Note 10 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

10.  Commitments and Contingencies:

Lease revenue commitments - The approximate future minimum revenues from rental property under the terms of all noncancellable tenant leases, assuming no new or renegotiated leases are executed for such premises, are as follows:

Twelve Months Ending September 30,	Amount
2014	$	3,969,000
2015		3,012,000
2016		2,495,000
2017		1,715,000
2018		1,417,000
Thereafter		3,409,000
	$	16,017,000

Other commitments and contingencies As of September 30, 2013, other commitments and contingencies are summarized in the below table:

Rothschild, Inc. contract	$	531,000
Incentive Compensation Plan	$	1,320,000
Employment agreements with severance commitment contingencies	$	500,000
Other employee severance commitment contingencies	$	100,000
Total	$	2,451,000

Rothschild, Inc. contract – Under the terms of the Rothschild, Inc. contract, as financial advisor, additional fees of up to approximately $31,000 may be incurred in association with liquidity events beyond the dividend declared on September 13, 2013. In addition, if the Company entered into a change in control transaction covered under the contract, the Company may be subject to an additional fee of up to $500,000.

Incentive Compensation Plan – Based on the average estimated total distributions under the Company’s proposed plan of liquidation, included in the preliminary proxy statement/prospectus filed on October 21, 2013, the Company’s Incentive Compensation Plan participants will be entitled to an additional payment of approximately $1,320,000.

Employment agreements - The Company has compensation arrangements with its Chief Executive Officer and Chief Financial Officer (collectively, the "Agreements"), each executed during the quarter ended June 30, 2013. Each of the Agreements contains a bonus of $125,000 payable upon a change of control as defined in the agreements. In addition, each agreement provides for severance equivalent to 6 months of base salary and the vesting and related payment of the change of control bonus.

Under Company policy the aggregate severance commitment contingency to other employees is approximately $100,000.