 31st to November 30th coupled with a concurrent change to the tax year of Lamington, its wholly-owned Irish subsidiary. The change was timely made by filing Form 1128, Application to Adopt, Change, or Retain a Tax Year, in accordance with Rev. Proc. 2006-45 and resulted in a short tax year ended November 30, 2017. The Company timely filed federal and state tax returns for the short period ended November 30, 2017. As a result of the change in tax year, the Company is subject to GILTI for its first tax year beginning on December 1, 2018. Based on the Company’s life settlement assets held within Ireland, the net income generated from these activities are subject to the GILTI regime.

On January 10, 2018, the FASB provided guidance on how to account for deferred tax assets and liabilities expected to reverse in future years as GILTI. The FASB provided that a Company may either (1) elect to treat taxes due on future U.S. inclusions of GILTI as a current-period expense when incurred or (2) factor such amounts into the Company’s measurement of its deferred taxes. For ASC 740 purposes, the Company adopted an accounting policy to treat any future GILTI inclusion as a current-period expense instead of providing for U.S. deferred taxes on all temporary differences related to future GILTI items.

Palomino Transaction

On August 16, 2019, the WE Investment was consummated whereby White Eagle, an indirectly-owned entity of the Company, sold to Palomino a 72.5% limited partnership interest in White Eagle, consisting of newly issued and outstanding Class A and Class D interests. Pursuant to the agreement, Lamington received 27.5% of the limited partnership interests of White Eagle, consisting of all of the newly issued and outstanding Class B interests. For U.S. income tax purposes, this transaction was treated as a contribution by White Eagle of its assets and liabilities to a newly-formed partnership in exchange for the 27.5% interest in White Eagle’s capital and profits. The Company recognized no gain or loss as a result of the transaction.

Uncertain Tax Positions

The Company recognizes interest and penalties accrued related to unrecognized tax benefits in tax expense. A reconciliation of the total amounts of unrecognized benefits at the beginning and end of the period was as follows (in thousands):

	November 30, 2019		November 30, 2018		December 31, 2017
Balance as of beginning of period	$	—	$	—	$	6,295
Additions based on tax positions taken in the current year	—		—		—
Reductions of tax positions for prior years	—		—		(6,295		)
Balance as of end of period	$	—	$	—	$	—

Prior to the year ended December 31, 2017, the Company reflected an unrecognized benefit of $6.3 million as a reduction of the deferred tax asset related to the federal and state NOLs. The Section 382 limitation that resulted in the year ended December 31, 2017 impacted the future utilization of a significant portion of the Company’s NOLs. As a result, the NOLs that gave rise to the unrecognized tax benefit will be entirely forfeited. The Company wrote off the deferred tax asset and eliminated the liability for unrecognized tax benefits in that year. The Company does not have any unrecognized tax benefits to record for the current year.

Tax years prior to 2016 are no longer subject to IRS examination. Various state jurisdiction tax years remain open to examination.

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LIFE SETTLEMENTS (LIFE INSURANCE POLICIES) (Tables)

12 Months Ended

Nov. 30, 2019

Investments, All Other Investments [Abstract]

Schedule of Weighted Average Remaining Life Expectancy of Life Insurance Policies

The following table describes the Company’s life settlements as of November 30, 2018 (dollars in thousands).

Remaining Life Expectancy (In Years)*	Number of Life Settlement Contracts	Fair Value		Face Value
0-1	—	$	—	$	—
1-2	—	—		—
2-3	—	—		—
3-4	—	—		—
4-5	—	—		—
Thereafter	2	1,172		12,000
Total	2	$	1,172	$	12,000

The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the White Eagle at November 30, 2018 was 8.9 years.

Remaining Life Expectancy (In Years)*	Number of Life Settlement Contracts	Fair Value		Face Value
0-1	6	$	24,221	$	28,796
1-2	12	30,828		46,390
2-3	31	72,343		126,402
3-4	37	57,874		139,447
4-5	46	77,719		217,450
Thereafter	454	242,251		2,217,430
Total	586	$	505,236	$	2,775,915

The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the Company at November 30, 2019 was 11.4 years.

Remaining Life Expectancy (In Years)*	Number of Life Settlement Contracts	Fair Value		Face Value
0-1	—	$	—	$	—
1-2	—	—		—
2-3	—	—		—
3-4	—	—		—
4-5	—	—		—
Thereafter	2	1,297		12,000
Total	2	$	1,297	$	12,000

Remaining Life Expectancy (In Years)*	Number of Life Settlement Contracts	Face Value
0-1	8	$	30,795
1-2	25	94,018
2-3	35	139,464
3-4	59	272,895
4-5	50	257,050
Thereafter	384	1,846,886
Total	561	$	2,641,108

*Based on remaining life expectancy at November 30, 2019, as derived from reports of third party life expectancy providers, and does not indicate the timing of expected death benefits. See "Life Settlements," in Note 15, "Fair Value Measurements," of the accompanying consolidated financial statements.

Schedule of Analysis of Policy Maturity

The below is an analysis of policy maturities for the twelve months ended November 30, 2019 and the year ended November 30, 2018.

	Twelve Months Ended November 30,		Eleven Months Ended November 30,
	2019		2018
Face value	$	100,374	$	93,435
Cost*	27,723		31,065
Accumulated Change in Fair Value*	2,351		9,105
Carrying Value	30,074		40,170
Gain on Maturities	$	70,300	$	53,265
Number of Policies	18		20

* Cost includes purchase price and premiums paid into the policy to date of maturity. Accumulated change in fair value is impacted by changes in discount rate, updated life expectancy estimates on the life insurance policy and cost of insurance increase.

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CONSOLIDATION OF VARIABLE INTEREST ENTITIES (Tables)

12 Months Ended

Nov. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Consolidated Assets and Consolidated Liabilities of VIEs

The following table presents the consolidated assets and consolidated liabilities of VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated in the Company’s financial statements as of November 30, 2019 and November 30, 2018, as well as non-consolidated VIEs for which the Company has determined it is not the primary beneficiary (in thousands):

	Not Primary Beneficiary				Not Primary Beneficiary
	Non-consolidated VIE				Non-consolidated VIE- White Eagle
	Assets		Liabilities		Total Assets		Maximum Exposure To Loss
November 30, 2019	$	—	$	—	$	137,849	$	137,849
November 30, 2018	$	2,384	$	2,384	$	—	$	—

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CONSOLIDATION OF VARIABLE INTEREST ENTITIES

12 Months Ended

Nov. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

CONSOLIDATION OF VARIABLE INTEREST ENTITIES

CONSOLIDATION OF VARIABLE INTEREST ENTITIES

The Company evaluates its interests in variable interest entities ("VIEs") on an ongoing basis and consolidates those VIEs in which it has a controlling financial interest and is thus deemed to be the primary beneficiary. A controlling financial interest has both of the following characteristics: (i) the power to direct the activities of the VIE that most significantly impact its economic performance; and (ii) the obligation to absorb losses of the VIE that could potentially be significant to it or the right to receive benefits from the VIE that could be potentially significant to the VIE.

The following table presents the consolidated assets and consolidated liabilities of VIEs for which the Company has concluded that it is the primary beneficiary and which are consolidated in the Company’s financial statements as of November 30, 2019 and November 30, 2018, as well as non-consolidated VIEs for which the Company has determined it is not the primary beneficiary (in thousands):

	Not Primary Beneficiary				Not Primary Beneficiary
	Non-consolidated VIE				Non-consolidated VIE- White Eagle
	Assets		Liabilities		Total Assets		Maximum Exposure To Loss
November 30, 2019	$	—	$	—	$	137,849	$	137,849
November 30, 2018	$	2,384	$	2,384	$	—	$	—

Imperial Settlements Financing 2010, LLC ("ISF 2010"), which was formed as an affiliate of the Company to serve as a special purpose financing entity to allow the Company to sell structured settlements and assignable annuities, it is a non-consolidated special purpose financing entity, as well as a non-consolidated VIE for which the Company has determined it is not the primary beneficiary. During twelve months ended November 30, 2019, the investment was fully written off and the Company incurred change in fair value loss on its investment in affiliates of approximately $2.4 million, the amount is included in loss from discounted operations. This investment was held by our structured settlement subsidiary whose activities were discontinued in 2013 with the sale of the structured settlement assets and the amount was written off as part of the restructuring transactions of the Company.

See Note 8, "Discontinued Operations," of the accompanying consolidated financial statements for further information.

Approximately $2.4 million is included in investment in affiliates in the accompanying balance sheet as of November 30, 2018.

In connection with the WE Investment, the Limited Partnership Agreement of White Eagle was amended and restated (the "A&R LPA") to provide for the issuance of the Class A, B and D limited partnership interests, and for funding of an "Advance Facility" evidenced by the Class D limited partnership interests, to maintain reserves sufficient to fund premiums, certain operating expenses of White Eagle and certain minimum payments to Lamington as the holder of the Class B interests. The A&R LPA provides generally that the Class A and Class B Interests receive distributions of proceeds of the assets of White Eagle based on their 72.5% and 27.5% ownership. The limited partnership is a non-consolidated VIE for which the Company has determined it is not the primary beneficiary. The Company accounts for its equity investment at fair value with changes in fair included in current earnings.

Approximately $137.8 million is included as investment in limited partnership in the accompanying balance sheet as of November 30, 2019.

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LIFE SETTLEMENTS (LIFE INSURANCE POLICIES)

12 Months Ended

Nov. 30, 2019

Investments, All Other Investments [Abstract]

LIFE SETTLEMENTS (LIFE INSURANCE POLICIES)

LIFE SETTLEMENTS (LIFE INSURANCE POLICIES)

The Company accounts for policies it acquires using the fair value method in accordance with ASC 325-30-50 Investments—Other—Investment in Insurance Contracts. Under the fair value method, the Company recognizes the initial investment at the purchase price. For policies that were relinquished in satisfaction of premium finance loans at maturity, the initial investment is the loan carrying value. For policies purchased in the secondary or tertiary markets, the initial investment is the amount of cash outlay at the time of purchase. At each reporting period, the Company re-measures the investment at fair value in its entirety and recognizes changes in the Statements of Operations in the periods in which the changes occur.

At November 30, 2019, Emergent Capital, through its subsidiaries, owns two life insurance policies, also referred to as life settlements, with a fair value of $1.3 million and an aggregate death benefit of approximately $12.0 million. Additionally, through a subsidiary, the Company owns a 27.5% equity investment, having an estimated fair value of approximately $137.8 million in White Eagle Asset Portfolio, LP ("White Eagle"), which was previously a wholly-owned subsidiary of the Company that holds a portfolio of life settlements. The Company primarily earns income through change in fair value and death benefits from these two polices and change in fair value and distributions from its equity investment in White Eagle.

Subsequent Events

On December 4, 2019 the Company and certain of its subsidiaries entered into a Settlement Agreement and Mutual Release (the "Settlement Agreement") with Sun Life Assurance Company of Canada ("Sun Life") and Wilmington Trust, N.A. as securities intermediary ("Wilmington Trust").

Pursuant to the Settlement Agreement, 31 life insurance policies with face totaling $163.5 million issued by Sun Life were canceled in exchange for a lump sum payment of $36.1 million. The settlement included two policies held by the Company outside of White Eagle with an aggregate face value of $12.0 million, 28 policies held by White Eagle with an aggregate face value of $141.5 million and one policy with a face value of $10.0 million in receivable for maturity for White Eagle. Of this amount, approximately $12.7 million was received by the Company, $13.4 million was paid to White Eagle and $10.0 million was paid to Wilmington Trust for the maturity receivable. With this settlement, the Company no longer owns any life insurance policies and hence no future obligation for premium payments.

See Note 22, "Subsequent Events," of the accompanying consolidated financial statements for further information.

As of November 30, 2018, the Company through its consolidated and deconsolidated subsidiary companies owned 588 policies, with an aggregate estimated fair value of life settlements of $506.4 million. See Note 3, "Deconsolidation of Subsidiaries" and Note 4, "Condensed and Consolidated Financial Statements for Entities in Bankruptcy," to the accompanying consolidated financial statements for further information.

The following describes the Company’s life settlements as of November 30, 2019 (dollars in thousands):

Policies Pledged Under White Eagle Revolving Credit Facility and Deconsolidated

On August 16, 2019, the Company and its subsidiaries entered into a Subscription Agreement where White Eagle sold 72.5% of its limited partnership interests for a purchase price of approximately $366.2 million and recognized a gain on disposal of approximately $21.3 million. The proceeds were used to satisfy all outstanding indebtedness under the White Eagle Revolving Credit Facility thus terminating the credit facility and releasing the related pledge to the lender of the life settlements owned by White Eagle. The Company now owns a 27.5% equity investment in White Eagle.

As of November 30, 2019, there were no policies pledged under the White Eagle Credit Facility due to its termination.

The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the White Eagle at November 30, 2018 was 8.9 years.

Remaining Life Expectancy (In Years)*	Number of Life Settlement Contracts	Fair Value		Face Value
0-1	6	$	24,221	$	28,796
1-2	12	30,828		46,390
2-3	31	72,343		126,402
3-4	37	57,874		139,447
4-5	46	77,719		217,450
Thereafter	454	242,251		2,217,430
Total	586	$	505,236	$	2,775,915

*Based on remaining life expectancy at November 30, 2018, as derived from reports of third party life expectancy providers, and does not indicate the timing of expected death benefits. See "Life Settlements," in Note 15, "Fair Value Measurements," of the accompanying consolidated financial statements.

During the twelve months ended November 30, 2019 and the eleven months ended November 30, 2018, the Company experienced maturities of 18 and 20 life insurance policies with face amounts totaling $100.4 million and $93.4 million, respectively, resulting in a net gain of approximately $70.3 million and $53.3 million, respectively.

The below is an analysis of policy maturities for the twelve months ended November 30, 2019 and the year ended November 30, 2018.

	Twelve Months Ended November 30,		Eleven Months Ended November 30,
	2019		2018
Face value	$	100,374	$	93,435
Cost*	27,723		31,065
Accumulated Change in Fair Value*	2,351		9,105
Carrying Value	30,074		40,170
Gain on Maturities	$	70,300	$	53,265
Number of Policies	18		20

* Cost includes purchase price and premiums paid into the policy to date of maturity. Accumulated change in fair value is impacted by changes in discount rate, updated life expectancy estimates on the life insurance policy and cost of insurance increase.

Policies Not Pledged

The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the Company at November 30, 2019 was 11.4 years.

Remaining Life Expectancy (In Years)*	Number of Life Settlement Contracts	Fair Value		Face Value
0-1	—	$	—	$	—
1-2	—	—		—
2-3	—	—		—
3-4	—	—		—
4-5	—	—		—
Thereafter	2	1,297		12,000
Total	2	$	1,297	$	12,000

The weighted average life expectancy calculated based on death benefit of insureds in the policies owned by the Company at November 30, 2018 was 12.2 years. The following table describes the Company’s life settlements as of November 30, 2018 (dollars in thousands).

Remaining Life Expectancy (In Years)*	Number of Life Settlement Contracts	Fair Value		Face Value
0-1	—	$	—	$	—
1-2	—	—		—
2-3	—	—		—
3-4	—	—		—
4-5	—	—		—
Thereafter	2	1,172		12,000
Total	2	$	1,172	$	12,000

XML

5.0% SENIOR UNSECURED CONVERTIBLE NOTES

12 Months Ended

Nov. 30, 2019

5.0% Senior Unsecured Convertible Notes

Debt Instrument [Line Items]

SENIOR NOTES

5.0% SENIOR UNSECURED CONVERTIBLE NOTES

On July 26, 2017, the Company’s Convertible Note Exchange Offer expired. Holders of at least 98% of the Convertible Notes tendered in the Convertible Note Exchange Offer.

In connection with the Transaction Closing, the Company caused to be issued the New Convertible Notes in an aggregate amount of approximately $75.8 million pursuant to an Indenture (the "New Convertible Note Indenture") between the Company and U.S. Bank, National Association, as indenture trustee. The terms of the New Convertible Notes are governed by the New Convertible Note Indenture, which provide, among other things, that the New Convertible Notes are unsecured senior obligations of the Company and will mature on February 15, 2023. The New Convertible Notes bear interest at a rate of 5% per annum from the issue date, payable semi-annually on August 15 and February 15 of each year, beginning on August 15, 2017.

Holders of New Convertible Notes may convert their New Convertible Notes at their option on any day prior to the close of business on the second scheduled trading day immediately preceding February 15, 2023. Upon conversion, the Company will deliver shares of Common Stock, together with any cash payment for any fractional share of Common Stock. The initial conversion rate for the New Convertible Notes denominated in $1,000 increments will be 500 shares of Common Stock per $1,000 principal amount of New Convertible Notes, which corresponds to an initial conversion price of approximately $2.00 per share of Common Stock. The initial conversion rate for the New Convertible Notes denominated in $1.00 increments will be 0.5 shares of Common Stock per $1.00 principal amount of New Convertible Notes, which corresponds to an initial conversion price of approximately $2.00 per share of Common Stock. The conversion rate will be subject to adjustment in certain circumstances.

The Company may redeem, in whole but not in part, the New Convertible Notes at a redemption price of 100% of the principal amount of the New Convertible Notes to be redeemed, plus accrued and unpaid interest and additional interest, if any, if and only if the last reported sale price of the Common Stock equals or exceeds 120% of the conversion price for at least 15 trading days in any period of 30 consecutive trading days. The Company may, at its election, pay or deliver as the case may be, to all Holders of the New Convertible Notes, either (a) solely cash, (b) solely shares of Common Stock, or (c) a combination of cash and shares of Common Stock.

The provisions of the New Convertible Note Indenture include a make-whole provision to compensate the Company’s debt holders for the lost option time value and forgone interest payments upon the Company experiencing a Fundamental Change (as defined in the New Convertible Note Indenture). These Fundamental Changes revolve around change in beneficial ownership, the consummation of specified transactions which result in the conversion of common stock into other assets or the sale, transfer or lease of all or substantially all of the Company’s assets, a majority change in the composition of the Company’s Board of Directors, the Company’s stockholders approval of any plan for liquidation of dissolution of the Company, and the Common Stock ceasing to be listed or quoted on a Trading Market . The number of incremental additional shares to be issued as a result of a Fundamental Change is based on a table which calculates the adjustment based on the inputs of time and share value.

The New Convertible Note Indenture provides for customary events of default, which include (subject in certain cases to customary grace and cure periods), among others: nonpayment of principal or interest; breach of covenants or other agreements in the New Convertible Note Indenture; defaults or failure to pay certain other indebtedness; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is continuing under the New Convertible Note Indenture, the trustee or the holders of at least 25% in aggregate principal amount of the New Convertible Notes then outstanding may declare all unpaid principal plus accrued interest on the New Convertible Notes immediately due and payable, subject to certain conditions set forth in the New Convertible Note Indenture. In addition, holders of the New Convertible Notes may require the Company to repurchase the New Convertible Notes upon the occurrence of certain designated events at a repurchase price of 100% of the principal amount of the New Convertible Notes, plus accrued and unpaid interest.

The New Convertible Note Indenture, among other things includes provisions such as the Company’s failure to timely file any document or report that is required to be filed with the SEC, as well as a registration statement covering the re-sale by holders of the New Convertible Notes not being declared effective by the SEC; the Company’s failure to cure such a default within 14 days after the occurrence will result in the Company being required to pay additional interest in cash.

Additional interest on the New Convertible Notes will accrue with respect to the first 90-day period (or portion thereof) following the restricted transfer triggering date, which is 120 days after the last date on which any securities are originally issued under the New Convertible Note Indenture or a registration statement regarding the resale by the holders of the securities or holders of any shares of common stock issuable upon conversion. For each day that a restricted transfer default is continuing at a rate equal to 0.25% per annum of the principal amount of New Convertible Notes, which rate will increase by an additional 0.25% per annum of the principal amount of the New Convertible Notes for each subsequent 90- day period (or portion thereof) while a restricted transfer default is continuing until all restricted transfer defaults have been cured, up to a maximum of 0.5% of the principal amount of the securities. Following the cure of all restricted transfer defaults, the accrual of additional interest arising from restricted transfer defaults will cease.

The New Convertible Note Indenture states that the sole remedy for an event of default relating to the failure by the Company to comply with the provisions of the New Convertible Note Indenture requiring timely reporting by the Company and for any failure to comply with Section 314(a)(1) of the Trust Indenture Act shall, for the first 365 days after the occurrence of such an Event of Default, consist exclusively of the right to receive special interest on the New Convertible Notes at an annual rate equal to 0.5% of the principal amount of the New Convertible Notes.

Voluntary Petitions for Relief Under Chapter 11

On November 14, 2018, the November Chapter 11 Cases were filed, and on December 13, 2018, the White Eagle

Chapter 11 Case was filed. The commencement of the Chapter 11 Cases would constitute defaults and events of default under the terms of the Company’s Amended and Restated Senior Secured Indenture and the New Convertible Note Indenture. However, such defaults and events of default and their consequences were waived by holders of a majority of the outstanding principal amounts of each of the 8.5% Senior Secured Notes and the New Convertible Notes, and consequently, the Company believes that no defaults, events of default or acceleration of the payment obligations thereunder, including principal or accrued interest, occurred under either the Amended and Restated Senior Secured Indenture or the New Convertible Note Indenture.

As of November 30, 2019, the outstanding principal of the New Convertible Notes is $75.8 million with a carrying value $71.0 million, net of unamortized debt discounts and origination costs of $4.2 million and $621,000, respectively. These are being amortized over the remaining life of the New Convertible Notes using the effective interest method.

During the twelve months ended November 30, 2019, the Company recorded $5.1 millionof interest expense on the New Convertible Notes, including $3.8 million, $1.1 million and $165,000 from interest, amortization of debt discount and origination costs, respectively.

During the eleven months ended November 30, 2018, the Company recorded $4.6 million of interest expense on the New Convertible Notes, including $3.5 million, $947,000 and $140,000 from interest, amortization of debt discount and origination costs, respectively.

Subsequent Event

On December 11, 2019 the Company redeemed $8.0 million principal amount of the 5.0% Convertible Notes in exchange for cash consideration of $4.8 million inclusive of unpaid interest of approximately $123,000. The Company incurred a net gain on extinguishment of approximately $2.8 million after expense for derivative and origination cost write off of approximately $442,000 and $66,000, respectively. Upon such redemption, the Convertible Notes were surrendered and canceled.

XML

WHITE EAGLE REVOLVING CREDIT FACILITY - Interest Paid on Facility (Details) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Debt Instrument [Line Items]
Total interest expense	$ 30,845	$ 11,220	$ 32,797
Revolving Credit Facility
Debt Instrument [Line Items]
Total interest expense	23,097	28,331
Revolving Credit Facility | White Eagle
Debt Instrument [Line Items]
Interest paid through waterfall	22,757	0
Participation interest paid by waterfall	340	0
Interest paid from collection account	$ 0	$ 28,331

XML

FAIR VALUE MEASUREMENTS - Discount Rate Used to Determine Fair Value of Investment in Limited Partnership (Details) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018 USD ($)	Nov. 30, 2019 USD ($)	Dec. 31, 2017 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in limited partnership, at estimated fair value	$ 0	$ 137,849
Change in fair value of investment in limited partnership	$ 0	$ 1,361	$ 0
0.50% Decrease | Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in limited partnership, measurement input		0.1475
Investment in limited partnership, at estimated fair value		$ 141,694
Change in fair value of investment in limited partnership		$ 3,845
No Change | Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in limited partnership, measurement input		0.1525
Investment in limited partnership, at estimated fair value		$ 137,849
Change in fair value of investment in limited partnership		$ 0
0.50% Increase | Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in limited partnership, measurement input		0.1575
Investment in limited partnership, at estimated fair value		$ 134,157
Change in fair value of investment in limited partnership		$ (3,692)

XML

FAIR VALUE MEASUREMENTS - Narrative (Details) claim in Thousands, $ in Thousands				9 Months Ended	11 Months Ended	12 Months Ended
	Aug. 16, 2019 USD ($)	Nov. 13, 2018 USD ($)	Oct. 18, 2018 USD ($)	Aug. 16, 2019 USD ($)	Nov. 30, 2018 USD ($)	Nov. 30, 2019 USD ($) claim policy carrier	Dec. 31, 2017 USD ($)	Aug. 31, 2019	Dec. 13, 2018	Oct. 29, 2018	Jul. 28, 2017	Apr. 18, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortality rate						100.00%
Investment in limited partnership, at estimated fair value					$ 0	$ 137,849
Change in fair value of investment in deconsolidated subsidiaries (Notes 4 & 15)					$ (150,894)	$ 37,941	$ 0
Non-investment grade
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of policies | policy						0
Life expectancy evaluation | Life Finance
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase in percentage of length of life insurance			9.00%							13.00%
Discount rate | Life Finance
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Life settlement, measurement input					0.1343	0.1492
Lamington
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in limited partnership, at estimated fair value	$ 166,736	$ 278,400		$ 166,736	$ 128,795
Change in fair value of investment in deconsolidated subsidiaries (Notes 4 & 15)	$ 37,900	(150,900)		$ 37,941
21st Century | Life expectancy evaluation | Life Finance
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Increase (decrease) in fair value of life settlements			$ (124,000)		$ (23,100)
2015 VBT
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of policies | policy						266,000,000
Number of claims on policies | claim						2,550
Life insurance, number of issuing carriers | carrier						51
Affiliates | White Eagle
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of equity interest sold	72.50%			72.50%
Proceeds from sale of limited partnership interest	$ 366,200
Subsidiaries | Lamington
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment owned		$ 278,400
8.5% Senior Secured Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate						850.00%			8.50%		8.50%
5.0% Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate					5.00%	5.00%
Convertible Debt | 5.0% Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, interest rate						5.00%						5.00%
WE Investment
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment ownership percentage						27.50%
WE Investment | Lamington
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in limited partnership, at estimated fair value	$ 138,900			$ 138,900		$ 137,800
Equity investment ownership percentage	27.50%			27.50%		27.50%		27.50%
WE Investment | Subsidiaries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment ownership percentage						27.50%
WE Investment | Subsidiaries | Lamington
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment ownership percentage	27.50%			27.50%
WE Investment | Subsidiaries | White Eagle
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in limited partnership, at estimated fair value						$ 137,800
Equity investment ownership percentage						27.50%
WE Investment | Subsidiaries | White Eagle | Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in limited partnership, measurement input						0.1525
Impaired
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortality rate						200.00%
White Eagle | Affiliates | Palomino
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of equity interest sold	72.50%			72.50%
Class A Interests | Affiliates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Internal rate of return guaranteed to majority owner of partnership investment	11.00%			11.00%
Class A Interests | White Eagle | Affiliates | Palomino
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Percentage of equity interest sold	72.50%			72.50%
Class D Interests | Affiliates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Internal rate of return guaranteed to majority owner of partnership investment	11.00%			11.00%
Class D Interests | White Eagle | Affiliates | Palomino
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from sale of limited partnership interest	$ 8,000
Class B Interests | Affiliates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Period for distribution of proceeds from limited partnership interest	8 years
Internal rate of return guaranteed to majority owner of partnership investment	11.00%			11.00%
Class B Interests | WE Investment | Lamington
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment ownership percentage	27.50%			27.50%
Class B Interests | WE Investment | Subsidiaries | Lamington
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment ownership percentage	27.50%			27.50%
Class B Interests | White Eagle | Affiliates | Palomino
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity investment ownership percentage	27.50%			27.50%
For the first 3 years | Class A Interests | Affiliates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from sale of limited partnership interest	$ 8,000
Period for distribution of proceeds from limited partnership interest	3 years
For the subsequent 7 years | Class A Interests | Affiliates
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from sale of limited partnership interest	$ 4,000
Period for distribution of proceeds from limited partnership interest	7 years
Revolving Credit Facility | CLMG | Class D Interests | Palomino
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Purchase price of acquired equity interest allocated to Class D	$ 8,000
Annual amount guaranteed to majority owners of limited partnership	$ 2,000			$ 2,000
Internal rate of return guaranteed to majority owner of partnership investment	11.00%			11.00%
Revolving Credit Facility | CLMG | Class D Interests | White Eagle | Affiliates | Palomino
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds from sale of limited partnership interest	$ 8,000

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WHITE EAGLE REVOLVING CREDIT FACILITY - Payouts based on LTV (Details) - White Eagle Revolving Credit Facility	12 Months Ended
	Nov. 30, 2019
White Eagle Amendment
Debt Instrument [Line Items]
Distribution percentage	45.00%
White Eagle | Minimum
Debt Instrument [Line Items]
LTV	45.00%
White Eagle | White Eagle Amendment
Debt Instrument [Line Items]
Distribution percentage	55.00%
N/A | White Eagle Amendment
Debt Instrument [Line Items]
Collection of policy proceeds percentage	0.00%
N/A | White Eagle | White Eagle Amendment
Debt Instrument [Line Items]
Premiums, Interest & Other Fees	100.00%
Principal	0.00%
Collection of policy proceeds percentage	0.00%
More than 65% | White Eagle Amendment
Debt Instrument [Line Items]
Collection of policy proceeds percentage	0.00%
More than 65% | White Eagle | White Eagle Amendment
Debt Instrument [Line Items]
LTV	65.00%
Principal	100.00%
Collection of policy proceeds percentage	0.00%
50-65% | White Eagle Amendment
Debt Instrument [Line Items]
Collection of policy proceeds percentage	13.50%
50-65% | White Eagle | White Eagle Amendment
Debt Instrument [Line Items]
Principal	70.00%
Collection of policy proceeds percentage	16.50%
50-65% | White Eagle | White Eagle Amendment | Minimum
Debt Instrument [Line Items]
LTV	50.00%
50-65% | White Eagle | White Eagle Amendment | Maximum
Debt Instrument [Line Items]
LTV	65.00%
35-50% | White Eagle Amendment
Debt Instrument [Line Items]
Collection of policy proceeds percentage	20.30%
35-50% | White Eagle | White Eagle Amendment
Debt Instrument [Line Items]
Principal	55.00%
Collection of policy proceeds percentage	24.80%
35-50% | White Eagle | White Eagle Amendment | Minimum
Debt Instrument [Line Items]
LTV	35.00%
35-50% | White Eagle | White Eagle Amendment | Maximum
Debt Instrument [Line Items]
LTV	50.00%
0-35% | White Eagle Amendment
Debt Instrument [Line Items]
Collection of policy proceeds percentage	24.80%
0-35% | White Eagle | White Eagle Amendment
Debt Instrument [Line Items]
Principal	45.00%
Collection of policy proceeds percentage	30.30%
0-35% | White Eagle | White Eagle Amendment | Minimum
Debt Instrument [Line Items]
LTV	0.00%
0-35% | White Eagle | White Eagle Amendment | Maximum
Debt Instrument [Line Items]
LTV	35.00%

XML

INVESTMENT IN LIMITED PARTNERSHIP - Reconciliation of Receivable For Maturity of Life Settlements (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Nov. 30, 2019 USD ($)	Nov. 30, 2019 USD ($)
Investments in and Advances to Affiliates [Abstract]
Maturities	$ 32,726	$ 32,700
Proceeds received	19,000	19,000
Receivable at November 30, 2019	$ 13,726	$ 13,726

XML

5.0% SENIOR UNSECURED CONVERTIBLE NOTES (Details)				11 Months Ended	12 Months Ended
	Dec. 11, 2019 USD ($)	Jul. 28, 2017 USD ($) d $ / shares	Jul. 26, 2017	Nov. 30, 2018 USD ($)	Nov. 30, 2019 USD ($)	Dec. 31, 2017 USD ($)	Dec. 10, 2018 USD ($)	Apr. 18, 2017
Debt Instrument [Line Items]
Gain on extinguishment of debt				$ 0	$ 0	$ (2,018,000)
5.0% Senior Unsecured Convertible Notes
Debt Instrument [Line Items]
Debt instrument, interest rate				5.00%	5.00%
Carrying value of convertible notes				$ 69,742,000	$ 71,022,000
5.0% Convertible Notes
Debt Instrument [Line Items]
Debt instrument issued		$ 40,000,000					$ 70,000,000
Convertible Notes | 5.0% Senior Unsecured Convertible Notes
Debt Instrument [Line Items]
Percentage of holders tendering exchange offer, minimum			98.00%
Debt instrument, interest rate					5.00%			5.00%
Convertible Notes | 5.0% Convertible Notes
Debt Instrument [Line Items]
Debt instrument issued		$ 75,836,966
Debt instrument, required percentage of trustees or holders to declare notes immediately due and payable		25.00%
Debt instrument, required percentage of principal for each day of default		0.25%
Debt instrument, additional required percentage of principal for each day of restricted transfer default		0.25%
Debt instrument, debt default, special interest percentage of principal		0.50%
Convertible Notes | New Convertible Notes
Debt Instrument [Line Items]
Conversion price (usd per share) | $ / shares		$ 2.00
Debt instrument, conversion rate		0.5
Debt instrument, redemption price, percentage		100.00%
Debt instrument, convertible, minimum percentage of common stock price		120.00%
Debt instrument, convertible, threshold trading days | d		15
Debt instrument, convertible, threshold consecutive trading days | d		30
Outstanding principal of convertible notes					$ 75,800,000
Carrying value of convertible notes					71,000,000
Unamortized debt discount					4,200,000
Debt instrument origination cost					621,000
Interest expense debt				4,600,000	5,100,000
Interest included in interest expense				3,500,000	3,800,000
Amortization of debt discounts				947,000	1,100,000
Amortization of debt issuance costs				$ 140,000	$ 165,000
Subsequent Event | Convertible Notes | 5.0% Senior Unsecured Convertible Notes
Debt Instrument [Line Items]
Debt instrument, interest rate	5.00%
Debt repurchased	$ 8,000,000
Cash consideration on debt redemption	4,800,000
Repayment of accrued interest and unpaid interest on debt redeemed	123,000
Gain on extinguishment of debt	2,800,000
Expense for derivative of debt redeemed	442,000
Write off issuance costs	$ 66,000

