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

d by Douglas' personal accountant. There have been almost no questions and the only request was for filll details on the appraisals of Barbados and South Padre Island. This request was because Douglas had hired an appraisal firm to review them. This is one area in which I have no concern. Although we have no cash,

d by Douglas' personal accountant. There have been almost no questions and the only request was for filll details on the appraisals of Barbados and South Padre Island. This request was because Douglas had hired an appraisal firm to review them. This is one area in which I have no concern. Although we have no cash,

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

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

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

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

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

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

, 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

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

told you that my job was to find a way that Landmark could sustain its losses until the seco=d home market recovered in its two excellent projects, South Padre Island and=20 Barbados, and it had an opportunity to take advantage of the collapse of our industry and acquire and turn arou=d some major developments. O

told you that my job was to find a way that Landmark could sustain its losses until the seco=d home market recovered in its two excellent projects, South Padre Island and=20 Barbados, and it had an opportunity to take advantage of the collapse of our industry and acquire and turn arou=d some major developments. O