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Joint Venture Partnerships

9 Months Ended

Sep. 30, 2011

5.	Joint Venture partnerships

For joint ventures where the Company holds more than 50% of the voting interest and has significant influence, the joint venture is consolidated with the presentation of noncontrolling interest. In determining whether significant influence exists, the Company considers its participation in policy-making decisions and its representation on the venture’s management committee.

For joint ventures in which the Company does not have joint control or significant influence, the cost method is used. Under the cost method, these investments are carried at the lower of cost or fair value. For those joint ventures in which there is joint control between the parties, the equity method is utilized whereby the Company’s share of the ventures’ earnings and losses is included in the statement of operations as earnings in joint ventures and its investments therein are adjusted by a similar amount.

At September 30, 2011 and December 31, 2010, the Company’s percentage ownership and method of accounting for each joint venture is as follows:

	September 30, 2011			December 31, 2010
Joint Venture	% Ownership	Significant Influence?	Accounting Method	% Ownership	Significant Influence?	Accounting Method
New Jersey Mill Joint Venture	74%	Yes	Consolidated	--	--	--
Golden Chest LLC	63%	No	Cost	88%	No	Cost