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0.50
1176000
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575000
19827000
225000
9247000
2556000
21831000
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2300000
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317000
33270000
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2465000
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2319000
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4338000
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7632000
892000
892000
6794000
6794000
8512000
12000
8524000
1.00
128
128
7002806
7002806
19827000
751956
751956
872
872
1.00
1.00
1.00
0.84247
50000000
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9290000
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10214000
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5526000
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15192000
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27056000
2057000
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2231000
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128
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154000
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1814000
-7705000
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3379000
KAISER VENTURES LLC
false
Smaller Reporting Company
Q3
2012
10-Q
2012-09-30
0001144834
--12-31
<div>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top" width="9%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Note 5.</b></font></td>
<td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>INVESTMENT IN WEST
VALLEY MRF, LLC, ITS SALE AND RESULTING COMPENSATION RELATED
MATTERS</b></font></td>
</tr>
</table>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">On
April 2, 2012, Kaiser Recycling, LLC sold its 50% ownership
interest in the West Valley MRF, LLC which owns and operates the
WVMRF, a transfer station and materials recovery facility near
Fontana, California. The gross cash sales price for the 50%
ownership interest was approximately $25,769,000. The Company
recorded a gain on the sale of $20,588,000 in the second quarter of
2012. Existing environmental obligations of the Company and Kaiser
Recycling benefiting West Valley MRF, LLC and West Valley
Recycling & Transfer, LLC (the owner of the other 50%
interest in the West Valley MRF and the buyer of Kaiser
Recycling’s ownership interest in the West Valley MRC, LLC)
remain in place. An escrow originally totaling $363,000 was
established to provide certain additional financial assurances for
the Company’s and Kaiser Recycling, Inc.’s existing
contingent environmental obligations. The amount of this escrow was
charged against the Company’s existing environmental reserve.
Kaiser Recycling, LLC purchased an environmental insurance policy
for $113,621 which was paid from the escrow account, leaving a
balance of $249,379 in the escrow account. In addition, the
Company’s guaranty of certain outstanding debt of West Valley
(approximately $5,820,000 as of March 31, 2012) was
terminated. Finally, as a result of the sale of the Company’s
member interest in West Valley MRF, LLC on April 2, 2012, the
Company will no longer be providing and billing West Valley MRF,
LLC for accounting services from that date, which totaled
approximately $28,000 per month or approximately $84,000 per
quarter. The Company also reduced its accounting staff by one
employee as of June 30, 2012 and recorded severance expenses
associated with that termination of $131,000 during the second
quarter of 2012.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">With the
completed sale of the ownership interest in West Valley MRF, LLC,
compensation related actions were implemented under the previously
disclosed terms of applicable compensation arrangements for
officers and under the terms of the Company’s Class C and D
Units. In accordance with the terms and conditions of the
Company’s Class C and D Units $771,000 was due and paid on
such units. In addition, a bonus of approximately $173,000 was paid
to an officer in accordance with the terms of his employment
agreement. The Company also awarded $95,000 in discretionary
bonuses as a result of the sale of the ownership interest in the
West Valley MRF. In addition, a “Change in Control”
occurred under the terms of the Amended and Restated Services
Agreement, as amended, between the Company and Business Staffing,
Inc. and under the terms of the employment agreement of each
executive officer.</font></p>
<p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">
 </p>
<p style="MARGIN-TOP: 0px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">The Company
accounted for its investment in West Valley MRF, LLC under the
equity method.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">Due to the time
required to close the books of the West Valley MRF, LLC and in
keeping with past practice, there was a one month delay in
reporting the results of West Valley MRF, LLC. Thus, even though
the closing on the sale of Kaiser Recycling, LLC’s ownership
interest occurred on April 2, 2012, due to this one month
delay, there was one month’s of the Company’s share of
the income for West Valley MRF, LLC during the second quarter of
2012. The condensed summarized financial information of West Valley
MRF, LLC is as follows:</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px">
 </p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="76%" align="center">
<tr>
<td width="61%"></td>
<td valign="bottom" width="10%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="10%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Balance Sheet
Information:</b></font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>November 30, 2011</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Current Assets</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8,430,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Property and Equipment
(net)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">10,214,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Total Assets</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">18,644,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Current
Liabilities</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4,154,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">CPCFA Bonds Payable –
