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Basis Of Presentation (Policy)
3 Months Ended
Mar. 31, 2013
Basis Of Presentation [Abstract]  
Liquidity Requirements

Liquidity Requirements

 

Liberty Theatre Term Loan

 

As our Liberty Theater Term Loan was due to mature on April 1, 2013, the March 31, 2013 outstanding balance of this debt of $6.4 million is classified as current on our balance sheet.  On March 25, 2013, we borrowed $5.0 million on our BofA Revolver.  On April 1, 2013, we used $2.3 million of the revolver proceeds to partially repay the Liberty Theater Term Loan and we received a forbearance letter from the bank extending the loan’s term date to June 1, 2013 in exchange for a forbearance payment of $20,000.  We intend to refinance the remaining balance with similar financing.  See Note 18 – Subsequent Events.

 

Tax Settlement Liability

 

As indicated in our 2012 Annual Report, in accordance with the agreement between the U.S. Internal Revenue Service and our subsidiary, Craig Corporation, is obligated to pay $290,000 per month, $3.5 million per year, in settlement of our tax liability for the tax year ended June 30, 1997.

 

            For the abovementioned liabilities, we believe that we have sufficient borrowing capacity under our various credit facilities, together with our $50.8 million of cash and cash equivalents, to meet our anticipated short-term working capital requirements for the next twelve months.

Marketable Securities

 

Marketable Securities

 

            We had investments in marketable securities of $55,000 and $55,000 at March 31, 2013 and December 31, 2012, respectively.  We account for these investments as available for sale investments.  We assess our investment in marketable securities for other-than-temporary impairments in accordance with Accounting Standards Codification (“ASC”) 320-10 for each applicable reporting period.  These investments have a cumulative income of $8,000 included in accumulated other comprehensive income at March 31, 2013.  For the three months ended March 31, 2013, our net unrealized gain (loss) on marketable securities was ($1,000).  For the three months ended March 31, 2012, our net unrealized gain (loss) on marketable securities was ($12,000).  During the three months ended March 31, 2012, we sold $3.0 million of our marketable securities with a realized gain of $111,000.  During the three months ended March 31, 2013, we did not buy or sell any marketable securities.

 

Deferred Leasing Costs

Deferred Leasing Costs

 

We amortize direct costs incurred in connection with obtaining tenants over the respective term of the lease on a straight-line basis.

 

Deferred Financing Costs

Deferred Financing Costs

 

We amortize direct costs incurred in connection with obtaining financing over the term of the loan using the effective interest method, or the straight-line method, if the result is not materially different.  In addition, interest on loans with increasing interest rates and scheduled principal pre-payments, is also recognized using the effective interest method.

 

Accounting Pronouncements Adopted During 2013

Accounting Pronouncements Adopted During 2013

 

No new pronouncements were adopted during the 2013 Quarter.

New Accounting Pronouncements

New Accounting Pronouncements

 

No new pronouncements were made pertaining to our Company’s accounting during the 2013 Quarter.