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STOCK-SECURED NOTES PAYABLE | 9 Months Ended
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Sep. 30, 2013
STOCK-SECURED NOTES PAYABLE |
STOCK-SECURED NOTES PAYABLE | NOTE 6. STOCK-SECURED NOTES PAYABLE The Company has margin arrangements with various financial institutions and brokerage firms, which provide for borrowings of up to 50.0% of the market value of marketable equity securities. We also have other notes payable secured by stock. The borrowings under such margin arrangements and notes are secured by the equity securities of IOT, TCI, and ARL’s trading portfolio securities, and bear interest rates ranging from5.00% to 10.00% per annum.Stock-secured notes payable and margin borrowings were $24.3 million at September 30, 2013.

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