Item 8.01 Other Events.
A subsidiary of the Registrant, Palmas Country Club, Inc. ("PCCI"), operates a
golf course and country club at the Registrant's Palmas del Mar residential and
resort development. The Registrant has previously disclosed that PCCI is
experiencing cash flow difficulties, resulting in a default under a letter of
credit reimbursement agreement for failure to pay letter of credit fees owed to
the Puerto Rico Tourism Development Fund (the "TDF"). On October 19, 2009, PCCI
and TDF entered into a Loan Agreement under which TDF is providing PCCI a
$525,000 non-revolving line of credit to pay operating expenses. The facility
matures on April 20, 2010.
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