Long Term Portion</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">5,200,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Members’
Equity</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">9,290,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Total Liabilities and
Members’ Equity</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">18,644,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
</tr>
<tr>
<td height="8"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center">
<font style="FONT-FAMILY: Times New Roman" size="1"><b>For the Period<br />
from December 1,<br />
2011 to April 2, 2012</b></font></p>
<p style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; WIDTH: 70pt; MARGIN-BOTTOM: 1px" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>(Date of Transaction)</b></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center">
<p style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 68pt" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>For the Nine Month<br />
Period Ended<br />
August 31, 2011</b></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">For the Nine Months Ended
August 31</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Net Revenues</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4,068,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">10,303,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Income from
Operations</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">974,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,456,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Net Income</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">774,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,379,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
</table>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">The Company
recognized equity income from the West Valley MRF, LLC of
$1,690,000 for the first nine months of 2011, and $391,000 for the
period from December 1, 2011 to April 2, 2012 (date of
transaction).</font></p>
</div>
-23000
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="9%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>Note 2.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>ENVIRONMENTAL
MATTERS</b></font></td>
</tr>
</table>
<p style="margin-top:6px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2">The Company
purchased an insurance policy effective June 30, 2001 that is
designed to provide broad prospective commercial general liability,
pollution legal liability, and contractual indemnity coverage for
the Company’s ongoing and historical operations. The policy
has a twelve (12) year term and limits of $50 million in the
aggregate for defense and indemnity, with no deductible or
self-insured retention. The policy is designed to provide coverage
for future claims in excess of the Company’s existing and
historic insurance policies; however, to the extent that these
other insurance policies are not responsive to a claim, the policy
will provide first dollar coverage for a claim resulting from
property damage, personal injury, bodily injury, cleanup costs or
violations of environmental laws. The policy also provides for a
broad defense of claims that may be brought against the Company.
The policy is specifically intended to provide additional coverage
for potential liabilities arising from pollution conditions or
known and/or potential asbestos-related claims. The policy also
provides contractual indemnity coverage for scheduled indemnity
obligations of the Company arising from, e.g., prior corporate
transactions and real estate sales. The Company expects this policy
will cover substantially any and all environmental claims (up to
the $50 million policy limit) relating to the historical operations
of the Company.</font></p>
<p style="margin-top:12px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2">The aggregate
cost for this policy was approximately $5.8 million, of which,
based upon discussions among the respective members of the Boards
of Directors, KSC Recovery paid $2 million and the Company paid the
balance of approximately $3.8 million. The portion of the policy
paid by KSC Recovery was expected to cover known and/or potential
asbestos claims; while the portion of the policy paid by the
Company was expected to cover future potential claims arising from
the Company’s historical operations.</font></p>
<p style="margin-top:12px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2">The
Company’s original $3.8 million premium for the prospective
insurance policy was capitalized as a long-term asset and is being
amortized on a straight-line basis over the 12 year term of the
policy. To the extent a pre-existing liability has not been
recorded, claims made for environmental matters are recorded as
litigation accruals in the Company’s consolidated financial
statements pursuant to Section 450-10 of the ASC when it
becomes probable that a loss has been incurred and the amount of
such loss can be reasonably estimated. Claims accepted by the
insurance company pursuant to coverage under the policy are
recorded as insurance receivables when coverage is accepted and the
amount to be paid by the insurance company can be reasonably
estimated. Generally, unless previously accrued, the liability and
the receivable relating to claims covered by this policy should
occur in the same accounting period, thereby having no adverse or
beneficial impact on the Company’s operating results for that
accounting period.</font></p>
<p style="margin-top:12px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2">In addition to
the foregoing policy, an additional insurance policy with a term of
ten years covering certain possible contingent environmental and
other related events that could arise and impact the West Valley
MRF, LLC and others was purchased by Kaiser Recycling during the
second quarter. The policy premium of $113,621 was paid from the
escrow account originally totaling $363,000 that was established as
a result of the sale of Kaiser Recycling, LLC’s ownership
interest in WVMRF, LLC. The amount of this escrow was charged
against the Company’s existing environmental liability
reserve.</font></p>
</div>
-363000
6309000
-3705000
-53000
10326000
12000
1818000
16000
2.43
-53000
16949000
