Phoenix Associates Land Syndicate (fka PBLSQ)

[MrPastorious]

if you look at item 5 on page 7 of that 10q , you will see that the increase from 27 million came from acquisition costs of the mt todd property in australia of 2,146,000, option paymemts of 325,000, exploration & land costs of 1,602,000 minus 328,000 of cost recovery. that is clearly not due to an increase in the fair value of the properties.
In fact, the statement you showed me admits that they are carrying the properties on the books at less than what they believe to fair value to be. That is proof that they ARE NOT carrying the properties on their books at "fair value"



not even close.

if you want to take this further you can email me at [e-mail]