Phoenix Associates Land Syndicate (fka PBLSQ)

[Renavatio]

Okay, here is the Catch-22 I think we are in with management based on 2 assumptions (albiet dangerous ones when it comes to pinkies).

Assumption 1: These guys are genuine.
Assumption 2: These guys think NSS is real.

After a few conversations on the phone with Ron B, you get the drift that he thinks all the American markets are totally corrupt and that it doesn't matter what they do PR-wise, the pps is still going to be shorted to death. You come to believe that these guys have no experience in running a "public" company and all that entails. Also, you get the feeling that they don't like running a public company but understand that it's the best way for them to get the big pay day too. Again, either he's BSing me, or he's serious in that conviction. So then these guys are thinking, "why release good news if it will just be wasted and have no effect?" primarily because they don't know how to work real news into the system at hand (whether they like it or not) to make the pps increase. So our "very soon" never happens and we all get completely and rightfully frustrated.

I tried to talk to Ron B about the need for being more transparent at least twice and his response both times in obvious anger was: we are transparent, we are not here to be a PR factory. So I don't call anymore.

So the Catch-22 based on assumptions is that these guys are growing a business, but don't know how to work within the market to get the pps to respond accordingly. Sure, we can all say publish the financials, ungag the TA! but if they believe that's a waste of time, what can be done? IMO they believe having the TA gagged is somehow helping them combat NSS (I'm serious!).

My Catch-22 is I feel like these guys are good at growing a business for the most part, but not so good at running a public company. So what do you do as a shareholder? Do you get the guys who have blown the roof off the business in a good way to resign somehow and would that really serve us in the long run? I'm not sure it would. The last pinky I want to be involved in is a great PR factory with incompetent people running the real business. I'd rather see them bring on some folks that they work well with and know how to open up "pandora's box" a bit and let the market peak inside. I don't think PA and RB will ever be those guys. But they do seem to be good at what they're good at (ala Yogi Berra). They do seem to be able to grow a business from scratch, just hopefully not with "toxic financing" of any sort. After all, there are more dangerous financing instruments then debt you know.

Anyway, just my morning ramblings. To ease my conscience, I have given myself a new task. I will find absolutely any and all information about the court case that supposedly requires them to file audited financials by 2Q2007. Of course I will post what I find. If any of you have any tidbits on where to start that search, please PM them to me.

Thanks,

Ren