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Investments: | 12 Months Ended
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Dec. 27, 2014
Investments: |
Investments | 3.Investments Marketable Securities The following is a summary of marketable securities classified as available-for-sale securities:
|  | December 27, 2014 |  | December 28, 2013 |
|  | Cost |  | Fair Value |  | Cost |  | Fair Value |
Equity securities |  | $ | 526,600 |  | $ | 466,800 |  | $ | 743,100 |  | $ | 736,500 |
The Company’s unrealized gains and losses for marketable securities classified as available-for-sale securities in accumulated other comprehensive income (loss) are as follows:
|  | Year Ended |
|  | December 27, 2014 |  | December 28, 2013 |  | December 29, 2012 |
Unrealized gains |  | $ | 3,300 |  | $ | 6,800 |  | $ | — |
Unrealized losses |  | (63,100 | ) | (13,400 | ) | (6,500 | )
Net unrealized gains / (losses) |  | $ | (59,800 | ) | $ | (6,600 | ) | $ | (6,500 | )
The Company’s realized gains and losses recognized on sales of available-for-sale marketable securities are as follows:
|  | Year Ended |
|  | December 27, 2014 |  | December 28, 2013 |  | December 29, 2012 |
Realized gains |  | $ | 40,900 |  | $ | 25,200 |  | $ | 52,500 |
Realized losses |  | (32,200 | ) | — |  | (31,300 | )
Net realized gains |  | $ | 8,700 |  | $ | 25,200 |  | $ | 21,200 |
Amounts reclassified out of accumulated other comprehensive income into earnings is determined by using the average cost of the security when sold. Gross realized gains (losses) reclassified out of accumulated other comprehensive loss into earnings are included in Interest and Other Income (Expense) and the related tax benefits (expenses) are included in the Provision for Income Taxes lines of the Consolidated Statements of Operations. Long-term Investments Tomsten, Inc. The Company has an investment in Tomsten, the parent company of “Archiver’s” retail chain. The Company has invested a total of $8.5 million in the purchase of common stock of Tomsten (including $1.0 million invested in June 2011 pursuant to a Rights Offering by Tomsten), with such aggregate investment representing 22.0% of the outstanding common stock of Tomsten. The Company applies the equity method of accounting to this investment. During the first half of 2012, the Company provided management services to Tomsten, and the Company’s Chairman and Chief Executive Officer served on Tomsten’s board of directors. In 2012, the Company recorded $697,300 for its pro-rata share of Tomsten’s losses in the statement of operations on the line item captioned Loss from Equity Investments. During the fourth quarter of 2012, as part of its impairment analysis for Tomsten the Company determined that the carrying value of its investment was not expected to be recoverable from the future cash flow of the Tomsten business or the sale of its ownership stake and therefore recorded a $1.8 million impairment charge, bringing the carrying value of this investment to $0. On April 29, 2013, Tomsten filed a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code in Minnesota and such proceedings were in progress at December 27, 2014. BridgeFunds, LLC In 2004, the Company made a commitment to lend $2.0 million to BridgeFunds Limited at an annual rate of 12% pursuant to several senior subordinated promissory notes, and the commitment was fully funded by 2006. BridgeFunds Limited advances funds to claimants involved in civil litigation to cover litigation expenses. In 2007, in connection with raising capital, BridgeFunds Limited completed a restructuring where all assets and liabilities, including the warrant, were assigned to and assumed by BridgeFunds, LLC (“BridgeFunds”). In 2009, the Company entered into a modification agreement with BridgeFunds, whereby the maturity date of all of the outstanding promissory notes was changed to September 30, 2010, the annual rate of interest on the notes was increased to 15% and monthly prepayments of the principal of such notes in an amount equal to Available Cash Flow (as defined within the agreements governing the notes) is required. In each of 2010, 2011 and 2012, the Company entered into amendments to the agreements governing the notes that extended the maturity date on the notes out by one year, respectively. During 2012, 2013 and 2014, the Company received no payments of interest and did not receive any payments of principal on the notes. The Company stopped accruing interest on this investment as of September 30, 2010. The Company has deemed this investment to be impaired, and in evaluating the investment for impairment has determined that its present value of expected future cash flows, discounted at the effective interest rate on the notes of 15%, is less than the recorded investment in the notes. In developing its estimate of expected future cash flows, the Company used certain information obtained from BridgeFunds concerning existing liabilities, claimant cases outstanding, historical default rates and settlement discounts on claimant advances, and made certain assumptions regarding the timing of case settlements, the payment of future liabilities and future default and settlement discount rates. The Company recognized $1.3 million in impairment charges during 2012 and established a corresponding valuation allowance that, along with previously recognized impairment charges, reduced the net investment balance to $0 at December 29, 2012. The Company has maintained the net investment balance of $0 as of December 28, 2013 and December 27, 2014, as it does not expect to receive any cash flows from this investment.

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