The number of IFMI employees decreased from 240 at September 30, 2011 to 204 at September 30, 2012.
In addition, the former Chairman and the former CEO of PrinceRidge agreed to forfeit all unvested equity awards that they had received from PrinceRidge and the Company, including, in the aggregate, 848,742 shares of restricted common stock of IFMI.
Following the repurchase of these securities, IFMI owns 98% of the equity interests in PrinceRidge.
On May 2, 2012, IFMI and PrinceRidge, IFMI's majority-owned subsidiary, entered into a Senior Promissory Note and Security Agreement (the "Promissory Note"), pursuant to which IFMI borrowed $8.
Cohen, Chairman and Chief Executive Officer of IFMI, was appointed Chairman and Chief Executive Officer of PrinceRidge.
In the fourth quarter of 2010, IFMI recognized gains on its investment in Star Asia of $2.
In the year ended December 31, 2010, IFMI recognized gains on its investment in the first Strategos Deep Value Fund of $4.
The total book value of the equity interests and cash contributed by IFMI
to PrinceRidge was $45 million.
In the third quarter of 2010, IFMI recognized gains on its investment in the first Strategos Deep Value fund of $2.
At the commencement of the exchange offer, IFMI had $19.
The reduction in net trading revenue was primarily the result of decreased activity in all trading asset classes, including structured products, which was partially offset by trading activity in three business lines that IFMI
did not have in the second quarter of 2010: $4.