|
Fair Value of Financial Instruments (Tables)
|
12 Months Ended |
|
Nov. 30, 2012
|
| Fair Value of Financial Instruments [Abstract] |
|
| Assets and liabilities measured on a recurring basis |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Fair Value |
|
|
Description
|
|
November 30, 2012 |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading securities
|
|
$ |
55,219,411 |
|
|
$ |
27,480,191 |
|
|
$ |
27,739,220 |
|
|
$ |
— |
|
|
Other equity securities
|
|
|
19,866,621 |
|
|
|
— |
|
|
|
— |
|
|
|
19,866,621 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments
|
|
$ |
75,086,032 |
|
|
$ |
27,480,191 |
|
|
$ |
27,739,220 |
|
|
$ |
19,866,621 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
November 30, 2011
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
Fair Value |
|
|
Description
|
|
November 30, 2011 |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading securities
|
|
$ |
27,037,642 |
|
|
$ |
27,037,642 |
|
|
$ |
— |
|
|
$ |
— |
|
|
Other equity securities
|
|
|
41,856,730 |
|
|
|
— |
|
|
|
— |
|
|
|
41,856,730 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$ |
68,894,372 |
|
|
$ |
27,037,642 |
|
|
$ |
— |
|
|
$ |
41,856,730 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The changes for all Level 3 assets measured at fair value on a recurring basis using significant unobservable inputs |
| |
|
|
|
|
|
|
|
|
| |
|
Year ended
November 30, 2012 |
|
|
Year ended
November 30, 2011 |
|
|
Fair value beginning balance
|
|
$ |
41,856,730 |
|
|
$ |
72,929,409 |
|
|
Total realized and unrealized gains included in net income
|
|
|
16,190,428 |
|
|
|
1,026,134 |
|
|
Purchases
|
|
|
— |
|
|
|
20,987,605 |
|
|
Sales
|
|
|
(35,919,672 |
) |
|
|
(42,275,886 |
) |
|
Return of capital adjustments impacting cost basis of securities
|
|
|
(2,260,865 |
) |
|
|
(1,518,285 |
) |
|
Transfers out
|
|
|
— |
|
|
|
(9,292,247 |
) |
| |
|
|
|
|
|
|
|
|
|
Fair value ending balance
|
|
$ |
19,866,621 |
|
|
$ |
41,856,730 |
|
| |
|
|
|
|
|
|
|
|
|
The amount of total gains (losses) for the period included in net income attributable to the change in unrealized gains (losses)
relating to securities still held at the reporting date which are included in net realized and unrealized gain on other equity securities within the statement of income
|
|
$ |
5,018,152 |
|
|
$ |
(3,287,478 |
) |
|
| Quantitative table for Valuation Techniques |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets at |
|
|
|
|
|
|
|
|
Range |
|
|
Weighted |
|
|
Fair Value
|
|
Fair Value |
|
|
Valuation Technique
|
|
Unobservable Inputs
|
|
Low |
|
|
High |
|
|
Average |
|
|
Other equity securities, at fair value
|
|
$ |
19,866,621 |
|
|
Public company historical EBITDA analysis |
|
Historical EBITDA Valuation Multiples |
|
|
9.4x |
|
|
|
10.4x |
|
|
|
9.95x |
|
| |
|
|
|
|
|
Public company projected EBITDA analysis |
|
Projected EBITDA Valuation Multiples |
|
|
8.1x |
|
|
|
9.8x |
|
|
|
8.95x |
|
| |
|
|
|
|
|
Public company yield analysis |
|
Distributable Cash Flow Yield |
|
|
8.11 |
% |
|
|
9.11 |
% |
|
|
8.61 |
% |
| |
|
|
|
|
|
M&A company analysis |
|
EV/LTM 2012 EBITDA |
|
|
9.3x |
|
|
|
9.9x |
|
|
|
9.6x |
|
| |
|
|
|
|
|
Discounted cash flow |
|
Weighted Average Cost of Capital |
|
|
9.5 |
% |
|
|
13.0 |
% |
|
|
11.25 |
% |
|
| Condensed financial information of the unconsolidated affiliates |
| |
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ |
83,969,000 |
|
|
Current assets |
|
$ |
33,430,000 |
|
| |
|
|
|
|
Operating expenses
|
|
$ |
65,351,000 |
|
|
Noncurrent assets |
|
$ |
295,658,000 |
|
| |
|
|
|
|
Net income
|
|
$ |
4,643,000 |
|
|
Current liabilities |
|
$ |
16,248,000 |
|
| |
|
|
|
| |
|
|
|
|
|
Noncurrent liabilities |
|
$ |
110,549,000 |
|
| |
|
|
|
| |
|
|
|
|
|
Partner’s equity |
|
$ |
202,291,000 |
|
|
| Financial instruments financial assets and financial liabilities at fair value |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Level within |
|
November 30, 2012 |
|
|
November 30, 2011 |
|
|
Description
|
|
the Fair Value
Hierarchy |
|
Carrying
Amount |
|
|
Fair Value |
|
|
Carrying
Amount |
|
|
Fair Value |
|
|
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
Level 1 |
|
$ |
14,333,456 |
|
|
$ |
14,333,456 |
|
|
$ |
2,793,326 |
|
|
$ |
2,793,326 |
|
|
Escrow receivable
|
|
Level 2 |
|
$ |
698,729 |
|
|
$ |
698,729 |
|
|
$ |
1,677,052 |
|
|
$ |
1,677,052 |
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
Level 2 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,279,883 |
|
|
$ |
2,320,851 |
|
|
Line of credit
|
|
Level 1 |
|
$ |
120,000 |
|
|
$ |
120,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|