MPTVE - Turnaround With Huge Potential Message Board

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Microcap & Penny Stocks : MPTVE - Turnaround With Huge Potential

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To: Provocateur who started this subject	10/12/2000 10:07:54 AM
From: James Lee Baldwin	of 5783

MPTV announced in its quarterly filing with the Securities Exchange Commission that it is close to completing a $52.5 million loan for the project. The Newport Beach, Calif.-based company also reported that it recently received a memo from Oxford International requesting additional information to complete the funding process for the construction loan. MPTV was asked to submit a recertification of the property value appraisal and the title work, a letter of good standing and an unaudited financial statement for the first six months of 2000. "We immediately went to work to satisfy Oxford's request," said Hurley Reed, chairman and chief executive of MPTV. "The first three items were routine because the company has been revising and updating this information often to meet the needs of other financial interests. For the fourth item, the company has submitted a six-month financial statement to the SEC as part of (its quarterly) filing." Serena Riedel, head of investor relations for MPTV, is making the necessary preparations to begin development of the property upon closing of the loan. "I am told that things are continuing to progress but that neither party is ready to release a (statement) on the status just yet." The planned renovation program for the Lake Tropicana project is intended to appeal to family-oriented visitors to Las Vegas. Phase one entails the transformation of 40 existing units into two-bedroom suites with fireplaces, marble baths and kitchens, and upgraded furniture, fixtures and appliances. This renovation will take about three months to complete. Additional plans call for construction of a decorative block and stucco wall around around the property, extensive landscaping in the front and a new sign at the entrance.

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