Technical Olympic USA, Inc. (TOUS)

[Duffau]

Tousa will pay 175 million to first lien creditors.

The parties agreed reluctantly to the paydown and it should happen next week when the order extending the use of the collateral is approved.

Since that is debt that will NOT be exchanged for equity, then I believe my pps of tous.pk stock's true value just went up by $2.91 per share.

But I would have preferred to use all the excess cash being generated to buy other stressed out properties.

They worked out a cash flow plan thru November, 2008, so that is a good indicator that we will be here for awhile unless someone buys out or merges with Tousa before then.

Things are going just SWIMMINGLY.