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="9%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>Note 4.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>FAIR VALUE OF FINANCIAL
ASSETS AND FINANCIAL LIABILITIES</b></font></td>
</tr>
</table>
<p style="margin-top:6px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2">ASC 825-10
defines fair value as the price that would be received from selling
an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. When
determining the fair value measurements for assets and liabilities
required or permitted to be recorded at fair value, the Company
considers the principal or most advantageous market in which it
would transact and considers assumptions that market participants
would use when pricing the asset or liability, such as inherent
risk, transfer restrictions, and risk of nonperformance. ASC 825-10
establishes a fair value hierarchy that requires an entity to
maximize the use of observable inputs and minimize the use of
unobservable inputs when measuring fair value. ASC 825-10
establishes three levels of inputs that may be used to measure fair
value:</font></p>
<p style="margin-top:6px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><b>Level 1</b> -
Quoted prices in active markets for identical assets or
liabilities.</font></p>
<p style="margin-top:6px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><b>Level 2</b> -
Observable inputs other than Level 1 prices such as quoted prices
for similar assets or liabilities; quoted prices in markets with
insufficient volume or infrequent transactions (less active
markets); or model-derived valuations in which all significant
inputs are observable or can be derived principally from or
corroborated by observable market data for substantially the full
term of the assets or liabilities.</font></p>
<p style="margin-top:6px;margin-bottom:0px; margin-left:4%">
<font style="font-family:Times New Roman" size="2"><b>Level 3</b> -
Unobservable inputs to the valuation methodology that are
significant to the measurement of fair value of assets or
liabilities.</font></p>
<p style="margin-top:12px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2">To the extent
that valuation is based on models or inputs that are less
observable or unobservable in the market, the determination of fair
value requires more judgment. In certain cases, the inputs used to
measure fair value may fall into different levels of the fair value
hierarchy. In such cases, for disclosure purposes, the level in the
fair value hierarchy within which the fair value measurement is
disclosed is determined based on the lowest level input that is
significant to the fair value measurement.</font></p>
<p style="margin-top:12px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2">Our short and
long-term investments in commercial paper and bonds represent
available-for-sale securities that are valued primarily using
quoted market prices utilizing market observable inputs in active
markets for identical assets.</font></p>
<p style="margin-top:12px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2">The following
table presents information about our assets measured at fair value
on a recurring basis at September 30, 2012 and
December 31, 2011, and indicates the fair value hierarchy of
the valuation techniques utilized to determine such fair
value.</font></p>
<p style="font-size:1px;margin-top:12px;margin-bottom:0px">
 </p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="62%"></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td colspan="2" valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="10" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="1">F<small>AIR</small> V<small>ALUE</small> M<small>EASUREMENTS</small> 
<small>AT</small> R<small>EPORTING</small> D<small>ATE</small></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center"><font style="font-family:Times New Roman" size="1">A<small>MOUNT</small><br />
R<small>ECORDED</small><br />
O<small>N</small> B<small>ALANCE</small><br />
S<small>HEET</small></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center"><font style="font-family:Times New Roman" size="1">Q<small>UOTED</small><br />
P<small>RICES</small> I<small>N</small><br />
A<small>CTIVE</small><br />
M<small>ARKETS</small><br />
F<small>OR</small><br />
I<small>DENTICAL</small><br />
A<small>SSETS</small><br />
(<small>LEVEL</small> 1)</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center"><font style="font-family:Times New Roman" size="1">S<small>IGNIFICANT</small><br />
O<small>THER</small><br />
O<small>BSERVABLE</small><br />
I<small>NPUTS</small><br />
(L<small>EVEL</small> 2)</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center">
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="1">S<small>IGNIFICANT</small><br />
U<small>NOBSERVABLE</small><br />
I<small>NPUTS</small></font></p>
<p style="margin-top:0px;margin-bottom:1px" align="center">
<font style="font-family:Times New Roman" size="1">(L<small>EVE</small>l 3)</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2"><b><u>Assets as of
September 30, 2012:</u></b></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Cash and cash
equivalents</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">6,794,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">6,794,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Short-term
investments</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">7,632,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">7,632,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Long-term
investments</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">892,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">892,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2"><b><u>Assets as of
December 31, 2011:</u></b></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Cash and cash
equivalents</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">804,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">804,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Short-term
investments</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,703,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,703,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
</table>
<p style="margin-top:12px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2">In addition to
