HLD Land Development Limited Partnership Units V.HLD.UN

RE: WHICH IS IT?

[taguar]

Technically there may be nothing wrong, morally I am less certain. Any simple deal that takes 116 poages to explain can't be all good. I may be biased but I see a lot of protections for the Buyers contained therein and less for the Vendors. You are ill advised if you believe that there are many happy investors from previous deals. There were some single digit returns after several years but towards the end most deals were losers. That is where the realization came from that appreciation alone was not always a satisfactory way to profit in Real Estate investing. "Change of use" (raw land to city lots) could provide massive increases in Real Esatet values regardless of market conditions. That was the new song then. I am convinced that MT wants to continue. He has very carefully placed a foot in each camp. Regardless the outcome of the vote he will find himself still involved. In my experience MT is at his best when things are at there worst. It may be draining for him but it is my opinion that he is built for this and somehow thrives on the adversity. MT is an absolutely impressive character and you are correct that he sure convinced me. Over the years however, with increasing consequence, there have been a number of things that have shaken my confidence. It brings me no pleasure to acknowledge that he has lost my trust.