3) Assets Held for Sale

In January 2011, we made the decision to sell our Remington Village multifamily project in Gillette, Wyoming and plan to use the proceeds to further the development of our oil and gas business, reduction of debt or for general corporate purposes.

As of June 30, 2013, the accompanying condensed consolidated balance sheets include approximately $15.4 million in book value of assets held for sale related to Remington Village, net of accumulated depreciation, and $9.9 million in liabilities held for sale. Because Remington Village has been classified as an asset held for sale, scheduled depreciation of $220,000 and $440,000 for the three month and six months ended June 30, 2013, respectively, was not recorded. During the three and six months ended June 30, 2012, scheduled depreciation of $224,000 and $448,000, respectively was not recorded. Remington is pledged as collateral on a $10.0 million note. At such time as Remington is sold, the debt balance will be retired.

Operations related to Remington Village are shown in discontinued operations on the accompanying condensed consolidated statements of operations.

On March 5, 2013, the Company entered into a Purchase and Sale Agreement (“PSA”) with an undisclosed buyer to sell its Remington Village apartment complex located in Gillette, Wyoming for $15.0 million. The transaction is scheduled to close in September 2013 although there is no assurance that the transaction will close at this time or at all.

In September 2012, we made the decision to sell our corporate aircraft and related facilities to cut overhead costs. During the six months ended June 30, 2013, the Company sold the corporate aircraft for $1.9 million and the related facilities for $767,000. The proceeds were allocated to our oil and gas business and general corporate purposes.

The following assets and liabilities have been segregated and included in the Assets Held for Sale and Liabilities Held for Sale, as appropriate, in the condensed consolidated balance sheets as of June 30, 2013 and December 31, 2012:

	(In thousands)
	June 30,		December 31,
	2013		2012
Cash and cash equivalents	$	303	$	211
Accounts receivable		57		19
Prepaid expenses		122		42
Property, plant and equipment, net		14,775		14,775
Restricted investment		120		120
Assets of discontinued operations		15,377		15,167

Corporate aircraft and related facilities		--		1,884
Assets held for sale	$	15,377	$	17,051

Accounts payable	$	79	$	144
Accrued and other liabilities		340		257
Long term debt		9,469		9,621
Liabilities held for sale	$	9,888	$	10,022