Phoenix Associates Land Syndicate (fka PBLSQ)

[Jambamboo]

I saw the contract for the purchase of the condos, saw how the deal was structued with the preferred shares being valued at $10 per share and then convertable after year 1 at I believe no more than 20% of the preferred stock. I belive they had been issued 400,000 preferred shares and they could only convert 100,000 shares a year after an initial 12 month holding period.

Hope this helps.