HLD Land Development Limited Partnership Units V.HLD.UN

RE: WHICH IS IT?

[taguar]

There are a lot of different ways of looking at this thing and depending upon the assummed scenarios divergent outcomes. There are disclaimers in the "Fairness Opinion". We have not been engaged to prepare a valuation of the assets (or words to that effect). I wondered how Capital West could come up with an opinion about fairness without concluding a valuation. The bottom line remains that in writing they disclaim actually doing so. I suspect that a wide range of "opinions" could be had and justified. If another group cracked off a $ 50,000.00 cheque (!!) it is likely that Capital West are proficient at measuring the direction of the wind and tailoring an opinion to suit. At the end of the day it is just an opinion. As much liability as possible is disclaimed away. While I don't claim to be any kind of expert I have an opinion too and it is very different from that the Capital West. I hope it works out that mine is vidicated and to the benefit of the unitholders and msyelf.