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Commitments
9 Months Ended
Sep. 30, 2020
Commitments  
Commitments

Note 8 – Commitments

a.

Leases The lease for our corporate office located at 340 Madison Avenue, New York, New York expires on March 31, 2025. Rent expense paid for this operating lease was approximately $110,000 and $329,000 for both the three and nine months ended September 30, 2020 and 2019, respectively. The lease for our sales office for 77 Greenwich located at 17 State Street, New York, New York expires on May 31, 2021. Rent expense paid for this operating lease was approximately $65,000 and $239,000 for the three months and nine months ended September 30, 2020, respectively and $92,000 and $275,000 for the three and nine months ended September 30, 2019, respectively. The remaining lease obligation, excluding any extension options, for our corporate office and the sales office is approximately $2.3 million.

Legal Proceedings – The trustees for the multiemployer pension plan (the "Trustees") to which the January 2020 payment was made claimed in February 2020 that the multiemployer pension plan was due additional sums in excess of the amount set forth in the Plan. We advised the Trustees that if an action was taken to pursue a further claim against the Company, they will be in violation of the permanent injunction under the Plan and confirmation order. On May 1, 2020, the Trustees filed a complaint in the United States District Court for the Southern District of New York seeking a judgment against the Company in the amount of approximately $2.6 million, plus unliquidated amounts on account of the multiemployer pension plan. Following the filing of the complaint, the Company moved to have the Bankruptcy Court reopen the bankruptcy case to enforce the permanent injunction, Plan, and confirmation order against the Trustees. On June 10, 2020, the Bankruptcy Court granted the Company's motion to reopen the bankruptcy case. On July 22, 2020, the Bankruptcy Court heard arguments on whether to enforce the permanent injunction, Plan, and confirmation order against the Trustees.  On October 26, 2020, the Bankruptcy Court entered a memorandum order granting the Company’s motion to enforce the confirmation order and Plan, finding that under the unambiguous terms of the Plan, the Company has paid the full amount owed to the Trustees under the Plan and that no further payments are due.  The Bankruptcy Court’s memorandum order will become a final non-appealable order if the Trustees do not file a notice of appeal within 14 days of the entry of the order.

In addition to this matter, in the normal course of business, we are also party to routine legal proceedings. Based on advice of counsel and available information, including current status or stage of proceeding, and taking into account accruals where they have been established, management currently believes that any liabilities ultimately resulting from litigation we are currently involved in will not, individually or in the aggregate, have a material adverse effect on our consolidated financial position, results of operations or liquidity.