Note 8 - Marketable Securities and Other Investments

6 Months Ended

Jun. 30, 2011

Marketable Securities [Text Block]

8. Marketable Securities and Other Investments

At June 30, 2011, the Company’s investment in marketable securities was approximately $44.9 million which includes an aggregate unrealized gain of approximately $18.1 million relating to marketable equity security investments.  

During the six months ended June 30, 2011, the Company received a principal payment of approximately $7.0 million Australian dollars (“AUD”) (approximately USD $6.9 million) relating to the convertible notes issued by a subsidiary of Valad Property Group (“Valad”).  Also during the six months ended June 30, 2011, the Company sold its remaining Valad convertible notes for a sales price of approximately AUD $165.0 million, plus unpaid accrued interest.  In connection with the anticipation of this sale, the Company entered into a foreign currency forward contract to mitigate the foreign exchange risk resulting from fluctuations in currency exchange rates (see Note 13).  The Company recorded an adjustment to the carrying value of the Valad notes of approximately USD $0.9 million based upon the agreed sales price.  This adjustment is recorded in Other expense/(income), net on the Company’s Condensed Consolidated Statements of Income.