the assets listed in the table, other short-term financial assets
and liabilities of the Company consist of accounts receivable,
accounts payable and certain accrued liabilities. These financial
assets and liabilities generally approximate fair market value
based on their short-term nature.</font></p>
</div>
60000
<div>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">The condensed
summarized financial information of West Valley MRF, LLC is as
follows:</font></p>
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px; FONT-SIZE: 12px">
 </p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="76%" align="center">
<tr>
<td width="61%"></td>
<td valign="bottom" width="10%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="10%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Balance Sheet
Information:</b></font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>November 30, 2011</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Current Assets</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8,430,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Property and Equipment
(net)</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">10,214,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Total Assets</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">18,644,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Current
Liabilities</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4,154,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">CPCFA Bonds Payable –
Long Term Portion</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">5,200,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Members’
Equity</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">9,290,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 1px solid"> </p>
</td>
<td> </td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Total Liabilities and
Members’ Equity</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">18,644,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr style="FONT-SIZE: 1px">
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">  </td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td valign="bottom">
<p style="BORDER-TOP: #000000 3px double"> </p>
</td>
<td> </td>
</tr>
<tr>
<td height="8"></td>
<td height="8" colspan="4"></td>
<td height="8" colspan="4"></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center">
<p style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 0px" align="center">
<font style="FONT-FAMILY: Times New Roman" size="1"><b>For the Period<br />
from December 1,<br />
2011 to April 2, 2012</b></font></p>
<p style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; WIDTH: 70pt; MARGIN-BOTTOM: 1px" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>(Date of Transaction)</b></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center">
<p style="BORDER-BOTTOM: #000000 1px solid; WIDTH: 68pt" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>For the Nine Month<br />
Period Ended<br />
August 31, 2011</b></font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">For the Nine Months Ended
August 31</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Net Revenues</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">4,068,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">10,303,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Income from
Operations</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">974,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,456,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 3em"><font style="FONT-FAMILY: Times New Roman" size="2">Net Income</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">774,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,379,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
</table>
</div>
173000
771000
1220000
235000
20588000
-3642000
<div>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">The following
is a summary of the fair value of investment securities classified
as “available-for-sale” as of September 30, 2012
and December 31, 2011. For each item included in the table
below the gains or losses from Fair Value reporting are included in
income for the quarter.</font></p>
<p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">
 </p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="92%" align="center">
<tr>
<td width="64%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: Times New Roman" size="1">Available-for-sale
Securities</font><br />
<font style="FONT-FAMILY: Times New Roman" size="1">at
September 30, 2012 and December 31, 2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Amortized<br />
Cost</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Net
Unrealized</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Fair
Value</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Gains</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Losses</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Bond Funds at September 30,
2012</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8,512,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">12,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—  </font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8,524,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td height="16"></td>
<td height="16" colspan="4"></td>
<td height="16" colspan="4"></td>
<td height="16" colspan="4"></td>
<td height="16" colspan="4"></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Bond Funds at December 31,
2011</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,700,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—  </font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,703,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
</table>
</div>
19960000
4200
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="9%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>Note 6.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>EVALUATION OF LONG-LIVED
ASSETS</b></font></td>
</tr>
</table>
<p style="margin-top:6px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2">In accordance
with Section 360 of the ASC<i>,</i> long-lived assets are
evaluated for potential impairment whenever events or changes in
circumstances indicate the carrying amount of an asset may not be
recoverable. Our reviews as of September 30, 2012, concluded
