the housing crisis we only sold 21 houses in 2008 and are doing only slightly better than that in 2009. Therefore, the cash flow is not coming from South Padre to Landmark, but cash is going from Landmark to South Padre. Recently there was some sign of optimism, but in the short run, this may be a false sp

o ways; through sales or fees. Sales in Barbados will not help our cash immediately, because we must repay the bank loan before dividends. Sales in South Padre have been disappointing to me this quarter. Quality traffic is up, but to-date, sales are not. New fees, which have been non-existent the last 3 ye

o ways; through sales or fees. Sales in Barbados will not help our cash immediately, because we must repay the bank loan before dividends. Sales in South Padre have been disappointing to me this quarter. Quality traffic is up, but to-date, sales are not. New fees, which have been non-existent the last 3 ye

gs in the Caribbean. A short summary is we get cash flow from (1) new business, and while there are prospects there is no new business, (2) sales in South Padre. Texas, which remain very slow, and (3) sales in Barbados only after the bank is repaid. Sales in Barbados in the first quarter are good and better

0) Basis difference in other real estate assets (450,000) (450,000) Depreciation, tax greater than book (180,000) (60,000) Basis difference in South Padre golf improvements (25,000) (25,000) Total net deferred tax asset 4,400,000 4,400,000 Less deferred tax asset, current Deferred tax asset, non-

the housing crisis we only sold 21 houses in 2008 and are doing only slightly better than that in 2009. Therefore, the cash flow is not coming from South Padre to Landmark, but cash is going from Landmark to South Padre. Recently there was some sign of optimism, but in the short run, this may be a false sp

the housing crisis we only sold 21 houses in 2008 and are doing only slightly better than that in 2009. Therefore, the cash flow is not coming from South Padre to Landmark, but cash is going from Landmark to South Padre. Recently there was some sign of optimism, but in the short run, this may be a false sp

the housing crisis we only sold 21 houses in 2008 and are doing only slightly better than that in 2009. Therefore, the cash flow is not coming from South Padre to Landmark, but cash is going from Landmark to South Padre. Recently there was some sign of optimism, but in the short run, this may be a false sp

ere is an Ocelot, and make it easier for us to proceed to get restrictions from Fish and Wildlife lifted from our most valuable property. In short, South Padre is like so much in our lives, long-term excellent, short-term a disaster. 2. Apes Hill Club — In January we had no contracts or reservations at Ap

the housing crisis we only=sold 21 houses in 2008 and are doing only slightly better than that in 2009. Therefore, the cash flow is not coming from South Padre to Landmark, but cash is going from Landmark to South Padre. Recently there was some sign of optimism, but in the short run, this may be a false sp

housing crisis we only sold 21 hou=es in 2008 and are doing only slightly better than that in 2009. =20 Therefore, the cash flow is not coming from South Padre to Landm=rk, but cash is going from Landmark to South Padre. Recentl= there was some sign of optimism, but in the short run, this may be a fa=se spr

he housing crisis we only sold 21 h=uses in 2008 and are doing only slightly better than that in 2009. Therefore, the cash flow is not coming from South Padre to Landmark, but cash is going from Landmark to South Padre. Recently there was some sign of optimism, but in the short run= this may be a false spr

the housing crisis we only=sold 21 houses in 2008 and are doing only slightly better than that in 2009. Therefore, the cash flow is not coming from South Padre to Landmark, but cash is going from Landmark to South Padre. Recently there was some sign of optimism, but in the short run, this may be a false sp