Related Party Transactions

6 Months Ended

Jun. 30, 2011

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

Note 12 – Related Party Transactions

Transactions with Counsel

At June 30, 2011 the Company had debt owing to Counsel in the amount of $67, as compared to a amount receivable from Counsel of $392 at December 31, 2010. The loan was advanced pursuant to an existing demand loan facility (the “Counsel Loan”). The Counsel Loan, which was originally entered into during the fourth quarter of 2003, accrues interest at 10% per annum compounded quarterly from the date funds are advanced. The Counsel Loan has been amended several times, most recently during the second quarter of 2009 when it was converted into a demand loan. The Counsel Loan is secured by the assets of the Company and is subject to certain events of default.

Counsel Management Services

Since December 2004, CRBCI and Counsel have entered into successive annual management services agreements (the “Agreement”). Under the terms of the Agreement, CRBCI agrees to pay Counsel for ongoing services provided to CRBCI by Counsel personnel. The basis for such services charged is an allocation, based on time incurred, of the cost of the base compensation paid by Counsel to those employees providing services to CRBCI. The amounts due under the Agreement are payable within 30 days following the respective year end, subject to applicable restrictions. Any unpaid fee amounts bear interest at 10% per annum commencing on the day after such year end. In the event of a change of control, merger or similar event of CRBCI, all amounts owing, including fees incurred up to the date of the event, will become due and payable immediately upon the occurrence of such event. For the six months ended June 30, 2011 and 2010, the amount charged to the Company pursuant to the Agreement was $180. In addition, during the six months ended June 30, 2011, $35 was charged to the Company for Counsel services relating to the operations of Counsel RB. There was no similar charge in 2010.

Transactions with Other Related Parties

The Company leases office space in White Plains, NY, as part of the operations of Counsel RB. The building is owned by an entity that is owned by a Co-CEO of Counsel RB and the Company. During the first six months of 2011 and 2010, the Company paid rent of $70 and $40, respectively, to the entity.