One mile of Ocean Front, One Incredible Real Estate Development

Multi-Billion Dollar Agreement Signed With Oman

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Message: Re: Excerpts from 10-K Report - April 15, 2014

HM - Between being swamped at work and wanting to cogitate over your comments before replying, I have delayed. This morning I read MD's and Beachmaster's reply to you and they have summed up my thoughts quite well. You don't understand my thinking and, quite frankly, I don't understand yours. We'll have to agree to disagree. But I don't see any rationale for your comments. Why you insist on being told a date given the known culture of the mideast is beyond me. No one owes us a date. And even if they did give us a date, I would be highly skeptical. No, it's better to just have the "deed" done and signed.

You asked me how I " ... could ... claim that there is nothing indicationg further delays ...". Let me put it back on you. Where in the annual report does it indicate further delays? No one said the MOH would be done by any specific date. Not even a hint. Prior comments from management DID indicate their very strong belief that it would be done in April and that hasn't changed. The MOT et al are keeping the pressure on the MOH. This annual report does not address their progress or lack thereof.

The deed rework has to go through their (not our) process. 3 weeks, given the nature of that part of the world, does not seem outrageous. Frustrating, but not out of the norm. What was outrageous, in my view, was the RCA's delay in getting a simple communication to the MOT. Again, that's done and over with.

You find it amazing that no one knew about the small parcel of land. I don't find it amazing at all. And the MOT was extremely quick in providing an immediate solution to that problem. He's the one that found the problem while trying to move the process along.

As for his newest minion being clueless. Who cares? The new guy is subserviant to the head of the MOT. He has no power at this point to slow things down. Frank and the top guy are in direct communication with each other. And they are finally in alignment.

Lastly, why are you publicly complaining so much when you're only hurting yourself? If you don't like the situation, then quietly sell small amounts from time to time to get back what you can before the bottom falls out (since you seem quite sure the bottom will fall out). You make no sense in damaging your prospects to do so.

I know Gibby has said, and I don't know if you agree with him on this point or not, that maybe the Omanis are waiting us out so they can have the whole thing to themselves. If you agree with that possibility, then I have to tell you, you are more delusional than you think I am. If you don't agree with Gibby on that point, then please disregard this paragraph and accept my apologies in advance for maligning you in the previous sentence. It makes absolutely no sense for the Omanis to take the wait 'em out position. It would seriously damage their reputation and hinder their ability to attract foreign capital and partners ... esp. in the tourism sector that is a key growth area per their Sultan and their country. You just don't stiff partners if you want to attract capital and expertise.

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