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h, our sales are slow, last year Apes Hill Club made $33 million net profit. However, because the cash flow was needed for continued development in Apes Hill, none of the money was brought back to Landmark. Obviously, if we have a completely integrated management staff and presently no income from our t
mation of this $5 million loan are justified, I will need to very quickly see if I can borrow $3 million to $5 million on the one-third security of Apes Hill and be able to keep the management team together for perhaps another year. If that is not possible, i will quickly reduce the staff to those necess
and on a friendly basis, separated our relationship with Lewie. In 2006 we invested $4 million to purchase one-third of Apes Hill Club, Barbados. South Padre Island proved a success in that we sold approximately 150 houses in 2005, 200 in 2006, 170 in 2007, and in each of these years had cash flow of $3 million
h, our sales are slow, last year Apes Hill Club made $33 million net profit. However, because the cash flow was needed for continued development in Apes Hill, none of the money was brought back to Landmark. Obviously, if we have a completely integrated management staff and presently no income from our t
mation of this $5 million loan are justified, I will need to very quickly see if I can borrow $3 million to $5 million on the one-third security of Apes Hill and be able to keep the management team together for perhaps another year. If that is not possible, I will quickly reduce the staff to those necess
ime it paid its lawyers, court costs, and its debt of honor to directors, etc., it had approximately $4 million net remaining. In 2004 we purchased South Padre Island, our joint venture with the Lloyd Bentsen family in South Texas, from the fund run by Lewie Ranieri, and on a friendly basis, separated our relatio
mation of this $5 million loan are justified, I will need to very quickly see if I can borrow $3 million to $5 million on the one-third security of Apes Hill and be able to keep the management team together for perhaps another year. If that is not possible, I will quickly reduce the staff to those necess
h, our sales are slow, last year Apes Hill Club made $33 million net profit. However, because the cash flow was needed for continued development in Apes Hill, none of the money was brought back to Landmark. Obviously, if we have a completely integrated management staff and presently no income from our tw
ime it paid its lawyers, court costs, and its debt of honor to directors, etc., it had approximately $4 million net remaining. In 2004 we purchased South Padre Island, our joint venture with the Lloyd Bentsen family in South Texas, from the fund run by Lewie Ranieri, and on a friendly basis, separated our relatio
h, our sales are slow, last year Apes Hill Club made $33 million net profit. However, because the cash flow was needed for continued development in Apes Hill, none of the money was brought back to Landmark. Obviously, if we have a completely integrated management staff and presently no income from our tw
mation of this $5 million loan are justified, I will need to very quickly see if I can borrow $3 million to $5 million on the one- third security of Apes Hill and be able to keep the management team together for perhaps another year. If that is not possible, I will quickly reduce the staff to those necessa
ime it paid its lawyers, court costs, and its debt of honor to directors, etc., it had approximately $4 million net remaining. In 2004 we purchased South Padre Island, our joint venture with the Lloyd Bentsen family in South Texas, from the fund run by Lewie Ranieri, and on a friendly basis, separated our relation
conversations with Martha and his analyst, I believe he would like to lend money to Landmark or to Apes Hill that was convertible into the stock of Apes Hill. I am confident that we will have disagreement of value, but I am also confident that the quality and acceptance, at the highest level, of the Apes
and 200+ members. There are approximately 30 houses built and a little over 20 occupied. The owncrs have great faith in Landmark. They have visited Apes Hill in Barbados and if Landmark could find a little money, I believe we could raise the rest of it from the very affluent lot owners and members that a
ans that all comments on the future are speculation, but the past is the truth, the truth, the truth. The purpose of this letter is to briefly 1. South Padre Island — The history review the operations of Landmark for February. of sales at South Padre Island since it began in 1999 are as follows: 1999 28 200
tion of this $5 million loan are justified, I will need to ve=y quickly see if I can borrow $3 million to $5 million on the one-third=20 security of Apes Hill and be able to keep the management team togethe= for perhaps another year. If that is not possible, I will=20 quickly reduce the staff 4 EFTA_R1_0
our sales are slow, last year Apes Hill Club made $33 million=net profit. However, because the cash flow was needed for=20 continued development in Apes Hill, none of the money was brought bac= to Landmark. Obviously, if we have a completely integrated management staff and=20 presently no income from our
, and on a friendly basis, separate= our relationship with Lewie. In 2006 we invested $4 milli=n to purchase one-third of Apes Hill Club, Barbados. South Padre Island proved a success in that we sold approximately 150 houses in 2005, 200 in 2006, 170 in 2007, and in ea=h of these years had cash flow of $3 million
h, our sales are slow, last year Apes Hill Club made $33 millio= net profit. However, because the cash flow was needed for continued development in Apes Hill, none of the money w=s brought back to Landmark. O=viously, if we have a completely integrated management staff and presently no income from our
time it paid its lawyers, court costs, and its debt of honor to directors, etc., it had approximately $4 million net remaining. In 2004 we purchased South Padre Island, our joint venture with the =loyd Bentsen family in South Texas, from the fund run by Lewie Ranieri, and on a friendly basis, separated our relation
our sales are slow, last year Apes Hill Club made $33 million n=t profit. However, because the cash flow was needed for=20 continued development in Apes Hill, none of the money was brought back =o Landmark. Obviously, if we have a completely integrated management staff and presently no income from our tw
time it paid its lawyers, court costs, a=d its debt of honor to directors, etc., it had approximately $4 million n=t remaining. In 2004 we purchased South Padre Island, our=20 joint venture with the Lloyd Bentsen family in South Texas, from the fu=d run by Lewie Ranieri, and on a friendly basis, separated our relat
h, our sales are slow, last year Apes Hill Club made $33 millio= net profit. However, because the cash flow was needed for continued development in Apes Hill, none of the money w=s brought back to Landmark. O=viously, if we have a completely integrated management staff and presently no income from our
time it paid its lawyers, court costs, and its debt of honor to directors, etc., it had approximately $4 million net remaining. In 2004 we purchased South Padre Island, our joint venture with the =loyd Bentsen family in South Texas, from the fund run by Lewie Ranieri, and on a friendly basis, separated our relation
Entities connected to both Apes Hill and South Padre Island

Barbados
LOCATION
Jeffrey Epstein
PERSON
Landmark
ORGANIZATIONSouth Padre
LOCATION
North Carolina
LOCATIONSt. Kitts
LOCATIONSt. Lucia
LOCATIONBarton
PERSONLewie Ranieri
PERSON
the Board of Directors
ORGANIZATIONLandmark Land Company, Inc.
ORGANIZATIONLake Presidential
LOCATIONApes Hill Club
ORGANIZATIONUpper Marlboro
LOCATION
Golf Digest
ORGANIZATIONFour Seasons
ORGANIZATION
Barry Diller
PERSON
Ritz-Carlton
ORGANIZATIONthe Court of Claims
ORGANIZATIONArcos Gardens
LOCATION