Re: Landmark

Jeffrey,

Here I come again, with embarrassment and great reluctance, to ask for a piece of your most valuable asset, your time. When we last spoke, I told you that my job was to find a way that Landmark could sustain its losses until the second home market recovered in its two excellent projects, South Padre Island and Barbados, and it had an opportunity to take advantage of the collapse of our industry and acquire and turn around some major developments. Over the years, Landmark has been the premiere leader in acquiring and turning around troubled resort projects such as La Quinta, Oak Tree, Carmel Valley Ranch, Mission Hills, Palm Beach Polo, and Kiawah island.

In the time since we last spoke, the markets are beginning to improve and the question is will they improve fast enough to allow Landmark to meet its obligations. Also in this time, we have entered into a contract, subject to financing, to acquire Bright's Creek, a 5,000 acre development in North Carolina that I believe we discussed in our last meeting. Now I would like some of your time to get your thoughts on how I might best acquire Bright's Creek and on how I might borrow against good security for a short period of time, if in fact the sales in our projects did not meet our corporate needs. It recites our best guess at projections for 2010, but as we all know, projections are merely guesses of the future.

Obviously I want to meet at a time most convenient for you and I thought, because of the muted business activity between Christmas and New Year's, this might be a good time. If that works for you, I will come at any time of your convenience. If this does not work for you, I could come before Christmas or after the first of the year. Please do not let me interfere with anything that is fun.

Look forward to hearing from you. Hope you are well and that Gary and Stephen are not driving you crazy.

Jerry

any day is fine and you are always welcome..