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Press Release

October 3, 2008

To:          Staff

                Business Associates

 

Re:         Article in Business Real Estate Weekly

 

Date:     October 3, 2008

 

The purpose of this memorandum is to inform you that an article will be appearing in this week's Business Real Estate Weekly concerning the dispute we are currently having with Wachovia.  While the article is likely to lay out the core facts surrounding the dispute between the parties, we would caution that the article is not relevant in a court of law and will have little to no bearing on the substance of the court case.

 

Therefore, legal counsel has cautioned against jumping to any conclusions surrounding the outcome of the dispute based on the information contained in the article.  The only information that will affect the outcome of this matter is the information being provided to the judge in the Court case. 

 

As always, we remain very confident in the strength of our position and that we will obtain a favorable result in this dispute.  We thank you for your understanding during this time of uncertainty and we will continue to update you as necessary. 

 

 

Sincerely,

 

 

 


Michael J. Sauter

CEO




Other press releases:
 Apartment Finance Today, Sept 2007 - Tucson Market Sizzles  (September 28, 2007)
 S-J Management, LLC Highlights  (July 31, 2007)
 Purchase of 304-unit Retreat at Speedway Apartments in Tucson, Arizona  (July 20, 2007)
 S-J Management, LLC Picks Up 238 Units from Lender  (June 18, 2007)
 Purchase of the 238-unit Bear Canyon Apartments in Tucson, Arizona  (June 14, 2007)
 Letter to Investors - Program Performance  (June 7, 2007)
 Sale of the 272-unit San Ventura Apartments in Chandler, Arizona  (May 10, 2007)
 Purchase of the 240-unit La Reserve Villas in Oro Valley, Arizona  (April 12, 2007)
 Purchase of Sienna at Riverview Apartments in Mesa, Arizona  (February 28, 2007)
 Sale of MonteViejo Apartments, Phoenix, AZ  (February 9, 2007)
 Sale of Villas at Camelback Apartments, Glendale, AZ  (December 18, 2006)
 Sale of Club at Bitterlake Apartments, Seattle, WA  (November 27, 2006)
 Purchase of Augusta Apts, Henderson, NV  (November 9, 2006)
 Purchase of Continental Ranch Apartments, Tucson, AZ  (September 21, 2006)
 Purchase of Alta Mesa Apartments, Mesa, AZ  (September 8, 2006)

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