Phoenix Associates Land Syndicate (fka PBLSQ)

[marc0003]

DEADLINE: 08/08/07 ,


ON 02/15/07 PHOENIX ANNOUNCED THAT IT WOULD BE CONVERTING 62.5 MILLION OF ITS 250 MILLION AUTHORIZED SHARES OF PFD STK, $10 PAR VALUE, TO VOTING PFD STK, $10 PAR VALUE. * PHOENIX SHAREHOLDERS ARE ADVISED THAT THEY WILL HAVE A VALUE OF $0.06 PLACED ON EACH SHARE OF COMMON STK. THUS, FOR EACH 167 SHS SUBMITTED FOR CNVRSN THE SHAREHOLDERS WILL REC'VE ONE SHR OF $10 PAR VALUE. HLDRS OF THE VOTING PFD STK WILL REC'VE AN ANNUAL 6% CASH DIV ([PAID QUARTERLY) * FOR ASSISTANCE CONTACT AN E*TRADE ASSOCIATE FOR ASSISTANCE.