INVESTMENT ASSETS:

12 Months Ended

Apr. 30, 2012

Investment Assets Disclosure [Text Block]

(4) INVESTMENT ASSETS:

Investment assets consist of:	April 30,
	2012			2011
	(Thousands)

Land held for long-term investment	$	10,769		$	10,646

Other		753			753
Less accumulated depreciation		(260	)		(260	)
		493			493
	$	11,262		$	11,139

Land held for long-term investment represents property located in areas that are not planned to be developed in the near term and thus has not been offered for sale. Other includes a sales center in Rio Rancho, New Mexico that is not in service and is held for sale and, as such, is no longer being depreciated.

During 2012 and 2010, the Company accepted deeds in lieu of foreclosure related to delinquent mortgage notes receivable on previously sold investment assets totaling $451,000 and $1,117,000, which included accrued interest, and recorded the fair value of assets received less estimated costs to sell as investment assets. The Company did not accept any deeds in lieu of foreclosure in 2011. During 2011, further adjustments to the recorded value of these properties based on current appraisals were charged to operations, see Note14.

There was no depreciation of investment assets charged to operations in 2012 and 2011. Depreciation of investment assets charged to operations was $17,000 in 2010.