Equity Method Investments

12 Months Ended

Dec. 31, 2014

Equity Method Investments [Text Block]

Note 5 – Equity Method Investments

Asset Liquidation Investments 
     The table below details the summarized results of operations, for the years ended December 31, 2014 and 2013, attributable to HGI from the Joint Ventures in which it was invested during those years.

		2014		2013
Gross revenues	$	2,177	$	7,589
Gross profit	$	143	$	1,200
Net income	$	143	$	1,200

     The table below details the summarized components of assets and liabilities, as at December 31, 2014 and 2013, attributable to HGI from the Joint Ventures in which it was invested at those dates.

		2014		2013
Current assets	$	1,095	$	1,415
Noncurrent assets	$	—	$	87
Current liabilities	$	117	$	122
Noncurrent liabilities	$	—	$	—

Other Equity Method investments 
     The Company’s other equity method investments as at December 31, 2014 and 2013 consisted of the following:

		2014		2013
Knight’s Bridge GP	$	156	$	19
Polaroid		—		1,750
Total investments	$	156	$	1,769

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.  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 public and non-public Internet-based e-commerce businesses. At December 31, 2014 the Company’s net investment included approximately $136 representing the Company’s proportionate share of profits related to the Fund’s fair value increase and projected exit from one its investments. The Company received a distribution of $140 in March 2015, representing the final determination of the Company’s share of the profits . Based on the Company’s analysis of Knight’s Bridge GP’s financial statements and projections as at December 31, 2014, the Company concluded that there has been no impairment in the carrying value of its investment.

Polaroid  
     In the second quarter of 2009, the Company invested approximately $2,620 to indirectly acquire an approximate 5% interest in Polaroid Corporation, pursuant to a Chapter 11 reorganization in a U.S. bankruptcy court, and invested a further $275 in the second quarter of 2010. The investment was made as part of a joint venture investor group that included both related and non-related parties. In the fourth quarter of 2014, the Company’s interest in Polaroid was acquired by an unrelated third party. The Company accounted for its investment in Polaroid using the equity method. Upon exiting the investment in December 2014, the Company recognized a gain on sale of $551. As of December 31, 2014 a total of $1,992 is included in accounts receivable in connection with the sale of this investment.