One mile of Ocean Front, One Incredible Real Estate Development

Multi-Billion Dollar Agreement Signed With Oman

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Message: No Deal

We're all disappointed. But let's step back a few weeks ago. I believe it was at the end of February that mgmt advised that 2 relatively straight forward things had to occur before the signing: (1) the RCA had to advise the MOT that they were ok with the revised land arrangements; (2) the MOT would THEN ask the ministry of housing to revise the deed to reflect the new arrangements.

The first item should have taken no time at all and the fact that the RCA had no sense of urgency whatsoever is infuriating and beyond comprehension. But, as of a few days ago, at least that part is now done ... and that's the lion share of the delay from our expectations at the end of February.

The 2nd part is occuring as we speak as the MOT has asked/instructed the MOH to revise the deed. This does not involve any approvals or decisions. They simply have to revise the document. How long this takes ... well, I guess the prudent thing is to have no expectations. But Frank and Sean clearly smell blood in the water and have promised to aggressively follow up with MOH (my words, not theirs).

The MOT has said he'll sign after he gets the finalized deed.

I don't see any mystery here other than in why the RCA took their bloody time to do something so simple as make a phone call or send an email. But they are out of it now.

So now we all do what we've all become so expert at ... wait. And yes, you are correct that it is a fact that there is no time line. And I'm not sure the Sultan has ever been so hot on this project as to be following its details. Years ago he agreed to be an investor under the terms of the deal and he has since moved on to other things. Not sure what you mean by:THERE IS NO DEAL. There certainly isn't any signed DA deal. But there are signed deals leading to the DA. If this were going to fall apart, it would have a long time ago. Why? Because partners would have bailed by now. There are a lot of entities tied to this and they are still onboard. To me, that means there is no conspiracy to screw us out of our money. It is what it is: cultural, cover my a---, fear, call it what you like, all at the local level. But progress HAS been made and will continue to be made.

Even the stock price has held up fairly well with low volume and, until yesterday, generally stayed over $2.00.

I'm mad as heck, but still a believer.

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