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CONSOLIDATION OF VARIABLE INTEREST ENTITIES - Narrative (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Aug. 31, 2019	Aug. 16, 2019	Nov. 30, 2018
Variable Interest Entity [Line Items]
Investment in affiliates	$ 0			$ 2,384
Investment in limited partnership, at estimated fair value	$ 137,849			0
White Eagle | Affiliates | Palomino
Variable Interest Entity [Line Items]
Percentage of equity interest sold			72.50%
White Eagle | Class A Interests | Affiliates | Palomino
Variable Interest Entity [Line Items]
Percentage of equity interest sold			72.50%
White Eagle | Class B Interests | Affiliates | Palomino
Variable Interest Entity [Line Items]
Equity investment ownership percentage			27.50%
WE Investment
Variable Interest Entity [Line Items]
Investment in affiliates				$ 2,400
Equity investment ownership percentage	27.50%
WE Investment | Lamington
Variable Interest Entity [Line Items]
Equity investment ownership percentage	27.50%	27.50%	27.50%
Investment in limited partnership, at estimated fair value	$ 137,800		$ 138,900
WE Investment | Subsidiaries
Variable Interest Entity [Line Items]
Equity investment ownership percentage	27.50%
WE Investment | Subsidiaries | Lamington
Variable Interest Entity [Line Items]
Equity investment ownership percentage			27.50%
WE Investment | Class B Interests | Lamington
Variable Interest Entity [Line Items]
Equity investment ownership percentage			27.50%
WE Investment | Class B Interests | Subsidiaries | Lamington
Variable Interest Entity [Line Items]
Equity investment ownership percentage			27.50%

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STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)		11 Months Ended	12 Months Ended
	Jun. 27, 2017	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (shares)		85,000	85,000
Options outstanding, weighted average price (usd per share)		$ 6.94	$ 6.94
Weighted average life of unvested awards		1 year 6 months 20 days	6 months 18 days
Options granted (shares)			0
Exercise price of options granted (usd per share)			$ 0.00
Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining unamortized amounts to be recognized on options			$ 0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (shares)			0
Awards vested (shares)			1,066,667
Awards forfeited (shares)			0
Awards pending vesting (shares)		1,400,000	333,333
Restricted Stock | Directors and Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense		$ 562,000	$ 375,000	$ 388,000
SARs | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (shares)		100,000
SARs | Non-Employee Member of Committee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense		$ 8,000
Fair value of awards granted		$ 8,000
Options granted (shares)		100,000
Expiration period of options granted		10 years
Exercise price of options granted (usd per share)		$ 1
Options vested (shares)		100,000
Options unexercised (shares)			100,000
Omnibus Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized for issuance (shares)	9,900,000
Options outstanding (shares)			85,000
Options outstanding, weighted average price (usd per share)			$ 6.94
Omnibus Plan | Employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock reserved for future grant (shares)	12,600,000		12,600,000
Allocated stock-based compensation expense		$ 0	$ 0
Omnibus Plan | Employee Stock Options | Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (shares)			85,000
Omnibus Plan | Restricted Stock | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (shares)			633,215
Omnibus Plan | Restricted Stock | Grant 2016 | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense		0		$ 106,000
Awards granted (shares)					65,212
Awards outstanding and unexercised, vesting period					1 year
Fair value of awards granted					$ 255,000
Awards vested (shares)				65,212
Omnibus Plan | Restricted Stock | Grant 2016 | Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense		$ 23,000		$ 215,000
Awards vested (shares)		74,000		46,000
Awards forfeited (shares)		20,000		60,000
Awards pending vesting (shares)		0
Omnibus Plan | Restricted Stock | Grant 2017 | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (shares)				51,132
Awards outstanding and unexercised, vesting period				1 year
Fair value of awards granted				$ 17,000
Awards vested (shares)		8,522		42,610
Omnibus Plan | Restricted Stock | Grant 2017 | Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense		$ 386,000	$ 350,000	$ 51,000
Awards vested (shares)		750,000	1,000,000
Awards pending vesting (shares)			250,000
Aggregative intrinsic value of unvested awards			$ 53,000
Weighted average life of unvested awards			22 days
Omnibus Plan | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards pending vesting (shares)			333,333
Omnibus Plan | Restricted Stock Units | Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (shares)			2,270,000
Omnibus Plan | Restricted Stock Units | Grant 2016 | Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (shares)					200,000
Awards outstanding and unexercised, vesting period					2 years
Fair value of unvested awards					$ 674,000
Omnibus Plan | Restricted Stock Units | Grant 2017 | Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (shares)				2,000,000
Awards outstanding and unexercised, vesting period				2 years
Fair value of awards granted				$ 745,000
Omnibus Plan | Restricted Stock Units | Grant 2018 | Certain Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense		$ 17,000	$ 25,000
Awards granted (shares)		150,000
Fair value of awards granted		$ 58,000
Omnibus Plan | Restricted Stock Units | Grant 2018 | Certain Employees | Two year vesting period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding and unexercised, vesting period		2 years
Fair value of awards granted		$ 100,000
Omnibus Plan | Restricted Stock Units | Grant 2018 | Certain Employees | Three year vesting period
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding and unexercised, vesting period		3 years
Fair value of awards granted		$ 50,000
Awards vested (shares)			66,667
Awards pending vesting (shares)			83,333
Aggregative intrinsic value of unvested awards			$ 18,000
Weighted average life of unvested awards			7 months 13 days
Omnibus Plan | Restricted Stock Units | Grant 2018 | Non-Employee Member of Committee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated stock-based compensation expense		$ 128,000
Awards granted (shares)		400,000
Fair value of awards granted		$ 128,000
Awards vested (shares)		400,000
Omnibus Plan | Restricted Stock and Restricted Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining unamortized amounts to be recognized on options			$ 28,000

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Cash flows from operating activities
Net income (loss)	$ (169,971)	$ 14,496	$ (3,509)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	81	140	102
White Eagle Revolving Credit Facility financing cost and fees withheld by lender	927	0	931
Debt modification costs 8.5% Convertible Notes	0	0	2,537
Stock-based compensation	562	375	388
Change in fair value of life settlements	46,879	38	(51,551)
Change in fair value of investment in limited partnership, net of distributions	0	(1,361)	0
Change in fair value of investment in affiliates	0	2,384	0
Change in fair value of investment in deconsolidated subsidiaries	150,894	(37,941)	0
Change in fair value of White Eagle Revolving Credit Facility	(70,900)	0	4,501
Interest income	(517)	(311)	(76)
Loss on extinguishment of debt	0	0	2,018
Deferred tax asset	(576)	576	0
Change in assets and liabilities:
Deposits—other	0	0	(30)
Prepaid expenses and other assets	(59)	516	323
Accounts payable and accrued expenses	877	(835)	779
Other liabilities	(1,001)	(171)	116
Current tax liability	0	3,195	0
Net cash provided by (used in) operating activities	(41,225)	(12,380)	(34,847)
Cash flows from investing activities
Purchase of fixed assets, net of disposals	(5)	(5)	(4)
Certificate of deposit	516	0	5,025
Premiums paid on life settlements	(78,706)	(163)	(84,718)
Consolidation from subsidiaries cash		10,905
Deconsolidation of subsidiaries cash	(30,010)		0
Proceeds from maturity of life settlements	90,780	17,768	42,131
Distributions from investment in limited partnership	0	1,667	0
Net cash provided by/(used in) investing activities	(17,425)	30,172	(37,566)
Cash flows from financing activities
Repayment of borrowings under White Eagle Revolving Credit Facility	(52,683)	0	(19,633)
Borrowings from White Eagle Revolving Credit Facility	81,275	0	86,356
Borrowings under 15.0% Promissory Note	0	0	2,763
Proceeds from issue of common stock, net	0	0	19,188
Proceeds from 8.5% Senior Secured Notes	0	6,476	5,000
Repayment from issue of 8.5% senior Unsecured Convertible	0	(1,194)	0
Payment under finance lease obligations	0	0	(25)
Payment of Recapitalization Transaction Closing Cost	0	0	(1,287)
Net cash provided by financing activities	28,592	5,282	92,362
Net increase/(decrease) in cash and cash equivalents	(30,058)	23,074	19,949
Cash and cash equivalents, at beginning of the year	31,267	1,209	11,318
Cash and cash equivalents, at end of the year	1,209	24,283	31,267
Supplemental disclosures of cash flow information:
Cash paid for interest during the period	29,255	4,608	21,379
Supplemental disclosures of non-cash investing activities:
Deconsolidation of life settlement, November 13, 2018	504,712	0	0
Supplemental disclosures of non-cash financing activities:
Issue of 8.5% Senior Secured Notes through Recapitalization Transaction	0	0	30,000
Recapitalization Transaction Closing Cost and Other Costs withheld from Proceeds	0	0	4,338
Deconsolidation of White Eagle Revolving Credit Facility, November 13, 2018	287,859	0	0
8.50% Convertible Notes
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of discount and deferred debt costs	76	21	2,433
Interest paid in kind	0	0	6,288
Change in assets and liabilities:
Interest payable	(8)	(37)	(2,226)
15.0% Senior Secured Notes
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of discount and deferred debt costs	0	0	184
Change in assets and liabilities:
Interest payable	0	0	(213)
Supplemental disclosures of non-cash financing activities:
Repayment of White Eagle Revolving Credit Facility by third party from proceeds of sale of life settlement	0	0	31,675
5.0% Convertible Notes
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of discount and deferred debt costs	1,087	1,280	496
Change in assets and liabilities:
Interest payable	(316)	0	1,432
8.5% Senior Secured Notes
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Amortization of discount and deferred debt costs	244	1,062	98
Interest paid in kind	0	3,967	0
Change in assets and liabilities:
Interest payable	496	226	132
15.0% Promissory Note
Supplemental disclosures of non-cash financing activities:
Repayment of White Eagle Revolving Credit Facility by third party from proceeds of sale of life settlement	$ 0	$ 0	$ 2,799

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands		2 Months Ended	3 Months Ended							11 Months Ended	12 Months Ended
	Dec. 04, 2019 USD ($) contract	Feb. 28, 2018 USD ($)	Nov. 30, 2019 USD ($) contract shares	Aug. 31, 2019 USD ($)	May 31, 2019 USD ($)	Feb. 28, 2019 USD ($)	Nov. 30, 2018 USD ($) shares	Aug. 31, 2018 USD ($)	May 31, 2018 USD ($)	Nov. 30, 2018 USD ($) shares	Nov. 30, 2019 USD ($) contract shares	Dec. 31, 2017 USD ($) shares	Mar. 13, 2020 USD ($)	Dec. 11, 2019	Aug. 16, 2019	Dec. 13, 2018	Jul. 28, 2017	Apr. 18, 2017	Feb. 14, 2017
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Accumulated deficit			$ (291,513)				$ (306,009)			$ (306,009)	$ (291,513)
Net income (loss)		$ (3,994)	(15)	$ 80,201	$ (25,868)	$ (37,459)	(170,631)	$ 14,288	$ (9,603)	(169,971)	14,496	$ (3,509)
Change in fair value of investment in deconsolidated subsidiaries (Notes 4 & 15)										(150,894)	37,941	0
Net cash used in operating activities										41,225	12,380	34,847
Cash and cash equivalents, at carrying value including variable interest entities							24,300			24,300
Certificate of deposit			511				500			500	511
Investment in life settlements fair value			$ 1,297				$ 506,407			506,407	1,297
Lump sum payment received on life insurance policies canceled										$ 90,780	$ 17,768	$ 42,131
Certificate of deposit, stated interest rate											2.00%
Treasury stock (shares) | shares			608,000				608,000			608,000	608,000	608,000
Discontinued operations, disposed of by sale
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Write down of investment			$ 2,400
Subsequent Event
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Cash and cash equivalents, at carrying value including variable interest entities													$ 22,200
Certificate of deposit													$ 513
5.0% Convertible Notes
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Debt instrument, interest rate			5.00%				5.00%			5.00%	5.00%
8.5% Senior Secured Notes
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Debt instrument, interest rate			850.00%								850.00%					8.50%	8.50%
Convertible Notes | 8.50% Convertible Notes
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Debt instrument, interest rate																			8.50%
Convertible Notes | 5.0% Convertible Notes
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Debt instrument, interest rate			5.00%								5.00%							5.00%
Convertible Notes | 5.0% Convertible Notes | Subsequent Event
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Debt instrument, interest rate														5.00%
Retained Earnings
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Net income (loss)										$ (169,971)	$ 14,496	$ (3,509)
Sun Life | Subsequent Event
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of life insurance policies canceled | contract	31
Investment in life settlements fair value	$ 163,500
Lump sum payment received on life insurance policies canceled	36,100
Sun Life | Subsequent Event | White Eagle
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Investment in life settlements fair value	$ 141,500
Number of life insurance policies in receivable for maturity | contract	1
Number of life insurance policies owned | contract	28
Receivable for maturity of life insurance policies	$ 10,000
Payments for maturity of life insurance policies	13,400
Sun Life | Wilmington Trust | Subsequent Event
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Payments for maturity of life insurance policies	$ 10,000
WE Investment
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Number of life insurance policies canceled | contract			7								7
Investment in life settlements fair value			$ 2,600,000								$ 2,600,000
Number of life insurance policies owned | contract			561								561
Equity investment ownership percentage			27.50%								27.50%
WE Investment | Lamington
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Equity investment ownership percentage			27.50%	27.50%							27.50%				27.50%
Affiliates | Class A Interests
Organization, Consolidation and Presentation of Financial Statements Disclosure [Line Items]
Internal rate of return guaranteed to majority owner of partnership investment															11.00%

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COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Nov. 30, 2019

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Payments under Operating Leases

The future minimum payments under operating leases for each of the one succeeding years subsequent to November 30, 2019 are as follows (in thousands):

November 30,
2020	$	217

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CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018
Assets
Cash and cash equivalents	$ 24,283	$ 1,209
Certificate of deposit	511	500
Prepaid expenses and other assets	377	657
Deposits - other	1,377	1,377
Life settlements, at estimated fair value (Note 9)	1,297	1,172
Fixed assets, net	18	78
Investment in limited partnership, at estimated fair value (Note 10)	137,849	0
Investment in deconsolidated subsidiaries, at estimated fair value (Note 3)	0	128,795
Investment in affiliates	0	2,384
Deferred tax asset	0	576
Total assets	165,712	136,748
Liabilities
Accounts payable and accrued expenses	1,651	2,446
Other liabilities	86	194
Current tax liability	3,195	0
Total liabilities	123,599	109,506
Commitments and Contingencies (Note 17)
Stockholders’ Equity
Common stock (par value $0.01 per share, 415,000,000 authorized at November 30, 2019 and November 30, 2018; 158,365,275 issued and 157,757,275 outstanding as of November 30, 2019; 158,733,928 issued and 158,125,928 outstanding as of November 30, 2018)	1,584	1,587
Preferred stock, $0.01 par value (40,000,000 authorized; 0 issued and outstanding as of November 30, 2019 and November 30, 2018)	0	0
Treasury stock (608,000 shares as of November 30, 2019 and November 30, 2018)	(2,534)	(2,534)
Additional paid-in-capital	334,576	334,198
Accumulated deficit	(291,513)	(306,009)
Total stockholders’ equity	42,113	27,242
Total liabilities and stockholders’ equity	165,712	136,748
8.50% Convertible Notes
Liabilities
Interest payable	0	37
Convertible notes, net of discount and deferred costs	0	1,173
5.0% Convertible Notes
Liabilities
Interest payable	1,116	1,116
Convertible notes, net of discount and deferred costs	71,022	69,742
8.5% Senior Secured Notes
Liabilities
Interest payable	854	628
8.5% Senior Secured Notes, net of deferred debt costs (Note 14)	$ 45,675	$ 34,170

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CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS FOR ENTITIES IN BANKRUPTCY - Balance Sheets (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 30, 2019	Nov. 30, 2018	Dec. 31, 2017	Jul. 17, 2017	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents	$ 24,283	$ 1,209
Investment in life settlements, at estimated fair value	1,297	1,172
Total assets	165,712	136,748
Liabilities
Accounts payable and accrued expenses	1,651	2,446
Total liabilities	123,599	109,506
Share Capital (1 share of $1 authorized and issued)	1,584	1,587
Additional paid-in-capital	334,576	334,198
Retained earnings	(291,513)	(306,009)
Total stockholders’ equity	42,113	27,242	$ 196,642			$ 172,874
Total liabilities and stockholders’ equity	$ 165,712	$ 136,748
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	415,000,000	415,000,000		415,000,000	80,000,000
Common stock, shares issued (shares)	158,365,275	158,733,928	158,495,399
Subsidiaries | Lamington
ASSETS
Cash and cash equivalents	$ 0	$ 33,719
Prepaid expenses and other assets	0	68
Investment in life settlements, at estimated fair value	0	505,235
Receivable for maturity of life settlements	0	27,700
Total assets	0	566,722
Liabilities
Accounts payable and accrued expenses	0	1,410
Other liabilities (subject to compromise)	0	5,997
Revolving Credit Facility debt, at estimated fair value	0	346,671
Promissory notes payable (subject to compromise)	0	137,813
Promissory notes interest payable (subject to compromise)	0	8,580
Total liabilities	0	500,471
Share Capital (1 share of $1 authorized and issued)	0	0
Additional paid-in-capital	0	60,602
Retained earnings	0	5,649
Total stockholders’ equity	0	66,251
Total liabilities and stockholders’ equity	$ 0	$ 566,722
Common stock, par value (usd per share)	$ 1	$ 1
Common stock, shares authorized (shares)	1	1
Common stock, shares issued (shares)	1	1

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STOCKHOLDERS' EQUITY (Details)					1 Months Ended			11 Months Ended	12 Months Ended
	Aug. 14, 2017 shares	Aug. 11, 2017 USD ($) shares	Jul. 28, 2017 USD ($) director $ / shares shares	Sep. 01, 2015 USD ($)	Aug. 31, 2017 USD ($) $ / shares shares	Oct. 31, 2014 $ / shares	Apr. 30, 2014 USD ($) shares	Nov. 30, 2018 USD ($) $ / shares shares	Nov. 30, 2019 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) $ / shares shares	Jul. 17, 2017 shares	Jun. 30, 2017 shares	Jun. 27, 2017 shares
Class of Stock [Line Items]
Options outstanding (shares)								85,000	85,000
Options granted (shares)									0
Stock repurchase program, authorized amount (shares) | $				$ 10,000,000.0
Stock repurchase program, expiration period				2 years
Treasury stock | $								$ 2,534,000	$ 2,534,000	$ 2,500,000
Treasury stock acquired, average cost per share (usd per share) | $ / shares										$ 4.17
Preferred stock, par value (usd per share) | $ / shares								$ 0.01	$ 0.01
Common stock issued | $								$ 9,000
Common stock, shares authorized (shares)								415,000,000	415,000,000		415,000,000	80,000,000
Number of board of directors | director			7
Restricted Stock
Class of Stock [Line Items]
Awards granted (shares)									0
Shares subject to vesting (shares)								1,400,000	333,333
Awards vested (shares)									1,066,667
Omnibus Plan
Class of Stock [Line Items]
Options outstanding (shares)									85,000
Securities remaining for future issuance (shares)									9,511,785
Omnibus Plan | Employee Stock Options
Class of Stock [Line Items]
Shares of common stock reserved for future grant (shares)									12,600,000				12,600,000
Omnibus Plan | Restricted Stock Units
Class of Stock [Line Items]
Shares subject to vesting (shares)									333,333
Certain Employees | Omnibus Plan | Employee Stock Options
Class of Stock [Line Items]
Options outstanding (shares)									85,000
Certain Employees | Omnibus Plan | Restricted Stock
Class of Stock [Line Items]
Shares issued during period (in shares)									1,936,667
Certain Employees | Omnibus Plan | Restricted Stock Units
Class of Stock [Line Items]
Awards granted (shares)									2,270,000
Directors | SARs
Class of Stock [Line Items]
Options granted (shares)								100,000
Directors | Omnibus Plan | Restricted Stock
Class of Stock [Line Items]
Awards granted (shares)									633,215
Treasury Stock
Class of Stock [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share (in shares)										608,000
USAO Investigation
Class of Stock [Line Items]
Number of shares in escrow (in shares)							2,000,000
Estimated fair value of warrants | $							$ 5,400,000
Common stock warrants term						5 years
Exercise price of warrants (usd per share) | $ / shares						$ 10.75
Average daily trading closing price (usd per share) | $ / shares						$ 8.50
Average daily trading closing price, period						45 days
Warrants expired (shares)									2,000,000
Warrant Investors
Class of Stock [Line Items]
Exercise price of warrants (usd per share) | $ / shares			$ 0.2
Warrants issued (in shares)			42,500,000
PJC Investments, LLC, Triax and Other Affiliates
Class of Stock [Line Items]
Warrants issued (in shares)			27,150,000
Sale of stock, number of shares issued (in shares)			39,320,038
Other Investors Designated by PJC and Triax
Class of Stock [Line Items]
Warrants issued (in shares)			13,350,000
Sale of stock, number of shares issued (in shares)			55,000,000
Immediately Upon Issuance | Convertible Notes
Class of Stock [Line Items]
Warrants issued (in shares)			17,500,000
At a Later Time Upon Conversion of Notes | Convertible Notes
Class of Stock [Line Items]
Warrants issued (in shares)			25,000,000
Term of warrants			8 years
Private Placement
Class of Stock [Line Items]
Sale of stock, number of shares issued (in shares)			115,000,000
Preferred stock, par value (usd per share) | $ / shares			$ 0.01
Sale of stock, price per share (in dollars per share) | $ / shares			$ 0.2
Common stock issued | $			$ 23,000,000
Private Placement | PJC Investments, LLC, Triax and Other Affiliates
Class of Stock [Line Items]
Sale of stock, number of shares issued (in shares)			75,000,000
Common stock issued | $			$ 15,000,000
Private Placement | Convertible Notes Holders Investors
Class of Stock [Line Items]
Sale of stock, number of shares issued (in shares)			40,000,000
Common stock issued | $			$ 8,000,000
Private Placement | PJC Investments, LLC
Class of Stock [Line Items]
Sale of stock, number of shares issued (in shares)			19,320,038
Private Placement | Brennan
Class of Stock [Line Items]
Securities remaining for future issuance (shares)					12,500,000
Sale of stock, number of shares issued (in shares)	3,750,000	8,750,000
Sale of stock, price per share (in dollars per share) | $ / shares					$ 0.40
Sale of stock, aggregate purchase price | $		$ 5,000,000			$ 5,000,000
Emergent Capital, Inc. | PJC Investments, LLC, Triax and Other Affiliates
Class of Stock [Line Items]
Percentage of ownership after transaction			38.90%
Emergent Capital, Inc. | Other Investors Designated by PJC and Triax
Class of Stock [Line Items]
Percentage of ownership after transaction			43.60%

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LIFE SETTLEMENTS (LIFE INSURANCE POLICIES) - Investments in Life Settlements (Details) $ in Thousands	Nov. 30, 2019 USD ($) contract	Nov. 30, 2018 USD ($) contract	Dec. 29, 2016 contract
Fair Value
Total	$ 1,297	$ 506,407
Face Value
Total	$ 12,000
Not Pledged as Collateral
Number of Life Settlement Contracts
0-1 | contract	0	0
1-2 | contract	0	0
2-3 | contract	0	0
3-4 | contract	0	0
4-5 | contract	0	0
Thereafter | contract	2	2
Total | contract	2	2
Fair Value
0-1	$ 0	$ 0
1-2	0	0
2-3	0	0
3-4	0	0
4-5	0	0
Thereafter	1,297	1,172
Total	1,297	1,172
Face Value
0-1	0	0
1-2	0	0
2-3	0	0
3-4	0	0
4-5	0	0
Thereafter	12,000	12,000
Total	$ 12,000	$ 12,000
Collateral pledged | White Eagle | Revolving Credit Facility
Number of Life Settlement Contracts
0-1 | contract		6
1-2 | contract		12
2-3 | contract		31
3-4 | contract		37
4-5 | contract		46
Thereafter | contract		454
Total | contract	0	586	190
Fair Value
0-1		$ 24,221
1-2		30,828
2-3		72,343
3-4		57,874
4-5		77,719
Thereafter		242,251
Total		505,236
Face Value
0-1		28,796
1-2		46,390
2-3		126,402
3-4		139,447
4-5		217,450
Thereafter		2,217,430
Total		$ 2,775,915

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INVESTMENT IN LIMITED PARTNERSHIP - Reconciliation of Premium/Expenses Reserve Account (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Nov. 30, 2019 USD ($)	Nov. 30, 2019 USD ($)
Investments in and Advances to Affiliates [Line Items]
Collections account	$ 6,035	$ 6,000
Total distribution received	36,035	36,000
Premiums and expenses	31,840	31,800
Total payments	31,840
Balance at November 30, 2019	4,195	4,195
Class A and Class B Interests
Investments in and Advances to Affiliates [Line Items]
Collections account	30,000
Class B Interests
Investments in and Advances to Affiliates [Line Items]
Premiums and expenses	$ 1,667	$ 1,700

XML

INCOME TAXES - U.S. and Foreign Components of Income (Loss) From Continuing Operations before Income Taxes (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended							11 Months Ended	12 Months Ended
	Feb. 28, 2018	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Income Tax Disclosure [Abstract]
U.S.									$ (153,896)	$ 72,481	$ (19,016)
Foreign									(16,001)	(51,856)	15,778
Income (loss) from continuing operations before income taxes	$ (3,994)	$ 538	$ 80,196	$ (22,650)	$ (37,459)	$ (171,170)	$ 11,751	$ (6,483)	$ (169,897)	$ 20,625	$ (3,238)

XML

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Nov. 30, 2019

Accounting Policies [Abstract]

Change in Financial Year End

Change in Financial Year End

On September 7, 2018, the Board of Directors adopted resolutions to change the Company’s fiscal year end, and have the Company cause its direct and indirect subsidiaries change their fiscal year ends, from December 31 to November 30, effective immediately. Our financial results for the fiscal year ended November 30, 2019 will cover the twelve months of transactions from December 1, 2018 to November 30, 2019, and are compared to the results of our previous fiscal year ended November 30, 2018 which covers the eleven months transition period from January 1, 2018 to November 30, 2018 and our previous twelve month fiscal year-end as of December 31, 2017.

Principles of Consolidation and Related Party Relationship

Related Party Relationship

Upon filing for Chapter 11 and the subsequent deconsolidation, transactions with Lamington are no longer eliminated in consolidation and are treated as related party transactions for Emergent Capital.

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company, all of its wholly-owned subsidiary companies and its special purpose entities, with the exception of the Deconsolidated Entities, White Eagle , an unconsolidated equity investment effective August 17, 2019, which is accounted for using fair value and Imperial Settlements Financing 2010, LLC ("ISF 2010"), an unconsolidated special purpose entity which is accounted for using the measurement alternative, which is measured at cost less impairment. The special purpose entity was to fulfill specific objectives. All significant intercompany balances and transactions except those related to Lamington after November 13, 2018 to August 16, 2019 (see Note 3) have been eliminated in consolidation, including income from services performed by subsidiary companies in connection with the White Eagle Revolving Credit Facility, as detailed herein.

Discontinued Operations

Discontinued Operations

On October 25, 2013, the Company sold substantially all of the assets comprising its structured settlement business. As a result, the Company has discontinued segment reporting and classified its operating results of the structured settlement business, net of income taxes, as discontinued operations. The accompanying consolidated statements of operations for the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the year ended December 31, 2017 and the related notes to the consolidated financial statements reflect the classification of its structured settlement business operating results, net of tax, as discontinued operations.

Ownership of Life Insurance Policies

Ownership of Life Insurance Policies

In the ordinary course of our legacy premium finance business, a large portion of our borrowers defaulted by not paying off their loans and relinquished ownership of their life insurance policies to us in exchange for our release of the obligation to pay amounts due. We also buy life insurance policies in the secondary and tertiary markets. We account for life insurance policies that we own as life settlements (life insurance policies) in accordance with ASC 325-30, Investments in Insurance Contracts, which requires us to either elect the investment method or the fair value method. The election is made on an instrument-by-instrument basis and is irrevocable. We have elected to account for these life insurance policies as investments using the fair value method.

We initially record life settlements at the transaction price. For policies acquired upon relinquishment by our borrowers, we determined the transaction price based on fair value of the acquired policies at the date of relinquishment. The difference between the net carrying value of the loan and the transaction price is recorded as a gain (loss) on loan payoffs and settlement. For policies acquired for cash, the transaction price is the amount paid.

Valuation of Insurance Policies

Valuation of Insurance Policies

Our valuation of insurance policies is a critical component of our estimate of the fair value of our life settlements (life insurance policies). We currently use a probabilistic method of valuing life insurance policies, which we believe to be the preferred valuation method in the industry. The most significant assumptions are the Company’s estimate of the life expectancy of the insured and the discount rate.

Fair Value Measurement Guidance

Fair Value Measurement Guidance

We follow ASC 820, Fair Value Measurements and Disclosures, which defines fair value as an exit price representing the amount that would be received if an asset were sold or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the guidance establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. Level 1 relates to quoted prices in active markets for identical assets or liabilities. Level 2 relates to observable inputs other than quoted prices included in Level 1. Level 3 relates to unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Our investments in life insurance policies, and debt under the Revolving Credit Facilities are considered Level 3 as there is currently no active market where we are able to observe quoted prices for identical assets/liabilities and our valuation model incorporates significant inputs that are not observable.

Fair Value Option

Fair Value Option

We have elected to account for life settlements using the fair value method. The fair value of the asset is the estimated amount that would be received to sell an asset in an orderly transaction between market participants at the measurement date. We calculate the fair value of the asset using a present value technique to estimate the fair value of the life settlements. The Company currently uses a probabilistic method of valuing life insurance policies, which the Company believes to be the preferred valuation method in the industry. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate. See Note 9, "Life Settlements (Life Insurance Policies)" and Note 15, "Fair Value Measurements" of the accompanying consolidated financial statements.

We have elected to account for the investment in limited partnership using the fair value method. We calculate the fair value of the investment using a present value technique to estimate the fair value of the limited partnership investment. The most significant assumptions are the estimates of life expectancy of the insured for the life insurance policies that are held by the partnership, the stipulated rate of return by the Class A Holder of the partnership, repayment of advances made by the Class A holder on the Company's behalf, distributions to the Company and the discount rate. See Note 10, "Investment in Limited Partnership" and Note 15, "Fair Value Measurements" of the notes to consolidated financial statements for further information.

We have elected to account for the debt under the White Eagle Revolving Credit Facility, which includes the interests in policy proceeds to the lender, using the fair value method. The fair value of the debt is the estimated amount that would have to be paid to transfer the debt to a market participant in an orderly transaction. We calculated the fair value of the debt using a discounted cash flow model taking into account the stated interest rate of the credit facility and probabilistic cash flows from the pledged policies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, our estimates are not necessarily indicative of the amounts that we, or holders of the instruments, could realize in a current market exchange. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate. The use of assumptions and/or estimation methodologies could have a material effect on estimated fair values.

Income Recognition from Continuing Operations

Income Recognition from Continuing Operations

Our primary sources of income from continuing operations are in the form of changes in fair value and gains on life settlements, net. Our income recognition policies for these sources of income are as follows:

• Changes in Fair Value of Life Settlements—When the Company acquires certain life insurance policies, we initially record these investments at the transaction price, which is the fair value of the policy for those acquired upon relinquishment or the amount paid for policies acquired for cash. The fair value of the investment in insurance policies is evaluated at the end of each reporting period. Changes in the fair value of the investment are recorded as changes in fair value of life settlements in our consolidated statement of operations. The fair value is determined on a discounted cash flow basis that incorporates current life expectancy assumptions. The discount rate incorporates current information about market interest rates, the credit exposure to the insurance company that issued the life insurance policy and our estimate of the risk premium an investor in the policy would require. The Company recognizes income from life settlement maturities on the date we are in receipt of death notice or verified obituary of the insured. This income is the difference between the death benefit and fair value of the policy at the time of maturity.

