Landmark - Distressed Properties

Jeffrey,

The world has been getting slightly better in the cold damp dungeon that Landmark has called home for the last two years. Earlier this week a much needed and appreciated ray of sunshine began to shine into our habitat. Dermot Desmond, one of the most respected and shrewdest of Irish-English investors, has agreed to sponsor a $20 million fund for us and he will invest 10%. It will be our responsibility, with his endorsement and investment, to raise the additional $18 million. Ideally, for me, is to find someone of equal significance in the U.S. who would agree to be a co-sponsor.

The fund, obviously, will be focused on investing in distressed golf communities or related properties. We are in the process of preparing, with Dermot's help, an offering circular and when it is finished, if you would like to see it, I would of course be pleased.

Much of the next two months Doug and I plan on spending in New York and although the streets are often vacant in the summer, if you have anyone in the city or anywhere else that you would recommend we see, I would greatly appreciate it. I have on my list David Mitchell and I hope I will be able to get his advice and consultation as soon as possible.

Jeffrey, I hope you and Gary are not fussing and that you remain healthy and happy.

Jerry

Gerald G. Barton
Landmark Land Company, Inc.
P.O. Box 1880
Upper Marlboro MD 20773