The following is an important message from Stephen Burr, counsel for DBSI, and is intended only for Tenant-in-Common owners who are not represented by counsel.
The attorneys representing groups of Tenant-in-Common owners (TICs) and the Creditors Committee have made it clear that they require more time to deal with the decisions which would otherwise have to be made by the TICs by December 2, 2008. In response to these requests, we have decided to change the subject matter of the December 2nd hearing, and defer the rejection/amendment/assignment Lease issue until a hearing now scheduled for December 30, 2008. We encourage you to continue the decision making process prior to December 2nd, particularly as to the waiver of administrative claim, as there is some risk that the Judge will not allow us the additional time. However, it seems likely that the Judge will grant our request. What we will be asking the Court to do the following on December 2nd:
1. As to properties that have special purpose entities as master lessees (i.e., not DBSI Housing or DBSI Master Leaseco) our request will simply be to delay the hearing until December 30th; and
2. As to the remaining properties that have DBSI Housing or DBSI Master Leaseco as master lessee, we will change our motion to a Nunc Pro Tunc motion (i.e. a motion to take an action effective as of a certain date but not operative until a subsequent hearing ).
The December 2nd hearing will remain on the schedule to deal with other pending issues. A formal notice regarding the December 2nd hearing and a list of changes should be available soon.
Depending on how the cash motions come out, we will make every effort to pay critical operating expenses and debt service in December to the extent of cash coming into the operating accounts on the individual properties.