• Change in Fair Value of Investment in Limited Partnership - ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities requires that a reporting entity should account for its equity investments that are not consolidated or accounted for under the equity method at fair value, with changes to fair value recorded in current earnings. White Eagle previously valued its life settlement policies at fair value whose valuation are based on inputs that are both significant to the fair value measurement and unobservable. The Company now holds an equity investment of 27.5% in White Eagle whose only assets are these life settlement. Additionally, the investment includes a mezzanine financing which the Company assumed at closing which repayment by, and ultimate distributions to, the Company are based on a prescribed waterfall with a guaranteed 11% return to the majority owner partner. The Company recognizes income from monthly distribution from the partnership as prescribed by the Subscription Agreement.

Cash and Cash Equivalents, and Certificate of Deposit

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand and all highly liquid instruments with an original maturity of three months or less, when purchased. The Company maintains the majority of its cash in several operating accounts with two commercial banks. Balances on deposit are insured by the Federal Deposit Insurance Corporation ("FDIC"). However, from time to time, the Company’s balances may exceed the FDIC insurable amount at its banks.

Certificate of Deposit

The Company maintains a portion of its operating funds in a certificate of deposit.

Deferred Debt Costs

Deferred Debt Costs

Deferred debt costs include costs incurred in connection with acquiring and maintaining debt arrangements. These costs are directly deducted from the carrying amount of the liability in the consolidated balance sheets, are amortized over the life of the related debt using the effective interest method and are classified as interest expense in the accompanying consolidated statements of operations. These deferred costs are related to the Company's 8.5% Convertible Notes, 5% Convertible Notes and 8.5% Senior Secured Notes. The Company did not recognize any deferred debt costs on the White Eagle Revolving Credit Facility given all costs were expensed due to electing the fair value option in valuing the White Eagle Revolving Credit Facility.

Treasury Stock

Treasury Stock

The Company accounts for its treasury stock using the treasury stock method as set forth in ASC 505-30, Treasury Stock.  Under the treasury stock method, the total amount paid to acquire the stock is recorded and no gain or loss is recognized at the time of purchase. Gains and losses are recognized at the time the treasury stock is reinstated or retired and are recorded in additional paid in capital or retained earnings.

Stock-Based Compensation

Stock-Based Compensation

We have adopted ASC 718, Compensation—Stock Compensation. ASC 718 addresses accounting for share-based awards, including stock options, restricted stock, performance shares and warrants, with compensation expense measured using fair value and recorded over the requisite service or performance period of the award. The fair value of equity instruments awarded will be determined based on a valuation using an option pricing model that takes into account various assumptions that are subjective. Key assumptions used in the valuation will include the expected term of the equity award taking into account both the contractual term of the award, the effects of expected exercise and post-vesting termination behavior, expected volatility, expected dividends and the risk-free interest rate for the expected term of the award. Compensation expense associated with performance shares is only recognized to the extent that it is probable the performance measurement will be met.

Earnings Per Share

Earnings Per Share

The Company computes net income per share in accordance with ASC 260, Earnings Per Share. Under the provisions of ASC 260, basic net income per share is computed by dividing the net income available to common shareholders by the weighted average common shares outstanding during the period. Diluted net income per share adjusts basic net income per share for the effects of stock options, warrants, convertible notes and restricted stock awards only in periods, or for such awards in which the effect is dilutive. ASC 260 also requires the Company to present basic and diluted earnings per share information separately for each class of equity instruments that participate in any income distribution with primary equity instruments.

Held-for-sale and discontinued operations

Held-for-sale and discontinued operations

We report a business as held-for-sale when management has approved or received approval to sell the business and is committed to a formal plan, the business is available for immediate sale, the business is being actively marketed, the sale is anticipated to occur during the ensuing year and certain other specified criteria are met. A business classified as held-for-sale is recorded at the lower of its carrying amount or estimated fair value less cost to sell. If the carrying amount of the business exceeds its estimated fair value, a loss is recognized. Depreciation is not recorded on assets of a business classified as held-for-sale. Assets and liabilities related to a business classified as held-for-sale are segregated in the Consolidated Balance Sheet and major classes are separately disclosed in the notes to the Consolidated Financial Statements commencing in the period in which the business is classified as held-for-sale. We report the results of operations of a business as discontinued operations if the business is classified as held-for-sale, the operations and cash flows of the business have been or will be eliminated from the ongoing operations of the Company as a result of a disposal transaction and we will not have any significant continuing involvement in the operations of the business after the disposal transaction. The results of discontinued operations are reported in Discontinued Operations in the Consolidated Statement of Operations for current and prior periods commencing in the period in which the business meets the criteria of a discontinued operation, and include any gain or loss recognized on closing or adjustment of the carrying amount to fair value less cost to sell. During the fourth quarter of 2013, we sold substantially all of our structured settlements business. The remaining balance of $2.4 million was written off as a result of ongoing restructuring plans in the fourth quarter of fiscal 2019 as the Company decided not to continue to pursue this line of investment. As a result, we have classified our structured settlement operating results as discontinued operations.

Foreign Currency

Foreign Currency

We own certain foreign subsidiary companies formed under the laws of Ireland, Bahamas and Bermuda. These foreign subsidiary companies utilize the U.S. dollar as their functional currency. The functional currency of foreign subsidiary companies' financial statements is the U.S. dollars and therefore, there are no translation gains and losses. Any gains and losses resulting from foreign currency transactions (transactions denominated in a currency other than the subsidiary companies functional currency) are included in income. These gains and losses are immaterial to our financial statements.

Use of Estimates

Use of Estimates

The preparation of these consolidated financial statements, in conformity with accounting principles generally accepted in the United States of America ("GAAP"), requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting periods. Actual results could differ from these estimates and such differences could be material. Significant estimates made by management include income taxes, the valuation of life settlements, the valuation of the debt owing under the White Eagle Revolving Credit Facility, the valuation of deconsolidated subsidiaries, the valuation on investment in limited partnership and the valuation of equity awards.

Reclassifications

Reclassifications

Certain reclassifications of the prior period amounts and presentation have been made to conform to the presentation for the current period. These reclassification relate primarily to change in fair value of investment in deconsolidated subsidiaries.

Risks and Uncertainties

Risks and Uncertainties

In the normal course of business, the Company encounters economic, legal and longevity risk. There are two main components of economic risk that could potentially impact the Company: market risk and concentration of credit risk. Market risk for the Company includes interest rate risk. Market risk also reflects the risk of declines in valuation of the Company’s life settlements, including declines caused by the selection of increased discount rates associated with the Company’s fair value model for life settlements. It is reasonably possible that future changes to estimates involved in valuing life settlements could change and result in material effects to the future financial statements. Concentration of credit risk includes the risk that an insurance carrier who has issued life insurance policies held by the Company in its portfolio, does not remit the amount due under those policies due to the deteriorating financial condition of the carrier or otherwise. Legal risk includes the risk that statutes define or courts interpret insurable interest in a manner adverse to the Company’s ownership rights in its portfolio of life insurance policies and the risk that courts allow insurance carriers to retain premiums paid by the Company in respect of insurance policies that have been successfully rescinded or contested. Longevity risk refers to the risk that the Company does not experience the mortalities of insureds in its portfolio of life insurance policies that are anticipated to occur on an actuarial basis in a timely manner, which would result in the Company expending additional amounts for the payment of premiums.

Recent Accounting Pronouncements and Adopted Accounting Pronouncements

Recent Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02, "Leases" (Topic 842). The new guidance establishes the principles to report transparent and economically neutral information about the assets and liabilities that arise from leases. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. All leases create an asset and a liability for the lessee in accordance with FASB Concepts Statement No. 6, Elements of Financial Statements, and, therefore, recognition of those lease assets and lease liabilities represents an improvement over previous GAAP, which did not require lease assets and lease liabilities to be recognized for most leases. In December 2018, the Board released the amendments related to 1) sales taxes and other similar taxes collected from lessees that affect all lessors electing the accounting policy election; 2) lessor costs affecting all lessor entities that have lease contracts that either require lessees to pay lessor costs directly to a third party or require lessees to reimburse lessors for costs paid by lessors directly to third parties; and 3) recognition of variable payments for contracts with lease and nonlease components affecting all lessor entities with variable payments related to both lease and nonlease components. During the first quarter of 2019, the FASB issued targeted amendments to ASC 842 that affect how (1) financial institution lessors present lessee payments in their statements of cash flows and (2) lessors that are not manufacturers or dealers determine the fair value of the underlying asset. The FASB also clarified that companies transitioning to ASC 842 do not need to provide the interim transition disclosures required by ASC 250 (accounting changes and error corrections). All entities, including early adopters, must apply the amendments in this Update to all new and existing leases. This ASU is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. As a result, ASC 842 will be implemented as of December 1, 2019 since Company’s fiscal year begins on December 1 and ends on November 30. Early adoption is permitted. We do not expect that it will have a material impact.

In February 2018, the FASB issued ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" to address stakeholder concerns about the guidance in current generally accepted accounting principles (GAAP) that requires deferred tax liabilities and assets to be adjusted for the effect of a change in tax laws or rates with the effect included in income from continuing operations in the reporting period that includes the enactment date. The amendments in this update allow a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The amendments in this Update are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. As a result, this update will be implemented as of December 1, 2019 since Company’s fiscal year begins on December 1 and ends on November 30. We do not expect that it will have a material impact.

In July 2018, the FASB issued ASU 2018-11, "Targeted Improvements to Leases" (Topic 842) primarily to provide another transition method in addition to the existing transition method by allowing entities to initially apply the new leases standard at the adoption date (such as January 1, 2019, for calendar year-end public business entities) and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers’ requests. The amendments in this Update address stakeholders’ concerns about the requirement for lessors to separate components of a contract by providing lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component, similar to the expedient provided for lessees. The amendments in this Update also clarify which Topic (Topic 842 or Topic 606) applies for the combined component. For entities that have not adopted Topic 842 before the issuance of this Update, the effective date and transition requirements for the amendments in this Update related to separating components of a contract are the same as the effective date and transition requirements in Update 2016-02.

In August 2018, the FASB issued ASU 2018-13, "Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement" which modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in the Concepts Statement, including the consideration of costs and benefits. The following disclosure requirements were removed from Topic 820 among others: 1) The amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy 2) The policy for timing of transfers between levels. The following disclosure requirements were part of the modifications in Topic 820:1) For investments in certain entities that calculate net asset value, an entity is required to disclose the timing of liquidation of an investee’s assets and the date when restrictions from redemption might lapse only if the investee has communicated the timing to the entity or announced the timing publicly. The amendments also clarify that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date. Lastly, the following disclosure requirements were added to Topic 820: 1) the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period; 2) the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. For certain unobservable inputs, an entity may disclose other quantitative information (such as the median or arithmetic average) in lieu of the weighted average if the entity determines that other quantitative information would be a more reasonable and rational method to reflect the distribution of unobservable inputs used to develop Level 3 fair value measurements. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements.

In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities ("ASU 2018-17"). ASU 2018-17 provides that indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. ASU 2018-17 is effective for public companies for annual and interim periods beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements.

In May 2019, the FASB issued ASU No. 2019- 05 which amends ASU 2016-13 to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments that (1) were previously recorded at amortized cost and (2) are within the scope of ASC 326-203 if the instruments are eligible for the fair value option under ASC 825-10.4 The fair value option election does not apply to held-to-maturity debt securities. Entities are required to make this election on an instrument-by-instrument basis. ASU 2019-05’s amendments should be applied "on a modified-retrospective basis by means of a cumulative-effect adjustment to the opening balance of retained earnings balance in the statement of financial position as of the date that an entity adopted the amendments in ASU 2016-13." Certain disclosures are required. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-05 are effective for fiscal years beginning after December 15, 2019, including interim periods therein. An entity may early adopt the ASU in any interim period after its issuance if the entity has adopted ASU 2016-13. For all other entities, the effective date will be the same as the effective date in ASU 2016-13.We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements.

In May 2019, the FASB issued ASU No 2019-04 which clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments. The ASU’s amendments apply to all entities within the scope of the affected guidance. Accrued interest - Amortized cost basis is defined in ASU 2016-13 as "the amount at which a financing receivable or investment is originated or acquired, adjusted for applicable accrued interest, accretion or amortization of premium, discount, and net deferred fees or costs, collection of cash, writeoffs, foreign exchange, and fair value hedge accounting adjustments" (emphasis added). To address stakeholders’ concerns that the inclusion of accrued interest in the definition of amortized cost basis could make application of the credit loss guidance operationally burdensome, ASU 2019-04 provides certain alternatives for the measurement of the allowance for credit losses (ALL) on accrued interest receivable (AIR). These measurement alternatives include (1) measuring an ALL on AIR separately, (2) electing to provide separate disclosure of the AIR component of amortized cost as a practical expedient, and (3) making accounting policy elections to simplify certain aspects of the presentation and measurement of such AIR. For entities that have adopted ASU 2016-13, the amendments in ASU 2019-04 related to ASU 2016-13 are effective for fiscal years beginning after December 15, 2019, and interim periods therein. ASU 2019-04’s amendments should be applied "on a modified-retrospective basis by means of a cumulative-effect adjustment to the opening retained earnings balance in the statement of financial position as of the date an entity adopted the amendments in ASU 2016-13." Certain disclosures are also required. For all other entities, the effective date will be the same as the effective date in ASU 2016-13.We are currently evaluating the methods and impact of adopting this new standard on our consolidated financial statements.

Adopted Accounting Pronouncements

On August 17, 2018, the SEC issued a final rule that amends certain of its disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, or changes in the information environment. The financial reporting implications of the final rule’s amendments are generally expected to reduce or eliminate some of an SEC registrant’s disclosure requirements. In limited circumstances, however, the amendments may expand those requirements, including those related to interim disclosures about changes in stockholders’ equity and noncontrolling interests (hereinafter referred to as changes in stockholders’ equity). The changes in stockholders’ equity extends to interim periods the annual disclosure requirement in SEC Regulation S-X, Rule 3-04,5,6 of presenting (1) changes in stockholders’ equity and (2) the amount of dividends per share for each class of shares. An analysis of changes in stockholders’ equity will now be required for the current and comparative year-to-date interim periods with subtotals for each interim period. Note that both rules refer to Rule 3-04 for presentation requirements, which, among other items, include a reconciliation that describes all significant reconciling items in each caption of stockholders’ equity and noncontrolling interests (if applicable). Rule 3-04 permits the disclosure of changes in stockholders’ equity (including dividend-per-share amounts) to be made either in a separate financial statement or in the notes to the financial statements. The final rule was effective for all filings submitted on or after November 5, 2018. This standard was adopted during the year ended November 30, 2019.

In July 2019, the FASB issued ASU No 2019-07, Codification Updates to SEC Sections-Amendments to SEC paragraphs Pursuant to SEC Final Rule Releases No. 33-10532, Disclosure Update and Simplification and Nos. 33-10231 and 33-10442, Investment Company Reporting Modernization, and Miscellaneous Updates. The FASB has updated the SEC portion of its codification literature to reflect changes the regulator made to simplify disclosures, modernize the reporting and disclosure of information by registered investment companies, and other items. ASU. 2019-07 updates the codification to reflect the amendments of various SEC disclosure requirements that the agency determined were redundant, duplicative, overlapping, outdated or superseded. The SEC amended its disclosure rules in 2018 with the aim of providing investors with useful disclosure information and to simplify compliance without significantly altering the mix of the information being provided. The amendments were part of an initiative by the SEC’s Division of Corporation Finance to review disclosure requirements applicable to issuers to consider ways to improve the requirements for the benefit of investors and issuers. The amendments are effective upon issuance of this update on July 2019.

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FAIR VALUE MEASUREMENTS

12 Months Ended

Nov. 30, 2019

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

The Company carries life settlements, investment in limited partnership and investment in deconsolidated subsidiaries at fair value as shown in the consolidated balance sheets. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. Fair value measurements are classified based on the following fair value hierarchy:

Level 1—Valuation is based on unadjusted quoted prices in active markets for identical assets and liabilities that are accessible at the reporting date. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment.

Level 2—Valuation is determined from pricing inputs that are other than quoted prices in active markets that are either directly or indirectly observable as of the reporting date. Observable inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and interest rates and yield curves that are observable at commonly quoted intervals.

Level 3—Valuation is based on inputs that are both significant to the fair value measurement and unobservable. Level 3 inputs include situations where there is little, if any, market activity for the financial instrument. The inputs into the determination of fair value generally require significant management judgment or estimation.

Assets and liabilities measured at fair value on a recurring basis

The balances of the Company’s assets measured at fair value on a recurring basis as of November 30, 2019, are as follows (in thousands):

	Level 1		Level 2		Level 3		Total Fair Value
Assets:
Investment in limited partnership	$	—	$	—	$	137,849	$	137,849
Investment in life settlements	—		—		1,297		1,297
	$	—	$	—	$	139,146	$	139,146

The balances of the Company’s assets measured at fair value on a recurring basis as of November 30, 2018, are as follows (in thousands):

	Level 1		Level 2		Level 3		Total Fair Value
Assets:
Investment in life settlements - Deconsolidated	$	—	$	—	$	505,235	$	505,235
Investment in life settlements - Consolidated	—		—		1,172		1,172
	$	—	$	—	$	506,407	$	506,407
Investment in deconsolidated subsidiaries	$	—	$	—	$	128,795	$	128,795

The balances of the Company’s liabilities measured at fair value on a recurring basis as of November 30, 2018, are as follows (in thousands):

	Level 1		Level 2		Level 3		Total Fair Value
Liabilities:
White Eagle Revolving Credit Facility - Deconsolidated	$	—	$	—	$	346,670	$	346,670
	$	—	$	—	$	346,670	$	346,670

The below is a quantitative analysis of the Company's level 3 assets fair value measurements at November 30, 2019:

($ in thousands)	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at 11/30/19		Aggregate death benefit 11/30/2019		Valuation Technique	Unobservable Input	Range (Weighted Average)
Investment in life settlements	$	1,297	$	12,000	Discounted cash flow	Discount rate	13.25% - 15.25%
						Life expectancy evaluation	11.4 years
Investment in limited partnership	$	137,849	$	736,449	Discounted cash flow	Discount rate	15.25%
						Life expectancy evaluation, distributions, return on investment

Following is a description of the methodologies used to estimate the fair values of assets measured at fair value on a recurring basis and within the fair value hierarchy inclusive of life settlements and investment in limited partnership which holds a portfolio of life settlements.

Life settlements-The Company has elected to account for the life settlement policies it acquires using the fair value method. The Company uses a present value technique to estimate the fair value of its life settlements, which is a Level 3 fair value measurement as the significant inputs are unobservable and require significant management judgment or estimation. The Company currently uses a probabilistic method of valuing life insurance policies, which the Company believes to be the preferred valuation method in the industry. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate.

The Company provides medical records for each insured to life expectancy report providers ("LE providers"). Each LE provider reviews and analyzes the medical records and identifies all medical conditions it feels are relevant to the life expectancy determination of the insured. Debits and credits are assigned by each LE provider to the individual’s health based on identified medical conditions which are derived from the experience of mortality attributed to relevant conditions in the portfolio of lives that the LE provider monitors. The health of the insured is summarized by the LE provider into a life assessment of the individual’s life expectancy expressed both in terms of months and in mortality factor. The mortality factor represents the degree to which the given life can be considered more or less impaired than a life having similar characteristics (e.g. gender, age, smoking, etc.). For example, a standard insured (the average life for the given mortality table) would carry a mortality rating of 100%. A similar but impaired life bearing a mortality rating of 200% would be considered to have twice the chance of dying earlier than the standard life relative to the LE provider’s population. Since each provider’s mortality factor is based on its own mortality table, the Company calculates its own factors to apply to the table selected by the Company.

The Company calculates mortality factors so that when applied to the mortality table selected by the Company, the resulting LE equals the LE provided by each LE provider. The resulting mortality factors are then blended to determine a factor for each insured.

A mortality curve is then generated based on the calculated mortality factors and the rates from the Company selected mortality table to generate the best estimated probabilistic cash flow stream. The net present value of the cash flows is then calculated to determine the policy value.

If the insured dies earlier than expected, the return will be higher than if the insured dies when expected or later than expected. The calculation allows for the possibility that if the insured dies earlier than expected, the premiums needed to keep the policy in force will not have to be paid. Conversely, the calculation also considers the possibility that if the insured lives longer than expected, more premium payments will be necessary.

The Company uses the 2015 Valuation Basic tables, smoker distinct ("2015 VBT"), mortality tables developed by the U.S. Society of Actuaries (the "SOA"). The mortality tables are created based on the expected rates of death among different groups categorized by factors such as age and gender. The 2015 VBT is based on a large dataset of insured lives, face amount of policies and more current information and its dataset includes 266 million policies. The experience data in the 2015 VBT dataset includes 2.55 million claims on policies from 51 insurance carriers. Life experiences implied by the 2015 VBT are generally longer for male and female nonsmokers between the ages of 65 and 80, while smokers and insureds of both genders over the age of 85 have significantly lower life expectancies. The table shows lower mortality rates in the earlier select periods at most ages, so while the Company continues to fit the life expectancies from the LE providers to the 2015 VBT, the change in the mortality curve changes the timing of the Company’s expected cash flow streams.

Historically, the Company has procured the majority of its life expectancy reports from two life expectancy report providers (AVS Underwriting LLC and 21st Services, LLC) for valuation purposes and used an average or "blending," of the results of the two life expectancy reports to establish a composite mortality factor.

On October 18, 2018, 21st Services announced revisions to its underwriting methodology, these revisions have generally been understood to lengthen the average reported life expectancy furnished by this life expectancy provider by 9%. On October 29, 2018 AVS Underwriting LLC also announced revisions to its underwriting methodology without an estimated impact, which resulted in an average lengthening of the life expectancies by approximately 13%.

To account for the impact of the revisions by 21st Services and based off of market responses to the methodology change, the Company decided to lengthen the life expectancies furnished by 21st Services by 9% during the eleven months ended November 30, 2018. The resulting impact is approximately $124.0 million reduction in the fair value of its life settlements.

Further, the Company has decided to no longer utilize the results of life expectancy reports furnished by AVS for valuation purposes. The Company's decision was based on a series of events leading up to the announcement on October 29, 2018, which includes AVS inability to furnish timely reports to allow the Company to blend the results to facilitate timely quarterly reporting. Market participants have expressed concerns regarding their inability to connect the new AVS model to past model. During the eleven months ended November 30, 2018, the Company discontinued its blending approach. The resulting impact is approximately $23.1 million reduction in the fair value of its life settlements.

Moving forward, the Company will procure its life expectancy report from 21st Services on a periodic basis and expects to continue to lengthen life expectancies furnished by 21st Services that have not been re-underwritten using their updated methodology.

Future changes in the life expectancies could have a material adverse effect on the fair value of the Company’s life settlements, which could have a material adverse effect on its business, financial condition and results of operations.

Life expectancy sensitivity analysis

If all of the insured lives in the Company’s life settlement portfolio lived six months shorter or longer than the life expectancies provided by these third parties, the change in estimated fair value would be as follows (dollars in thousands):

Life Expectancy Months Adjustment	Value		Change in Value
+6	$	1,090	$	(207	)
-	$	1,297	$	—
-6	$	1,514	$	217

Discount rate

The discount rate incorporates current information about market interest rates, the credit exposure to the insurance company that issued the life insurance policy and our estimate of the risk premium an investor in the policy would require.

The Company re-evaluates its discount rates at the end of every reporting period in order to reflect the estimated discount rates that could reasonably be used in a market transaction involving the Company’s portfolio of life settlements. In doing so, consideration is given to the various factors influencing the rates, including risk tolerance and market activity. The Company relies on management insight, engages third party consultants to corroborate its assessment, engages in discussions with other market participants and extrapolates the discount rate underlying actual sales of policies. In considering these factors, at November 30, 2019, the Company determined that the weighted average discount rate calculated based on death benefit was 14.92%, compared to 13.43% at November 30, 2018.

Credit exposure of insurance company

The Company considers the financial standing of the issuer of each life insurance policy. Typically, we seek to hold policies issued by insurance companies that are rated investment grade by the top three credit rating agencies. At November 30, 2019, the Company had no life insurance policies issued by one carriers that were rated non-investment grade as of that date.

The following table provides information about the life insurance issuer concentrations that exceed 10% of total death benefit and 10% of total fair value of the Company’s life settlements as of November 30, 2019:

Carrier - Consolidated	Percentage of Total Fair Value		Percentage of Total Death Benefit		Moody’s Rating	S&P Rating
Sun Life Assurance Company of Canada	100.0	%	100.0	%	Aa3	AA

Market interest rate sensitivity analysis

The discount rate incorporates current information about market interest rates, the credit exposure to the insurance company that issued the life insurance policy and our estimate of the risk premium an investor in the policy would require. The extent to which the fair value could vary in the near term has been quantified by evaluating the effect of changes in the weighted average discount rate on the death benefit used to estimate the fair value. If the weighted average discount rate was increased or decreased by 1/2 of 1% and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of November 30, 2019 would be as follows (dollars in thousands):

Weighted Average Rate Calculated Based on Death Benefit - Consolidated	Rate Adjustment		Value		Change in Value
14.42%	-0.50	%	$	1,352	$	55
14.92%	—		$	1,297	$	—
15.42%	0.50	%	$	1,245	$	(52	)

Future changes in the discount rates we use to value life insurance policies could have a material effect on the Company's yield on life settlement transactions, which could have a material adverse effect on our business, financial condition and results of our operations.

At the end of each reporting period we re-value the life insurance policies using our valuation model in order to update our estimate of fair value for investments in policies held on our balance sheet. This includes reviewing our assumptions for discount rates and life expectancies as well as incorporating current information for premium payments and the passage of time.

White Eagle Revolving Credit Facility -White Eagle holds life insurance policies previously pledged by White Eagle to serve as collateral for its obligations under the White Eagle Revolving Credit Facility. On August 16, 2019, the Company entered into a subscription agreement (the "Subscription Agreement") pursuant to which White Eagle sold 72.5% of its limited partnership in the form of newly issued limited partnership interests (the "WE Investment"). The proceeds of the WE Investment were used to satisfy in full (i) White Eagle’s Revolving Credit Facility, and (ii) the DIP Financing extended by CLMG, as agent, and LNV, as lender, to White Eagle, each in connection with the termination of the White Eagle Revolving Credit Facility and the release of the related liens on the collateral thereunder pursuant to the Master Termination Agreement. The repayment and termination of the White Eagle Revolving Credit Facility and the termination of the DIP Financing, which had not been drawn against, were in accordance with the Plan of Reorganization.

Investment in deconsolidated subsidiaries - As previously discussed in Note 4, upon the deconsolidation of Lamington, an investment was recorded for $278.4 million which represented the fair value of the Company's investment in Lamington at November 13, 2018. The amount was equivalent to the carrying value of Lamington's net assets. The fair value measurements were calculated using unobservable inputs, primarily discounted cash flow analysis and classified as Level 3, requiring significant management judgment due to the absence of quoted market prices or observable inputs for assets of similar nature. The investment was further valued at November 30, 2018 by a third party also using unobservable inputs, which utilizes a discounted cash flow analysis considering the anticipated date the Company would emerge from bankruptcy, the settlement amount of debt, and future expenses, resulted in a fair value of approximately $128.8 million.

Effective August 16, 2019, Lamington and WEGP were reconsolidated under the provisions of ASC 810, Consolidation. It was determined that the investment in White Eagle, which was no longer wholly owned, would be treated as an equity investment.The Company further evaluated its investment at August 16, 2019 and recognized a gain of approximately $37.9 million, which amount is reflected in current earnings as change in fair value of investment in deconsolidated subsidiaries. The amount is associated with gains incurred by Lamington for the period up to August 16, 2019 in considering the proceeds received through the transactions for the Subscription Agreement, the actual payoff of the White Eagle Revolving Credit Facility and all other third party claims.

Investment in limited partnership - In connection with the WE Investment, the Limited Partnership Agreement of White Eagle was amended and restated (the "A&R LPA") to provide for the issuance of the Class A, B and D limited partnership interests, and for funding of an "Advance Facility" evidenced by the Class D limited partnership interests, to maintain reserves sufficient to fund premiums, certain operating expenses of White Eagle and certain minimum payments to Lamington as the holder of the Class B interests. The A&R LPA provides generally that holders the Class A and Class B Interests receive distributions of proceeds of the assets of White Eagle based on their 72.5% and 27.5% ownership, respectively, after certain expenses and reserves are funded (including such minimum payments to Lamington totaling approximately $8.0 million per year for the first three (3) years and $4.0 million for the subsequent seven (7) years, provided that commencing after year three (3), such minimum payments will be utilized to repay the Class D Return of $8.0 million, which was advanced at closing, plus the greater of $2.0 million or 11% per annum on such $8.0 million to the extent necessary to fully repay such Class D Return. The minimum payments to the Company will occur regardless of maturities with payments through the premium/expense reserve account when there are no maturity proceeds available for distribution as described below). However, the A&R LPA also provides that all payments to holders of the Class B interests (other than such minimum payments to Lamington during the first eight (8) years following the Closing Date) are fully subordinated to payments in respect of the minimum returns to holders of the Class A and Class D interests (including repayment of all amounts advanced in respect of the Advance Facility) and to any indemnification payments, if any, due to such holders and related indemnified persons pursuant to the indemnities afforded them in and in relation to the A&R LPA, Subscription Agreement, Master Termination Agreement and related documents.

ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities requires that a reporting entity should account for its equity investments that are not consolidated or accounted for under the equity method at fair value, with changes to fair value recorded in current earnings.

White Eagle previously valued its life settlement policies at fair value whose valuation are based on inputs that are both significant to the fair value measurement and unobservable. The Company now holds an equity investment of 27.5% in White Eagle whose only assets are these life settlement. Additionally, the investment includes a mezzanine financing which the Company assumed at closing which repayment by, and ultimate distributions to, the Company are based on a prescribed waterfall with a guaranteed 11% return to the majority owner partner. The Company will utilize a fair value approach to account for its 27.5% investment in White Eagle Asset Portfolio, and the calculation will be performed consistent with ASC 820, Fair Value Measurement with changes in fair value recorded in current earnings.

On August 16, 2019, Lamington's capital contribution to the limited partnership was an estimated fair value of approximately $138.9 million. The Company performed a valuation at November 30, 2019 resulting in a value of approximately $137.8 million using an estimated discount rate of approximately 15.25%.

See Note 10, "Investment in Limited Partnership", to the accompanying consolidated financial statements for further information.

Discount rate of investment in limited partnership

The discount rate incorporates current information about market interest rates, the credit exposure to the insurance company that issued the life insurance policy, the Company's estimates of the return an investor would require and the current rate of return of the major partner.

The Company re-evaluates its discount rates at the end of every reporting period in order to reflect the estimated discount rates that could reasonably be used in a market transaction involving the Company’s 27.5% investment in White Eagle Asset Portfolio. In doing so, consideration is given to the various factors influencing the rates, including risk tolerance and market activity. The Company relies on management insight, engages third party consultants to corroborate its assessment and engages in discussions with other market participants. In considering these factors, at November 30, 2019, the Company determined that the estimated discount rate was 15.25%.

