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To: LionHeart who wrote (7939)	8/6/1998 2:00:00 PM
From: jhild	Read Replies (1) \| Respond to of 11684

Sorry, I was just confused by your reprinting the PR and seeming to defend that valuation. The thing that intrigues me is the make good from Marc Tow. I am just wondering how that works. I mean I give you (the company) land that I say is worth $200M in exchange for $50M in stock in the company (50M shares). This seems to have been what happened by all accounts that I have seen. But I also say, well if it turns out not to be worth $200M, I'll give you more land (of some type or other) to make up any short fall. But what is the likelihood of that happening, now that the guys that put up the land, now own the company? Seems a little counter intuitive that things will work out with those guys adding more land as speculated, regardless of the ultimate valuation. And of course now that those shares are about &#188 of what they used to be, then in fact they have even less incentive to put in land worth that. After all the market cap for this is about $13M, if it were trading. Somehow I just don't see Marc Tow putting more assets into this company without getting something else in return. After all it will only cost them another $3.6M to buy the shares they don't already own.