5. OTHER INVESTMENTS

9 Months Ended

Sep. 30, 2011

Schedule of Other Investments Not Readily Marketable [Table Text Block]

5. OTHER INVESTMENTS

As of September 30, 2011, the Company’s portfolio of other investments had an aggregate carrying value of approximately $3.7 million. The Company has committed to fund an additional $808,000 as required by agreements with the investees. The carrying value of these investments is equal to contributions less distributions and loss valuation adjustments. During the three months ended September 30, 2011 the Company committed to a new investment in the amount of $250,000, of which $25,000 was funded as of September 30, 2011. This investment is a power and energy real estate fund. Total cash contributions to other investments for the three and nine months ended September 30, 2011were approximately $56,000 and $175,000, respectively. Total cash distributions from other investments for the three and nine months ended September 30, 2011 were approximately $50,000 and $169,000, respectively. These distributions were primarily from investments in partnerships owning diversified operating companies and real estate.

Net income from other investments for the three and nine months ended September 30, 2011 and 2010, is summarized below (excluding other than temporary impairment loss):

	Three months ended September 30,				Nine months ended September 30,
Description	2011		2010		2011		2010
Partnership owning diversified businesses & distressed debt		—		—	$	25,000	$	179,000
Technology and related	$	1,000		—		1,000		3,000
Partnership owning investments in marketable securities		—	$	14,000		—		13,000
Income from investment in 49% owned affiliate (T.G.I.F. Texas, Inc.)		9,000		10,000		30,000		47,000
Total net income from other investments	$	10,000	$	24,000	$	56,000	$	242,000

Other than temporary impairment losses from other investments for the three and nine months ended September 30, 2011 and 2010, are summarized below:

	Three months ended September 30,				Nine months ended September 30,
Description	2011		2010		2011			2010
Real estate and related (a)		—		—	$	(84,000	)	$	(50,000	)
Partnership owning diversified businesses & distressed debt		—		—		(3,000	)		—
Total OTTI loss from other investments	$	—	$	—	$	(87,000	)	$	(50,000	)

(a) In June 2011 the Company recognized an impairment loss of approximately $84,000from an investment in a partnership which operates and leases executive suites in Miami, Florida. The Company has funded $120,000 to date in this investment and the losses incurred were associated with the initial start up of the venture in 2010.

The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of September 30, 2011 and December 31, 2010, aggregated by investment category and the length of time that investments have been in a continuous loss position:

	As of September 30, 2011
	Less than 12 Months					Greater than 12 Months					Total
Investment Description	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Partnerships owning investments in technology related industries	$	323,000	$	(15,000	)	$	38,000	$	(48,000	)	$	361,000	$	(63,000	)
Partnerships owning diversified businesses		—		—			216,000		(73,000	)		216,000		(73,000	)
Partnerships owning real estate and related investments		—		—			261,000		(50,000	)		261,000		(50,000	)
Total	$	323,000	$	(15,000	)	$	515,000	$	(171,000	)	$	838,000	$	(186,000	)

	As of December 31, 2010
	Less than 12 Months				Greater than 12 Months					Total
Investment Description	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
Partnerships owning investments in technology related industries		—		—	$	52,000	$	(34,000	)	$	52,000	$	(34,000	)
Partnerships owning diversified businesses		—		—		737,000		(104,000	)		737,000		(104,000	)
Partnerships owning real estate & related		—		—		398,000		(105,000	)		398,000		(105,000	)
Total		—		—	$	1,187,000	$	(243,000	)	$	1,187,000	$	(243,000	)

When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment’s amortized cost basis.

In accordance with ASC Topic 320-10-65, Recognition and Presentation of Other-Than-Temporary Impairments (“OTTI”) as of September 30, 2011 OTTI impairment valuation adjustments totaled $87,000primarily from an investment in a real estate partnership which leases executive suites in Miami, Florida (as discussed above). As of September 30, 2010 OTTI impairment valuation adjustments totaled $50,000 primarily from an investment in a real estate fund.