Ownership Interests in and Advances to Partner Companies and Funds

9 Months Ended

Sep. 30, 2013

Investments in and Advances to Affiliates, Schedule of Investments [Abstract]

Ownership Interests in and Advances to Partner Companies and Funds

Ownership Interests in and Advances to Partner Companies and Funds

The following summarizes the carrying value of the Company’s ownership interests in and advances to partner companies and private equity funds.

	September 30, 2013		December 31, 2012
	(In thousands) (Unaudited)
Fair value	$	14,560	$	20,972
Equity Method:
Partner companies	108,249		102,931
Private equity funds	3,606		3,810
	111,855		106,741
Cost Method:
Partner companies	12,530		10,000
Private equity funds	2,518		2,634
	15,048		12,634
Advances to partner companies	1,585		8,292
	$	143,048	$	148,639
Loan participations receivable	$	8,279	$	7,085
Available-for-sale securities	$	32	$	58

The Company recognized an impairment charge of $1.3 million in the three months ended September 30, 2013 related to PixelOptics, Inc. (“PixelOptics”) which is reflected in Equity loss in the Consolidated Statements of Operations. The impairment was based on PixelOptics' inability to raise additional capital from independent sources to continue its operations. The Company previously recorded impairment charges of $9.9 million and $3.7 million related to PixelOptics in the second quarters of 2013 and 2012, respectively. The adjusted carrying value of PixelOptics at September 30, 2013 was $0. The Company believes it is unlikely it will recover any of its capital.

For the three and nine months ended September 30, 2013, the Company recognized an unrealized loss of $4.8 million and $6.4 million, respectively, on the mark-to-market of its holdings in NuPathe Inc. (“NuPathe”), which is included in Other income (loss), net in the Consolidated Statements of Operations.

The following unaudited summarized results of operations for the six months ended June 30, 2013 and 2012 for PixelOptics have been compiled from the unaudited financial statements of PixelOptics. The results of PixelOptics are reported on a one quarter lag.

	Six Months Ended June 30,
	2013			2012
	(In thousands) (Unaudited)
Results of Operations:
Revenue	$	800		$	569
Operating loss	$	(12,219	)	$	(16,172	)
Net loss	$	(14,838	)	$	(16,925	)