Market interest rate sensitivity analysis of the investment in limited partnership

The extent to which the fair value of the investment in limited partnership could vary in the near term has been quantified by evaluating the effect of changes in the weighted average discount. If the weighted average discount rate were increased or decreased by 1/2 of 1% and the other assumptions used to estimate fair value remained the same, the change in estimated fair value of investment in limited partnership as of November 30, 2019 would be as follows (dollars in thousands):

Weighted Average Rate	Rate Adjustment		Value		Change in Value
14.75%	-0.50	%	$	141,694	$	3,845
15.25%	—		$	137,849	$	—
15.75%	0.50	%	$	134,157	$	(3,692	)

Changes in Fair Value

The following tables provides a roll-forward in the changes in fair value for the periods ended November 30, 2019, for all assets for which the Company determines fair value using a material level of unobservable (Level 3) inputs, which consists solely of life settlements (in thousands):

Life Settlements - Consolidated:
Balance, December 1, 2018	$	1,172
Purchase of policies	—
Change in fair value	(38		)
Matured/lapsed/sold polices	—
Premiums paid	163
Balance, November 30, 2019	$	1,297
Changes in fair value included in earnings for the period relating to assets held at November 30, 2019	$	(38	)

Life Settlements - Deconsolidated:
Balance, December 1, 2018	$	505,235
Purchase of policies	—
Change in fair value	(16,841		)
Receivable for maturity of life settlement write off	17,800
Policies sold	(344,845		)
Policies matured	(100,373		)
Premiums paid	69,827
Balance, Transfer to investment in limited partnership	(130,803		)
Balance, August 16, 2019	$	—
Changes in fair value included in earnings for the period relating to deconsolidated assets held at November 30, 2019	$	—

The following table provides a roll-forward in the changes in fair value for the nine months ended November 30, 2019, for investment in limited partnership for which the Company determines fair value using a material level of unobservable (Level 3) inputs, which consists solely of life settlements (in thousands):

Investment in Limited Partnership
Balance, December 1, 2018	$	—
Transfer from investment in life settlement	130,803
Change in fair value - August 16, 2019	15,352
Advance for Class D Shares	(8,000		)
Balance, August 16, 2019	$	138,155
Distributions	(1,667		)
Change in fair value - August 17, 2019 to November 30, 2019	1,361
Balance, November 30, 2019	$	137,849
Changes in fair value included in earnings for the period relating to assets held at November 30, 2019	$	(306	)

The following tables provides a roll-forward in the changes in fair value for the periods ended November 30, 2019, for the White Eagle Revolving Credit Facility for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands):

White Eagle Revolving Credit Facility - Deconsolidated :
Balance, December 1, 2018	$	346,670
Draws under the White Eagle Revolving Credit Facility	4,221
Payments on White Eagle Revolving Credit Facility	(367,985		)
Unrealized change in fair value	17,094
Balance, August 16, 2019	$	—
Changes in fair value included in earnings for the period relating to liabilities at November 30, 2019	$	—

The following table provides a roll-forward in the changes in fair value for the period ended November 30, 2019, for the investment in deconsolidated subsidiaries for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands):

Investment in Deconsolidated Subsidiaries
Investment in Lamington at December 1, 2018	$	128,795
Change in fair value	37,941
Transferred to consolidation	(166,736		)
Investment in Lamington at August 16, 2019	$	—

The following table provides a roll-forward in the changes in fair value for the year ended November 30, 2018, for all assets for which the Company determines fair value using a material level of unobservable (Level 3) inputs, which consists solely of life settlements (in thousands):

Life Settlements - Consolidated:
Balance, January 1, 2018	$	567,492
Purchase of policies	—
Change in fair value	(46,879		)
Matured/lapsed/sold polices	(93,435		)
Premiums paid	78,706
Deconsolidation of life settlement, November 13, 2018	(504,712		)
Balance, November 30, 2018	$	1,172
Changes in fair value included in earnings for the period relating to assets held at November 30, 2018	$	315

Life Settlements - Deconsolidated:
Balance, November 13, 2018	$	504,712
Purchase of policies	—
Change in fair value	(6,034		)
Matured/lapsed/sold polices	—
Premiums paid	6,557
Balance, November 30, 2018	$	505,235
Changes in fair value included in earnings for the period relating to deconsolidated assets held at November 30, 2018	$	(6,034	)

The following table provides a roll-forward in the changes in fair value for the year ended November 30, 2018, for the White Eagle Revolving Credit Facility for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands):

White Eagle Revolving Credit Facility
Balance, January 1, 2018	$	329,240
Draws under the White Eagle Revolving Credit Facility	82,202
Payments on White Eagle Revolving Credit Facility	(52,683		)
Unrealized change in fair value	(70,900		)
Deconsolidation of White Eagle Revolving Credit Facility, November 13, 2018	(287,859		)
Balance, November 13, 2018	$	—
Changes in fair value included in earnings for the period relating to liabilities at November 30, 2018	$	(70,900	)

White Eagle Revolving Credit Facility - Deconsolidated:
Balance, November 13, 2018	$	287,859
Draws under the White Eagle Revolving Credit Facility	5,198
Payments on White Eagle Revolving Credit Facility	—
Unrealized change in fair value	53,613
Balance, November 30, 2018	346,670
Changes in fair value included in earnings for the period relating to deconsolidated liabilities at November 30, 2018	$	53,613

The following table provides a roll-forward in the changes in fair value for the period ended November 30, 2018, for the investment in deconsolidated subsidiaries for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands):

Investment in Deconsolidated Subsidiaries
Investment in Lamington at November 13, 2018	$	278,440
Increase in basis investment - November 14, 2018 to November 30, 2018	1,249
Change in fair value	(150,894		)
Investment in Lamington at November 30, 2018	$	128,795

There were no transfers of financial assets or liabilities between levels of the fair value hierarchy during the twelve months ended November 30, 2019 and the eleven months ended November 30, 2018.

Other Fair Value Considerations -Carrying value of certificate of deposits, prepaid expenses and other assets, receivable for maturity of life settlements, Promissory Notes receivable, Promissory Notes interest receivable, investment in affiliates, 8.5% Senior Secured Notes, 5.0% Senior Unsecured Convertible Notes, accounts payable and accrued expenses approximate fair value due to their short-term maturities and/or low credit risk.

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EMPLOYEE BENEFIT PLAN

12 Months Ended

Nov. 30, 2019

Postemployment Benefits [Abstract]

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN

The Company has adopted a 401(k) plan that covers employees that have reached 18 years of age and completed three months of service. The plan provides for voluntary employee contributions through salary deductions, as well as discretionary employer contributions. For the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the year ended December 31, 2017, there were no employer contributions made.

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STOCK-BASED COMPENSATION

12 Months Ended

Nov. 30, 2019

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

On June 27, 2017, the shareholders of the Company voted to amend, and the Company amended, the Amended and Restated 2010 Omnibus Incentive Plan (as amended, the "Omnibus Plan") to increase the number of shares authorized for issuance thereunder by 9,900,000 shares. Awards under the Omnibus Plan may consist of incentive awards, stock options, stock appreciation rights, performance shares, performance units, and shares of common stock, restricted stock, restricted stock units or other stock-based awards as determined by the compensation committee of the Company's board of directors. The Omnibus Plan has an aggregate of 12,600,000 shares of common stock authorized for issuance thereunder, subject to adjustment as provided therein.

Options

As of November 30, 2019, all options to purchase shares of common stock issued by the Company were fully vested. There was no stock-based compensation expense relating to stock options it granted under the Omnibus Plan during the twelve months ended November 30, 2019 and the eleven months year ended November 30, 2018.

As of November 30, 2019, options to purchase 85,000 shares of common stock were outstanding under the Omnibus Plan at a weighted average exercise price of $6.94 per share. The following table presents the activity of the Company’s outstanding stock options of common stock for the twelve months ended November 30, 2019:

Common Stock Options	Number of Shares	Weighted Average Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Options outstanding, December 1, 2018	85,000	$	6.94	1.55	$	—
Options granted	—	—		—
Options exercised	—	—		—
Options forfeited	—	—		—
Options expired	—	—		—
Options outstanding, November 30, 2019	85,000	$	6.94	0.55	$	—
Exercisable at November 30, 2019	85,000	6.94		0.55
Unvested at November 30, 2019	—	$	—	—	$	—

As of November 30, 2019, all outstanding stock options had an exercise price above the fair market value of the common stock on that date. There are no remaining unamortized amounts to be recognized on these options.

Restricted Stock

The Company incurred additional stock-based compensation expense of approximately $375,000, $562,000, and $388,000 relating to restricted stock granted to its board of directors and certain employees during the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the year ended December 31, 2017, respectively.

During the year ended December 31, 2016, the Company granted 65,212 shares of restricted stock to its directors under the Omnibus Plan, which are subject to a 1 year vesting period that commenced on the date of grant. The fair value of the restricted stock was valued at approximately $255,000 based on the closing price of the Company’s shares on the date prior to the grant date. The Company incurred stock-based compensation expense related to these 65,212 shares of restricted stock of approximately $0 and $106,000 during the eleven months ended November 30, 2018 and the year ended December 31, 2017, respectively. The 65,212 shares of restricted stock vested during the year ended December 31, 2017.

During the year ended December 31, 2016, the Company granted 200,000 shares of restricted stock units to certain employees under the Omnibus Plan, which are subject to a two year vesting period that commenced on the date of grant. The fair value of the unvested restricted stock was valued at approximately $674,000 based on the closing price of the Company's shares on the day prior to the grant date. Approximately 46,000 and 60,000 shares of restricted stock were vested and forfeited, respectively, during the year ended December 31, 2017 with 74,000 and 20,000 vested and forfeited, respectively, during the eleven months ended November 30, 2018 with 0 pending vesting at November 30, 2018.The Company incurred stock-based compensation expense of approximately $23,000 and $215,000 related to these shares of restricted stock during the eleven months ended November 30, 2018 and the year ended December 31, 2017, respectively.

During the year ended December 31, 2017, the Company granted 51,132 shares of restricted stock to its directors under the Omnibus Plan, which are subject to a 1 year vesting period that commenced on the date of grant. The fair value of the unvested restricted stock was valued at approximately $17,000 based on the closing price of the Company’s shares on the date prior to the grant date. The Company incurred stock-based compensation expense related to these 51,132 shares of restricted stock of approximately $17,000 during year ended December 31, 2017. Approximately 42,610 shares of restricted stock vested during the year ended December 31, 2017 with 8,522 vested during the eleven months ended November 30, 2018.

During the year ended December 31, 2017, the Company granted 2,000,000 shares of restricted stock units to certain employees under the Omnibus Plan, which are subject to a 2 year vesting period that commenced on the date of grant. The fair value of the unvested restricted stock was valued at approximately $745,000 based on the closing price of the Company's shares on the day prior to the grant date. Approximately 1,000,000 and 750,000 shares of restricted stock vested during the twelve months ended November 30, 2019 and eleven months ended November 30, 2018, respectively, with 250,000 unvested at November 30, 2019.The Company incurred stock-based compensation expense of approximately $350,000, $386,000 and $51,000 related to these 2,000,000 shares of restricted stock during the twelve months ended November 30, 2019, the eleven months ended November 30, 2018 and the year ended December 31, 2017, respectively.

During the eleven months ended November 30, 2018, the Company granted 150,000 shares of restricted stock units to certain employees under the Omnibus Plan, with 100,000 shares and 50,000 subject to a two and three year vesting period, respectively, that commenced on the date of grant. The fair value of the unvested restricted stock was valued at approximately $58,000 based on the closing price of the Company's shares on the day prior to the grant date. Approximately 66,667 shares of restricted stock vested during the twelve months ended November 30, 2019, with 83,333 unvested at November 30, 2019.The Company incurred stock-based compensation expense of approximately $25,000 and $17,000 related to these 150,000 shares of restricted stock during the twelve months ended November 30, 2019 and the eleven months ended November 30, 2018, respectively.

During the twelve months ended November 30, 2018, the Company established an ad hoc Capital Structure Committee, (the "Committee") consisting of members of the board of directors, to undertake a review of the Company's capital structure. As compensation to the sole non-employee member of the Committee, the Company granted 400,000 restricted stock units under the Omnibus Plan, which will vest on the later of (i) September 30, 2018 and (ii) termination of the director's service on the Committee. The fair value of the restricted stock was valued at approximately $128,000 based on the closing price of the Company’s shares on the date prior to the grant date. The Company incurred stock-based compensation expense related to these 400,000 restricted stock units of approximately $128,000 during the eleven months ended November 30, 2018. The 400,000 restricted stock units vested during the eleven months November 30, 2018.

The following table presents the activity of the Company’s unvested restricted stock for the twelve months ended November 30, 2019:

Common Unvested Shares	Number of Shares
Outstanding December1, 2018	1,400,000
Granted	—
Vested	(1,066,667	)
Forfeited	—
Outstanding November 30, 2019	333,333

The aggregate intrinsic value of the awards of 83,333 and 250,000 is $18,000 and $53,000, respectively, and the remaining weighted average life of these awards is 0.62 years and 0.06 years as of November 30, 2019. As of November 30, 2019, a total of $28,000 in stock based compensation remained unrecognized.

Stock Appreciation Rights (SARs)

During the eleven months November 30, 2018, the Company issued 100,000 SARs to the sole non-employee member of the Committee, which SARs will expire 10 years after the date they were granted. The SARs will vest on the later of (i) September 30, 2018 and (ii) termination of the director's service on the Committee and have a fair value of $8,000 on the grant date. Each SAR entitles the holder to receive, upon exercise, an amount equal to the excess of (a) the fair market value per share of stock on the exercise date, over (b) the exercise price, which is $1.00, being not less than the fair market value per share of stock on the grant date. Upon exercise of the SARs, the stock appreciation amount shall be paid, as determined solely at the discretion of the Company, in (a) whole shares, (b) cash, or (c) a combination of both cash and shares. The Company incurred stock-based compensation expense of $8,000 related to these 100,000 SARs during the eleven months November 30, 2018. The 100,000 SARs units vested during eleven months November 30, 2018 and remain unexercised at November 30, 2019.

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WHITE EAGLE REVOLVING CREDIT FACILITY

12 Months Ended

Nov. 30, 2019

Revolving Credit Facility

Debt Instrument [Line Items]

CREDIT FACILITY

WHITE EAGLE REVOLVING CREDIT FACILITY

Effective April 29, 2013, White Eagle entered into a 15-year revolving credit agreement with LNV Corporation, as initial lender, Imperial Finance & Trading, LLC, as servicer and portfolio manager and CLMG Corp., as administrative agent. Proceeds from the initial advance under the facility were used, in part, to retire a bridge facility and to fund a payment to the lender protection insurance provider to release subrogation rights in certain of the policies pledged as collateral for the White Eagle Revolving Credit Facility. On May 16, 2014, White Eagle Asset Portfolio, LLC converted from a Delaware limited liability company to White Eagle Asset Portfolio, LP, a Delaware limited partnership (the “Conversion”) and all of its ownership interests were transferred to an indirect, wholly-owned Irish subsidiary of the Company. In connection with the Conversion, the White Eagle Revolving Credit Facility was amended and restated among White Eagle, as borrower, Imperial Finance and Trading, LLC, as the initial servicer, the initial portfolio manager and guarantor, Lamington Road Bermuda Ltd., as portfolio manager, LNV Corporation, as initial lender, the other financial institutions party thereto as lenders, and CLMG Corp., as administrative agent for the lenders. The White Eagle Revolving Credit Facility was amended on November 9, 2015. As amended, the White Eagle Revolving Credit Facility may provide earlier participation in the portfolio cash flows if certain loan to value ("LTV") ratios are achieved. Additionally, the maximum facility limit was reduced from $300.0 million to $250.0 million, and the interest rate under the facility was increased by 50 basis points.

On December 29, 2016, White Eagle entered into a Second Amendment to the Amended and Restated Loan and Security Agreement ("White Eagle Second Amendment") and onJanuary 31, 2017, as required by the terms of the White Eagle Amendment, White Eagle executed the Second Amended and Restated Loan and Security Agreement, dated January 31, 2017, which consolidated into a single document the amendments evidenced by the White Eagle Amendment and all previous amendments.

As amended, the White Eagle Revolving Credit Facility adjusted the loan-value ("LTV") ratios which directed cash flow participation and became subjected to achieving certain financial metrics, as more fully described below under "Amortization & Distributions." Pursuant to the White Eagle Second Amendment, 190 life settlement policies purchased from wholly owned subsidiaries of the Company were pledged as additional collateral under the facility for an additional policy advance of approximately $71.1 million. The maximum facility limit was increased to $370.0 million and the term of the facility was extended to December 31, 2031. Additional loan terms and amendment changes are more fully described in the sections that follow.

On October 4, 2017, White Eagle entered into an amendment to the Second Amended and Restated Loan and Security Agreement. The amendment changed the provisions over how participation of the proceeds from the maturity of the policies pledged as collateral under the White Eagle Revolving Credit Facility are distributed pursuant to a waterfall. The amendment included an exclusion from the cash interest coverage ratio of at least 2.0:1 for the period of July 1, 2017 through July 28, 2017. As a result of the amendment, the Company was able to participate in the waterfall distribution scheduled during October 2017.

General & Security. The White Eagle Revolving Credit Facility provides for an asset-based revolving credit facility backed by White Eagle’s portfolio of life insurance policies with an aggregate lender commitment of up to $370.0 million, subject to borrowing base availability.

Borrowing Base. Borrowing availability under the White Eagle Revolving Credit Facility is subject to a borrowing base, which at any time is equal to the lesser of (A) the sum of all of the following amounts that have been funded or are to be funded through the next distribution date: (i) the initial advance and all additional advances to acquire additional pledged policies that are not for ongoing maintenance advances, plus (ii) 100% of the sum of the ongoing maintenance costs, plus (iii) 100% of fees and expense deposits and other fees and expenses funded and to be funded as approved by the required lenders, less (iv)  any required payments of principal and interest previously distributed and to be distributed through the next distribution date; (B) 75% of the valuation of the policies pledged as collateral as determined by the lenders; (C) 50% of the aggregate face amount of the policies pledged as collateral (excluding certain specified life insurance policies); and (D) the then applicable facility limit.

Amortization & Distributions. Proceeds from the maturity of the policies pledged as collateral under the White Eagle Revolving Credit Facility are distributed pursuant to a waterfall. After distributions for premium payments, fees to service providers and payments of interest, a percentage of the collections from policy proceeds are to be paid to the Company, which will vary depending on the then LTV ratio as illustrated below where the valuation is determined by the lenders:

LTV	Premiums, Interest & Other Fees	Principal	Distribution to White Eagle - 55%	Lender Participation - 45%
N/A	100%	—%	—%	—%
>65%	N/A	100%	—%	—%
50-65%	N/A	70%	16.5%	13.5%
35-50%	N/A	55%	24.8%	20.3%
0-35%	N/A	45%	30.3%	24.8%

Provided that (i) if (a) the Company failed to maintain a cash interest coverage ratio of at least 2.0:1 at any time during the immediately preceding calendar quarter or (b) the Company fails to take steps to improve its solvency in a manner acceptable to the required lenders (as determined in their sole and absolute discretion), then the cash flow sweep percentage to the lenders shall equal one-hundred percent (100%) and (ii) if such distribution date occurs on or after December 29, 2025, then the cash flow sweep percentage shall equal one-hundred percent (100%).

The cash interest coverage ratio is the ratio of (i) consolidated cash and cash equivalents maintained by the Company to (ii) the aggregate interest amounts that will be due and payable in cash on (x) the $47.6 million8.5% Senior Secured Notes due July 15, 2021 (and any notes issued by the Company or any of its Affiliates in connection with refinancing, replacing, substituting or any similar action with respect to any such notes), the $75.8 million5.0% Convertible Notes due February 15, 2023 (and any notes issued by the Company or any of its Affiliates in connection with refinancing, replacing, substituting or any similar action with respect to any such notes), and the $1.2 million8.50% Convertible Notes due February 15, 2019 which was fully repaid during the year ended November 30, 2019 (and any notes issued by the Company or any of its Affiliates in connection with refinancing, replacing, substituting or any similar action with respect to any such notes) and (y) any additional indebtedness issued by the Company after December 29, 2016, in each case, during the twelve month period following such date of determination. See Note 12, 8.50% Senior Unsecured Convertible Notes, Note 13, 5.0% Senior Unsecured Convertible Notes and Note 14, 8.5% Senior Secured Notes to the accompanying consolidated financial statements for further information.

With respect to approximately 25% of the face amount of policies pledged as collateral under the White Eagle Revolving Credit Facility, White Eagle has agreed that if policy proceeds that are otherwise due are not paid by an insurance carrier, the foregoing distributions will be altered such that the lenders will receive any "catch-up" payments with respect to amounts that they would have received in the waterfall prior to distributions being made to White Eagle. During the continuance of events of default or unmatured events of default, the amounts from collections of policy proceeds that might otherwise be paid to White Eagle will instead be held in a designated account controlled by the lenders and may be applied to fund operating and third party expenses, interest and principal, "catch-up" payments or percentage payments that would go to the lenders as described above.

The below is a reconciliation of proceeds collected by the White Eagle Revolving Credit Facility and distributed from the collection account in accordance with the budget approved by the Bankruptcy court and the White Eagle Revolving Credit Facility termination agreement (in thousands):

Collection account balance at December 1, 2018	$	28,059
Face value collected in current quarter	60,163
Face value collected in prior quarters	32,342
Other collections *	2,575
	$	123,139
Expenses paid from the collection account Post-Petition
Premiums paid 2019	(65,905		)
Interest expenses	(28,331		)
Payment toward principal	(1,804		)
White Eagle credit facility expenses	(9,304		)
Refund of premium payments advanced by parent	(3,000		)
Lender allowed claim-Beal	(5,839		)
Transfers of remaining funds to Lamington	(8,956		)
	$	(123,139	)
Collection account balance at August 16, 2019**	$	—

*Includes refund of premiums and interest earned on maturity proceeds

** Collection account was closed on August 16, 2019 in connection with the termination of the White Eagle Revolving Credit Facility.

For the year ended November 30, 2018, $76.6 million, of proceeds received from the maturity of policies pledged under the White Eagle Revolving Credit Facility, were distributed through the waterfall in the following stages of priority (in thousands):

		Twelve Months Ended November 30, 2019		Eleven Months Ended November 30, 2018
Clause	Amount					Use of Proceeds
First:		$	—	$	334	Custodian and Securities Intermediary
Second:		—		—		White Eagle - Ongoing Maintenance Cost Reimbursable
Third:		—		—		Administrative Agent - Protective Advances
Fourth:		—		79		Administrative Agent - Administrative Agent Fee and Legal Expense Reimbursement
Fifth:		—		22,757		Administrative Agent - Accrued and Unpaid Interest
Sixth:		—		52,683		Administrative Agent - Required Amortization
Seventh:		—		—		Administrative Agent - Amortization Shortfall
Eighth:		—		340		Administrative Agent - Participation Interest
Ninth:		—		—		Reserved
Tenth:		—		—		Administrative Agent Aggregate Unpaid Participation Interest
Eleventh:		—		—		Administrative Agent - Remaining Available Amount After Clause First to Tenth
Twelfth:		—		—		Wilmington Trust - Custodian and Securities Intermediary - Unpaid Fees
Thirteenth:		—		416		Borrower - Any Remaining Available Amount After Clause First to Twelfth
Total Distributions		$	—	$	76,609

Use of Proceeds. Generally, ongoing advances may be made for paying premiums on the life insurance policies pledged as collateral and to pay the fees of service providers. Effective with the White Eagle Amendment on November 9, 2015, ongoing advances may no longer be used to pay interest, which will now be paid by White Eagle if there is not otherwise sufficient amounts available from policy proceeds to be distributed to pay interest expense pursuant to the waterfall described above in "Amortization and Distributions." Subsequent advances and the use of proceeds from those advances are at the discretion of the lenders. During the twelve months ended November 30, 2019 and the eleven months ended November 30, 2018, advances for premium payments and fees to service providers amounted to (in thousands):

	November 30,		November 30,
	2019		2018
Amount drawn for premium payments	$	4,221	$	84,922
Amount drawn in fees to service providers	—		2,478
Total amount drawn	$	4,221	$	87,400

Interest. Borrowings under the White Eagle Revolving Credit Facility bear interest at a rate equal to LIBOR or, if LIBOR is unavailable, the base rate, in each case plus an applicable margin of 4.50%, which was increased from 4.00% pursuant to the November 9, 2015 amendment, and subject to a rate floor component equal to the greater of LIBOR (or the applicable rate) and 1.5%. The base rate under the White Eagle Revolving Credit Facility equals the sum of (i) the weighted average of the interest rates on overnight federal funds transactions or, if unavailable, the average of three federal funds quotations received by the Agent plus 0.75% and (ii) 0.5%. Based on the loan agreement, the LIBOR portion of the interest rate will re-adjust annually, once the floor has exceeded 1.5%. The applicable rate will be dependent on the rate at the last business day of the preceding calendar year. On December 31, 2018, the LIBOR floor increased from 2.11% to 3.01%. The effective rate at August 15, 2019 and August 31, 2018 was 9.51% and 6.61%, respectively. In the event that an Event of Default has occurred and is continuing, the interest rate will be equal to the sum of (i) the greater of (a) (1) LIBOR or, if LIBOR is unavailable, (2) the Base Rate and (b) one and a half percent (1.5%) plus (ii) six and a half percent (6.5%).

Interest paid during the period is recorded in the Company’s consolidated financial statements. Accrued interest is reflected as a component of the estimated fair value of the White Eagle Revolving Credit Facility debt. The below table shows the composition of interest for the twelve months ended November 30, 2019 and the year ended November 30, 2018 (in thousands):

	November 30,		November 30,
	2019		2018
Interest paid through waterfall	$	—	$	22,757
Participation interest paid by waterfall	—		340
Interest paid from collection account	28,331		—
Total interest expense	$	28,331	$	23,097

Maturity. Effective with the White Eagle Second Amendment, the term of the White Eagle Revolving Credit Facility expires December 31, 2031, which is also the scheduled commitment termination date (though the lenders’ commitments to fund borrowings may terminate earlier in an event of default). The lenders’ interests in and rights to a portion of the proceeds of the policies does not terminate with the repayment of the principal borrowed and interest accrued thereon, the termination of the White Eagle Revolving Credit Facility or expiration of the lenders’ commitments.

Covenants/Events of Defaults. The White Eagle Revolving Credit Facility contains covenants and events of default that are customary for asset-based credit agreements of this type, but also include cross defaults under the servicing, account control, contribution and pledge agreements entered into in connection with the White Eagle Revolving Credit Facility (including in relation to breaches by third parties thereunder), certain changes in law, changes in control of or insolvency or bankruptcy of the Company and relevant subsidiary companies and performance of certain obligations by certain relevant subsidiary companies, White Eagle and third parties. Effective with the White Eagle Second Amendment, and as described above in "Amortization and Distributions", the White Eagle Revolving Credit Facility contains a financial covenant requiring White Eagle to maintain a cash interest coverage ratio of at least 1.75:1 commencing after June 30, 2019. Failure to maintain this ratio for 60 consecutive days after June 30, 2019 constitutes an event of default. There is no cash interest coverage ratio requirement that would result in an event of default prior to this date; however, any failure to maintain a cash interest coverage ratio of at least 2.0:1 does impact the cash flow sweep percentage for proceeds distributed through the waterfall.

Remedies. The White Eagle Revolving Credit Facility and ancillary transaction documents afford the lenders a high degree of discretion in their selection and implementation of remedies, including strict foreclosure, in relation to any event of default, including a high degree of discretion in determining whether to foreclose upon and liquidate all or any pledged policies, the interests in White Eagle, and the manner of any such liquidation. White Eagle has limited ability to cure events of default through the sale of policies or the procurement of replacement financing.

The Company elected to account for the debt under the White Eagle Revolving Credit Facility in accordance with ASC 820, Fair Value Measurements and Disclosures, which includes the 45% interest in policy proceeds to the lender, using the fair value method. The fair value of the debt is the amount the Company would have to pay to transfer the debt to a market participant in an orderly transaction. The Company calculated the fair value of the debt using a discounted cash flow model taking into account the stated interest rate of the credit facility and probabilistic cash flows from the pledged policies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the Company’s estimates are not necessarily indicative of the amounts that the Company, or holders of the instruments, could realize in a current market exchange. The most significant assumptions are the estimates of life expectancy of the insured and the discount rate. The use of different assumptions and/or estimation methodologies could have a material effect on the estimated fair values.

Voluntary Petitions for Relief Under Chapter 11

On the Petition Date, Lamington and WEGP filed the November Chapter 11 Cases in the Bankruptcy Court. Lamington was the limited partner and owned 99.99%, and WEGP was the general partner and owned 0.01%, of White Eagle. In its capacity as general partner, WEGP managed the affairs of White Eagle. The Lamington and WEGP filings are referred to as the "November Chapter 11 Cases."

The commencement of the November Chapter 11 Cases constitutes an event of default under the White Eagle Revolving Credit Facility, resulting in the principal and accrued interest due from White Eagle thereunder becoming immediately due and payable. Lamington and WEGP have pledged their respective interests in White Eagle to secure its obligations under the White Eagle Revolving Credit Facility. Any efforts of CLMG to enforce such pledges by Lamington and WEGP of their respective interests in White Eagle in connection with the White Eagle Revolving Credit Facility are automatically stayed as a result of the commencement of the November Chapter 11 Cases and LNV’s and CLMG’s rights of enforcement in respect of the White Eagle Revolving Credit Facility are subject to the applicable provisions of the Bankruptcy Code. In addition, on November 15, 2018, White Eagle, LNV and CLMG entered into an Agreement Regarding Rights and Remedies (the "Standstill Agreement"), pursuant to which LNV and CLMG agreed to refrain from exercising their rights and remedies in connection with the White Eagle Revolving Credit Facility, subject to the terms and provisions of the Standstill Agreement, until 12:00 p.m. noon Pacific time on November 26, 2018, to facilitate negotiations. The effective period under the Standstill Agreement was extended several times, finally to December 13, 2018. On September 16, 2019, the Bankruptcy Court entered an order and final decree closing the White Eagle Chapter 11 Case. The Lamington and WEGP Chapter 11 Cases were dismissed on November 25, 2019.

On December 13, 2018, White Eagle filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court. The Chapter 11 case is being administered under case number 18-12808 (the "White Eagle Chapter 11 Case" and, together with the November Chapter 11 Cases, the "Chapter 11 Cases").

The commencement of the White Eagle Chapter 11 Case would constitute a default and event of default under the terms of the Amended and Restated Senior Note Indenture relating to the Company’s Amended and Restated Senior Secured Indenture and the New Convertible Note Indenture. However, such defaults and events of default and their consequences were waived in advance of the White Eagle Chapter 11 Case by holders of all of the outstanding principal amount of the 8.5% Senior Secured Notes and by holders of a majority of the outstanding principal amount of the outstanding New Convertible Notes, and consequently, the Company believes that no defaults, events of default or acceleration of the payment obligations thereunder, including principal or accrued interest, occurred under either the Company’s Amended and Restated Senior Secured Indenture or the New Convertible Note Indenture.

The commencement of the White Eagle Chapter 11 Case, together with the related Chapter 11 Cases, constitutes an event of default under the White Eagle Revolving Credit Facility, resulting in the principal and accrued interest due from White Eagle thereunder becoming immediately due and payable. Lamington and WEGP have pledged their respective interests in White Eagle to secure its obligations under the White Eagle Revolving Credit Facility. Any efforts by LNV to enforce repayment by White Eagle and/or such pledges by Lamington and WEGP of their respective interests in White Eagle in connection with the White Eagle Revolving Credit Facility are automatically stayed as a result of the commencement of the Chapter 11 Cases and LNV’s and CLMG’s rights of enforcement in respect of the White Eagle Revolving Credit Facility are subject to the applicable provisions of the Bankruptcy Code. On September 16, 2019, the Bankruptcy Court entered an order and final decree closing the White Eagle Chapter 11 Case.

On September 16, 2019, the Bankruptcy Court entered an order and final decree closing the White Eagle Chapter 11 Case. The Lamington and WEGP Chapter 11 Cases were dismissed on November 25, 2019.

Deconsolidation and Subsequent Measurement of the Deconsolidated Entities

Lamington and its subsidiaries' (White Eagle, WEGP and Lamington Bermuda) financial results were excluded from the Company’s consolidated results for the period from November 14, 2018, the Petition Date, to August 16, 2019, the day the date the White Eagle Revolving Credit Facility was terminated. ASC 810, Consolidation require that an entity whose financial statements were previously consolidated with those of its parent that files for protection under the U.S. Bankruptcy Code, whether solvent or insolvent, generally must be prospectively deconsolidated from the parent and presented as an equity investment (deconsolidation applies to Lamington and all subsidiaries owned, directly or indirectly, by Lamington, including WEGP, White Eagle and Lamington Bermuda which collectively are referred to herein as the ("Deconsolidated Entities" or the "Debtors"). Therefore, our 2019 results are not comparable with our 2018 results. Under ASC 810, this loss of control would likely trigger a gain or loss for the parent as the parent would remeasure its retained noncontrolling investment at fair value each reporting period. We assessed the inherent uncertainties associated with the outcome of the Chapter 11 reorganization process and the anticipated duration thereof, and concluded that it was appropriate to deconsolidate Lamington and its subsidiaries effective on the Petition Date. Effective August 17, 2019, the entities were deemed to have emerged from bankruptcy and were no longer deconsolidated. See Note 2, "Summary of Significant Accounting Policies - Reorganization and Consolidation" to the accompanying consolidated financial statements.

Beal Litigation

On January 25, 2019, the Company, White Eagle, Lamington, and WEGP (collectively the "Plaintiffs") filed the Suit against LNV, Silver Point and GWG (the "Defendants") in the Bankruptcy Court where the Suit will be administered together with the previously filed Chapter 11 Cases. LNV, a subsidiary of Beal, is the lender under the White Eagle Revolving Credit Facility.

In the Suit, the Plaintiffs allege that the Defendants engaged in a scheme to coerce the Plaintiffs into selling their valuable portfolio of life insurance policies to defendants for well below its true value. Pursuant to the White Eagle Revolving Credit Facility, LNV agreed to lend $370 million to White Eagle, and in connection therewith received a 45% equity stake in White Eagle. That equity stake, and LNV’s significant control over White Eagle under the White Eagle Revolving Credit Facility, creates a joint venture, and gives rise to fiduciary duties to White Eagle and Emergent, on the part of LNV. The Plaintiffs further allege that LNV has been engaged in a concerted campaign to "squeeze" White Eagle and Emergent by improperly restricting their cash flow, in the hopes that White Eagle and Emergent will have no choice but to sell the valuable policy portfolio to LNV or one of its proxies, including Silver Point and/or GWG, at below its true value.

