5. OTHER INVESTMENTS

12 Months Ended

Dec. 31, 2011

Investments and Other Noncurrent Assets [Text Block]

5. OTHER INVESTMENTS

The Company’s other investments consist primarily of nominal equity interests in various privately-held entities, including limited partnerships whose purpose is to invest venture capital funds in growth-oriented enterprises. The Company does not have significant influence over any investee and the Company’s investment represents less than 3% of the investee’s ownership. None of these investments meet the criteria of accounting under the equity method and accordingly are carried at cost less distributions and other than temporary unrealized losses.

The Company’s portfolio of other investments consists of approximately 30 individual investments primarily in limited partnerships with varying investment objectives and focus. Management has categorized these investments by investment focus: technology & communications, diversified businesses/distressed debt, real estate related, stock & debt funds.

As of December 31, 2011 and 2010 other investments had an aggregate carrying value of $3.7 million and $3.8 million, respectively. The Company has committed to fund approximately an additional $988,000 as required by agreements with the investees. The carrying value of these investments is equal to contributions less distributions and other than temporary loss valuation adjustments. During the years ended December 31, 2011 and 2010 the Company made contributions of approximately $244,000 and $374,000, respectively, and received distributions from these investments of $211,000 and $324,000, respectively.

 The Company’s other investments are summarized below.

	Carrying values as of December 31,
Investment Focus	2011		2010
Venture capital funds – technology and communications	$	478,000	$	469,000
Venture capital funds – diversified businesses		1,444,000		1,461,000
Real estate and related		1,523,000		1,539,000
Other		300,000		300,000
Totals	$	3,745,000	$	3,769,000

The Company regularly reviews the underlying assets in its investment portfolio for events, including but not limited to bankruptcies, closures and declines in estimated fair value, that may indicate the investment has suffered other-than-temporary decline in value. When a decline is deemed other-than-temporary, an investment loss is recognized.

Net income from other investments is summarized below (excluding other than temporary impairment loss):

	2011		2010
Income from investment in 49% owned affiliate (a)	$	41,000	$	72,000
Venture capital funds – diversified businesses (b)		27,000		227,000
Other		1,000		25,000
Total net income from other investments	$	69,000	$	324,000

(a)

This gain represents income from the Company’s 49% owned affiliate, T.G.I.F. Texas, Inc. (“TGIF”). The decrease in income is due to decrease net income of TGIF as a result of lower investment income. In December 2011 and 2010 TGIF declared and paid a cash dividend of the Company’s portion of which was approximately $168,000 and $140,000. These dividends were recorded as reduction in the investment carrying value as required under the equity method of accounting for investments.

(b)

The gain in 2011 consists of cash distributions from an investment in one partnership owning diversified businesses which made cash distributions from the sale or refinancing of operating companies in 2011. The gain in 2010 primarily consists of $209,000 from an investment in one partnership owning diversified businesses which made cash distributions from the sale of operating companies in 2010.

Other than temporary impairment losses from other investments

For the years ended December 31, 2011 and 2010 approximately $87,000 and $140,000, respectively, of valuation losses from other than temporary impairment losses from other investments were recorded. In 2011 this primarily consisted of a valuation loss of $84,000 from an investment in a private partnership which operates and leases executive suites in Miami, Florida. The Company has funded $120,000 to date and the losses incurred were associated with the start up costs of the venture. In 2010 this primarily consisted of valuation losses of $50,000 from one private partnerships investing in technology and communication business, $40,000 from one private partnerships investing in diversified businesses and $50,000 from three investments in private partnerships owning real estate.

	2011			2010
Real estate and related	$	(84,000	)	$	(50,000	)
Venture capital funds – technology & communications		—			(50,000	)
Venture capital funds – diversified businesses		—			(40,000	)
Other		(3,000	)		—
Total other than temporary impairment loss from other investments	$	(87,000	)	$	(140,000	)

Net gain or loss from other investments may fluctuate significantly from period to period in the future and could have a significant impact on the Company’s net earnings. However, the amount of investment gain or loss from other investments for any given period has no predictive value and variations in amount from period to period have no practical analytical value.

The following tables present gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 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 December 31, 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	$	327,000	$	(20,000	)	$	47,000	$	(39,000	)	$	374,000	$	(59,000	)
Partnerships owning diversified businesses		—		—			228,000		(61,000	)		228,000		(61,000	)
Partnerships owning real estate and related investments		—		—			256,000		(56,000	)		256,000		(56,000	)
Total	$	327,000	$	(20,000	)	$	531,000	$	(156,000	)	$	858,000	$	(176,000	)

	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 and related investments		—		—		398,000		(105,000	)		398,000		(105,000	)
Total	$	—	$	—	$	1,187,000	$	(243,000	)	$	1,187,000	$	(243,000	)