Discontinued Operations

12 Months Ended

Dec. 31, 2011

Discontinued Operations

Discontinued Operations

3.  Discontinued Operations

On July 15, 2008, substantially all of the assets of the Entertainment Division were sold for a purchase price of $24.5 million, of which $7.4 million was paid in cash, $0.4 million in escrow and $16.7 million of debt was assumed by the purchaser, including $0.3 million of debt of the joint venture, MetroLux Theatres.  Of the $0.4 million cash in escrow, $0.1 million was released to the buyer and $0.3 million was released to the Company.  The escrow settlement resulted in a $62,000 gain in 2010, which is in a separate line item, Income from discontinued operations, in the Consolidated Statements of Operations.  During 2011, the Company recorded a $224,000 write-down on the land held for sale located in Silver City, New Mexico.  The Company accounted for sale of the assets of the Entertainment Division as discontinued operations.