In connection with the White Eagle Chapter 11 Case, on January 15, 2019, the Court authorized the Debtors to use the proceeds of pre-petition cash collateral for a period of twenty (20) weeks (the "Cash Collateral'), which allowance was extended in May 2019 for another nine (9) weeks. The Cash Collateral may be used solely for the purposes permitted under the budget approved by the Court, including (i) to provide working capital needs of the Debtors and general corporate purposes of the Debtors, (ii) to make the payments or fund amounts otherwise permitted in the final order that authorized such uses and such budget, (iii) to fund amounts necessary to pay certain fees; and (iv) to fund amounts necessary to pay certain professional fees in accordance with such Budget.

Global Settlement Agreement in Principle in Bankruptcies

On May 7, 2019, the Proposed Settlement, a global settlement in principle of the Chapter 11 Cases and the Suit, was announced on the record to, and filed with, the Bankruptcy Court jointly by the Debtors and Defendants. The Proposed Settlement would be effected together with the plan of reorganization, in accordance with the following schedule: (x) the Proposed Settlement and plan of reorganization, and other relevant documents, would be filed with the Bankruptcy Court by May 24, 2019, (y) the parties would use their best efforts to have the Proposed Settlement approved by the Bankruptcy Court by June 7, 2019, and (z) the parties would use their best efforts to have a confirmation hearing for approval of the plan of reorganization by the Bankruptcy Court held on or before June 21, 2019.

Pursuant to the Proposed Settlement, among other things:

• White Eagle shall have up to and including September 17, 2019 to satisfy any and all obligations to LNV under the Credit Facility by paying LNV 102% of its outstanding principal plus accrued interest at the relevant default rate, accrued fees and costs, which aggregate amount would include the resolution of the 45% participation interest element of the Credit Facility which was part of the subject matter of the Suit;

• If White Eagle satisfies such obligations after September 17, 2019 and by December 30, 2019, the amount due on the outstanding principal would increase to 104%;

• In the event LNV has not received the payoff described above by September 17, 2019, the court-appointed liquidation trustee, together with investment banking assistance from Maple Life Financial, LLC, shall have full authority to sell White Eagle’s life insurance policy portfolio (which constitutes collateral under the Credit Facility) for the maximum amount achievable through an orderly sale process, taking into account that the transaction must be closed no later than December 30, 2019; in connection with this authority, the liquidation trustee and the investment banker may work prior to September 17, 2019 to prepare the portfolio for sale, but may not take actions to actually commence a sale including, but not limited to, marketing the portfolio or contacting potential buyers about the portfolio, prior to such date.

• If the portfolio is sold in whole or in part, LNV shall only have the right to step in to bid for such sale if, and to the extent, the total amounts generated through the sale thereof do not fully satisfy the payoff amount.

• If the sale of any portion of the Collateral has not closed or the proceeds of such sale(s) have not been received by CLMG by December 30, 2019, (i) if the Payoff Amount has not then been paid in cash in full, such Collateral shall be transferred on or before Noon Eastern on December 31, 2019 to CLMG (or its designee) in full satisfaction of the remaining unpaid portion of the amounts due to LNV.

In addition, in order to provide sufficient cash flow to the Company during this period, and subject to negotiation of mutually-agreed upon terms and conditions, the Debtors shall have the right to use proceeds from the maturity of any portfolio policy and resolution of certain claims, and LNV will provide the Debtors a revolving $15.0 million of debtor-in-possession financing (which amount may be increased if found to be insufficient) through December 30, 2019 (the "DIP Financing").

Plan of Reorganization

On June 5, 2019, the Bankruptcy Court approved the Settlement Agreement memorializing the Proposed Settlement and the DIP Financing. The Plan of Reorganization for the Chapter 11 Cases, which implements the Settlement Agreement and the DIP Financing, was confirmed by the Bankruptcy Court on June 19, 2019.

On July 18, 2019, the Company entered into the Commitment Letter with Lamington, White Eagle and Jade Mountain in connection with the Plan of Reorganization. The Commitment Letter provided for a transaction in which Jade Mountain and/or certain of its affiliates and/or certain investors would acquire 72.5% of the equity interests of White Eagle in exchange for $384.3 million as may be adjusted in accordance with the final documentation. The Commitment Letter and its terms and the transactions contemplated thereby were approved by the Bankruptcy Court on July 22, 2019.

Repayment and Termination of the White Eagle Revolving Credit Facility

On August 16, 2019, the Company entered into the Subscription Agreement, in connection with the Commitment Letter, pursuant to which White Eagle sold to Palomino 72.5% of its limited partnership interests, consisting of all of the newly issued and outstanding Class A and Class D interests, and WEGP sold to an affiliate of Jade Mountain all of its general partnership interests for a purchase price of approximately $366.2 million and $8.0 million for the Class A and Class D interests, respectively. Pursuant to the Subscription Agreement, Lamington received 27.5% of the limited partnership interests of White Eagle, consisting of all of the newly issued and outstanding Class B interests in exchange for all of its previously owned White Eagle limited partnership interests with a value of approximately $138.9 million on the closing date.

The proceeds of the WE Investment were used to satisfy in full (i) the White Eagle Revolving Credit Facility, and (ii) the DIP Financing extended by CLMG, as agent, and LNV, as lender, to White Eagle, each in connection with the termination of the White Eagle Revolving Credit Facility and the release of the related liens on the collateral thereunder pursuant to the Master Termination Agreement. The repayment and termination of the White Eagle Revolving Credit Facility and the termination of the DIP Financing, which had not been drawn against, were in accordance with the Plan of Reorganization.

The WE Investment was consummated, and the White Eagle Revolving Credit Facility was paid off in full and terminated, on August 16, 2019. The payoff totaled $402.5 million, which included payment directly to CLMG by Palomino of $374.2 million and payment to CLMG by White Eagle of $28.3 million, collectively sufficient to repay, under the White Eagle Revolving Credit Facility, the outstanding principal of $368.0 million, accrued and unpaid interest of $21.3 million plus, under the Plan of Reorganization, an early payment amount due to LNV of $7.4 million which is included in the income statement as loss on extinguishment of debt and lender-allowed claims of $5.8 million.

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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Nov. 30, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Common Stock Option Activity

The following table presents the activity of the Company’s outstanding stock options of common stock for the twelve months ended November 30, 2019:

Common Stock Options	Number of Shares	Weighted Average Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Options outstanding, December 1, 2018	85,000	$	6.94	1.55	$	—
Options granted	—	—		—
Options exercised	—	—		—
Options forfeited	—	—		—
Options expired	—	—		—
Options outstanding, November 30, 2019	85,000	$	6.94	0.55	$	—
Exercisable at November 30, 2019	85,000	6.94		0.55
Unvested at November 30, 2019	—	$	—	—	$	—

Schedule of Activity of Unvested Restricted Stock Common Shares

The following table presents the activity of the Company’s unvested restricted stock for the twelve months ended November 30, 2019:

Common Unvested Shares	Number of Shares
Outstanding December1, 2018	1,400,000
Granted	—
Vested	(1,066,667	)
Forfeited	—
Outstanding November 30, 2019	333,333

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DECONSOLIDATION OF SUBSIDIARIES (Tables)

12 Months Ended

Nov. 30, 2019

Reorganizations [Abstract]

Schedule of Fair Value on Investment in Lamington

The fair value of the investment in Lamington is calculated as follows:

Investment in Lamington at December 1, 2018	$	128,795
Less: Change in fair value	37,941
Investment in Lamington at August 16, 2019	$	166,736

Summary of Company's Investment in Deconsolidated Entities

The table below summarizes the composition of the Company's investment in the deconsolidated entities at August 16, 2019:

			Change in Fair Value
	November 30, 2018		December 1, 2018 to August 16, 2019			August 16, 2019
Equity investment	$	66,251	$	(45,847	)	$	20,404
Promissory notes	56,596		89,736			146,332
Other liabilities	5,948		(5,948		)	—
Total investment	$	128,795	$	37,941		$	166,736

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WHITE EAGLE REVOLVING CREDIT FACILITY (Tables) - Revolving Credit Facility - White Eagle

12 Months Ended

Nov. 30, 2019

Debt Instrument [Line Items]

Schedule of Long-term Debt Instruments

After distributions for premium payments, fees to service providers and payments of interest, a percentage of the collections from policy proceeds are to be paid to the Company, which will vary depending on the then LTV ratio as illustrated below where the valuation is determined by the lenders:

LTV	Premiums, Interest & Other Fees	Principal	Distribution to White Eagle - 55%	Lender Participation - 45%
N/A	100%	—%	—%	—%
>65%	N/A	100%	—%	—%
50-65%	N/A	70%	16.5%	13.5%
35-50%	N/A	55%	24.8%	20.3%
0-35%	N/A	45%	30.3%	24.8%

Schedule of Reconciliation of Proceeds Distributed

The below is a reconciliation of proceeds collected by the White Eagle Revolving Credit Facility and distributed from the collection account in accordance with the budget approved by the Bankruptcy court and the White Eagle Revolving Credit Facility termination agreement (in thousands):

Collection account balance at December 1, 2018	$	28,059
Face value collected in current quarter	60,163
Face value collected in prior quarters	32,342
Other collections *	2,575
	$	123,139
Expenses paid from the collection account Post-Petition
Premiums paid 2019	(65,905		)
Interest expenses	(28,331		)
Payment toward principal	(1,804		)
White Eagle credit facility expenses	(9,304		)
Refund of premium payments advanced by parent	(3,000		)
Lender allowed claim-Beal	(5,839		)
Transfers of remaining funds to Lamington	(8,956		)
	$	(123,139	)
Collection account balance at August 16, 2019**	$	—

*Includes refund of premiums and interest earned on maturity proceeds

** Collection account was closed on August 16, 2019 in connection with the termination of the White Eagle Revolving Credit Facility.

Schedule of Proceeds Distributed

For the year ended November 30, 2018, $76.6 million, of proceeds received from the maturity of policies pledged under the White Eagle Revolving Credit Facility, were distributed through the waterfall in the following stages of priority (in thousands):

		Twelve Months Ended November 30, 2019		Eleven Months Ended November 30, 2018
Clause	Amount					Use of Proceeds
First:		$	—	$	334	Custodian and Securities Intermediary
Second:		—		—		White Eagle - Ongoing Maintenance Cost Reimbursable
Third:		—		—		Administrative Agent - Protective Advances
Fourth:		—		79		Administrative Agent - Administrative Agent Fee and Legal Expense Reimbursement
Fifth:		—		22,757		Administrative Agent - Accrued and Unpaid Interest
Sixth:		—		52,683		Administrative Agent - Required Amortization
Seventh:		—		—		Administrative Agent - Amortization Shortfall
Eighth:		—		340		Administrative Agent - Participation Interest
Ninth:		—		—		Reserved
Tenth:		—		—		Administrative Agent Aggregate Unpaid Participation Interest
Eleventh:		—		—		Administrative Agent - Remaining Available Amount After Clause First to Tenth
Twelfth:		—		—		Wilmington Trust - Custodian and Securities Intermediary - Unpaid Fees
Thirteenth:		—		416		Borrower - Any Remaining Available Amount After Clause First to Twelfth
Total Distributions		$	—	$	76,609

Schedule of Amounts Drawn for Premium Payments

During the twelve months ended November 30, 2019 and the eleven months ended November 30, 2018, advances for premium payments and fees to service providers amounted to (in thousands):

	November 30,		November 30,
	2019		2018
Amount drawn for premium payments	$	4,221	$	84,922
Amount drawn in fees to service providers	—		2,478
Total amount drawn	$	4,221	$	87,400

Schedule of Interest Expense on Facility

The below table shows the composition of interest for the twelve months ended November 30, 2019 and the year ended November 30, 2018 (in thousands):

	November 30,		November 30,
	2019		2018
Interest paid through waterfall	$	—	$	22,757
Participation interest paid by waterfall	—		340
Interest paid from collection account	28,331		—
Total interest expense	$	28,331	$	23,097

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INCOME TAXES - Reconciliation of Total Amounts of Unrecognized Benefits (Details) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Reconciliation of Unrecognized Tax Benefits
Balance as of beginning of period	$ 0	$ 0	$ 6,295
Additions based on tax positions taken in the current year	0	0	0
Reductions of tax positions for prior years	0	0	(6,295)
Balance as of end of period	$ 0	$ 0	$ 0

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STOCK-BASED COMPENSATION - Activity of Unvested Restricted Stock Common Shares (Details) - Restricted Stock	12 Months Ended
	Nov. 30, 2019 shares
Number of Shares
Beginning balance (shares)	1,400,000
Granted (shares)	0
Vested (shares)	(1,066,667)
Forfeited (shares)	0
Ending Balance (shares)	333,333

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CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS FOR ENTITIES IN BANKRUPTCY - Narrative (Details) - USD ($)			1 Months Ended	3 Months Ended	9 Months Ended	10 Months Ended	11 Months Ended	12 Months Ended
	Jul. 28, 2017	May 16, 2014	Nov. 30, 2018	Nov. 30, 2019	Aug. 16, 2019	Nov. 13, 2018	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Change in fair value of investment in deconsolidated subsidiaries							$ (150,894,000)	$ 37,941,000	$ 0
Lamington | Senior Notes | Unsecured Promissory Note
Condensed Financial Statements, Captions [Line Items]
Debt instrument term		10 years
Debt instrument issued		$ 59,300,000
Debt instrument, interest rate		8.50%
Period to capitalize outstanding principal balance		7 days
Outstanding principal balance					$ 86,500,000
Capitalized interest included in outstanding principal balance					27,700,000
Interest expense debt				$ 1,900,000	0			6,300,000
Principal payments due prior to maturity date					0
Lamington | Senior Notes | Special Dividend Note
Condensed Financial Statements, Captions [Line Items]
Debt instrument issued	$ 57,000,000
Debt instrument, interest rate	5.00%
Outstanding principal balance				29,900,000	59,900,000			29,900,000
Period after which interest shall be capitalized if accrued interest is not paid	7 days
Capitalized interest included in outstanding principal balance					2,900,000
Interest expense debt				713,000	0			2,700,000
Principal payments due prior to maturity date	$ 0
Repayment of debt outstanding principal				$ 30,000,000
Promissory notes and interest receivable					146,300,000
Change in fair value of investment in deconsolidated subsidiaries					89,700,000
Subsidiaries | Lamington
Condensed Financial Statements, Captions [Line Items]
Administrative service fees - affiliate			$ 229,000		$ 2,765,000	$ 5,200,000		$ 2,800,000

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EARNINGS PER SHARE - Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	3 Months Ended							11 Months Ended	12 Months Ended
	Feb. 28, 2018	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Numerator:
Net (loss) income from continuing operations									$ (169,942)	$ 16,859	$ (3,238)
Net (loss) income from discontinued operations									(29)	(2,363)	(271)
Net income (loss)	$ (3,994)	$ (15)	$ 80,201	$ (25,868)	$ (37,459)	$ (170,631)	$ 14,288	$ (9,603)	$ (169,971)	$ 14,496	$ (3,509)
Basic income (loss) per common share:
Basic income (loss) from continuing operations (usd per share)									$ (1.09)	$ 0.11	$ (0.04)
Basic income (loss) from discontinued operations (usd per share)									0.00	(0.02)	0.00
Net (loss) income - basic (usd per share)		$ 0.00	$ 0.51	$ (0.16)	$ (0.24)				(1.09)	0.09	(0.04)
Diluted income (loss) per common share:
Diluted income (loss) from continuing operations (usd per share)									(1.09)	0.11	(0.04)
Diluted income (loss) from discontinued operations (usd per share)									0.00	(0.02)	0.00
Net (loss) income - diluted (usd per share)		$ (0.02)	$ 0.41	$ (0.16)	$ (0.24)				$ (1.09)	$ 0.09	$ (0.04)
Denominator:
Basic (shares)									155,949,444	156,994,105	82,323,050
Diluted (shares)									155,949,444	157,823,660	82,323,050

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FAIR VALUE MEASUREMENTS - Life Insurance Issuer Concentrations (Details) - Credit Concentration Risk - Sun Life Assurance Company of Canada - Aa3 - S&P AA	12 Months Ended
	Nov. 30, 2019
Percentage of Total Fair Value
Concentration Risk [Line Items]
Concentrations risk percentage	100.00%
Percentage of Total Death Benefit
Concentration Risk [Line Items]
Concentrations risk percentage	100.00%

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WHITE EAGLE REVOLVING CREDIT FACILITY - Distribution of Proceeds (Details) - White Eagle - Revolving Credit Facility - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019
Debt Instrument [Line Items]
Total Distributions	$ 76,609	$ 0
First:
Debt Instrument [Line Items]
Total Distributions	334	0
Second:
Debt Instrument [Line Items]
Total Distributions	0	0
Third:
Debt Instrument [Line Items]
Total Distributions	0	0
Fourth:
Debt Instrument [Line Items]
Total Distributions	79	0
Fifth:
Debt Instrument [Line Items]
Total Distributions	22,757	0
Sixth:
Debt Instrument [Line Items]
Total Distributions	52,683	0
Seventh:
Debt Instrument [Line Items]
Total Distributions	0	0
Eighth:
Debt Instrument [Line Items]
Total Distributions	340	0
Ninth:
Debt Instrument [Line Items]
Total Distributions	0	0
Tenth:
Debt Instrument [Line Items]
Total Distributions	0	0
Eleventh:
Debt Instrument [Line Items]
Total Distributions	0	0
Twelfth:
Debt Instrument [Line Items]
Total Distributions	0	0
Thirteenth:
Debt Instrument [Line Items]
Total Distributions	$ 416	$ 0

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INVESTMENT IN LIMITED PARTNERSHIP - Estimated Premiums to be Paid on Life Settlement Contracts (Details) - WE Investment $ in Thousands	Nov. 30, 2019 USD ($)
Investments in and Advances to Affiliates [Line Items]
2020	$ 101,737
2021	106,765
2022	102,721
2023	97,127
2024	91,852
Thereafter	614,608
Estimated future premium payments	$ 1,114,810

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FAIR VALUE MEASUREMENTS - Assets And Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Nov. 30, 2019	Nov. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in limited partnership, at estimated fair value	$ 137,849	$ 0
Investment in life settlements fair value	1,297	506,407
Investments fair value	139,146
Investment in deconsolidated subsidiaries	0	128,795
Liabilities fair value		346,670
Subsidiaries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in life settlements fair value		1,172
Deconsolidated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in life settlements fair value		506,400
Investment in deconsolidated subsidiaries		128,795
Deconsolidated | White Eagle | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in life settlements fair value		505,235
Revolving Credit Facility debt, at estimated fair value		346,670
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in limited partnership, at estimated fair value	0
Investment in life settlements fair value	0	0
Investments fair value	0
Liabilities fair value		0
Level 1 | Subsidiaries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in life settlements fair value		0
Level 1 | Deconsolidated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in deconsolidated subsidiaries		0
Level 1 | Deconsolidated | White Eagle | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in life settlements fair value		0
Revolving Credit Facility debt, at estimated fair value		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in limited partnership, at estimated fair value	0
Investment in life settlements fair value	0	0
Investments fair value	0
Liabilities fair value		0
Level 2 | Subsidiaries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in life settlements fair value		0
Level 2 | Deconsolidated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in deconsolidated subsidiaries		0
Level 2 | Deconsolidated | White Eagle | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in life settlements fair value		0
Revolving Credit Facility debt, at estimated fair value		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in limited partnership, at estimated fair value	137,849
Investment in life settlements fair value	1,297	506,407
Investments fair value	$ 139,146
Liabilities fair value		346,670
Level 3 | Subsidiaries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in life settlements fair value		1,172
Level 3 | Deconsolidated
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in deconsolidated subsidiaries		128,795
Level 3 | Deconsolidated | White Eagle | Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in life settlements fair value		505,235
Revolving Credit Facility debt, at estimated fair value		$ 346,670

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EARNINGS PER SHARE

12 Months Ended

Nov. 30, 2019

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

As of November 30, 2019, November 30, 2018 and December 31, 2017, there were 158,365,275, 158,733,928 and 158,495,399 shares of common stock issued, respectively, and 157,757,275, 158,125,928, and 157,887,399 of shares of common stock outstanding, respectively. Outstanding shares as of November 30, 2019, November 30, 2018 and December 31, 2017 have been adjusted to reflect 608,000 treasury shares.

Basic net income per share is computed by dividing the net earnings attributable to common shareholders by the weighted average number of common shares outstanding during the period.

Diluted earnings per share is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding, increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Conversion or exercise of the potential common shares is not reflected in diluted earnings per share unless the effect is dilutive. The dilutive effect, if any, of outstanding common share equivalents is reflected in diluted earnings per share by application of the treasury stock method and if-converted method, as applicable.

The following tables reconcile actual basic and diluted earnings per share for the twelve months ended November 30, 2019 and the eleven months ended November 30, 2018 and twelve months ended December 31, 2017 (in thousands except per share data).

	2019			2018			2017
	(1)			(2)			(3)
Income (loss) per share:
Numerator:
Net (loss) income from continuing operations	$	16,859		$	(169,942	)	$	(3,238	)
Net (loss) income from discontinued operations	(2,363		)	(29		)	(271		)
Numerator for basic and diluted EPS - net income (loss) attributable to common stockholders	$	14,496		$	(169,971	)	$	(3,509	)
Basic income (loss) per common share:
Basic income (loss) from continuing operations	$	0.11		$	(1.09	)	$	(0.04	)
Basic income (loss) from discontinued operations	$	(0.02	)	$	—		$	—
Basic income (loss) per share available to common shareholders	$	0.09		$	(1.09	)	$	(0.04	)
Diluted income (loss) per common share:
Diluted income (loss) from continuing operations	$	0.11		$	(1.09	)	$	(0.04	)
Diluted income (loss) from discontinued operations	(0.02		)	—			—
Diluted income (loss) per share available to common shareholders	$	0.09		$	(1.09	)	$	(0.04	)
Denominator:
Basic	156,994,105			155,949,444			82,323,050
Diluted	157,823,660			155,949,444			82,323,050

(1) The computation of diluted EPS does not include 85,000 shares of common stock underlying options, 100,000 shares of stock appreciation rights, 42,500,000 shares of common stock underlying warrants, up to 37,918,483 shares of common stock issuable upon conversion of the 5% Convertible Notes (as defined below) as the effect of their inclusion would have been anti-dilutive.

(2) The computation of diluted EPS does not include 85,000 shares of common stock underlying options, 100,000 shares of stock appreciation rights, 1,400,000 shares of restricted stock, 44,500,000 shares of common stock underlying warrants, up to 37,918,483 shares of common stock issuable upon conversion of the 5% Convertible Notes (as defined below) and up to 181,249 shares of common stock issuable upon the conversion of the 8.5% Convertible Notes (as defined below), as the effect of their inclusion would have been anti-dilutive for the fiscal year ended November 30, 2018.

(3) The computation of diluted EPS did not include 542,102 options, 48,740,521 warrants, 2,102,522 shares of restricted stock, up to 37,918,483 shares of underlying common stock issuable upon conversion of the Convertible Notes and up to 181,249 shares of underlying common stock issuable upon conversion of the 8.5% Convertible Notes (as defined below) for the year ended December 31, 2017, as the effect of their inclusion would have been anti-dilutive.

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INVESTMENT IN LIMITED PARTNERSHIP

12 Months Ended

Nov. 30, 2019

Investments in and Advances to Affiliates [Abstract]

INVESTMENT IN LIMITED PARTNERSHIP

INVESTMENT IN LIMITED PARTNERSHIP

Subscription Agreement

On August 16, 2019 (the "Effective Date"), the Company entered into a subscription agreement (the "Subscription Agreement") with Lamington ("Class B Limited Partner"), White Eagle, WEGP ("Withdrawing General Partner"), and Palomino JV, L.P. ("Palomino" or "Class A Limited Partner"), in connection with the commitment letter signed on June 22, 2019 with Jade Mountain Partners, LLC ("Jade Mountain" ), pursuant to which White Eagle sold to Palomino 72.5% of its limited partnership interests, consisting of all of the newly issued and outstanding Class A and Class D interests, and WEGP sold to an affiliate of Jade Mountain (the "Manager") all of its general partnership interests (collectively, the "WE Investment"). Pursuant to the Subscription Agreement, Lamington received 27.5% of the limited partnership interests of White Eagle, consisting of all of the newly issued and outstanding Class B interests in exchange for all of its previously owned White Eagle limited partnership interests.

The proceeds of the WE Investment and certain funds then held in accounts of White Eagle were used to satisfy in full (i) the White Eagle Revolving Credit Facility and (ii) the DIP Financing, each in connection with the termination of the White Eagle Revolving Credit Facility and the release of the related liens on the collateral thereunder pursuant to the Master Termination Agreement. The repayment and termination of the White Eagle Revolving Credit Facility and the termination of the DIP Financing, which had not been drawn against, were in accordance with the Plan of Reorganization.

The WE Investment was consummated, and the White Eagle Revolving Credit Facility was paid off in full and terminated, on August 16, 2019. The payoff totaled $402.5 million, which included payment directly to CLMG by Palomino of $374.2 million and payment to CLMG by White Eagle of $28.3 million, collectively sufficient to repay, under the White Eagle Revolving Credit Facility, the outstanding principal of $368.0 million, accrued and unpaid interest of $21.3 million plus, under the Plan of Reorganization, an early payment amount due to LNV of $7.4 million and lender-allowed claims of $5.8 million. Of the $374.2 million purchase price of the limited partnership, $8.0 million was allocated to the Class D interests which amount is to be repaid in accordance with the distribution terms of the A&R LPA.

On August 16, 2019, Lamington also entered into (i) the Pledge Agreement pursuant to which it pledged the 27.5% limited partnership interests of White Eagle owned by it to Palomino and certain other secured parties in support of the payment and indemnification obligations described above, and (ii) the Assumption Agreement pursuant to which Lamington assumed all liabilities and obligations of White Eagle and WEGP as of the closing date of the Transactions, and Lamington, the Company and WEGP agreed to terminate, waive and release any intercompany debt, obligations and liabilities of White Eagle to Lamington, the Company and WEGP. On August 16, 2019, Emergent entered into the Indemnification Agreement pursuant to which it indemnified Wilmington Trust, National Association against claims and liabilities that may arise in relation to policies that have matured prior to the Closing Date but as to which Wilmington Trust, National Association has historically held title as securities intermediary.

Amended and Restated Limited Partnership Agreement of White Eagle

In connection with the WE Investment, the Limited Partnership Agreement of White Eagle was amended and restated (the "A&R LPA") to provide for the issuance of the Class A, B and D limited partnership interests, and for funding of an "Advance Facility" evidenced by the Class D limited partnership interests, to maintain reserves sufficient to fund premiums, certain operating expenses of White Eagle and certain minimum payments to Lamington as the holder of the Class B interests. The A&R LPA provides generally that holders of the Class A and Class B Interests receive distributions of proceeds of the assets of White Eagle based on their 72.5% and 27.5% ownership, respectively, after certain expenses and reserves are funded (including such minimum payments to Lamington totaling approximately $8.0 million per year for the first three (3) years and 4.0 million for the subsequent seven (7) years, provided that commencing after year three (3), such minimum payments will be utilized to repay the Class D Return of $8.0 million, which was advanced at closing, plus the greater of $2.0 million or 11% per annum on such $8.0 million to the extent necessary to fully repay such Class D Return. The minimum payments to the Company will occur regardless of maturities with payments through the premium/expense reserve account when there are no maturity proceeds available for distribution as described below). However, the A&R LPA also provides that all payments to holders of the Class B interests (other than such minimum payments to Lamington during the first eight (8) years following the Closing Date) are fully subordinated to payments in respect of the minimum returns to holders of the Class A and Class D interests (including repayment of all amounts advanced in respect of the Advance Facility) and to any indemnification payments, if any, due to such holders and related indemnified persons pursuant to the indemnities afforded them in and in relation to the A&R LPA, Subscription Agreement, Master Termination Agreement and related documents. As of the closing of the WE Investment, Lamington Road Bermuda, LTD resigned as manager of the portfolio and was replaced by an affiliate of Jade Mountain.

On August 16, 2019, White Eagle, Palomino JV GP Limited, ("the General Partner") and the Manager entered into the Management Agreement, setting forth the terms and conditions pursuant to which the General Partner has delegated certain of its management rights and obligations under the A&R LPA to the Manager.

Advance Facility. The facility under which the Class A Limited Partner or its Affiliates from time to time advance to the Class B Limited Partner (or, as a matter of convenience only, provides the proceeds of any such advance directly to the Partnership on behalf of the Class B Limited Partner, provided that, for the avoidance of doubt, any such advance distributed directly to the Partnership shall not be deemed to be an incurrence of an obligation of the Partnership for the repayment thereof) the portion of the premium/expense reserve account owed by the Class B Limited Partner under the Agreement. Essentially, this is the aggregate amount owed by the Class B Limited Partner to the Class A Limited Partner thereunder as a result of such advances.

Class A Minimum Return Cumulative Amount. An amount equal to 11% per annum, compounded quarterly and accruing from the Effective Date, on the sum of (i) 100% of the initial contribution by the Class A Limited Partner on its own behalf to the premium/expense reserve account, accruing from the Effective Date until repaid (as reduced by any repayment thereof) (but for the avoidance of doubt excluding any advances made by the Class A Limited Partner under the Advance Facility), (ii) 100% of the amounts funded into the premium/expense reserve account by the Class A Limited Partner on its own behalf after the Effective Date (as reduced by any repayment thereof), accruing from the date of funding until repaid (but for the avoidance of doubt excluding any advances made by the Class A Limited Partner under the Advance Facility), and (iii) the Purchase Price of $374.2 million (as reduced by any portion thereof repaid by the Class B Interest Monthly Distribution, as defined below, (v) that reflects amortization of principal, all sale proceeds received by the Class A Limited Partner and any reductions thereof as contemplated by the permitted disposition of policies, (plus (x) the amount necessary to reduce the principal balance to the targeted principal balance hereto for such Distribution Date, plus (y) later contributions by the Class A Limited Partner (excluding any advances made by the Class A Limited Partner under the Advance Facility but, for the avoidance of doubt, including amounts funded into the premium/expense reserve account by the Class A Limited Partner on its own behalf), plus (z) the Class D Return.

Class A True Up Payment. As of the applicable Distribution Date, (i) the excess (if positive) of (x) 72.5% of the total return distributions over (y) the sum of cumulative amounts actually received by the Class A Limited Partner prior to such Distribution Date on account of clauses (w), (x) and (y) of the Class A Minimum Return Cumulative Amount, any Class A true up payments and amounts paid to the Class A Limited Partner pursuant plus (ii) the amount necessary such that the Class A Limited Partner shall have received 72.5% of total return distributions after giving effect to the amounts to be paid to the Class A Limited Partner on such Distribution Date.

Class B True Up Payment. As of the applicable Distribution Date, (i) the excess (if positive) of (x) 27.5% of the Total Return Distributions over (y) the sum of cumulative amounts actually received by the Class B Limited Partners prior to such Distribution Date on account of the Minimum Class B Interest Monthly Distributions, the Class B True Up Payments and amounts paid to the Class B Limited Partners pursuant to Section 3.2(b)(v) (plus the cumulative amounts that were paid to the Class A Limited Partner in repayment of the Advance Facility, to the Class D Limited Partner on account of the Class D Return, or to the Purchaser Indemnified Parties to satisfy (in whole or in part) the indemnity obligations of Parent, Lamington Road or the Class B Limited Partner) plus (ii) the amount necessary such that the Class B Limited Partners shall have received 27.5% of Total Return Distributions after giving effect to the amounts to be paid to the Class B Limited Partner on account of the Minimum Class B Interest Monthly Distributions and amounts paid to the Class B Limited Partners on such Distribution Date in the priority of payments after payment of any Class A True Up Payments and Class B True Up Payments (plus the cumulative amounts that would have been distributed to the Class B Limited Partners but that were paid to the Class A Limited Partner in repayment of the Advance Facility, to the Class D Limited Partner on account of the Class D Return, or to the Purchaser Indemnified Parties to satisfy (in whole or in part) the indemnity obligations of Parent, Lamington Road or the Class B Limited Partner).

At November 30, 2019 there was no Class B true up payment outstanding.

Class D Return. The aggregate repayment amount of approximately $8.0 million ( as described above) owed by the Class B Limited Partner to the Class D Limited Partner, payable in accordance with the terms herein, which shall equal the greater of (x) 125% of the Class D Payment Amount (which is $10.0 million), and (y) the Class D Payment Amount plus the total amount of unpaid interest accruing on the Class D Payment Amount at a rate equal to 11% per annum compounded quarterly from the Effective Date through the date on which the Class D payment amount and all accrued and unpaid interest is repaid in full.

