SHORT-TERM INVESTMENTS

6 Months Ended

Jun. 30, 2012

SHORT-TERM INVESTMENTS

SHORT-TERM INVESTMENTS

6.SHORT-TERM INVESTMENTS

Short term investments - Available-for-sale securities	June 30, 2012			December 31, 2011
Cost	$	3,259		$	5,294
Securities sold	(2,567		)	—
Net unrealized gains (losses) recognized in earnings	(48		)	(2,035		)
Carrying value	644			3,259

Short term investments as at June 30, 2012 and December 31, 2011 consist of equity securities in a publicly traded biotechnology company, which is recorded at its fair value at the end of each reporting period. In accordance with ASC 820 — Fair Value Measurements and Disclosures, this fair value measure is included in Level 1 of the fair value hierarchy given that its measurement is based on quoted bid prices which are available in an active stock market.

During the three months ended June 30, 2012, the Successor Company disposed of $1.4 million of its investment for net proceeds of $1.2 million and realized a loss of $0.2 million (of which $0.1 million was previously recorded as an unrealized loss). During the six months ended June 30, 2012, the Successor Company disposed of $2.6 million of its investment for net proceeds of $2.3 million and realized a loss of $0.3 million.

During the one and four months ended April 30, 2011 and the two months ended June 30, 2011, no investment impairments or unrealized investment losses were recorded in earnings.  However, as at December 31, 2011 the Successor Company determined that this investment was impaired on an other-than-temporary basis due to the value being depressed for an extended period of time and management’s intent to liquidate these securities in the near future.

As a result, the $2.0 million of net unrealized losses recorded in accumulated other comprehensive income were reclassified to the Consolidated Statement of Operations as an impairment write-down.