that no impairment had occurred and other real estate and building
and equipment are recorded at the lower of cost or fair market
values.</font></p>
<p style="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:0px;">
<font style="font-family:Times New Roman" size="2">With the denial
of our appeal to the U.S. Supreme Court, our quarterly analysis
pursuant to the ASC of whether the MRC investment in Eagle Mountain
Landfill Project was impaired, resulted in a determination of
impairment and a write-down of the carrying amount of the MRC
investment in Eagle Mountain Landfill Project as of March 31,
2011. As required by GAAP, the impairment determination and
resulting calculation of fair value of the carrying amount of the
MRC investment in Eagle Mountain Landfill Project were made
utilizing a probability analysis of the remaining options with
regard to the Landfill Project after the U.S. Supreme Court
declined to accept the petition requesting further review of the
adverse U.S. 9</font><font style="font-family:Times New Roman" size="1"><sup style="vertical-align:baseline; position:relative; bottom:.8ex">th</sup></font>
<font style="font-family:Times New Roman" size="2">Circuit Court of
Appeals decision as of March 28, 2011. The total amount of the
write-down was $6,683,000 which was charged to earnings in the
first quarter of 2011. As of September 30, 2012, there were no
events or changes in circumstances that indicated that the carrying
amount of MRC’s investment in Eagle Mountain Landfill Project
may not be recoverable. Possible further impairment in the MRC
investment in Eagle Mountain Landfill Project resulting from
MRC’s bankruptcy filing on October 30, 2011, may be
required in the future as the impact of the bankruptcy filing is
determined.</font></p>
</div>
12000
-32000
5960000
3016000
<div>
<p style="margin-top:12px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2">The following
table presents information about our assets measured at fair value
on a recurring basis at September 30, 2012 and
December 31, 2011, and indicates the fair value hierarchy of
the valuation techniques utilized to determine such fair
value.</font></p>
<p style="font-size:1px;margin-top:12px;margin-bottom:0px">
 </p>
<table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE" align="center">
<tr>
<td width="62%"></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td colspan="2" valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="10" nowrap="nowrap" align="center" style="border-bottom:1px solid #000000"><font style="font-family:Times New Roman" size="1">F<small>AIR</small> V<small>ALUE</small> M<small>EASUREMENTS</small> 
<small>AT</small> R<small>EPORTING</small> D<small>ATE</small></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center"><font style="font-family:Times New Roman" size="1">A<small>MOUNT</small><br />
R<small>ECORDED</small><br />
O<small>N</small> B<small>ALANCE</small><br />
S<small>HEET</small></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center"><font style="font-family:Times New Roman" size="1">Q<small>UOTED</small><br />
P<small>RICES</small> I<small>N</small><br />
A<small>CTIVE</small><br />
M<small>ARKETS</small><br />
F<small>OR</small><br />
I<small>DENTICAL</small><br />
A<small>SSETS</small><br />
(<small>LEVEL</small> 1)</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center"><font style="font-family:Times New Roman" size="1">S<small>IGNIFICANT</small><br />
O<small>THER</small><br />
O<small>BSERVABLE</small><br />
I<small>NPUTS</small><br />
(L<small>EVEL</small> 2)</font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center">
<p style="margin-top:0px;margin-bottom:0px" align="center">
<font style="font-family:Times New Roman" size="1">S<small>IGNIFICANT</small><br />
U<small>NOBSERVABLE</small><br />
I<small>NPUTS</small></font></p>
<p style="margin-top:0px;margin-bottom:1px" align="center">
<font style="font-family:Times New Roman" size="1">(L<small>EVE</small>l 3)</font></p>
</td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2"><b><u>Assets as of
September 30, 2012:</u></b></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Cash and cash
equivalents</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">6,794,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">6,794,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Short-term
investments</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">7,632,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">7,632,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Long-term
investments</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">892,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">892,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:1.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2"><b><u>Assets as of
December 31, 2011:</u></b></font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
</tr>
<tr>
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Cash and cash
equivalents</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">804,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">804,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="margin-left:3.00em; text-indent:-1.00em"><font style="font-family:Times New Roman" size="2">Short-term
investments</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,703,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">2,703,000</font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="font-family:Times New Roman" size="2"> </font></td>
<td valign="bottom" align="right"><font style="font-family:Times New Roman" size="2">—  </font></td>
<td nowrap="nowrap" valign="bottom"><font style="font-family:Times New Roman" size="2">  </font></td>
</tr>
</table>
</div>
704000
2.43
-10358000
750000
1784000
391000
500000
1095000
16955000
-689000
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="9%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>Note 7.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>COMMITMENTS AND
CONTINGENCIES</b></font></td>
</tr>
</table>
<p style="margin-top:6px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2"><i>Environmental
Contingencies</i>. As discussed in Note 2, effective June 30,
2001, the Company purchased a 12-year $50 million insurance policy
which is expected to cover substantially any and all environmental
claims (up to the $50 million policy limit) relating to the
historical operations of the Company. To the extent a pre-existing
liability has not been recorded, claims made for environmental
matters are recorded as litigation accruals in the Company’s
consolidated financial statements pursuant to ASC 450-10 when it
becomes probable that a loss has been incurred and the amount of
such loss can be reasonably estimated. Claims accepted by the
insurance company pursuant to coverage under the policy are
recorded as insurance receivables when coverage is accepted and the
amount to be paid by the insurance company can be reasonably
estimated.</font></p>
<p style="font-size:1px;margin-top:12px;margin-bottom:0px">
 </p>
<p style="margin-top:0px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2">As of
September 30, 2012, the Company estimates, based upon current
information and discussions with environmental consultants, that
its future environmental liabilities related to certain matters not
assumed by CCG Ontario, LLC in its purchase of a substantial
portion of Kaiser’s former Fontana mill site property
(“Mill Site Property”), including a certain groundwater
matter as well as potential matters at Eagle Mountain and at other
historical locations, will be approximately $2.3 million. In the
event that a future environmental claim for damages is filed
against the Company such claim may be covered by insurance
depending upon the nature and timing of the claim.</font></p>
<p style="margin-top:12px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2">In addition, an
insurance policy covering certain possible contingent environmental
and other related events that could arise and impact the WVMRF and
others subsequent to the sale of the Company’s interest in
the WVMRF was purchased by Kaiser Recycling during the second
quarter. The policy premium of $113,621 was paid from the existing
escrow account established by the Company at the time of the sale.
These potential contingent environmental related events for which
insurance coverage was purchased existed regardless of the sale of
Kaiser Recycling’s ownership interest in WVMRF, LLC but such
sale did accelerate the timing on fully addressing such potential
contingent liabilities.</font></p>
<p style="margin-top:12px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2"><i>MRC
Financing</i>. Since Kaiser became an owner of MRC in 1995, MRC has
been financed through a series of private placements to its
existing equity owners. As a result of a private placement
completed in September 2011, MRC raised total proceeds of
approximately $1,300,000, of which amount Kaiser contributed
$1,146,344, which increased Kaiser’s ownership interest in
MRC from 83.13% to 84.247%.</font></p>
<p style="margin-top:12px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2"><i>Contingent
Compensation Expense on Class B, C and D Units.</i> Upon the sale
of certain of the Company’s assets at a price equal to or
greater than certain minimum sales prices, additional compensation
payments will be made on the Class B, C and D Units in accordance
with their respective terms. With the sale of Kaiser Recycling,
LLC’s ownership interest in West Valley MRF, LLC,
compensation payments totaling $771,000 were due and paid during
the second quarter of 2012 in accordance with the terms and
conditions of the Company’s Class C and D Units.</font></p>
<p style="margin-top:12px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2"><i>Restricted
Cash.</i> Restricted Cash consists primarily of certificates of
deposit used to secure certain letters of credit that provide
indemnification to governmental entities regarding landfill project
approvals and mining rights and other mine related matters. During
the second and third quarters of 2012 additional certificates of
deposit in the amount of $32,000 were acquired to amend the
indemnification to the County of Riverside.</font></p>
</div>
162000
17002000
6000
25769000
7003000
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="9%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>Note 1.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>BASIS OF
PRESENTATION</b></font></td>
</tr>
</table>
<p style="margin-top:6px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2">The unaudited
consolidated financial statements of Kaiser Ventures LLC and
Subsidiaries (the “Company”) as of September 30,
2012 and 2011, as well as the related notes, should be read in
conjunction with the Company’s audited consolidated financial
statements and related notes as of and for the year ended
December 31, 2011, included in the Company’s Annual
Report on Form 10-K. In the opinion of management, the accompanying
unaudited consolidated financial statements contain all adjustments
necessary to present fairly the Company’s financial position
at September 30, 2012, and results of operations and cash
flows for the nine month period ended September 30, 2012 and
2011.</font></p>
<p style="margin-top:12px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2">The
Company’s consolidated financial statements include the
following significant entities: Lake Tamarisk Development, LLC;
Kaiser Eagle Mountain, LLC; Kaiser Recycling LLC; all of which are
100% owned; and Mine Reclamation, LLC, which is 84.247%
owned.</font></p>
<p style="margin-top:12px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2">In addition, the
Company has determined that Business Staffing, Inc. which provides
administrative services to the Company, is a variable interest
entity due to a lack of sufficient equity at risk even though the
Company does not own any interest in Business Staffing, Inc. which
is 100% owned by three officers of the Company. The Company has
also determined it is the primary beneficiary of Business Staffing,
Inc. because the Company has the power to direct activities that
most significantly impact the economic performance of Business
Staffing, Inc. Accordingly, the Company has consolidated this
entity into the consolidated financial statements. The
consolidation of this entity does not change any legal ownership,
and does not change the assets or the liabilities and equity of
Kaiser Ventures LLC and Subsidiaries as a stand-alone entity. Total
assets of the variable interest entity were $2,556,000 and $0 as of
September 30, 2012 and December 31, 2011, respectively.