At November 30, 2019, accrued and unpaid interest on the Class D Return was approximately $259,000 with outstanding principal of $8.0 million. The amount is to be repaid through the waterfall distribution as stated above. There was no payment made during the twelve months ended November 30, 2019.

Distribution Date. The 5th Business Day of each month.

Minimum Class B Interest Monthly Distribution. The monthly amount equal to (i) for each month commencing prior to the third anniversary of the Effective Date, the greater of $667,000 and 1/12th of 1.50% of the Net Asset Value as determined by the most recent valuation report obtained on or prior to such Distribution Date and (ii) for each month commencing on or after the third anniversary of the Effective Date and prior to the tenth anniversary of the Effective Date, the greater of $333,000 and 1/12th of 0.75% of the net asset value as determined by the most recent valuation report obtained on or prior to such Distribution Date.

During the twelve months ended November 30, 2019, approximately $1.7 million was received by the Company for the minimum Class B interest monthly distribution. This amount is included in change in fair value of investment in limited partnership, net of distributions on the consolidated statements of operations.

Expense. On August 16, 2019, the Class A Limited Partner contributed $21.8 million to the premium/expense reserve account in satisfaction of its obligations to fund the premium/expense reserve account as of the Effective Date, and (ii) advanced under the Advance Facility $8.3 million by deposit into the premium/expense reserve account on behalf of the Class B Limited Partner, in satisfaction of the Class B Limited Partner’s obligations to fund the premium/reserve fund as of the Effective Date. This $8.3 million is to be repaid through the waterfall distribution from amounts to be distributed to the Company. Total initial premium/expense reserve was approximately $30.0 million on August 16, 2019. The Class A Limited Partner also contributed $1.8 million towards expenses on August 16, 2019.

At November 30, 2019, approximately $267,000 in accrued and unpaid interest was outstanding on the $8.3 million advanced on behalf of the Class B Limited Partner, the amount is to be repaid through the waterfall distribution as stated above. There was no payment during the twelve months ended November 30, 2019.

If at any time prior to a Distribution Date, the amount in the premium/expense reserve account is less than an amount sufficient to cover the next month of premiums and expenses, as set forth in the budget or as otherwise determined by the General Partner based upon advice of the Manager, the Class A Limited Partner will (i) contribute its percentage interest of 72.5%, and (ii) make advances under the Advance Facility of the Class B Limited Partner’s percentage interest of 27.5% , the aggregate amount of additional capital needed to increase the balance of the premium/expense reserve account to an amount sufficient to cover the next three months of premiums and expenses, as set forth in the budget.

All advances made by the Class A Limited Partner under the Advance Facility, whether prior to, on or after the Effective Date, shall accrue interest at the rate of 11% per annum, compounded quarterly, until repaid, and all such amounts (including any accrued but unpaid interest) shall be secured by the Class B Partnership Units pursuant to the Pledge Agreement. After the Effective Date, the General Partner will use commercially reasonable efforts to obtain financing proposals for premiums and expenses on terms more favorable to the Class B Limited Partner than the Advance Facility, if and to the extent available, and in the event such financing is obtained, the Class A Limited Partner shall no longer have any obligation to fund advances under the Advance Facility.

Funds in the premium/expense reserve account shall be used or otherwise distributed in the following order of priority:

Premium/Expense Reserve Account	August 16, 2019 to November 30, 2019
	Amount		Use of Proceeds
First	$	30,173	Premiums, Expenses and Manager Fees
Second	1,667		Minimum Class B Interest Monthly Distribution - after three years, Class D Returns takes priority until paid in full
Third	—		Minimum Class B Interest Monthly Distribution
Fourth	—		Retained For Premium/Expense to Cover Three Months of Transactions, excess to be sent to the Collection Account
	$	31,840

During the twelve months ended November 30, 2019, approximately $31.8 million was distributed from the premium/expense reserve account, of this amount, approximately $28.3 million was utilized to pay premiums, approximately $1.9 million in facility related expenses and approximately $1.7 million was utilized for distribution to the Company to satisfy the requirements of the Class B monthly distribution.

During the twelve months ended November 30, 2019, the premium/expense reserve account received approximately $36.0 million in distributions inclusive of $30.0 million funded on the Transaction Date and $6.0 million from the collection account through maturity proceeds collected. The account balance was approximately $4.2 million at November 30, 2019. Approximately $13.0 million was in the collection account pending distributions to the premium/expense account at November 30, 2019. The below is a reconciliation of the premium/expense reserve account for the twelve months ended November 30, 2019.

	August 16, 2019 to November 30, 2019
Distributions received
Class A and Class B holders	$	30,000
Collections account	6,035
Total distribution received	$	36,035
Less Payments:
Premiums and expenses	$	30,173
Class B monthly distribution	1,667
Total payments	$	31,840
Balance at November 30, 2019	$	4,195

Approximately $667,000 was due for distribution to the Company for the month of November 30, 2019, the amount was received subsequent to the year end.

Distribution. The General Partner has established a separate bank account on behalf of, and in the name of, the Partnership to hold, and shall direct all death benefits and other cash received by the Partnership (other than capital contributions, proceeds of the Advance Facility, and death benefits from matured policies which shall be distributed in accordance with Section 2.02(b) of the Subscription Agreement) into such account (the "Collections Account").

On each Distribution Date, funds on deposit in the Collections Account shall be distributed by the Paying Agent ("Wilmington Trust, N.A") pursuant to the Waterfall Notice in the following order of priority:

Collection Account	August 16, 2019 to November 30, 2019
Priority	Amount		Use of Proceeds
First	$	6,035	Premium/Expense Reserve Account - to cover next three months of premiums and expense
Second	—		Class A Minimum Return Cumulative Amount*
Third	—		Minimum Class B Interest Monthly Distribution
Fourth	—		Re-balancing the Total Return Distributions with 72.5% to the Class A Limited Partner and 27.5% to Class B Limited Partner
Fifth	—		72.5% to the Class A Limited Partner and 27.5% to the Class B Limited Partner
	$	6,035

*To pay the Class A Limited Partner the amount necessary such that the Class A Limited Partner shall have received the Class A Minimum Return Cumulative Amount (applied first which is11%), second to the amounts necessary to reduce the principal balance from $406.0 million on the Effective Date to April 2039 when it is expected to be paid in full (the A&R LPA stipulate the expected monthly reduction in target principal commencing in April 2021), third to later contributions by the Class A Limited Partner, excluding Advance Facility but includes funded into premium/expense account on its own behalf and fourth the Class D Return, in each case of the definition of Class A Minimum Return Cumulative Amount as of the last day of the month immediately prior to such Distribution Date.

The below is a reconciliation of funds received in and distributed from the collection account for the twelve months ended November 30, 2019.

	August 16, 2019 to November 30, 2019
Maturity proceeds received - face	$	19,000
Proceeds received - other	42
Total receipts	$	19,042
Less: Distribution to premium/expense account	6,035
Balance at November 30, 2019	$	13,007

During the twelve months ended November 30, 2019, the portfolio experienced maturities of 7 policies with face of approximately $32.7 million, approximately $19.0 million was collected at November 30, 2019.

The below is a reconciliation of receivable for maturity of life settlement held by the limited partnership for the twelve months ended November 30, 2019.

	August 16, 2019 to November 30, 2019
Maturities	$	32,726
Proceeds received	19,000
Receivable at November 30, 2019	$	13,726

On August 16, 2019, Lamington's capital contribution to White Eagle was an estimated fair value of approximately $138.9 million. The Company performed a valuation at November 30, 2019 resulting in a value of approximately $137.8 million.

At November 30, 2019, there were 561 policies in the White Eagle portfolio with death benefits of approximately $2.6 billion and weighted average life expectancy calculated based on death benefit of the insureds in the policies was 7.1 years.

Remaining Life Expectancy (In Years)*	Number of Life Settlement Contracts	Face Value
0-1	8	$	30,795
1-2	25	94,018
2-3	35	139,464
3-4	59	272,895
4-5	50	257,050
Thereafter	384	1,846,886
Total	561	$	2,641,108

*Based on remaining life expectancy at November 30, 2019, as derived from reports of third party life expectancy providers, and does not indicate the timing of expected death benefits. See "Life Settlements," in Note 15, "Fair Value Measurements," of the accompanying consolidated financial statements.

Estimated premiums to be paid for each of the five succeeding fiscal years and thereafter to keep the life insurance policies in force as of November 30, 2019, are as follows (in thousands):

Year	Expected Premiums
2020	101,737
2021	106,765
2022	102,721
2023	97,127
2024	91,852
Thereafter	614,608
	$	1,114,810

The amount of $1.1 billion noted above represents the estimated total future premium payments required to keep the life insurance policies in force during the life expectancies of all the underlying insured lives and does not give effect to projected receipt of death benefits. The estimated total future premium payments could increase or decrease significantly to the extent that insurance carriers increase the cost of insurance on their issued policies or that actual mortalities of insureds differs from the estimated life expectancies.

See Note 15, "Fair Value Measurement", to the accompanying consolidated financial statements for further information.

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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Nov. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis

The balances of the Company’s assets measured at fair value on a recurring basis as of November 30, 2019, are as follows (in thousands):

	Level 1		Level 2		Level 3		Total Fair Value
Assets:
Investment in limited partnership	$	—	$	—	$	137,849	$	137,849
Investment in life settlements	—		—		1,297		1,297
	$	—	$	—	$	139,146	$	139,146

The balances of the Company’s assets measured at fair value on a recurring basis as of November 30, 2018, are as follows (in thousands):

	Level 1		Level 2		Level 3		Total Fair Value
Assets:
Investment in life settlements - Deconsolidated	$	—	$	—	$	505,235	$	505,235
Investment in life settlements - Consolidated	—		—		1,172		1,172
	$	—	$	—	$	506,407	$	506,407
Investment in deconsolidated subsidiaries	$	—	$	—	$	128,795	$	128,795

The balances of the Company’s liabilities measured at fair value on a recurring basis as of November 30, 2018, are as follows (in thousands):

	Level 1		Level 2		Level 3		Total Fair Value
Liabilities:
White Eagle Revolving Credit Facility - Deconsolidated	$	—	$	—	$	346,670	$	346,670
	$	—	$	—	$	346,670	$	346,670

Schedule of Quantitative Information about Level 3 Fair Value Measurements

The below is a quantitative analysis of the Company's level 3 assets fair value measurements at November 30, 2019:

($ in thousands)	Quantitative Information about Level 3 Fair Value Measurements
	Fair Value at 11/30/19		Aggregate death benefit 11/30/2019		Valuation Technique	Unobservable Input	Range (Weighted Average)
Investment in life settlements	$	1,297	$	12,000	Discounted cash flow	Discount rate	13.25% - 15.25%
						Life expectancy evaluation	11.4 years
Investment in limited partnership	$	137,849	$	736,449	Discounted cash flow	Discount rate	15.25%
						Life expectancy evaluation, distributions, return on investment

Schedule of Changes in Estimated Fair Value, If All of Insured Lives in Company's Life Settlement Portfolio Live Six Months Shorter or Longer Than Life Expectancies Provided by Third Parties

If all of the insured lives in the Company’s life settlement portfolio lived six months shorter or longer than the life expectancies provided by these third parties, the change in estimated fair value would be as follows (dollars in thousands):

Life Expectancy Months Adjustment	Value		Change in Value
+6	$	1,090	$	(207	)
-	$	1,297	$	—
-6	$	1,514	$	217

Schedule of Life Insurance Issuer Concentrations

The following table provides information about the life insurance issuer concentrations that exceed 10% of total death benefit and 10% of total fair value of the Company’s life settlements as of November 30, 2019:

Carrier - Consolidated	Percentage of Total Fair Value		Percentage of Total Death Benefit		Moody’s Rating	S&P Rating
Sun Life Assurance Company of Canada	100.0	%	100.0	%	Aa3	AA

Schedule of Fair Value Measurements Sensitivity Analysis Market Interest Rate

The extent to which the fair value could vary in the near term has been quantified by evaluating the effect of changes in the weighted average discount rate on the death benefit used to estimate the fair value. If the weighted average discount rate was increased or decreased by 1/2 of 1% and the other assumptions used to estimate fair value remained the same, the change in estimated fair value as of November 30, 2019 would be as follows (dollars in thousands):

Weighted Average Rate Calculated Based on Death Benefit - Consolidated	Rate Adjustment		Value		Change in Value
14.42%	-0.50	%	$	1,352	$	55
14.92%	—		$	1,297	$	—
15.42%	0.50	%	$	1,245	$	(52	)

The extent to which the fair value of the investment in limited partnership could vary in the near term has been quantified by evaluating the effect of changes in the weighted average discount. If the weighted average discount rate were increased or decreased by 1/2 of 1% and the other assumptions used to estimate fair value remained the same, the change in estimated fair value of investment in limited partnership as of November 30, 2019 would be as follows (dollars in thousands):

Weighted Average Rate	Rate Adjustment		Value		Change in Value
14.75%	-0.50	%	$	141,694	$	3,845
15.25%	—		$	137,849	$	—
15.75%	0.50	%	$	134,157	$	(3,692	)

Schedule of Changes in Fair Value for All Assets Using Material Level of Unobservable (Level 3) Inputs

The following table provides a roll-forward in the changes in fair value for the period ended November 30, 2018, for the investment in deconsolidated subsidiaries for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands):

Investment in Deconsolidated Subsidiaries
Investment in Lamington at November 13, 2018	$	278,440
Increase in basis investment - November 14, 2018 to November 30, 2018	1,249
Change in fair value	(150,894		)
Investment in Lamington at November 30, 2018	$	128,795

The following tables provides a roll-forward in the changes in fair value for the periods ended November 30, 2019, for all assets for which the Company determines fair value using a material level of unobservable (Level 3) inputs, which consists solely of life settlements (in thousands):

Life Settlements - Consolidated:
Balance, December 1, 2018	$	1,172
Purchase of policies	—
Change in fair value	(38		)
Matured/lapsed/sold polices	—
Premiums paid	163
Balance, November 30, 2019	$	1,297
Changes in fair value included in earnings for the period relating to assets held at November 30, 2019	$	(38	)

Life Settlements - Deconsolidated:
Balance, December 1, 2018	$	505,235
Purchase of policies	—
Change in fair value	(16,841		)
Receivable for maturity of life settlement write off	17,800
Policies sold	(344,845		)
Policies matured	(100,373		)
Premiums paid	69,827
Balance, Transfer to investment in limited partnership	(130,803		)
Balance, August 16, 2019	$	—
Changes in fair value included in earnings for the period relating to deconsolidated assets held at November 30, 2019	$	—

The following table provides a roll-forward in the changes in fair value for the nine months ended November 30, 2019, for investment in limited partnership for which the Company determines fair value using a material level of unobservable (Level 3) inputs, which consists solely of life settlements (in thousands):

Investment in Limited Partnership
Balance, December 1, 2018	$	—
Transfer from investment in life settlement	130,803
Change in fair value - August 16, 2019	15,352
Advance for Class D Shares	(8,000		)
Balance, August 16, 2019	$	138,155
Distributions	(1,667		)
Change in fair value - August 17, 2019 to November 30, 2019	1,361
Balance, November 30, 2019	$	137,849
Changes in fair value included in earnings for the period relating to assets held at November 30, 2019	$	(306	)

The following table provides a roll-forward in the changes in fair value for the period ended November 30, 2019, for the investment in deconsolidated subsidiaries for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands):

Investment in Deconsolidated Subsidiaries
Investment in Lamington at December 1, 2018	$	128,795
Change in fair value	37,941
Transferred to consolidation	(166,736		)
Investment in Lamington at August 16, 2019	$	—

The following table provides a roll-forward in the changes in fair value for the year ended November 30, 2018, for all assets for which the Company determines fair value using a material level of unobservable (Level 3) inputs, which consists solely of life settlements (in thousands):

Life Settlements - Consolidated:
Balance, January 1, 2018	$	567,492
Purchase of policies	—
Change in fair value	(46,879		)
Matured/lapsed/sold polices	(93,435		)
Premiums paid	78,706
Deconsolidation of life settlement, November 13, 2018	(504,712		)
Balance, November 30, 2018	$	1,172
Changes in fair value included in earnings for the period relating to assets held at November 30, 2018	$	315

Life Settlements - Deconsolidated:
Balance, November 13, 2018	$	504,712
Purchase of policies	—
Change in fair value	(6,034		)
Matured/lapsed/sold polices	—
Premiums paid	6,557
Balance, November 30, 2018	$	505,235
Changes in fair value included in earnings for the period relating to deconsolidated assets held at November 30, 2018	$	(6,034	)

Schedule of Changes in Fair Value for All Liabilities Using Material Level of Unobservable (Level 3) Inputs

The following tables provides a roll-forward in the changes in fair value for the periods ended November 30, 2019, for the White Eagle Revolving Credit Facility for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands):

White Eagle Revolving Credit Facility - Deconsolidated :
Balance, December 1, 2018	$	346,670
Draws under the White Eagle Revolving Credit Facility	4,221
Payments on White Eagle Revolving Credit Facility	(367,985		)
Unrealized change in fair value	17,094
Balance, August 16, 2019	$	—
Changes in fair value included in earnings for the period relating to liabilities at November 30, 2019	$	—

The following table provides a roll-forward in the changes in fair value for the year ended November 30, 2018, for the White Eagle Revolving Credit Facility for which the Company determines fair value using a material level of unobservable (Level 3) inputs (in thousands):

White Eagle Revolving Credit Facility
Balance, January 1, 2018	$	329,240
Draws under the White Eagle Revolving Credit Facility	82,202
Payments on White Eagle Revolving Credit Facility	(52,683		)
Unrealized change in fair value	(70,900		)
Deconsolidation of White Eagle Revolving Credit Facility, November 13, 2018	(287,859		)
Balance, November 13, 2018	$	—
Changes in fair value included in earnings for the period relating to liabilities at November 30, 2018	$	(70,900	)

White Eagle Revolving Credit Facility - Deconsolidated:
Balance, November 13, 2018	$	287,859
Draws under the White Eagle Revolving Credit Facility	5,198
Payments on White Eagle Revolving Credit Facility	—
Unrealized change in fair value	53,613
Balance, November 30, 2018	346,670
Changes in fair value included in earnings for the period relating to deconsolidated liabilities at November 30, 2018	$	53,613

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INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017	Aug. 31, 2019	Aug. 16, 2019	Dec. 31, 2016
Income Taxes [Line Items]
Effective income tax rate from continuing operations	(0.03%)	18.26%	(0.01%)
Provision (benefit) for income taxes	$ 45	$ 3,766	$ 0
Unrecognized tax benefits	$ 0	0	$ 0			$ 6,295
Federal
Income Taxes [Line Items]
Net operating loss carryovers		82,800
Net operating loss carryovers available for utilization, subject to limitations		3,700
State
Income Taxes [Line Items]
Net operating loss carryovers		96,000
Net operating loss carryovers available for utilization, subject to limitations		$ 16,900
White Eagle | Affiliates | Palomino
Income Taxes [Line Items]
Percentage of equity interest sold					72.50%
Class A Interests | White Eagle | Affiliates | Palomino
Income Taxes [Line Items]
Percentage of equity interest sold					72.50%
WE Investment
Income Taxes [Line Items]
Equity investment ownership percentage		27.50%
WE Investment | Lamington
Income Taxes [Line Items]
Equity investment ownership percentage		27.50%		27.50%	27.50%
Collateral pledged | WE Investment | Lamington
Income Taxes [Line Items]
Equity investment ownership percentage					27.50%

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DISCONTINUED OPERATIONS (Tables)

12 Months Ended

Nov. 30, 2019

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Operating Results of Discontinued Structured Settlement Business

Operating results related to the Company’s discontinued structured settlement business are as follows:

	Twelve Months Ended November 30,			Eleven Months Ended November 30,			Twelve Months Ended December 31,
	2019			2018			2017
	(in thousands)
Change in fair value of investments in affiliates	$	(2,384	)	$	—		$	—
Other income	—			17			33
	(2,384		)	17			33
Total expenses	(21		)	46			304
Income (loss) before income taxes	(2,363		)	(29		)	(271		)
(Benefit) provision for income taxes	—			—			—
Income (loss) from discontinued operations, net of income taxes	$	(2,363	)	$	(29	)	$	(271	)

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CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS FOR ENTITIES IN BANKRUPTCY (Tables)

12 Months Ended

Nov. 30, 2019

Condensed Financial Information of Debtor-in-Possession Disclosure [Abstract]

Schedule of Condensed Combined Financial Information of Debtor-in-Possession

Condensed consolidated financial information for Lamington Road DAC is set forth below, presented at historical cost basis

Lamington Road DAC

(Debtor-in-Possession)

Condensed and Consolidated Statements Balance Sheet

	November 30,		November 30,
	2019		2018
	(In thousands except share data)
ASSETS
Assets
Cash and cash equivalents	—		33,719
Prepaid expenses and other assets	—		68
Investment in life settlements, at estimated fair value	—		505,235
Receivable for maturity of life settlements	—		27,700
Total assets	$	—	$	566,722
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Accounts payable and accrued expenses	—		1,410
Other liabilities (subject to compromise)*	—		5,997
Revolving Credit Facility debt, at estimated fair value	—		346,671
Promissory notes payable (subject to compromise)*	—		137,813
Promissory notes interest payable (subject to compromise)*	—		8,580
Total liabilities	—		500,471
Share Capital (1 share of $1 authorized and issued)	—		—
Additional paid in capital	—		60,602
Retained earnings	—		5,649
Total stockholders' equity	—		66,251
Total liabilities and stockholders' equity	$	—	$	566,722

*Liabilities subject to compromise include pre-petition unsecured claims, which may be settled at amounts different

from those recorded in the condensed consolidated balance sheet.

Lamington Road DAC

(Debtor-in-Possession)

Condensed and Consolidated Statements of Operations

December 1, 2018 to August 16, 2019 and November 14, 2018 to November 30, 2018

	2019			2018
Change in fair value of life settlements (Notes 9 & 15)	$	(16,841	)	$	(6,034	)
Change in fair value of investment in limited partnership (Note 10 &15)	15,352			—
Realized Gain on Life Settlements, Net	21,336			—
Other Income	709			35
Total income	20,556			(5,999		)
Interest expense	28,331			—
Interest expense - affiliate	—			458
Change in fair value of White Eagle Revolving Credit Facility (Notes 11 & 15)	17,094			53,613
Loss on extinguishment of debt	7,360			—
Reorganization cost	13,954			563
Legal fees	890			139
Professional fees	1,549			79
Administrative service fees - affiliate	2,765			229
Other general and administrative expenses	469			17
Total expenses	72,412			55,098
Income taxes	—			—
(Loss) income	$	(51,856	)	$	(61,097	)

Lamington Road DAC

(Debtor-in-Possession)

Condensed and Consolidated Statements of Cash Flows

For the Year Ended November 30, 2019 and November 14, 2018 to November 30, 2018

	2019			2018
Net cash flows from operating activities	$	(58,793	)	$	68
Cash flows from investing activities
Premiums paid on life settlements	(69,827		)	(6,557		)
Proceeds from maturity of life settlements	92,505			5,000
Net cash provided by/(used in) investing activities	$	22,678		$	(1,557	)
Cash flows from financing activities
Repayment of borrowings under White Eagle Revolving Credit Facility	(1,804		)	—
Borrowings from White Eagle Revolving Credit Facility	4,221			5,198
Cash distributed to Parent Company	(21		)	—
Net cash provided by financing activities	$	2,396		$	5,198
Net increase in cash and cash equivalents	(33,719		)	3,709
Cash and cash equivalents, at beginning of the period	33,719			30,010
Cash and cash equivalents, at end of the period	$	—		$	33,719
Supplemental disclosures of cash flow information:
Cash paid for interest during the period	$	28,331		$	—
Supplemental disclosures of non-cash financing activities:
Repayment of White Eagle Revolving Credit Facility by third party from proceeds of sale of life settlement	$	366,821		$	—
White Eagle early extinguishment fees paid by third party from proceeds of Class D Shares	$	7,360		$	—

XML

CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS FOR ENTITIES IN BANKRUPTCY - Cash Flow Statements (Details) - USD ($) $ in Thousands	1 Months Ended	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities		$ (41,225)	$ (12,380)	$ (34,847)
Cash flows from investing activities
Premiums paid on life settlements		(78,706)	(163)	(84,718)
Proceeds from maturity of life settlements		90,780	17,768	42,131
Net cash provided by/(used in) investing activities		(17,425)	30,172	(37,566)
Cash flows from financing activities
Repayment of borrowings under White Eagle Revolving Credit Facility		(52,683)	0	(19,633)
Borrowings from White Eagle Revolving Credit Facility		81,275	0	86,356
Net cash provided by financing activities		28,592	5,282	92,362
Net increase/(decrease) in cash and cash equivalents		(30,058)	23,074	19,949
Cash and cash equivalents, at beginning of the year		31,267	1,209	11,318
Cash and cash equivalents, at end of the year	$ 1,209	1,209	24,283	31,267
Supplemental disclosures of cash flow information:
Cash paid for interest during the period		29,255	4,608	$ 21,379
Subsidiaries | Lamington
Condensed Cash Flow Statements, Captions [Line Items]
Net cash provided by (used in) operating activities	68		(58,793)
Cash flows from investing activities
Premiums paid on life settlements	(6,557)		(69,827)
Proceeds from maturity of life settlements	5,000		92,505
Net cash provided by/(used in) investing activities	(1,557)		22,678
Cash flows from financing activities
Repayment of borrowings under White Eagle Revolving Credit Facility	0		(1,804)
Borrowings from White Eagle Revolving Credit Facility	5,198		4,221
Cash distributed to Parent Company	0		(21)
Net cash provided by financing activities	5,198		2,396
Net increase/(decrease) in cash and cash equivalents	3,709		(33,719)
Cash and cash equivalents, at beginning of the year	30,010		33,719
Cash and cash equivalents, at end of the year	33,719	$ 33,719	0
Supplemental disclosures of cash flow information:
Cash paid for interest during the period	0		28,331
Supplemental disclosures of non-cash financing activities:
Repayment of White Eagle Revolving Credit Facility by third party from proceeds of sale of life settlement	0		366,821
White Eagle early extinguishment fees paid by third party from proceeds of Class D Shares	$ 0		$ 7,360

XML

EARNINGS PER SHARE - Narrative (Details) - shares	Nov. 30, 2019	Nov. 30, 2018	Dec. 31, 2017
Earnings Per Share [Abstract]
Common stock, shares issued (shares)	158,365,275	158,733,928	158,495,399
Common stock, shares outstanding (shares)	157,757,275	158,125,928	157,887,399
Treasury stock (shares)	608,000	608,000	608,000

XML

STOCK-BASED COMPENSATION - Common Stock Options Activity (Details) - USD ($)	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019
Number of Shares
Options outstanding, Beginning Balance (shares)		85,000
Options granted (shares)		0
Options exercised (shares)		0
Options forfeited (shares)		0
Options expired (shares)		0
Options outstanding, Ending Balance (shares)	85,000	85,000
Exercisable at end of period (shares)		85,000
Unvested at end of period (shares)		0
Weighted Average Price per Share
Options outstanding, Beginning Balance (usd per share)		$ 6.94
Options granted (usd per share)		0.00
Options exercised (usd per share)		0.00
Options forfeited (usd per share)		0.00
Options expired (usd per share)		0.00
Options outstanding, Ending Balance (usd per share)	$ 6.94	6.94
Exercisable at end of period (usd per share)		6.94
Unvested at end of period (usd per share)		$ 0.00
Weighted Average Remaining Contractual Term
Options outstanding	1 year 6 months 20 days	6 months 18 days
Exercisable at end of period		6 months 18 days
Aggregate Intrinsic Value
Options outstanding, Beginning Balance		$ 0
Options outstanding, Ending Balance	$ 0	0
Unvested at end of period		$ 0

XML

FAIR VALUE MEASUREMENTS - Discount Rate Used to Calculate Death Benefits (Details) $ in Thousands	12 Months Ended
	Nov. 30, 2019 USD ($)	Nov. 30, 2018 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investment in life settlements fair value	$ 1,297	$ 506,407
Discount rate | 0.50% Decrease
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Life settlement, measurement input	0.1442
Investment in life settlements fair value	$ 1,352
Change in Value	$ 55
Discount rate | No Change
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Life settlement, measurement input	0.1492
Investment in life settlements fair value	$ 1,297
Change in Value	$ 0
Discount rate | 0.50% Increase
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Life settlement, measurement input	0.1542
Investment in life settlements fair value	$ 1,245
Change in Value	$ (52)

XML

WHITE EAGLE REVOLVING CREDIT FACILITY - Amounts Drawn for Premiums (Details) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Debt Instrument [Line Items]
Total amount drawn	$ 81,275	$ 0	$ 86,356
Revolving Credit Facility | White Eagle
Debt Instrument [Line Items]
Amount drawn for premium payments	84,922	4,221
Amount drawn in fees to service providers	2,478	0
Total amount drawn	$ 87,400	$ 4,221

