Technical Olympic USA, Inc. (TOUS)

[Duffau]

Our Board of Directorys of Tousa met yesterday and approved the agreement to continue building and selling homes and using the Cash Collateral thru November. Revenue will continue at the rate of about 90 million a month. 1200 homes have been built out and sold since Jan 29 and we will continue at that rate thru November. Only thing is that the First Lien guys want to take 175 million out of our petty cash fund right now, so we agreed to let them do that. Damn, there goes the cuban cigars and lap dances....

But the lenders are leaving over 100 million of their funds in the kitty for general business expenses and not letting anyone use the funds to sue them. Pretty stingy of them but if that's what they want.

John R. Boken is gonna make me rich. He's the bloke running this show right now.