FAIR VALUE MEASUREMENTS

3 Months Ended

Sep. 30, 2012

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

NOTE 6 - FAIR VALUE MEASUREMENTS

The carrying values of the Company’s non-financial instruments approximate fair value due to their short maturities (i.e., accounts receivable, other assets, accounts payable and other liabilities, due to securities broker and obligations for securities sold) or the nature and terms of the obligation (i.e., other notes payable and mortgage notes payable).

The assets measured at fair value on a recurring basis are as follows:

As of September 30, 2012
Assets:	Level 1		Level 2		Level 3		Total
Cash equivalents - money market	$	3,000	$	-	$	-	$	3,000
Restricted cash - mortgage escrow		1,471,000		-		-		1,471,000
Other investments - warrants		-		-		80,000		80,000
Investment in marketable securities:
Basic materials		8,224,000		-		-		8,224,000
Financial services		2,831,000		-		-		2,831,000
Technology		2,505,000		-		-		2,505,000
REITs and real estate companies		513,000		-		-		513,000
Other		1,652,000		-		-		1,652,000
		15,725,000		-		-		15,725,000
	$	17,199,000	$	-	$	80,000	$	17,279,000
Liabilities:
Interest rate swap	$	-	$	48,000	$	-	$	48,000

As of June 30, 2012
Assets:	Level 1		Level 2		Level 3		Total
Cash equivalents - money market	$	3,000	$	-	$	-	$	3,000
Restricted cash - mortgage escrow		1,977,000		-		-		1,977,000
Other investments - warrants				-		282,000		282,000
Investment in marketable securities:
Basic materials		4,706,000		-		-		4,706,000
Technology		1,203,000		-		-		1,203,000
REITs and real estate companies		866,000		-		-		866,000
Financial services		743,000		-		-		743,000
Other		1,463,000		-		-		1,463,000
		8,981,000		-		-		8,981,000
	$	10,961,000	$	-	$	282,000	$	11,243,000
Liabilities:
Interest rate swap	$	-	$	60,000	$	-	$	60,000

The fair values of investments in marketable securities are determined by the most recently traded price of each security at the balance sheet date. The fair value of the warrants was determined based upon a Black-Scholes option valuation model. The value of the interest rate swap is measured at fair value and recorded as a liability on the balance sheet.

Financial assets that are measured at fair value on a non-recurring basis and are not included in the tables above include “Other investments in non-marketable securities,” that were initially measured at cost and have been written down to fair value as a result of impairment or adjusted to record the fair value of new instruments received (i.e., preferred shares) in exchange for old instruments (i.e., debt instruments). The following table shows the fair value hierarchy for these assets measured at fair value on a non-recurring basis as follows:

							September 30,		Net loss for the three months
Assets	Level 1		Level 2		Level 3		2012		ended September 30, 2012
Other non-marketable investments	$	-	$	-	$	15,379,000	$	15,379,000	$	-

									Net loss for the three months
Assets	Level 1		Level 2		Level 3		June 30, 2012		ended September 30, 2011
Other non-marketable investments	$	-	$	-	$	15,379,000	$	15,379,000	$	(417,000	)

 Other investments in non-marketable securities are carried at cost net of any impairment loss. The Company has no significant influence or control over the entities that issue these investments and holds less than 20% ownership in each of the investments. These investments are reviewed on a periodic basis for other-than-temporary impairment. The Company reviews several factors to determine whether a loss is other-than-temporary. These factors include but are not limited to: (i) the length of time an investment is in an unrealized loss position, (ii) the extent to which fair value is less than cost, (iii) the financial condition and near term prospects of the issuer and (iv) our ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in fair value.