XML

WHITE EAGLE REVOLVING CREDIT FACILITY - Narrative (Details)												1 Months Ended	11 Months Ended	12 Months Ended
	Aug. 16, 2019 USD ($)	Jul. 18, 2019 USD ($)	May 07, 2019	Jan. 25, 2019 USD ($)	Jan. 15, 2019	Dec. 31, 2018	Nov. 14, 2018	Nov. 13, 2018	Dec. 29, 2016 USD ($) contract	Nov. 09, 2015 USD ($)	Apr. 29, 2013 USD ($)	May 31, 2019	Nov. 30, 2018 USD ($) contract	Nov. 30, 2019 USD ($) contract	Dec. 31, 2017 USD ($)	Dec. 30, 2019 USD ($)	Sep. 17, 2019	Aug. 31, 2019	Aug. 28, 2019 USD ($)	Aug. 15, 2019	Feb. 11, 2019 USD ($)	Jan. 30, 2019 USD ($)	Dec. 28, 2018 USD ($)	Dec. 13, 2018	Aug. 31, 2018	Oct. 04, 2017	Aug. 11, 2017 USD ($)	Jul. 28, 2017 USD ($)	Jul. 26, 2017 USD ($)	Apr. 18, 2017
Debt Instrument [Line Items]
Borrowings from White Eagle Revolving Credit Facility													$ 81,275,000	$ 0	$ 86,356,000
Investment in limited partnership, at estimated fair value (Note 10)													0	$ 137,849,000
Revolving Credit Facility
Debt Instrument [Line Items]
Repayment of outstanding principal on line of credit	$ 368,000,000
Repayment of accrued and unpaid interest on line of credit	$ 21,300,000
White Eagle Asset Portfolio, LLC | Revolving Credit Facility
Debt Instrument [Line Items]
Cash interest coverage ratio required														2.0												2.0
Percentage of remaining proceeds														50.00%
Cash sweep percentage required														100.00%
White Eagle | Revolving Credit Facility
Debt Instrument [Line Items]
Initiation date											Apr. 29, 2013
Revolving credit facility period											15 years
Portfolio of life insurance										$ 250,000,000.0	$ 300,000,000.0
Increase in interest rate										0.50%
Borrowings from White Eagle Revolving Credit Facility													87,400,000	$ 4,221,000
Collateral pledge percentage for distributions to be altered														25.00%
Participation interest paid by waterfall													$ 76,609,000	$ 0
Base rate														0.50%
Debt instrument effective rate																				9.51%					6.61%
Expiration date														Dec. 31, 2031
Period during which debtors are authorized to use proceeds from pre-petition cash collateral (equivalent to weeks)			2 months 7 days		5 months							2 months 7 days
White Eagle | Revolving Credit Facility | Maintenance Costs
Debt Instrument [Line Items]
Line of credit borrowing base percentage														100.00%
White Eagle | Revolving Credit Facility | Accrued and Unpaid Interest
Debt Instrument [Line Items]
Line of credit borrowing base percentage														100.00%
White Eagle | Revolving Credit Facility | Policies pledged as collateral as determined by the lenders
Debt Instrument [Line Items]
Line of credit borrowing base percentage														75.00%
White Eagle | Revolving Credit Facility | Floor Rate
Debt Instrument [Line Items]
Basis spread on variable rate						3.01%				2.11%				1.50%
White Eagle | Revolving Credit Facility | Applicable Margin
Debt Instrument [Line Items]
Basis spread on variable rate										4.00%				4.50%
White Eagle | Revolving Credit Facility | Federal Funds Rate
Debt Instrument [Line Items]
Basis spread on variable rate														0.75%
White Eagle | Revolving Credit Facility | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread over variable rate in event of default														1.50%
Debt instrument, additional percentage over spread on variable rate in event of default														6.50%
Minimum | White Eagle | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility covenant terms loan to value ratio														45.00%
Minimum | White Eagle | Revolving Credit Facility | Applicable Margin
Debt Instrument [Line Items]
Basis spread on variable rate										1.50%
8.5% Senior Secured Notes
Debt Instrument [Line Items]
Debt instrument issued																											$ 5,000,000	$ 30,000,000
Debt instrument, interest rate														850.00%										8.50%				8.50%
Debt repurchased																					$ 967,000	$ 2,000,000	$ 5,700,000
8.5% Senior Secured Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument issued														$ 47,600,000
8.50% Convertible Notes
Debt Instrument [Line Items]
Debt instrument, interest rate													8.50%	8.50%	8.50%
8.50% Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Debt instrument issued																												$ 73,000,000	$ 74,200,000
Debt repurchased																			$ 1,200,000
5.0% Convertible Notes
Debt Instrument [Line Items]
Debt instrument, interest rate													5.00%	5.00%
5.0% Convertible Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument issued														$ 75,800,000
5.0% Convertible Notes | Convertible Notes
Debt Instrument [Line Items]
Debt instrument, interest rate														5.00%																5.00%
After June 30, 2019 | White Eagle Asset Portfolio, LLC | Revolving Credit Facility
Debt Instrument [Line Items]
Cash interest coverage ratio required														1.75
Number of consecutive days to maintain cash interest coverage ratio														60 days
Collateral pledged | White Eagle | Revolving Credit Facility
Debt Instrument [Line Items]
Portfolio of life insurance														$ 370,000,000
Number of life insurance policies owned | contract									190				586	0
Borrowings from White Eagle Revolving Credit Facility									$ 71,100,000
LNV | Subsidiaries
Debt Instrument [Line Items]
Percentage of debt commitment in connection with receiving an equity stake percentage				45.00%
Palomino | Affiliates | White Eagle
Debt Instrument [Line Items]
Percentage of equity interest sold	72.50%
White Eagle | Affiliates
Debt Instrument [Line Items]
Percentage of equity interest sold	72.50%
Proceeds from sale of limited partnership interest	$ 366,200,000
Jade Mountain | Affiliates | White Eagle
Debt Instrument [Line Items]
Exchange price on sale of equity interest in subsidiary		$ 384,300,000
Limited Partner | Lamington | IRELAND
Debt Instrument [Line Items]
Ownership interest percentage								99.99%
Limited Partner | Lamington | IRELAND | Subsidiaries
Debt Instrument [Line Items]
Ownership interest percentage							99.99%	99.99%
General Partner | WEGP
Debt Instrument [Line Items]
Ownership interest percentage								0.01%
General Partner | WEGP | Subsidiaries
Debt Instrument [Line Items]
Ownership interest percentage							0.01%	0.01%
Class A Interests | Palomino | Affiliates | White Eagle
Debt Instrument [Line Items]
Percentage of equity interest sold	72.50%
Class D Interests | Palomino | Affiliates | White Eagle
Debt Instrument [Line Items]
Proceeds from sale of limited partnership interest	$ 8,000,000
DIP Financing | LNV | Subsidiaries
Debt Instrument [Line Items]
Amount of debt committed to in connection with receiving an equity stake percentage				$ 370,000,000
Percentage of debt commitment in connection with receiving an equity stake percentage				45.00%													45.00%
DIP Financing | LNV | Subsidiaries | If paid by September 17, 2019 | White Eagle
Debt Instrument [Line Items]
Default rate of outstanding principal and accrued interest																	102.00%
Forecast | DIP Financing | LNV | Subsidiaries | WEGP
Debt Instrument [Line Items]
Debtor-in-possession financing																$ 15,000,000
Forecast | DIP Financing | LNV | Subsidiaries | If paid by December 30, 2019 | White Eagle
Debt Instrument [Line Items]
Default rate of outstanding principal and accrued interest																104.00%
WE Investment
Debt Instrument [Line Items]
Number of life insurance policies owned | contract														561
Equity investment ownership percentage														27.50%
WE Investment | Subsidiaries
Debt Instrument [Line Items]
Equity investment ownership percentage														27.50%
WE Investment | Lamington
Debt Instrument [Line Items]
Equity investment ownership percentage	27.50%													27.50%				27.50%
Investment in limited partnership, at estimated fair value (Note 10)	$ 138,900,000													$ 137,800,000
WE Investment | Lamington | Subsidiaries
Debt Instrument [Line Items]
Equity investment ownership percentage	27.50%
WE Investment | Lamington | Collateral pledged
Debt Instrument [Line Items]
Equity investment ownership percentage	27.50%
WE Investment | Lamington | Collateral pledged | Subsidiaries
Debt Instrument [Line Items]
Equity investment ownership percentage	27.50%
WE Investment | White Eagle | Subsidiaries
Debt Instrument [Line Items]
Equity investment ownership percentage														27.50%
Investment in limited partnership, at estimated fair value (Note 10)														$ 137,800,000
WE Investment | White Eagle | Collateral pledged | Subsidiaries
Debt Instrument [Line Items]
Equity investment ownership percentage	27.50%
CLMG | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit payoff	$ 402,500,000
CLMG | White Eagle | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit payoff	28,300,000
CLMG | Class A Interests | Palomino | Revolving Credit Facility
Debt Instrument [Line Items]
Purchase price of acquired equity interest	374,200,000
CLMG | Class D Interests | Palomino | Affiliates | White Eagle | Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from sale of limited partnership interest	8,000,000
LNV | Revolving Credit Facility
Debt Instrument [Line Items]
Early repayments of line of credit	7,400,000
Lender-allowed claims	$ 5,800,000

XML

FAIR VALUE MEASUREMENTS - Quantitative Information About Level 3 Fair Value Measurements (Details) $ in Thousands	Nov. 30, 2019 USD ($)	Aug. 31, 2019	Nov. 30, 2018 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment in life settlements fair value	$ 1,297		$ 506,407
Investment in life settlement, aggregate death benefit	12,000
Investment in limited partnership, at estimated fair value	137,849		0
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment in life settlements fair value	1,297		$ 506,407
Investment in life settlement, aggregate death benefit	12,000
Investment in limited partnership, at estimated fair value	137,849
Investment in limited partnership, aggregate death benefit	$ 736,449
Level 3 | Discounted cash flow | Discount rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment in limited partnership, measurement input	0.1525
Level 3 | Discounted cash flow | Discount rate | Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment in life settlement, measurement input		0.1325
Level 3 | Discounted cash flow | Discount rate | Maximum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment in life settlement, measurement input		0.1525
Level 3 | Discounted cash flow | Life expectancy evaluation
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Investment in life settlement, measurement input	11.4

XML

CONDENSED AND CONSOLIDATED FINANCIAL STATEMENTS FOR ENTITIES IN BANKRUPTCY - Statements of Operations (Details) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended							9 Months Ended	10 Months Ended	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Feb. 28, 2018	Nov. 30, 2019	Aug. 31, 2019	May 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 31, 2018	May 31, 2018	Aug. 16, 2019	Nov. 13, 2018	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Condensed Income Statements, Captions [Line Items]
Change in fair value of life settlements												$ (46,879)	$ (38)	$ 51,551
Change in fair value of investment in limited partnership												0	1,361	0
Other income												1,351	2,261	322
Total income (loss)		$ 5,591	$ 7,412	$ 86,858	$ (18,792)	$ (33,953)	$ (86,395)	$ 29,714	$ 5,563			(196,422)	41,525	51,873
Interest expense												30,845	11,220	32,797
Change in fair value of White Eagle Revolving Credit Facility												(70,900)	0	4,501
Loss on extinguishment of debt												0	0	2,018
Legal fees												3,052	2,935	3,721
Professional fees												5,475	2,489	4,445
Other selling, general and administrative expenses												1,562	649	1,776
Total expenses (income)												(26,525)	20,900	55,111
Income taxes												$ 45	3,766	$ 0
Subsidiaries | Lamington
Condensed Income Statements, Captions [Line Items]
Change in fair value of life settlements	$ (6,034)									$ (16,841)
Change in fair value of investment in limited partnership	0									15,352
Realized Gain on Life Settlements, Net	0									21,336
Other income	35									709
Total income (loss)	(5,999)									20,556
Interest expense	0									28,331
Interest expense - affiliate	458									0
Change in fair value of White Eagle Revolving Credit Facility	53,613									17,094
Loss on extinguishment of debt	0									7,360
Reorganization cost	563									13,954
Legal fees	139									890
Professional fees	79									1,549
Administrative service fees - affiliate	229									2,765	$ 5,200		$ 2,800
Other selling, general and administrative expenses	17									469
Total expenses (income)	55,098									72,412
Income taxes	0									0
Net (loss) income from continuing operations	$ (61,097)									$ (51,856)

XML

ORGANIZATION AND DESCRIPTION OF BUSINESS ACTIVITIES

12 Months Ended

Nov. 30, 2019

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND DESCRIPTION OF BUSINESS ACTIVITIES

ORGANIZATION AND DESCRIPTION OF BUSINESS ACTIVITIES

Emergent Capital, Inc. was founded in December 2006 as a Florida limited liability company, Imperial Holdings, LLC, and converted into Imperial Holdings, Inc. on February 3, 2011, in connection with the Company’s initial public offering. Effective September 1, 2015, the name was changed to Emergent Capital, Inc. (with its subsidiary companies, the "Company" or "Emergent Capital").

Emergent Capital, through its subsidiaries, owns two life insurance policies, also referred to as life settlements, with a fair value of $1.3 million and an aggregate death benefit of approximately $12.0 million at November 30, 2019. Additionally, through a subsidiary, the Company owns a 27.5% equity investment, having an estimated fair value of approximately $137.8 million at November 30, 2019, in White Eagle Asset Portfolio, LP ("White Eagle"), which was previously a wholly-owned subsidiary of the Company that holds a portfolio of life settlements. The Company primarily earns income through change in fair value and death benefits from these two polices and change in fair value and distributions from its equity investment in White Eagle.

Change in Financial Year End

On September 7, 2018, the Board of Directors adopted resolutions to change the Company’s fiscal year end, and have the Company cause its direct and indirect subsidiaries change their fiscal year ends, from December 31 to November 30, effective immediately. Our financial results for the fiscal year ended November 30, 2019 will cover the twelve months of transactions from December 1, 2018 to November 30, 2019, and are compared to the results of our previous fiscal year ended November 30, 2018 which covers the eleven months transition period from January 1, 2018 to November 30, 2018 and our previous twelve month fiscal year-end as of December 31, 2017.

Voluntary Petitions for Relief Under Chapter 11 and De-consolidation of Subsidiaries

On November 14, 2018 (the "Petition Date"), Lamington Road Designated Activity Company (formerly known as Lamington Road Limited), the Company’s wholly-owned indirect Irish subsidiary ("Lamington" or "Lamington Road DAC"), and White Eagle General Partner, LLC, the Company’s indirect Delaware subsidiary ("WEGP"), filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"). Lamington is the limited partner and owns 99.99%, and WEGP is the general partner and owns 0.01%, of White Eagle. In its capacity as general partner, WEGP manages the affairs of White Eagle. The Lamington and WEGP filings are referred to as the "November Chapter 11 Cases."

The commencement of the November Chapter 11 Cases would constitute defaults and events of default under the terms of the Company’s Amended and Restated Senior Secured Indenture and the New Convertible Note Indenture (each as defined below). However, such defaults and events of default and their consequences were waived in advance of the November Chapter 11 Cases by holders of a majority of the outstanding principal amounts of each of the 8.5% Senior Secured Notes and the New Convertible Notes, and consequently, the Company believes that no defaults, events of default or acceleration of the payment obligations thereunder, including principal or accrued interest, occurred under either the Amended and Restated Senior Secured Indenture or the New Convertible Note Indenture. The commencement of the November Chapter 11 Cases constituted an event of default under the Second Amended and Restated Loan and Security Agreement, dated as of January 31, 2017, by and among White Eagle, as borrower, Imperial Finance and Trading, LLC, Lamington Road Bermuda, LTD, as Portfolio Manager ("Lamington Bermuda"), CLMG Corp., as Administrative Agent ("CLMG"), and LNV Corporation, as Lender ("LNV"), asamended (the "White Eagle Revolving Credit Facility"), resulting in the principal and accrued interest due from White Eagle thereunder becoming immediately due and payable. Lamington and WEGP have pledged their respective interests in White Eagle to secure its obligations under the White Eagle Revolving Credit Facility. Any efforts by LNV, or CLMG to enforce such pledges by Lamington and WEGP of their respective interests in White Eagle in connection with the White Eagle Revolving Credit Facility are automatically stayed as a result of the commencement of the November Chapter 11 Cases and LNV’s and CLMG’s rights of enforcement in respect of the White Eagle Revolving Credit Facility are subject to the applicable provisions of the Bankruptcy Code. In addition, on November 15, 2018, White Eagle, LNV and CLMG entered into an Agreement Regarding Rights and Remedies (the "Standstill Agreement"), pursuant to which LNV and CLMG agreed to refrain from exercising their rights and remedies in connection with the White Eagle Revolving Credit Facility, subject to the terms and provisions of the Standstill Agreement, until 12:00 p.m. noon Pacific time on November 26, 2018, to facilitate negotiations. The effective period under the Standstill Agreement was extended several times, finally to December 13, 2018.

On December 13, 2018, White Eagle filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the "White Eagle Chapter 11 Case" and, together with the November Chapter 11 Cases, the "Chapter 11 Cases"). The Company obtained waivers from the requisite holders of each of the 8.5% Senior Secured Notes and the New Convertible Notes with respect to the White Eagle Chapter 11 Case, similar to the waivers for the November Chapter 11 Cases, and believes that no defaults, events of default or acceleration of the payment obligations thereunder, including principal or accrued interest, occurred with respect to both the 8.5% Senior Secured Notes and the New Convertible Notes. On September 16, 2019, the Bankruptcy Court entered an order and final decree closing the White Eagle Chapter 11 Case. The Lamington and WEGP Chapter 11 Cases were dismissed on November 25, 2019.

Beal Litigation

On January 25, 2019, the Company, White Eagle, Lamington, and WEGP , the ("Plaintiffs"), filed suit (the "Suit") against LNV Corporation ("LNV"), Silver Point Capital L.P. ("Silver Point") and GWG Holdings, Inc. ("GWG" and, with LNV and Sliver Point, the "Defendants") in the United States Bankruptcy Court for the District of Delaware (the "Court"), where the Suit will be administered together with the previously filed and announced petitions for relief under Chapter 11 of the United States Bankruptcy Code of White Eagle, Lamington and WEGP (the "Chapter 11 Cases" and White Eagle, Lamington and WEGP, the "Debtors"). LNV, a subsidiary of Beal Bank ("Beal"), is the lender under White Eagle’s outstanding revolving credit facility (the "Credit Facility").

In the Suit, the Plaintiffs allege that the Defendants engaged in a scheme to coerce the Plaintiffs into selling their valuable portfolio of life insurance policies to defendants for well below its true value. Pursuant to the Credit Facility, LNV agreed to lend $370 million to White Eagle, and in connection therewith received a 45% equity stake in White Eagle. That equity stake, and LNV’s significant control over White Eagle under the Credit Facility, creates a joint venture, and gives rise to fiduciary duties to White Eagle and Emergent, on the part of LNV. The Plaintiffs further allege that LNV has been engaged in a concerted campaign to "squeeze" White Eagle and Emergent by improperly restricting their cash flow, in the hopes that White Eagle and Emergent will have no choice but to sell the valuable policy portfolio to LNV or one of its proxies, including Silver Point and/or GWG, at below its true value.

In connection with the White Eagle Chapter 11 Case, on January 15, 2019, the Court authorized the Debtors to use the proceeds of pre-petition cash collateral for a period of twenty (20) weeks (the "Cash Collateral'). The Cash Collateral may be used solely for the purposes permitted under the budget approved by the Court, including (i) to provide working capital needs of the Debtors and general corporate purposes of the Debtors, (ii) to make the payments or fund amounts otherwise permitted in the final order that authorized such uses and such budget, (iii) to fund amounts necessary to pay certain fees; and (iv) to fund amounts necessary to pay certain professional fees in accordance with such Budget.

Global Settlement Agreement in Principle in Bankruptcies

On May 7, 2019, a global settlement in principle of the Chapter 11 Cases and the Suit was announced on the record to, and filed with, the Bankruptcy Court jointly by the Debtors and Defendants (the "Proposed Settlement"). The Proposed Settlement would be effected together with the plan of reorganization, in accordance with the following schedule: (x) the Proposed Settlement and plan of reorganization, and other relevant documents, would be filed with the Bankruptcy Court by May 24, 2019, (y) the parties would use their best efforts to have the Proposed Settlement approved by the Bankruptcy Court by June 7, 2019, and (z) the parties would use their best efforts to have a confirmation hearing for approval of the plan of reorganization by the Bankruptcy Court held on or before June 21, 2019.

Pursuant to the Proposed Settlement, among other things:

• White Eagle shall have up to and including September 17, 2019 to satisfy any and all obligations to LNV under the Credit Facility by paying LNV 102% of its outstanding principal plus accrued interest at the relevant default rate, accrued fees and costs, which aggregate amount would include the resolution of the 45% participation interest element of the Credit Facility which was part of the subject matter of the Suit;

• If White Eagle satisfies such obligations after September 17, 2019 and by December 30, 2019, the amount due on the outstanding principal would increase to 104%;

• In the event LNV has not received the payoff described above by September 17, 2019, the court-appointed liquidation trustee, together with investment banking assistance from Maple Life Financial, LLC, shall have full authority to sell White Eagle’s life insurance policy portfolio (which constitutes collateral under the Credit Facility) for the maximum amount achievable through an orderly sale process, taking into account that the transaction must be closed no later than December 30, 2019; in connection with this authority, the liquidation trustee and the investment banker may work prior to September 17, 2019 to prepare the portfolio for sale, but may not take actions to actually commence a sale including, but not limited to, marketing the portfolio or contacting potential buyers about the portfolio, prior to such date.

• If the portfolio is sold in whole or in part, LNV shall only have the right to step in to bid for such sale if, and to the extent, the total amounts generated through the sale thereof do not fully satisfy the payoff amount.

• If the sale of any portion of the policies that serve as collateral under the White Eagle Revolving Credit Facility (the "Collateral") has not closed or the proceeds of such sale(s) have not been received by CLMG by December 30, 2019, and if the obligations due to LNV (the "Payoff Amount") has not then been paid in cash in full, such Collateral shall be transferred on or before Noon Eastern on December 31, 2019 to CLMG (or its designee) in full satisfaction of the remaining unpaid portion of the amounts due to LNV.

In addition, in order to provide sufficient cash flow to the Company during this period, and subject to negotiation of mutually-agreed upon terms and conditions, the Debtors shall have the right to use proceeds from the maturity of any portfolio policy and resolution of certain claims, and LNV will provide the Debtors a revolving $15.0 million of debtor-in-possession financing (which amount may be increased if found to be insufficient) through December 30, 2019 (the "DIP Financing").

On June 5, 2019, the Bankruptcy Court approved an agreement memorializing the Proposed Settlement (the "Settlement Agreement") and the DIP Financing. The plan of reorganization for the Chapter 11 Cases, which implements the Settlement Agreement and the DIP Financing (the "Plan of Reorganization") was confirmed by the Bankruptcy Court on June 19, 2019

On July 18, 2019, the Company entered into a commitment letter (the "Commitment Letter") with Lamington, White Eagle and Jade Mountain Partners, LLC ("Jade Mountain") in connection with the Plan of Reorganization. The Commitment Letter provided for a transaction in which Jade Mountain and/or certain of its affiliates and/or certain investors would acquire 72.5% of the equity interests of White Eagle in exchange for $384.3 million as may be adjusted in accordance with the final documentation. The Commitment Letter and its terms and the transactions contemplated thereby were approved by the Bankruptcy Court on July 22, 2019.

Repayment and Termination of the White Eagle Revolving Credit Facility

On August 16, 2019, the Company entered into a subscription agreement (the "Subscription Agreement") with Lamington Road ("Class B Limited Partner"), White Eagle, WEGP ("Withdrawing General Partner"), and Palomino JV, L.P. ("Palomino" or "Class A Limited Partner"), in connection with the commitment letter signed on June 22, 2019 with Jade Mountain , pursuant to which White Eagle sold to Palomino 72.5% of its limited partnership interests, consisting of all of the newly issued and outstanding Class A and Class D interests, and WEGP sold to an affiliate of Jade Mountain (the "Manager") all of its general partnership interests (collectively, the "WE Investment") for a purchase price of approximately $366.2 million and $8.0 million for the Class A and Class D interests, respectively. Pursuant to the Subscription Agreement, Lamington received 27.5% of the limited partnership interests of White Eagle, consisting of all of the newly issued and outstanding Class B interests in exchange for all of its previously owned White Eagle limited partnership interests with a value of approximately $138.9 million on the closing date.

The proceeds of the WE Investment were used to satisfy in full (i) the White Eagle Revolving Credit Facility , and (ii) DIP Financing extended by CLMG, as Administrative Agent ("CLMG"), as agent, and LNV, as Lender, to White Eagle, each in connection with the termination of the White Eagle Revolving Credit Facility and the release of the related liens on the collateral thereunder pursuant to a Master Termination Agreement dated as of August 16, 2019 among WEGP, Lamington, White Eagle, Markley Asset Portfolio, LLC, CLMG, as administrative agent, LNV, as initial lender, Wilmington Trust, National Association, in its capacities as securities intermediary, custodian and agent, and Palomino (the "Master Termination Agreement"). The repayment and termination of the White Eagle Revolving Credit Facility and the termination of the DIP Financing, which had not been drawn against, were in accordance with the Plan of Reorganization for Lamington, WEGP and White Eagle approved by the Bankruptcy Court with respect to the Chapter 11 Cases.

The WE Investment was consummated, and the White Eagle Revolving Credit Facility was paid off in full and terminated, on August 16, 2019. The payoff totaled $402.5 million, which included payment directly to CLMG by Palomino of $374.2 million and payment to CLMG by White Eagle of $28.3 million, collectively sufficient to repay, under the White Eagle Revolving Credit Facility, the outstanding principal of $368.0 million, accrued and unpaid interest of $21.3 million plus, under the Plan of Reorganization, an early payment amount due to LNV of $7.4 million and lender-allowed claims of $5.8 million. Of the $374.2 million purchase price of the limited partnership, $8.0 million was allocated to the Class D interests which amount is to be repaid in accordance with the distribution terms of the amended and restated Limited Partnership Agreement of White Eagle.

In connection with the WE Investment, the Limited Partnership Agreement of White Eagle was amended and restated (the "A&R LPA") to provide for the issuance of the Class A, B and D limited partnership interests, and for funding of an "Advance Facility" to maintain reserves sufficient to fund premiums, certain operating expenses of White Eagle and certain minimum payments to Lamington as the holder of the Class B interests. Pursuant to the A&R LPA, holders of Class A interests are entitled to receive distributions on the amounts paid or contributed by them in relation to the WE Investment and funding of the Advance Facility after payment of premiums on the portfolio policies and other fees and expenses. The A&R LPA provides generally that holders of the Class A and Class B Interests receive distributions of proceeds of the assets of White Eagle based on their 72.5% and 27.5% ownership, respectively, after certain expenses and reserves are funded (including such minimum payments to Lamington totaling approximately $8.0 million per year for the first three (3) years and $4.0 million for the subsequent seven (7) years), provided that commencing after year three (3), such minimum payments will be utilized to repay the Class D Return of $8.0 million, which was advanced at closing, plus the greater of $2.0 million or 11% per annum on such$8.0 million to the extent necessary to fully repay such Class D Return. The minimum payments to the Company will occur regardless of maturities with payments through the premium/expense reserve account when there are no maturity proceeds available for distributions as described below). However, the A&R LPA also provides that all payments to holders of the Class B interests (other than such minimum payments to Lamington during the first eight (8) years following the Closing Date) are fully subordinated to payments in respect of the minimum returns to holders of the Class A and Class D interests (including repayment of all amounts advanced in respect of the Advance Facility) and to any indemnification payments, if any, due to such holders and related indemnified persons pursuant to the indemnities afforded them in and in relation to the A&R LPA, Subscription Agreement, Master Termination Agreement and related documents. As of the closing of the Investment, Lamington Bermuda resigned as manager of the portfolio and was replaced by Jade Mountain or an affiliate thereof.

On August 16, 2019, Lamington also entered into (i) a pledge agreement (the "Pledge Agreement") pursuant to which it pledged the 27.5% limited partnership interests of White Eagle owned by it to Palomino and certain other secured parties in support of the payment and indemnification obligations described above, and (ii) an assumption agreement among White Eagle, Lamington, the Company and WEGP (the "Assumption Agreement") pursuant to which Lamington assumed all liabilities and obligations of White Eagle and WEGP as of the closing date of the Transactions, and Lamington, the Company and WEGP agreed to terminate, waive and release any intercompany debt, obligations and liabilities of White Eagle to Lamington, the Company and WEGP. On August 16, 2019, Emergent entered into an indemnification agreement (the "Indemnification Agreement") pursuant to which it indemnified Wilmington Trust, National Association against claims and liabilities that may arise in relation to policies that have matured prior to the Closing Date but as to which Wilmington Trust, National Association has historically held title as securities intermediary.

See Note 10, "Investment in Limited Partnership", to the accompanying consolidated financial statements for further information.

Deconsolidation and Subsequent Measurement of the Deconsolidated Entities

Lamington and its subsidiaries' (White Eagle, WEGP and Lamington Bermuda), financial results were excluded from the Company’s consolidated results for the period from November 14, 2018, the Petition Date to August 16, 2019 the day the date the White Eagle Revolving Facility was terminated. ASC 810, Consolidation require that an entity whose financial statements were previously consolidated with those of its parent that files for protection under the U.S. Bankruptcy Code, whether solvent or insolvent, generally must be prospectively deconsolidated from the parent and presented as an equity investment (deconsolidation applies to Lamington and all subsidiaries owned, directly or indirectly, by Lamington, including WEGP, White Eagle and Lamington Bermuda which collectively are referred to herein as the ("Deconsolidated Entities" or the "Debtors"). Therefore, our 2019 results are not comparable with our 2018 results. Under ASC 810, this loss of control would likely trigger a gain or loss for the parent as the parent would remeasure its retained noncontrolling investment at fair value each reporting period. We assessed the inherent uncertainties associated with the outcome of the Chapter 11 reorganization process and the anticipated duration thereof, and concluded that it was appropriate to deconsolidate Lamington and its subsidiaries effective on the Petition Date.

Lamington and WEGP had pledged their respective interests in White Eagle to secure its obligations under the White Eagle Revolving Credit Facility, with the termination of the facility, this pledge was also terminated. There was no outstanding third party liabilities for either Lamington or WEGP at August 16, 2019 besides intercompany obligations to Emergent.

On September 16, 2019, the Bankruptcy Court entered an order and final decree closing the White Eagle Chapter 11 Case, the Lamington and WEGP case were dismissed on November 25, 2019. However pursuant to ASC 810, Consolidation, management took the position that given that all third party claims had been satisfied in the case, consolidation of Lamington and WEGP as of August 17, 2019 was appropriate.

As part of the WE Investment, the Company sold 72.5% of its ownership in White Eagle, which is the most substantial asset of the Company, resulting in a reduction in its ownership from 100% to 27.5%. Given the new percentage ownership, this is considered an equity investment. Based on the A&R LPA, the Company will receive funds from White Eagle through a monthly distribution which is highly driven by maturities of the portfolio. Although the Company is guaranteed certain monthly payments, the Class A Partner must be made whole based on their established IRR of 11% which exposes the Company as to the amount and timing of funds that will be received. Although White Eagle continues to be a VIE under ASC 810, Consolidation, the Company has not met the criteria for consolidation as they do not have a controlling interest in While Eagle, financially or otherwise. Based on the A&R LPA, the Company's management responsibilities are very limited. The Company's remaining ownership of White Eagle does not give the Company any control over decisions of White Eagle and the Company is the minority owner. As a result, the Company is precluded from consolidating White Eagle at November 30, 2019.

White Eagle previously valued its life settlement policies at fair value whose valuation were based on inputs that are both significant to the fair value measurement and unobservable. The Company now holds an equity investment of 27.5% in White Eagle whose only assets are these life settlements. Additionally, the investment includes a mezzanine financing which the Company assumed at closing which repayment by, and ultimate distributions to, the Company are based on a prescribed waterfall with a guaranteed 11% return to the majority owner partner. The Company will utilize a fair value approach to account for its 27.5% investment in White Eagle, and the calculation will be performed consistent with ASC 820, Fair Value Measurement with changes in fair value recorded in current earnings.

8.5% Senior Secured Notes Amendment

On December 10, 2018, the Company and Wilmington Trust, National Association, as indenture trustee, entered into a Second Supplemental Indenture (the "Second Supplemental Indenture") which amended the Amended and Restated Indenture, dated as of July 28, 2017, as amended by the First Supplemental Indenture dated as of January 10, 2018 (as so amended, the "Indenture"), relating to the Company’s 8.5% Senior Secured Notes due July 15, 2021 (the "8.5% Senior Secured Notes"). The Second Supplemental Indenture (i) increased the aggregate principal amount of Notes permitted to be issued under the Indenture from $40.0 million to $70.0 million and (ii) provided for interest on the Notes to be paid in kind, such that the principal amount of the relevant holder’s note is increased by the amount of interest, in lieu of cash payment ("PIK"). The Company may elect to pay PIK interest instead of cash interest for any Interest Period (as defined in the Indenture) to holders of Notes who consented to accept PIK interest. Each holder of outstanding Notes made an election with respect to some or all of the outstanding principal amount of such holder’s Notes as to whether or not to accept PIK interest whenever the Company elects to pay interest in PIK in lieu of cash. Any new holder of Notes, other than a transferee who is an affiliate of a transferring holder that did not elect to accept PIK interest, will be deemed to have elected to accept PIK interest. A holder receiving PIK interest shall also automatically receive, for each applicable Interest Period, an amount equal to 3.0% per annum of additional interest on the principal amount of such holder’s Notes for which the holder elected to accept PIK interest.

All terms of the Indenture that were not amended by the Second Supplemental Indenture remain in full force and effect.

On December 28, 2018, the Company entered into subscription agreements (the "Subscription Agreements") with several investors (the "Investors"), Pursuant to the Subscription Agreements, the Investors purchased from the Company an aggregate of $5.7 million principal amount of the Company’s 8.5% Senior Secured Notes for an aggregate purchase price of $4.3 million. The transactions were consummated on December 28, 2018.

On December 28, 2018, the Company received a commitment letter (the "Commitment Letter") from Ironsides Partners LLC, an entity affiliated with Robert Knapp, a member of the Board, for an aggregate investment, at the Company’s election, of up to $2.0 million principal amount of 8.5% Senior Secured Notes for an aggregate purchase price of up to $1.5 million no later than January 31, 2019. The Commitment Letter contains certain conditions precedent to Ironsides’ obligations to purchase such Senior Notes.

On January 30, 2019, the Company entered into a Note Purchase Agreement (the "Note Purchase Agreement")with Ironsides Partners Special Situations Master Fund III L.P. (the "Investor"), which is affiliated with Robert Knapp, a member of the Company’s Board of Directors. Pursuant to the Note Purchase Agreement, the Investor purchased from the Company $2.0 million principal amount of the Company’s 8.5% Senior Secured Notes for a purchase price of $1.5 million.

On February 11, 2019, the Company entered into a Subscription Agreement (the "Subscription Agreement") with Brennan Opportunities Fund I LP (the "Investor"), which is affiliated with Patrick T. Brennan, a member of the Company’s Board of Directors. Pursuant to the Subscription Agreement, the Investor purchased from the Company $967,000 principal amount of the Company’s 8.5% Senior Secured Notes (the "Senior Notes") for a purchase price of $725,250. The transaction was consummated on February 14, 2019.

Litigation Settlement

On May 22, 2019, a settlement (the "Lincoln Benefit Settlement") in the amount of $21.3 million was signed between Lincoln Benefit Life Company ("Lincoln Benefit"), White Eagle and Emergent Capital pursuant to which Lincoln Benefit agreed not to contest the 55 life insurance policies that are presently owned by White Eagle and Emergent Capital agreed to drop its legal action against Allstate Life Insurance Company and settle for $2.0 million. The Lincoln Benefit Settlement relates to six separate legal actions pertaining to the validity of certain White Eagle policies and receivables for maturities of life settlements totaling $39.1 million. The Lincoln Benefit Settlement was approved by the Bankruptcy Court in June 2019.

Subsequent Events

On December 4, 2019 the Company and certain of its subsidiaries entered into a Settlement Agreement and Mutual Release (the "Settlement Agreement") with Sun Life Assurance Company of Canada ("Sun Life") and Wilmington Trust, N.A. as securities intermediary ("Wilmington Trust").

Pursuant to the Settlement Agreement, 31 life insurance policies with face totaling $163.5 million issued by Sun Life were canceled in exchange for a lump sum payment of $36.1 million. The settlement included two policies held by the Company outside of White Eagle with an aggregate face value of $12.0 million, 28 policies held by White Eagle with an aggregate face value of $141.5 million and one policy with a face value of $10.0 million in receivable for maturity for White Eagle. Of this amount, approximately $12.7 million was received by the Company, $13.4 million was paid to White Eagle and $10.0 million was paid to Wilmington Trust for the maturity receivable. With this settlement, the Company no longer owns any life insurance policies and hence no future obligation for premium payments.

