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ASSETS HELD FOR SALE | 12 Months Ended
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Dec. 31, 2011
ASSETS HELD FOR SALE [Abstract] |
ASSETS HELD FOR SALE | H. ASSETS HELD FOR SALE In January 2011, we made the decision to sell our Remington Village multifamily project in Gillette, Wyoming and plan to use the proceeds to further the development of our oil and gas business. At December 31, 2011 and 2010, we recorded impairments of $3.1 million and $1.5 million, respectively, to adjust the carrying value of the multifamily project to the estimated fair value as of the evaluation date. As of December 31, 2011, Remington is classified as an asset held for sale with a net book value of $18.1 million and a $10.2 million liability held for sale. Because Remington Village has been classified as an asset held for sale, the scheduled depreciation of $946,000 was not recorded during 2011. Remington is pledged as collateral on a $10.0 million note. At such time as Remington is sold, the debt balance will be retired. The Company's real estate operations for the years ending December 31, 2010 and 2009 respectively were reported as an operating segment. For the year ended December 31, 2011, these operations have been reclassified as discontinued operations in the current financial statements. Results of discontinued operations for the years ended December 31, were as follows:
|  | (In thousands) |
|  | For the years ending December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Revenues |  | $ | 2,147 |  |  | $ | 2,411 |  |  | $ | 2,630 |
Operating expenses |  |  | 1,468 |  |  |  | 2,062 |  |  |  | 1,840 |
Impairment |  |  | 3,063 |  |  |  | 1,540 |  |  |  | -- |
|  |  | 4,531 |  |  |  | 3,602 |  |  |  | 1,840 |
(Loss) income before income taxes |  |  | (2,384 | ) |  |  | (1,191 | ) |  |  | 790 |
Income tax benefit from (provision for) |  |  | (245 | ) |  |  | (123 | ) |  |  | (264 | )
Net (loss) income from discontinued operations |  | $ | (2,629 | ) |  | $ | (1,314 | ) |  | $ | 526 |
The following assets and liabilities have been segregated and included in the Assets Held for Sale and Liabilities Held for Sale, as appropriate, in the consolidated balance sheets as of December 31, 2011 and 2010, respectively, and represent the assets and liabilities of the multifamily housing project.
|  | (In thousands) |
|  | December 31, |  |  | December 31, |
|  | 2011 |  |  | 2010 |
Cash and cash equivalents |  | $ | 170 |  |  | $ | 198 |
Accounts receivable |  |  | 13 |  |  |  | 43 |
Prepaid expenses |  |  | 99 |  |  |  | -- |
Property, plant and equipment, net |  |  | 17,730 |  |  |  | 20,738 |
Restricted investment |  |  | 120 |  |  |  | -- |
Assets of discontinued operations held for sale |  | $ | 18,132 |  |  | $ | 20,979 |
Accounts payable |  | $ | 117 |  |  | $ | 86 |
Accrued and other liabilities |  |  | 220 |  |  |  | 237 |
Long term debt |  |  | 9,904 |  |  |  | -- |
Assets of discontinued operations held for sale |  | $ | 10,241 |  |  | $ | 323 |

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