All intercompany accounts and transactions have been eliminated on
consolidation.</font></p>
<p style="margin-top:12px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2">Kaiser is the
reorganized successor to Kaiser Steel Corporation, referred to as
KSC, which was an integrated steel manufacturer that filed for
bankruptcy protection in 1987. Since KSC’s bankruptcy, we
have been developing assets remaining after the bankruptcy and have
realized substantial value from certain of those assets. Currently,
our principal remaining assets are: (i) our 84.27% ownership
interest in MRC, however, MRC filed a voluntary bankruptcy petition
under Chapter 11 of the U.S. Bankruptcy Code on October 30,
2011; (ii) our 100% equity ownership of KEM which owns and
controls approximately 10,000 acres at the Eagle Mountain Site on
or in which millions of tons of iron ore, stockpiled rock and other
mineral resources are present; and (iii) our 100% equity
ownership interest in Lake Tamarisk Development which owns property
near the Eagle Mountain Site</font></p>
<p style="margin-top:12px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2">Our 50%
ownership interest in the West Valley MRF, LLC was sold on
April 2, 2012. For further information on this transaction,
see “Note 5. INVESTMENT IN WEST VALLEY MRF,
LLC.”</font></p>
</div>
<div>
<table style="BORDER-COLLAPSE:COLLAPSE" border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="9%" valign="top" align="left"><font style="font-family:Times New Roman" size="2"><b>Note 8.</b></font></td>
<td align="left" valign="top"><font style="font-family:Times New Roman" size="2"><b>RECENT ACCOUNTING
PRONOUNCEMENTS</b></font></td>
</tr>
</table>
<p style="margin-top:6px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2">From time to
time, new accounting pronouncements are issued by the Financial
Accounting Standards Board (“FASB”) that are adopted by
the company as of the specified effective date. Unless otherwise
discussed, management believes that the impact of recently issued
standards, which are not yet effective, will not have a material
impact on the company’s consolidated financial statements
upon adoption.</font></p>
<p style="margin-top:12px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2">In June 2011,
the FASB issued guidance regarding the presentation of
comprehensive income. The new standard requires the presentation of
comprehensive income, the components of net income and the
components of other comprehensive income either in a single
continuous statement of comprehensive income or in two separate but
consecutive statements. The new standard also requires presentation
of adjustments for items that are reclassified from other
comprehensive income to net income in the statement where the
components of net income and the components of other comprehensive
income are presented. The updated guidance is effective on a
retrospective basis for financial statements issued for fiscal
years, and interim periods within those fiscal years, beginning
after December 15, 2011. The adoption of this guidance did not
have a material impact on our consolidated financial
statements.</font></p>
<p style="font-size:1px;margin-top:12px;margin-bottom:0px">
 </p>
<p style="margin-top:0px;margin-bottom:0px; text-indent:4%">
<font style="font-family:Times New Roman" size="2">In May 2011, the
FASB issued additional guidance on fair value measurements that
clarifies the application of existing guidance and disclosure
requirements, changes certain fair value measurement principles and
requires additional disclosures about fair value measurements. The
updated guidance is effective on a prospective basis for financial
statements issued for fiscal years, and interim periods within
those fiscal years, beginning after December 15, 2011. The
adoption of this guidance did not have a material impact on our
consolidated financial statements.</font></p>
</div>
7003000
131000
5800000
339000
296000
225000
<div>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td valign="top" width="9%" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Note 3.</b></font></td>
<td valign="top" align="left"><font style="FONT-FAMILY: Times New Roman" size="2"><b>INVESTMENTS</b></font></td>
</tr>
</table>
<p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">The Company has
an Investment Policy which provides for the investment of excess
cash balances primarily in bond funds, commercial paper, and debt
