HLD Land Development Limited Partnership Units V.HLD.UN

Why Not Keep It Honest?

[HLDpropmngr]

Hello Bullboarders, This is Michael Thornton, the property manager for the HLD Partnership. I have just been referred to this site. In scanning back I see a great number of untrue allegations, misrepresentations and incorrect assumptions. As time permits I plan to go back and address these so that readers are not misled. I will also endeavour to speak to any new issues as they are raised. The first thing I'd like to say is that I am NOT recommending one way or another with respect to the current offer, specifically because either choice may be appropriate for individual Partners on a case-by-case basis. Contrary to a previous post I am not on the Board and I am not the management referred to in the Information Circular. If I believed that there was an insurmountable problem with the HLD Partnership that was going to lead to a meltdown, I would strongly recommend in favour of accepting the offer. Obviously I do not. That being said, even if it is my personal preference I cannot ask everyone to keep hanging on while we still face many risk factors and an indeterminate length of time before profitable windup. If Partners turned down an offer that exceeded what the Units have been trading for just because I asked them to, and later something problematic surfaced that I had not warned about, they may understandably be upset. So I am simply telling it like I honestly believe it is and letting everyone make their own choice. As far as telling it like it is, why is it OK for some of these people on this Bullboard to buy Units at an average price of 56 cents, but wrong for Michael Levine and Ron Erdman to offer to pay almost 2 to 3 times as much? ($1.02 in cash or $1.39 to $1.51 in debentures) Once an offer from anyone is deemed fair from an independent group like Capital West Partners, we simply must put it to a vote. Everything has been disclosed in the Information Circular. Partners can accept or reject the offer. Contrary to earlier allegations no loan from Lanyard has ever been accepted by HLD. Nor will Mr. Erdman & Mr. Levine be voting their Units. I am the one who decided to hold the meetings to open up dialogue. I could have just stayed out of all this as the only required meeting is on the 16th. If you attend any meeting you'll soon realize I'm not trying to sell anything, except the realization that every time people buy Units for less than $1 the odds increase they may vote to sell at $1. I am also trying to make Partners aware that I think we will need to re-capitalize the Partnership, and pricing the Units opens the door to the risks of dilution and more votes. If you have any questions you'd like answered, please ask them. I will do my best to answer them. Vote however you like. I'm off to a meeting. Best Regards, Michael