HLD Land Development Limited Partnership Units V.HLD.UN

Inventory

[taguar]

It was my understanding that HLD owned land zoned for about 900 lots. Some of that number are options to purchase lots for between $20,000.00 and $40,000.00 (each). According to me, if we factor in the cost to purchase the Contract Lots right now, the offer works out to less than $ 20,000.00 per zoned lot. I suggest that if we wanted to sell wholesale in the first place that there might we be real Development Companies beating our door down and with real and all cash offers. If the average value of the lots in todays market and dollars is $200,000.00 that works out to $180 Million or $12.86/share. That seems a lot of wiggle room leftover for the Insiders to pay for the contract lots, pay ongoing carrying costs, meet the concesions of municipalities, develop the subdivisions, pay unforseen costs and secure a modest profit for their efforts!