Phoenix Associates Land Syndicate (fka PBLSQ)

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PBLS PR!!!!!!!!!!!!

http://finance.yahoo.com/news/Phoenix-Associates-Files-for-iw-1412708479.html?x=0&.v=1

Phoenix Associates Files for Chapter 11 Bankruptcy Protection
The Company Believes It Can Successfully Emerge From Chapter 11 Reorganization in Due Course Since Its Assets Significantly Exceed Its Liabilities
Press Release
Source: Phoenix Associates Land Syndicate
On Monday June 29, 2009, 11:24 am EDT
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Phoenix Associates Land Syndicate (Phoenix) (Pinksheets:PBLS - News) announced that it filed a petition for relief under Chapter 11 of the U. S. Bankruptcy Code on June 10, 2009 - Case #0911743 in the Eastern District of Louisiana. This filing is intended to allow Phoenix to reorganize and in due course to successfully emerge from reorganization to operate again.

Phoenix management believes the Company has approximately $16-$18 million in debts and assets, consisting primarily of the damage claim against the First National Bank of Picayune for illegally seizing our only operating dredge and shaker plant in January, 2004, thereby resulting in the termination of the Sand and Gravel Lease and depriving Phoenix of its income from that source, which should realize more than enough to pay all creditors in full. These numbers will almost certainly be adjusted by the company's attorney in the Chapter 11 proceeding. As of this date the only person still with Phoenix is Paul Alonzo, President of the company. There are no other employees.

Mr. Alonzo stated, "The impetus behind the decision to file for protection under Chapter 11 is that Phoenix has been under relentless attack during the past eighteen to twenty-four months by shareholders, non-shareholders, former employees and former business relationships which resulted in the destruction of Phoenix's business plan. No company that I am aware of could have survived this type of attack. I estimate that in the next two to three years that most if not all of these matters will have been addressed, litigated if necessary, and resolved."

Mr. Alonzo stated further, "I fully expect that Phoenix and its stockholders will survive in some form or another. This will not be a short term solution. In the end it is the only way to return Phoenix to a viable operating entity and restore value to the stockholders."

Forward-Looking Statements

This press release contains statements that are "forward-looking" and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 and federal securities laws. Generally, the words "expect," "intend," "estimate," "will" and similar expressions identify forward-looking statements. By their very nature, forward-looking statements are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements, or that of our industry, to differ materially from those expressed or implied in any of our forward-looking statements. Statements in this press release regarding the Company's business or proposed business, which are not historical facts, are "forward-looking" statements that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.

Contact:
For More Information Contact:Mike MulshineOsprey Partners(732) [e-mail]