See Note 22, "Subsequent Events" of the accompanying consolidated financial statements for further information.

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DECONSOLIDATION OF SUBSIDIARIES - Narrative (Details) - USD ($) $ in Thousands			9 Months Ended	11 Months Ended	12 Months Ended
	Aug. 16, 2019	Nov. 13, 2018	Aug. 16, 2019	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Noncontrolling Interest [Line Items]
Investment in limited partnership, at estimated fair value				$ 0	$ 137,849
Change in fair value of investment in deconsolidated subsidiaries (Notes 4 & 15)				(150,894)	$ 37,941	$ 0
Lamington
Noncontrolling Interest [Line Items]
Investment in limited partnership, at estimated fair value	$ 166,736	$ 278,400	$ 166,736	128,795
Change in fair value of investment in deconsolidated subsidiaries (Notes 4 & 15)	37,900	$ (150,900)	37,941
Limited Partner | IRELAND | Lamington
Noncontrolling Interest [Line Items]
Ownership interest percentage		99.99%
General Partner | WEGP
Noncontrolling Interest [Line Items]
Ownership interest percentage		0.01%
Equity investment | Lamington
Noncontrolling Interest [Line Items]
Investment in limited partnership, at estimated fair value		$ 127,300
Promissory notes | Lamington
Noncontrolling Interest [Line Items]
Investment in limited partnership, at estimated fair value	146,332	145,900	146,332	56,596
Change in fair value of investment in deconsolidated subsidiaries (Notes 4 & 15)			89,736
Other liabilities | Lamington
Noncontrolling Interest [Line Items]
Investment in limited partnership, at estimated fair value	$ 0	$ 5,200	0	$ 5,948
Change in fair value of investment in deconsolidated subsidiaries (Notes 4 & 15)			$ (5,948)

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SUMMARY OF QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)

12 Months Ended

Nov. 30, 2019

Quarterly Financial Information Disclosure [Abstract]

Summary of Quarterly Financial Information (Unaudited)

The following tables set forth our unaudited consolidated financial data regarding continuing operations for each quarter of fiscal 2019 and 2018 (in thousands). This information, in the opinion of management, includes all adjustments necessary, consisting only of normal and recurring adjustments, to state fairly the information set forth therein. Certain amounts previously reported have been reclassified to conform to the current presentation. These reclassifications had no net impact on the results of operations (in thousands).

	Fiscal 2019
	1st Quarter				2nd Quarter					3rd Quarter		4th Quarter
Total income	$	(33,953	)	(2)	$	(18,792	)	(2	)	$	86,858	7,412
(Loss)/income from continuing operations before taxes	(37,459		)		(22,650		)			80,196		538
Net (loss)/income from continuing operations	(37,459		)		(25,868		)			80,201		(15		)
(Loss)/income per share from continuing operations:
Basic	$	(0.24	)		$	(0.16	)			$	0.51	$	—		(1)
Diluted	$	(0.24	)		$	(0.16	)			$	0.41	$	(0.02	)	(1)

	Fiscal 2018
	1st Quarter			2nd Quarter			3rd Quarter		4th Quarter
Total income	$	5,591		$	5,563		$	29,714	$	(86,395	)
(Loss)/income from continuing operations before income taxes	(3,994		)	(6,483		)	11,751		(171,170		)
Net (loss)/income from continuing operations	(3,994		)	(9,603		)	14,288		(170,631		)
(Loss)/income per share from continuing operations:
Basic and diluted	$	(0.03	)	$	(0.04	)	$	0.09	$	(1.09	)

(1) The sum of the basic and diluted earnings per share amounts for each quarter in fiscal year 2019 and 2018 do not equal the amount presented in the statements of operations for the twelve months ended November 30, 2019 and the eleven months ended November 30, 2018 due to the Company having losses for the twelve months ended November 30, 2019 and the eleven months ended November 30, 2018 and therefore all common stock equivalents were antidilutive for the quarters in which in the Company had losses.

(2) Certain reclassifications of the prior period amounts and presentation have been made to conform to the presentation for the current period. These reclassification relate primarily to change in fair value of investment in deconsolidated subsidiaries which was reclassified from expense to income.

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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Nov. 30, 2019	Nov. 30, 2018
Statement of Financial Position [Abstract]
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	415,000,000	415,000,000
Common stock, shares issued (shares)	158,365,275	158,733,928
Common stock, shares outstanding (shares)	157,757,275	158,125,928
Preferred stock, par value (usd per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (shares)	40,000,000	40,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0
Treasury stock (shares)	608,000	608,000

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COMMITMENTS AND CONTINGENCIES - Future Minimum Payments Under Operating Leases (Details) $ in Thousands	Nov. 30, 2019 USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2020	$ 217

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LIFE SETTLEMENTS (LIFE INSURANCE POLICIES) - Narrative (Details) $ in Thousands				11 Months Ended	12 Months Ended
	Dec. 04, 2019 USD ($) contract	Aug. 16, 2019 USD ($)	Nov. 30, 2018 USD ($) contract	Nov. 30, 2018 USD ($) contract	Nov. 30, 2019 USD ($) contract	Dec. 31, 2017 USD ($)	Aug. 31, 2019	Dec. 29, 2016 contract
Schedule of Investments [Line Items]
Investment in life settlements fair value			$ 506,407	$ 506,407	$ 1,297
Life insurance policies with aggregate death benefit					12,000
Investment in limited partnership, at estimated fair value (Note 10)			0	0	137,849
Lump sum payment received on life insurance policies canceled				90,780	17,768	$ 42,131
Not Pledged as Collateral
Schedule of Investments [Line Items]
Investment in life settlements fair value			1,172	1,172	1,297
Life insurance policies with aggregate death benefit			$ 12,000	$ 12,000	$ 12,000
Number of life insurance policies owned | contract			2	2	2
Weighted average life expectancy of life settlement contracts				12 years 2 months 12 days	11 years 4 months 24 days
White Eagle | Revolving Credit Facility | Collateral pledged
Schedule of Investments [Line Items]
Investment in life settlements fair value			$ 505,236	$ 505,236
Life insurance policies with aggregate death benefit			$ 2,775,915	$ 2,775,915
Number of life insurance policies owned | contract			586	586	0			190
Weighted average life expectancy of life settlement contracts			8 years 10 months 30 days
Number of policies matured | contract				20	18
Face value				$ 93,435	$ 100,374
Gain on maturities				53,265	70,300
WE Investment
Schedule of Investments [Line Items]
Investment in life settlements fair value					2,600,000
Life insurance policies with aggregate death benefit					$ 2,641,108
Equity investment ownership percentage					27.50%
Number of life insurance policies canceled | contract					7
Number of life insurance policies owned | contract					561
Weighted average life expectancy of life settlement contracts					7 years 1 month
Subsidiaries
Schedule of Investments [Line Items]
Investment in life settlements fair value			$ 1,172	1,172
Subsidiaries | WE Investment
Schedule of Investments [Line Items]
Equity investment ownership percentage					27.50%
White Eagle | Subsidiaries | WE Investment
Schedule of Investments [Line Items]
Number of consolidated life insurance policies owned | contract					2
Equity investment ownership percentage					27.50%
Investment in limited partnership, at estimated fair value (Note 10)					$ 137,800
White Eagle | Subsidiaries | WE Investment | Collateral pledged
Schedule of Investments [Line Items]
Equity investment ownership percentage		27.50%
White Eagle | Affiliates
Schedule of Investments [Line Items]
Percentage of equity interest sold		72.50%
Proceeds from sale of limited partnership interest		$ 366,200
Gain on sale of investments		$ 21,300
Lamington | WE Investment
Schedule of Investments [Line Items]
Equity investment ownership percentage		27.50%			27.50%		27.50%
Investment in limited partnership, at estimated fair value (Note 10)		$ 138,900			$ 137,800
Lamington | WE Investment | Collateral pledged
Schedule of Investments [Line Items]
Equity investment ownership percentage		27.50%
Lamington | Subsidiaries | WE Investment
Schedule of Investments [Line Items]
Equity investment ownership percentage		27.50%
Lamington | Subsidiaries | WE Investment | Collateral pledged
Schedule of Investments [Line Items]
Equity investment ownership percentage		27.50%
Sun Life | Subsequent Event
Schedule of Investments [Line Items]
Investment in life settlements fair value	$ 163,500
Number of life insurance policies canceled | contract	31
Lump sum payment received on life insurance policies canceled	$ 36,100
Sun Life | Subsequent Event | White Eagle
Schedule of Investments [Line Items]
Investment in life settlements fair value	$ 141,500
Number of life insurance policies owned | contract	28
Number of life insurance policies in receivable for maturity | contract	1
Receivable for maturity of life insurance policies	$ 10,000
Payments for maturity of life insurance policies	13,400
Sun Life | Subsequent Event | Emergent Capital, Inc.
Schedule of Investments [Line Items]
Investment in life settlements fair value	$ 12,000
Number of life insurance policies canceled | contract	2
Lump sum payment received on life insurance policies canceled	$ 12,700
Sun Life | Subsequent Event | Wilmington Trust
Schedule of Investments [Line Items]
Payments for maturity of life insurance policies	$ 10,000
Deconsolidated
Schedule of Investments [Line Items]
Investment in life settlements fair value			$ 506,400	$ 506,400
Number of life insurance policies owned | contract			588	588

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INVESTMENT IN LIMITED PARTNERSHIP - Funds in the Premium/Expense Reserve Account (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Nov. 30, 2019	Nov. 30, 2019
Investments in and Advances to Affiliates [Line Items]
Premiums and expenses	$ 31,840	$ 31,800
First:
Investments in and Advances to Affiliates [Line Items]
Premiums and expenses	30,173
Fourth
Investments in and Advances to Affiliates [Line Items]
Premiums and expenses	0
Class D Interests | Third
Investments in and Advances to Affiliates [Line Items]
Premiums and expenses	$ 0

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INCOME TAXES - Provision (Benefit) for Income Taxes from Continuing Operations (Details) - USD ($) $ in Thousands	11 Months Ended	12 Months Ended
	Nov. 30, 2018	Nov. 30, 2019	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income taxes	$ 45	$ 3,766	$ 0
Discontinued operations	0	0	0
Provision (benefit) for income taxes	45	3,766	0
Current
Federal	621	3,190	0
State	0	0	0
Current income tax expense	621	3,190	0
Deferred
Federal	2,427	(34)	14,109
State	(60)	(278)	2,931
Deferred income tax expense	2,367	(312)	17,040
Valuation allowance increase (decrease)	(2,943)	888	(17,040)
Provision (benefit) for income taxes	(576)	576	0
Provision (benefit) for income taxes	$ 45	$ 3,766	$ 0

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8.5% SENIOR SECURED NOTES

12 Months Ended

Nov. 30, 2019

8.5% Senior Secured Notes

Debt Instrument [Line Items]

SENIOR NOTES

8.5% SENIOR SECURED NOTES

In connection with the Transaction Closing, the Company and the Senior Secured Note Trustee entered into an Amended and Restated Senior Secured Note Indenture (the "Amended and Restated Senior Secured Indenture") to amend and restate the Senior Secured Indenture between the Company and the Senior Secured Note Trustee following the Company’s receipt of requisite consents of the holders of the 15% Senior Secured Notes. Pursuant to the terms of the Amended and Restated Senior Secured Indenture, the Company caused the cancellation of all outstanding 15% Senior Secured Notes and the issuance of 8.5% Senior Secured Notes due 2021 (the "8.5% Senior Secured Notes") in an aggregate amount of $30.0 million. The Amended and Restated Senior Secured Indenture provides, among other things, that the 8.5% Senior Secured Notes will be secured senior obligations of the Company and will mature on July 15, 2021. The 8.5% Senior Secured Notes will bear interest at a rate of 8.5% per annum, payable quarterly on March 15, June 15, September 15 and December 15 of each year, beginning on September 15, 2017. Certain holders of the Company's securities that are party to Board Designation Agreements (as discussed below), purchased approximately $24.5 million of the 8.5% Senior Secured Notes that were issued in exchange for 15% Senior Secured Notes during the year ended December 31, 2017.

The Amended and Restated Senior Secured Indenture provides that the 8.5% Senior Secured Notes may be optionally redeemed in full by the Company at any time and must be redeemed in full upon additional issuances of debt by the Company in each case, at a price equal to 100% of the principal amount redeemed plus (i) accrued and unpaid interest on the 8.5% Senior Secured Notes redeemed up to the date of redemption, and (ii) the Applicable Premium, if any, as defined in the Amended and Restated Senior Secured Indenture. Upon a change of control, the Company will be required to make an offer to holders of the 8.5% Senior Secured Notes to repurchase the 8.5% Senior Secured Notes at a price equal to 107.5% of their principal amount, plus accrued and unpaid interest up to the date of redemption.

The Amended and Restated Senior Secured Indenture contains negative covenants restricting additional debt incurred by the Company, creation of liens on the collateral securing the 8.5% Senior Secured Notes, and restrictions on dividends and stock repurchases, among other things. The 8.5% Senior Secured Notes are secured by settlement proceeds, if any, received from certain litigation involving the Company, certain notes issued to the Company, and pledges of 65% of the equity interests in Blue Heron Designated Activity Company, OLIPP IV, LLC and Red Reef Alternative Investments, LLC.

On January 10, 2018, the Company commenced the process of appointing a liquidator to liquidate Blue Heron. The completion of liquidation formalities of Blue Heron under Irish law is expected to take several months, and liquidation was still pending at November 30, 2018. Blue Heron is an inactive subsidiary of the Company. In connection with liquidation of Blue Heron, the Company and Wilmington Trust, National Association, as trustee under the Amended and Restated Senior Secured Indenture (the "Trustee"), entered into (i) the First Supplemental Indenture (the "First Supplemental Indenture"), dated as of January 10, 2018, to implement certain amendments to the Indenture and (ii) the Amendment to Pledge and Security Agreement ("Pledge and Security Amendment"), dated as of January 10, 2018, to implement certain amendments to the Pledge and Security Agreement Pledge and Security Agreement, dated as of March 11, 2016, between the Company and Trustee. The First Supplemental Indenture and the Pledge and Security Amendment amend the Indenture and Pledge and Security Agreement, respectively, to: (i) remove from the assets pledged to the secured parties under the Amended and Restated Senior Secured Indenture, 65% of the equity and certain other assets of Blue Heron; and (ii) reflect the pledge by the Company, in favor of the secured parties under the Indenture, of the promissory note dated as of December 29, 2016 in the principal sum of $69.6 million issued by OLIPP IV, LLC to Blue Heron and subsequently assigned to the Company.

The Amended and Restated Senior Secured Indenture provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others: nonpayment of principal or interest; breach of covenants or other agreements in the Amended and Restated Senior Secured Indenture; defaults in failure to pay certain other indebtedness; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is continuing under the Amended and Restated Senior Secured Indenture, the trustee or the holders of at least 25% in aggregate principal amount of the 8.5% Senior Secured Notes then outstanding may declare the principal of and accrued but unpaid interest, plus a premium, if any, on all the 8.5% Senior Secured Notes immediately due and payable, subject to certain conditions set forth in the Amended and Restated Senior Secured Indenture.

On August 11, 2017, the Company entered into a Securities Purchase Agreement (the "Securities Purchase Agreement") by and between the Company and Brennan Opportunities Fund I LP ("Brennan"). Pursuant to the Securities Purchase Agreement, Brennan purchased from the Company (i) 12,500,000 shares (the "Brennan Shares") of Common Stock at a price of $0.40 per share for an aggregate purchase price of $5.0 million and (ii) $5.0 million principal amount of the Company’s 8.5% Senior Secured Notes (the "Brennan Notes," and together with the Brennan Shares, the "Brennan Securities"). The Securities Purchase Agreement contained customary representations, warranties, and covenants.

The sale of the Brennan Securities was consummated on August 11, 2017, as to 8,750,000 shares of Common Stock and $3.5 million principal amount of 8.5% Senior Secured Notes, and on August 14, 2017, as to 3,750,000 shares of Common Stock and $1.5 million principal amount of 8.5% Senior Secured Notes.

On December 10, 2018, the Company and Wilmington Trust, National Association, as indenture trustee, entered into a Second Supplemental Indenture (the "Second Supplemental Indenture") which amended the Amended and Restated Indenture, dated as of July 28, 2017, as amended by the First Supplemental Indenture dated as of January 10, 2018 (as so amended, the "Indenture"), relating to the Company’s 8.5% Senior Secured Notes due July 15, 2021 (the "8.5% Senior Secured Notes"). The Second Supplemental Indenture (i) increased the aggregate principal amount of Notes permitted to be issued under the Indenture from $40.0 million to $70.0 million and (ii) provided for interest on the Notes to be paid in kind, such that the principal amount of the relevant holder’s note is increased by the amount of interest, in lieu of cash payment ("PIK"). The Company may elect to pay PIK interest instead of cash interest for any Interest Period (as defined in the Indenture) to holders of Notes who consented to accept PIK interest. Each holder of outstanding Notes made an election with respect to some or all of the outstanding principal amount of such holder’s Notes as to whether or not to accept PIK interest whenever the Company elects to pay interest in PIK in lieu of cash. Any new holder of Notes, other than a transferee who is an affiliate of a transferring holder that did not elect to accept PIK interest, will be deemed to have elected to accept PIK interest. A holder receiving PIK interest shall also automatically receive, for each applicable Interest Period, an amount equal to 3.0% per annum of additional interest on the principal amount of such holder’s Notes for which the holder elected to accept PIK interest. Holders receiving PIK is approximately $26.8 million with approximately $8.2 million electing to be paid by cash.

All terms of the Indenture that were not amended by the Second Supplemental Indenture remain in full force and effect.

On December 28, 2018, the Company entered into subscription agreements (the "Subscription Agreements) with several investors (the "Investors"), Pursuant to the Subscription Agreements, the Investors purchased from the Company an aggregate of $5.7 million principal amount of the Company’s 8.5% Senior Secured Notes for an aggregate purchase price of $4.3 million. The transactions were consummated on December 28, 2018.

On December 28, 2018, the Company received a commitment letter (the "Commitment Letter") from Ironsides Partners LLC, an entity affiliated with Robert Knapp, a member of the Board, for an aggregate investment, at the Company’s election, of up to $2.0 million principal amount of 8.5% Senior Secured Notes for an aggregate purchase price of up to $1.5 million no later than January 31, 2019. The Commitment Letter contains certain conditions precedent to Ironsides’ obligations to purchase such Senior Notes.

On January 30, 2019, the Company entered into a Note Purchase Agreement (the "Note Purchase Agreement")with Ironsides Partners Special Situations Master Fund III L.P. (the "Investor"), which is affiliated with Robert Knapp, a member of the Company’s Board of Directors. Pursuant to the Note Purchase Agreement, the Investor purchased from the Company $2.0 million principal amount of the Company’s 8.5% Senior Secured Notes for a purchase price of $1.5 million.

On February 11, 2019, the Company entered into a Subscription Agreement (the "Subscription Agreement") with Brennan Opportunities Fund I LP (the "Investor"), which is affiliated with Patrick T. Brennan, a member of the Company’s Board of Directors. Pursuant to the Subscription Agreement, the Investor purchased from the Company $967,000 principal amount of the Company’s 8.5% Senior Secured Notes (the "Senior Notes") for a purchase price of $725,000. The transaction was consummated on February 14, 2019.

The Company issued an additional $4.0 million in additional 8.5% Senior Secured Notes in lieu of a cash payment of interest to the relevant holders of the notes during the year ended November 30, 2019.

Voluntary Petitions for Relief Under Chapter 11

On November 14, 2018, the November Chapter 11 Cases were filed, and on December 13, 2018, the White Eagle

Chapter 11 Case was filed. The commencement of the Chapter 11 Cases would constitute defaults and events of default under the terms of the Company’s Amended and Restated Senior Secured Indenture and the New Convertible Note Indenture. However, such defaults and events of default and their consequences were waived by holders of a majority of the outstanding principal amounts of each of the 8.5% Senior Secured Notes and the New Convertible Notes, and consequently, the Company believes that no defaults, events of default or acceleration of the payment obligations thereunder, including principal or accrued interest, occurred under either the Amended and Restated Senior Secured Indenture or the New Convertible Note Indenture.

At November 30, 2019, the outstanding principal of the 8.5% Senior Secured Notes is $47.6 million with a carrying value of $45.7 million, net of discount and unamortized debt issuance cost $1.6 million and $362,000, respectively.

During the twelve months ended November 30, 2019, the Company recorded approximately $6.0 million of interest expense on the 8.5% Senior Secured Notes, which includes $4.9 million of interest, $468,000 of amortizing debt issuance costs $594,000 of amortizing of debt discount respectively.

During the eleven months ended November 30, 2018, the Company recorded approximately $3.0 million of interest expense on the 8.5% Senior Secured Notes, which includes $2.8 million of interest and $244,000 of amortizing debt issuance costs.

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STOCKHOLDERS' EQUITY

12 Months Ended

Nov. 30, 2019

Equity [Abstract]

STOCKHOLDERS' EQUITY

STOCKHOLDERS’ EQUITY

Shares of Common Stock under Omnibus Plan

The Company has reserved an aggregate of 12,600,000 shares of common stock under its Omnibus Plan, pursuant to which, as of November 30, 2019, options to purchase 85,000 shares of common stock granted to existing employees were outstanding, 100,000 shares of stock appreciation rights had been granted to a director and were fully and outstanding, 633,215 shares of restricted stock had been granted to directors and were fully vested, 2,270,000 shares of restricted stock units had been granted to certain employees, with a total of 333,333 shares subject to vesting. Approximately 1,936,667 shares have been issued since granted. There were 9,511,785 securities remaining for future issuance under the Omnibus Plan as of November 30, 2019.

Share Note Repurchase Program

On September 1, 2015, the Company announced that its Board of Directors authorized a $10.0 million share and note repurchase program. The program had a two-year expiration date, and authorized the Company to repurchase up to $10.0 million of its common stock and/or its Convertible Notes due 2019. During 2015, the Company purchased 608,000 shares for a total cost of approximately $2.5 million, which is an average cost of $4.17 per share, including transaction fees. As of November 30, 2019, the repurchase program has terminated.

Warrants

In connection with a settlement of class action litigation arising in connection with the investigation by the U.S. Attorney's Office for District of New Hampshire ("USAO") into the Company's now legacy premium finance business (the "USAO Investigation"), the Company issued warrants to purchase 2,000,000 shares of the Company’s stock into an escrow account in April of 2014. The estimated fair value as of the measurement date of such warrants was $5.4 million, which is included in stockholders’ equity. The warrants were distributed in October 2014 and have a five-year term from the date they were distributed to the class participants with an exercise price of $10.75. The Company is obligated to file a registration statement to register the shares underlying the warrants with the SEC if shares of the Company’s common stock have an average daily trading closing price of at least $8.50 per share for a 45 day period. The warrants will be exercisable upon effectiveness of the registration statement. The warrants expired during the twelve months ended November 30, 2019.

On July 28, 2017, in connection with the recapitalization transaction, the Company issued common stock purchase warrants to certain investors to purchase up to an aggregate of 42,500,000 shares of the Company’s common stock at an exercise price of $0.20 per share (the "Warrant Shares"). The warrants shall vest and become exercisable as follows: (i) with respect to 17,500,000 Warrant Shares, immediately upon the issuance of the warrants, and (ii) with respect to the remaining 25,000,000 Warrant Shares, at later times tied to the conversion of the Company’s Convertible Notes and New Convertible Notes (each as defined below) outstanding on July 28, 2017 into shares of the Company’s common stock or, if earlier, upon the date that all Convertible Notes or New Convertible Notes are no longer outstanding. The warrants have an eight year term. The number of Warrant Shares is subject to anti-dilution adjustment provisions.

Recapitalization Transactions

On July 28, 2017, the Company consummated a series of integrated transactions to effect a recapitalization of the Company (the "Transaction Closing") pursuant to the Master Transaction Agreements.

Common Stock Purchase Agreement

In connection with the Transaction Closing, the Company entered into a Common Stock Purchase Agreement (the "Stock Purchase Agreement") by and among the Company, PJC, certain investors jointly designated by PJC and Triax Capital Advisors LLC, a New York limited liability company ("Triax"), to be party to the Stock Purchase Agreement (collectively, the "Common Stock Investors"), and certain Convertible Note Holders that were a party to the Stock Purchase Agreement (collectively, the "Convertible Note Holder Purchasers," and together with PJC and the Common Stock Investors, the "Purchasers"). Pursuant to the Stock Purchase Agreement, the Company issued and sold to the Purchasers 115,000,000 shares (the "Stock Purchase Agreement Shares") of the Company’s common stock, $0.01 par value, at a price of $0.2 per share for an aggregate purchase price of $23.0 million, of which PJC and the Common Stock Investors purchased 75,000,000 Stock Purchase Agreement Shares for an aggregate purchase price of $15.0 million and the Convertible Note Holder Purchasers, pursuant to the previously announced rights offering which expired on July 26, 2017, purchased 40,000,000 Stock Purchase Agreement Shares for an aggregate purchase price of $8.0 million, of which PJC purchased 19,320,038 shares in connection with the exercise of rights assigned to it by certain Convertible Note Holder Purchasers. The Stock Purchase Agreement contained customary representations, warranties, and covenants.

In August 2017, the Company entered into a Securities Purchase Agreement (the "Securities Purchase Agreement") by and between the Company and Brennan Opportunities Fund I LP ("Brennan"). Pursuant to the Securities Purchase Agreement, Brennan purchased from the Company 12,500,000 shares (the "Brennan Shares") of Common Stock at a price of $0.40 per share for an aggregate purchase price of $5.0 million.

Articles Amendment

Effective on July 17, 2017, the Company filed an Articles of Amendment to Articles of Incorporation (the "Articles Amendment") to increase the authorized Common Stock from 80,000,000 shares to 415,000,000 shares. As previously disclosed, the Articles Amendment was approved by the Company’s shareholders at the Company’s 2017 Annual Meeting. The adoption of the Articles Amendment results in a greater number of shares of Common Stock available for issuance.

Change in Significant Holders

As a result of the consummation of the Master Transaction Agreements, on the date of the Transaction Closing, a change in significant holders of the Company's common stock occurred. PJC and Triax, together with certain of their affiliates, acquired beneficial ownership of approximately 38.9% of the outstanding Common Stock, based on their aggregate acquisition of 39,320,038 shares of Common Stock and warrants to purchase 27,150,000 shares of Common Stock. Other investors designated by PJC and Triax acquired beneficial ownership of approximately 43.6% of the outstanding Common Stock, based on their aggregate acquisition of 55,000,000 shares of Common Stock and warrants to purchase 13,350,000 shares of Common Stock. Additionally, pursuant to the Board Designation Agreements, PJC and Triax designated two of seven directors to the Company’s Board, two other investors designated a third new director and a fourth new director, and a fifth new director was designated by a holder of New Convertible Notes, collectively resulting in a change in the majority of the Company’s Board.

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SUBSEQUENT EVENTS

12 Months Ended

Nov. 30, 2019

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

Sunlife Settlement Agreement

On December 4, 2019 the Company and certain of its subsidiaries entered into a Settlement Agreement and Mutual Release (the "Settlement Agreement") with Sun Life Assurance Company of Canada ("Sun Life") and Wilmington Trust, N.A. as securities intermediary ("Wilmington Trust"). The Settlement Agreement relates to Sun Life Assurance Company of Canada v. Imperial Holdings, Inc., et al., Case No. 13-cv-80385 BRANNON (consolidated with Case No. 13-cv-80730) (S.D. Florida) (the "Legal Action"), which has been ongoing since 2013.

Pursuant to the Settlement Agreement, (i) 31 life insurance policies with face totaling $163.5 million issued by Sun Life were canceled in exchange for a lump sum payment of $36.1 million. The settlement included two policies held by the Company outside of White Eagle with an aggregate face value of $12.0 million, 28 policies held by White Eagle with an aggregate face value of $141.5 million and one policy with a face of $10.0 million in receivable for maturity for White Eagle. Of this amount, approximately $12.7 million was received by the Company, $13.4 million was paid to White Eagle and $10.0 million was paid to Wilmington Trust for the maturity receivable, (ii) the Legal Action dismissed with prejudice, (iii) Sun Life agreed not to challenge the validity of or to seek to deny coverage (other than for non-payment of premiums) for certain life insurance policies issued by it and held by White Eagle that were specifically excluded from the settlement or have already matured, and (iv) Sun Life released all claims against the Company and Wilmington Trust, and the Company and Wilmington Trust released all claims against Sun Life.

Of the $12.7 million received by the Company, approximately $2.0 million was allocated to the two policies that were owned by the Company outside of White Eagle, which resulted in a gain on disposal of approximately $743,000, with approximately $10.6 million allocated to legal fees.

Retention Agreement

On December 10, 2019, the Company, entered into a retention agreement with Miriam Martinez, the Company’s Senior Vice President, Chief Financial Officer and Secretary (the "Martinez Retention Agreement").The Martinez Retention Agreement provides for a cash retention payment (the "Martinez Retention Payment") and certain extended benefits to Ms. Martinez (the "Martinez Benefits") in recognition of the significant contributions to consummating the Company’s August 2019 transaction with Jade Mountain, which allowed the Company and White Eagle to refinance the White Eagle Revolving Credit Facility and improve the Company’s overall financial position (the "White Eagle Transaction"), and in consideration of Ms. Martinez’s continued support and assistance with the Restructuring.

The Martinez Retention Agreement provides that in exchange for the Martinez Retention Payment and Martinez Benefits, Ms. Martinez will remain employed by Imperial pursuant to the 2018 Martinez Agreement, and that the Martinez Retention Payment is in lieu of any severance otherwise payable to Ms. Martinez under the 2018 Martinez Agreement. In addition, Ms. Martinez will not be eligible to receive any portion of the Martinez Retention Payment if she is terminated for Cause (as defined in the 2018 Martinez Agreement) or resigns without Good Reason (as defined in the 2018 Martinez Agreement). The Martinez Retention Payment consists of $700,000. The Martinez Benefits consist of 18 months of (x) COBRA health insurance coverage reimbursement from the Company and (x) other benefits to which she would be entitled upon an involuntary termination without Cause under the 2018 Martinez Agreement. The Martinez Retention Payment is payable as to two-thirds upon entering into the Martinez Retention Agreement and one-third within three (3) business days of the consummation of the Restructuring, so long as the White Eagle Transaction remains in full force and effect and White Eagle and its limited partnership agreement remain operative and in good standing. In the event that the Company files for bankruptcy prior to the payment of any portion of the Martinez Retention Payment or Martinez Benefits, the Company will file with the bankruptcy court a motion to approve a Key Employee Retention Plan to preserve each of Ms. Martinez’s rights under the Martinez Retention Agreement to the full Martinez Retention Payment and Martinez Benefits provided that she must comply with all of the provisions of the Martinez Retention Agreement.

Repurchase of 5% Convertible Notes

On December 11, 2019 the Company redeemed $8.0 million principal amount of the 5.0% Convertible Notes in exchange for cash consideration of $4.8 million inclusive of unpaid interest of approximately $123,000. The Company incurred a net gain on extinguishment of approximately $2.8 million after expense for derivative and origination cost write off of approximately $442,000 and $66,000, respectively. Upon such redemption, the Convertible Notes were surrendered and canceled.

Compensation Agreement - Chief Executive Officer

On January 27, 2020, the Company, granted a bonus to Patrick J. Curry, the Company’s Chief Executive Officer (the "Bonus"), in recognition of his past and ongoing work for the Company. The Bonus consists of: (i) $400,000 in cash, payable promptly after the grant, and 1,000,000 shares of restricted common stock of Emergent, vesting in thirds upon the first three anniversaries of the grant date, (ii) up to $300,000 in cash, as determined by the Compensation Committee (the "Compensation Committee") of Emergent’s Board of Directors (the "Board"), payable upon the consummation of the Company’s contemplated restructuring (the "Restructuring"), and (iii) up to $300,000 in cash, as determined by the Compensation Committee, if the Company effects the Restructuring at least $600,000 under the budget for such Restructuring that is approved by the Board within 45 days of the date hereof, measured as of 30 days after the date of the Restructuring.

Resignation - Chief Investment Officer

On January 29, 2020, Jack Simony, the Company’s Chief Investment Officer, notified the Company of his resignation, effective on February 7, 2020. Also on January 29, 2020, the Company and Mr. Simony entered into an amendment (the "Amendment") to the Retention Agreement dated as of November 12, 2019 with Jack Simony, the Company’s Chief Investment Officer (the "Simony Retention Agreement"). The Simony Retention Agreement provided for, among other things, a retention payment to Simony by the Company in the amount of $1.0 million, two-thirds of which has already been paid and the remaining one-third to be paid within three (3) business days of the closing of the current restructuring under consideration by the Company. Pursuant to the Amendment, the remaining one-third of the retention payment is accelerated and will be paid within seven (7) days of the date of the Amendment.