COMMITMENTS AND CONTINGENCIES (Details Narrative) - Clapper Parties [Member] - USD ($)
$ in Thousands

1 Months Ended

Feb. 28, 2014

Oct. 31, 2011

Damages sought value

$ 74,000

Actual damages sought value

26,000

Interest damages sought value

$ 48,000

Description of plaintiff

David M. Clapper and two entities related to Mr. Clapper (all, collectively, the “Clapper Parties”)

Description of defendant

American Realty Trust, Inc. (“ART”) and its former subsidiary, ART Midwest, Inc.

Description of allegation

Originally arising out of a transaction in 1998, in which ART and the Clapper Parties were to form a partnership to own eight residential apartment complexes.

Description of action taken by court

The Court of Appeals affirmed a portion of the judgment in favor of the Clapper Parties but also ruled that a double counting of a significant portion of the damages had occurred and remanded the case back to the trial court to recalculate the damage award, as well as pre and post-judgment interest thereon.