XML 65 R12.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Asset Liquidation Investments and Other Investments | 12 Months Ended
--- | ---
Dec. 31, 2012
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investments Disclosure [Text Block] | Note 5 –Asset Liquidation Investments and Other Investments The table below details the summarized results of operations, for the years ended December 31, 2012 and 2011, attributable to CRBCI from the Joint Ventures in which it was invested during those years.
|  | 2012 |  |  | 2011 |
Gross revenues |  | $ | 8,666 |  |  | $ | 3,505 |
Gross profit |  | $ | 2,099 |  |  | $ | 2,201 |
Income from continuing operations |  | $ | 2,023 |  |  | $ | 2,183 |
Net income |  | $ | 2,023 |  |  | $ | 2,183 |
The table below details the summarized components of assets and liabilities, as at December 31, 2012 and 2011, attributable to CRBCI from the Joint Ventures in which it was invested at those dates.
|  | 2012 |  |  | 2011 |
Current assets |  | $ | 3,733 |  |  | $ | 3,435 |
Noncurrent assets |  | $ | 222 |  |  | $ | 34 |
Current liabilities |  | $ | 337 |  |  | $ | 14 |
Noncurrent liabilities |  | $ | — |  |  | $ | — |
The Company’s other investments as at December 31, 2012 and 2011 consisted of the following:
|  | 2012 |  |  | 2011 |
Knight’s Bridge Capital Partners Internet Fund No. 1 GP LLC |  | $ | 20 |  |  | $ | 19 |
Polaroid |  |  | 2,406 |  |  |  | 2,753 |
Total investments |  | $ | 2,426 |  |  | $ | 2,772 |
Knight’s Bridge Capital Partners Internet Fund No. 1 GP LLC In December 2007 the Company acquired a one-third interest in Knight’s Bridge Capital Partners Internet Fund No. 1 GP LLC (“Knight’s Bridge GP”), a private company, for a purchase price of $20. The additional two-thirds interest in Knight’s Bridge GP was acquired by parties affiliated with Counsel. Knight’s Bridge GP is the general partner of Knight’s Bridge Capital Partners Internet Fund No. 1 LP (the “Fund”). The Fund holds investments in several non-public Internet-based e-commerce businesses. Since the Company’s initial investment, the Company’s share of earnings has been exactly offset by cash distributions, and at December 31, 2012 the Company’s net investment was $20. Based on the Company’s analysis of Knight’s Bridge GP’s financial statements and projections as at December 31, 2012, the Company concluded that there has been no impairment in the fair value of its investment, and that its book value is the best estimate of its fair value. Polaroid In the second quarter of 2009, the Company indirectly acquired an approximate 5% interest in Polaroid Corporation, pursuant to a Chapter 11 reorganization in a U.S. bankruptcy court. The investment was made as part of a joint venture investor group (the “JV Group”) that includes both related and non-related parties. The JV Group formed two operating companies (collectively, “Polaroid”) to hold the acquired Polaroid assets. The Company, the related parties and two of the unrelated parties formed KPL, LLC (“KPL” or the “LLC”) to pool their individual investments in Polaroid. The pooled investments totalled approximately $19,000 of the aggregate purchase price of approximately $55,000. KPL is managed by a related party, Knight’s Bridge Capital Partners Management, L.P. (the “Management LP”), which acts as the General Partner of the LLC. The Management LP is a wholly-owned subsidiary of the Company’s majority shareholder, Counsel Corporation (together with its subsidiaries, “Counsel”). The Company’s investment in the LLC has two components:
| · | CRBCI acquired Counsel’s rights and obligations as an indirect limited partner (but not Counsel’s limited partnership interest) in Knight’s Bridge Capital Partners Fund I, L.P. (“Knight’s Bridge Fund”), a related party, with respect to its investment in Class A units. The investment is held by Knight’s Bridge Fund in the name of a Canadian limited partnership (the “LP”) comprised of Counsel (95.24%) and several parties related to Counsel. CRBCI is also responsible for Counsel’s share of the management fees, which are approximately $40 per year. The economic interest entitles CRBCI to an 8% per annum preferred return. Any profits generated in addition to the preferred return, subsequent to the return of invested capital, are subject to the Management LP’s 20% carried interest.
| · | CRBCI directly acquired Class D units. These units are subject to a 2% annual management fee, payable to the General Partner, of approximately $11 per year. The units have a 10% per annum preferred return. Any profits generated in addition to the preferred return, subsequent to the return of invested capital, are subject to the Management LP’s 20% carried interest.
The components of the Company’s investment in Polaroid at December 31, 2012 are detailed below:
Unit type |  | Capital invested |  |  | Equity in earnings |  |  | Capital returned |  |  | Net investment |
Class A |  | $ | 2,447 |  |  | $ | 137 |  |  | $ | (654 | ) |  | $ | 1,930 |
Class D |  |  | 606 |  |  |  | 30 |  |  |  | (160 | ) |  |  | 476 |
Total |  | $ | 3,053 |  |  | $ | 167 |  |  | $ | (814 | ) |  | $ | 2,406 |

X
- Details
Name: | us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32787-111569 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32847-111569 + Details
Name: | us-gaap_EquityMethodInvestmentsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration