Related Party Transactions

3 Months Ended

Mar. 31, 2017

9.	Related Party Transactions

Fox Paine & Company

As of March 31, 2017, Fox Paine beneficially owned shares having approximately 84% of the Company’s total outstanding voting power. Fox Paine has the right to appoint a number of the Company’s Directors equal in aggregate to the pro rata percentage of the voting shares of the Company beneficially held by Fox Paine for so long as Fox Paine holds an aggregate of 25% or more of the voting power in the Company. Fox Paine controls the election of all of the Company’s Directors due to its controlling share ownership. The Company’s Chairman is a member of Fox Paine. The Company relies on Fox Paine to provide management services and other services related to the operations of the Company.

The Company did not receive any distribution from Fox Paine Capital Fund II during the quarters ended March 31, 2017 and 2016.

The Company relies on Fox Paine to provide management services and other services related to the operations of the Company. The Company incurred management fees of $0.5 million in each of the quarters ended March 31, 2017 and 2016 as part of the annual management fee paid to Fox Paine. As of March 31, 2017 and December 31, 2016, unpaid management fees, which were included in other liabilities on the consolidated balance sheets, were $5.2 million and $4.6 million, respectively.

Crystal & Company

The Company incurred $0.1 million in brokerage fees to Crystal & Company, an insurance broker, during the quarter ended March 31, 2016. James W. Crystal, the chairman and chief executive officer of Crystal & Company, was a member of the Company’s Board of Directors until he resigned on July 24, 2016.