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Subsequent Events
3 Months Ended
Mar. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events

NOTE 22 - SUBSEQUENT EVENTS

On April 1, 2016, we commenced providing technical services for the 2008 mini-bulker that we acquired and sold in connection with the first quarter 2016 transactions described in Note 8 – Investment Exchange and Vessel Resale.  On such date, we began amortizing the note receivable that we received in connection with selling the vessel.  We intend to report all revenues from the services we provide on this vessel within our Specialty Contracts segment.

On April 6, 2016, the lenders under our Credit Facility agreed to forbear from exercising any rights or remedies before July 1, 2016 with respect to various specified defaults.  This forbearance will automatically terminate before July 1, 2016 if various events occur, including, among several others, (i) the initiation of any steps by other persons to enforce their rights or accelerate any indebtedness under other debt instruments and (ii) our failure to consummate by May 15, 2016 a significant sale of assets currently being negotiated.  Under this April 6, 2016 agreement, we also received from the lenders consent to sell certain Jones Act segment vessels, the proceeds of which we agreed to apply towards a $0.7 million payment to the lenders, and an extension of the deadline to sell our New Orleans office building.  Between April 15, 2016 and April 27, 2016, (i) two of our other lenders executed similar contingent agreements to forbear from exercising their rights or remedies before May 15, 2016 with respect to various specified defaults, (ii) two of our other lenders and one of our lessors executed contingent agreements to defer through May 15, 2016 receipt of certain specified payments and (iii) one of our other lenders executed a similar contingent agreement under which it conditionally agreed to defer certain payments through May 15, 2016 and we agreed to increase the interest rate by 50 basis points and to fully discharge all of our obligations to the lender by October 31, 2016. Our other two lessors have declined to execute similar forbearance or deferral agreements, and thereby have retained all of their rights to declare us in default and accelerate our obligations to them under our operating leases with them.  If either such lessor exercises these rights, the above-cited deferral and forbearance agreements will automatically terminate.

On April 7, 2016, we finalized the sale of our New Orleans office building in exchange for relief from amounts owed to the construction company of approximately $6.2 million.

On April 13, 2016, , we finalized the sale of our Jones Act inactive barge and used the net sales proceeds of approximately $0.4 million, together with other available funds, to pay the $0.7 million required debt payment discussed above.

On April 19, 2016, we announced that our Board of Directors declared that we would not pay the cumulative preferred stock dividend scheduled for April 30, 2016. Because we did not pay our preferred stock dividend for a third period, the per annum dividend rate with respect to the Series A and Series B Preferred Stock increased from 11.5% to 13.5% and from 11.0% to 13.0%, respectively, commencing May 1, 2016. 

The descriptions of our recent agreements set forth above are general summaries only and are qualified in their entirety by reference to the full text of those agreements that we have filed, or will file, with the SEC.