Dear Jeff72

I am pleased someone from our side is trying to analyse the situation we are in. My two questions are still there, and you unfortunately did not manage to give any solid explanation to it.

1. What is the reason we did not manage to find investor for this project for such a long period of time?

2. What is the possible way forward?

We all agree that this project sounds too good to be true - having exclusive right to build on $700mil worth of beachfront, sealed with official Development Agreement with the Government of the country and having Royal Court of that country as  a shareholder!! Cannot get much better. What is the problem then?

The answer is definitely not the economic situation - there is obviously plenty of  money around, but we somehow cannot get any.

Maybe our financial model is not good in the current economic situation. Change it.

Maybe investors are trying to buy into this project cheaply. Let them do it. It will be plenty of money for everybody if this starts to roll. No money for anybody if we fail.

Maybe the figures do not stuck up. I do not buy into idea that investors want to have flexibility at any cost. For example, the biggest moneymaker in any mixed use development are residential units. If we are to reduce those numbers significantly we, together with potential investors, really have a big problem. Produce updated and detailed study.

I really do not know if the Management have a secret study for large investors, but the information available for us is really, really out of date. The one look at the 10 years old Web Site will tell you everything. Update presentation material.

Any other ideas?