instruments. At September 30, 2012 the Company had all of its
investments in bonds, bond funds or high grade commercial paper
(Standard & Poor’s rating of “A” or
above) which are classified as
“available-for-sale.”</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">Pursuant to
Section 825-10 of the ASC, the Company at the end of a period,
compares the actual market value to the actual cost and uses that
calculation to determine any gain or loss on the maturity or sale
of each available-for-sale investment.</font></p>
<p style="MARGIN-TOP: 12px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px">
<font style="FONT-FAMILY: Times New Roman" size="2">The following
is a summary of the fair value of investment securities classified
as “available-for-sale” as of September 30, 2012
and December 31, 2011. For each item included in the table
below the gains or losses from Fair Value reporting are included in
income for the quarter.</font></p>
<p style="MARGIN-TOP: 12px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px">
 </p>
<table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="92%" align="center">
<tr>
<td width="64%"></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
<td valign="bottom" width="3%"></td>
<td></td>
<td></td>
<td></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="14" align="center"><font style="FONT-FAMILY: Times New Roman" size="1">Available-for-sale
Securities</font><br />
<font style="FONT-FAMILY: Times New Roman" size="1">at
September 30, 2012 and December 31, 2011</font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Amortized<br />
Cost</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="6" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Net
Unrealized</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Fair
Value</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Gains</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2" align="center"><font style="FONT-FAMILY: Times New Roman" size="1"><b>Losses</b></font></td>
<td valign="bottom"><font size="1"> </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" colspan="2"><font size="1"> </font></td>
<td valign="bottom"><font size="1"> </font></td>
</tr>
<tr bgcolor="#CCEEFF">
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Bond Funds at September 30,
2012</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8,512,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">12,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—  </font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">8,524,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
<tr>
<td height="16"></td>
<td height="16" colspan="4"></td>
<td height="16" colspan="4"></td>
<td height="16" colspan="4"></td>
<td height="16" colspan="4"></td>
</tr>
<tr>
<td valign="top">
<p style="TEXT-INDENT: -1em; MARGIN-LEFT: 1em"><font style="FONT-FAMILY: Times New Roman" size="2">Bond Funds at December 31,
2011</font></p>
</td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,700,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">3,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" nowrap="nowrap" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">—  </font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
<td valign="bottom"><font size="1">  </font></td>
<td valign="bottom"><font style="FONT-FAMILY: Times New Roman" size="2">$</font></td>
<td valign="bottom" align="right"><font style="FONT-FAMILY: Times New Roman" size="2">2,703,000</font></td>
<td valign="bottom" nowrap="nowrap"><font style="FONT-FAMILY: Times New Roman" size="2">  </font></td>
</tr>
</table>
</div>
771000
391000
95000
3800000
2000000
3
1146344
1300000
P12Y
113621
P10Y
25769000
28000
249379
6683000
5820000
-32000
771000
84000
131000
-370000
-13000
467000
-0.06
-451000
43000
393000
-166000
467000
57000
-0.06
548000
588000
645000
-493000
97000
-438000
-42000
6871000
6871000
80000
75000
-855000
-11000
0
567000
-0.12
-832000
24000
354000
-4000
-32000
567000
214000
-0.12
502000
214000
-835000
-288000
-821000
-3000
7003000
7003000
73000
75000
0001144834
2012-07-01
2012-09-30
0001144834
2011-07-01
2011-09-30
0001144834
ck0001144834:WestValleyMrfLlcMember
2012-04-01
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Account balances contain assets of the consolidated variable interest entity that can only be used to settle obligations of the variable interest entity (see Note 1) as of September 30, 2012 and December 31, 2011, respectively: cash and cash equivalents $2,556,000 and $0.