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.
Friday, November 28, 2008
Tuesday, November 25, 2008
DBSI SharePoint Site Link -11-25-08
For property owners of Master Lease / NNN Plus Lease properties, here is a quick link to the general DBSI SharePoint site: http://asset.dbsi.com
Your user name, password and this link was sent to property owners via US mail.
Your user name, password and this link was sent to property owners via US mail.
Friday, November 21, 2008
Q&A MAKE UP CALLS FOR TIC OWNERS OF DBSI MASTER LEASE AND NNN PLUS ® PROPERTIES -11-22-08
For TIC owners of DBSI Master Lease and NNN Plus ® properties who can not participate in their regular scheduled calls, as listed in on your property specific SharePoint sites, have a second opportunity to participate in two additional make up calls. The information to participate is as follows:
PLEASE NOTE CORRECTION ON TELEPHONE NUMBERS AS OF 11/25/08 9:39AM Mountain Time
Tuesday -11/25/2008 at 3:00 PM Mountain Time
Telephone Number: 866-469-3239
Access Code: 802 169 725
Tuesday - 11/25/2008 at 4:00 PM Mountain Time
Telephone Number: 866-469-3239
Access Code: 803 083 540
Unfortunately, these two calls can only accommodate 200 participants. These calls are designed to provide answers to questions from property owners and their council. Please do not call in if you are not an owner or assigned counsel as you could be taking the place of a property owner seeking answers to time-sensitive questions.
IMPORTANT: A pre-recorded message regarding your Lease alternatives and your required actions leading up to December 1st, 2008 can be found on your Property specific SharePoint page as well as here on this Blog page. Simply click “Master Lease / NNN Plus Lease Investors and Broker Dealers” link in the upper left hand corner of this page.
PLEASE NOTE CORRECTION ON TELEPHONE NUMBERS AS OF 11/25/08 9:39AM Mountain Time
Tuesday -11/25/2008 at 3:00 PM Mountain Time
Telephone Number: 866-469-3239
Access Code: 802 169 725
Tuesday - 11/25/2008 at 4:00 PM Mountain Time
Telephone Number: 866-469-3239
Access Code: 803 083 540
Unfortunately, these two calls can only accommodate 200 participants. These calls are designed to provide answers to questions from property owners and their council. Please do not call in if you are not an owner or assigned counsel as you could be taking the place of a property owner seeking answers to time-sensitive questions.
IMPORTANT: A pre-recorded message regarding your Lease alternatives and your required actions leading up to December 1st, 2008 can be found on your Property specific SharePoint page as well as here on this Blog page. Simply click “Master Lease / NNN Plus Lease Investors and Broker Dealers” link in the upper left hand corner of this page.
Wednesday, November 19, 2008
IMPORTANT ANNOUNCEMENT – TIC OWNERS OF DBSI MASTER LEASE AND NNN PLUS® LEASES – 11.19.08
A very important letter and accompanying documents for all tenant-in-common owners of Master Lease or NNN Plus® Lease properties has been posted to your secure SharePoint website.
This information is very time sensitive with critical decisions that must be made by December 1st, 2008
NOTE: A pre-recorded message regarding your Lease alternatives and your required actions leading up to December 1st, 2008 will be found on your Property specific SharePoint page. Please listen to this recording as soon as possible.
In addition, property specific conference calls have also been scheduled for November 20, 21, 24, and 25th and posted to your SharePoint site. Please make sure to visit your SharePoint webpage as often as possible leading up to your property specific call as additional information may be posted.
YOU CAN’T ACCESS SHAREPOINT? Please contact your group leader or other property owners from your group who have access to SharePoint for copies of the posted information.
This information is very time sensitive with critical decisions that must be made by December 1st, 2008
NOTE: A pre-recorded message regarding your Lease alternatives and your required actions leading up to December 1st, 2008 will be found on your Property specific SharePoint page. Please listen to this recording as soon as possible.
In addition, property specific conference calls have also been scheduled for November 20, 21, 24, and 25th and posted to your SharePoint site. Please make sure to visit your SharePoint webpage as often as possible leading up to your property specific call as additional information may be posted.
YOU CAN’T ACCESS SHAREPOINT? Please contact your group leader or other property owners from your group who have access to SharePoint for copies of the posted information.
Tuesday, November 18, 2008
To all Non TIC Members -11-18-08
This message is intended for Note Holders, Land Owners, Fund Members and Limited Partners. At this time DBSI is working through the Bankruptcy courts to address the most pressing items. As such, we are currently focused on working with Tenant In Common owners of income producing properties. We understand your anxiousness in wanting answers regarding your investment. We expect to begin providing specific information within the next few weeks. Thank you for your patience.
Friday, November 14, 2008
MOVING FORWARD
DBSI commenced a voluntary Chapter 11 proceeding on November 10, 2008.
It’s important to note that DBSI is operating in the ordinary course of business while under the protection granted by Chapter 11. We remain committed to providing you with information and keeping our lines of communication open.
As such, please note the important and most efficient process for information dissemination forward:
1. The most up to date information can be found on this Blog page. http://blog.dbsi.com; Please visit this page often.
2. Should the information posted on the blog page not address your particular question, please continue to submit your question to investor services at investorservices@dbsi.com
3. It’s important to note that in most cases we cannot respond to your emails directly given our reduced staff and limitations but rather we will post as much information and as many answers to your questions as quickly as possible by continuing to update and add to our Frequently Asked Questions (FAQ) document located on our Blog page. (Upper right hand corner)
4. As the amount of information on our Blog page grows, finding what you are looking for may become more difficult. Please make sure to utilize the search function located in the upper left hand corner of the Blog page. Simply enter a key word and click “search Blog”.
Many of our investor’s properties are now incorporated in the bankruptcy process and therefore, future decisions and direction will now come through the process of the bankruptcy courts and not DBSI. As a result, there will be many property specific and investment specific questions that we are unable to answer at this time. These questions included such items as past or future distributions, lender actions and the future strategy of your property. However, as soon as this information does become available, DBSI and others will work to notify you accordingly. Most likely any information from DBSI from this point forward will be shared with you via email or your property/investment specific website.
It’s important to note that DBSI is operating in the ordinary course of business while under the protection granted by Chapter 11. We remain committed to providing you with information and keeping our lines of communication open.
As such, please note the important and most efficient process for information dissemination forward:
1. The most up to date information can be found on this Blog page. http://blog.dbsi.com; Please visit this page often.
2. Should the information posted on the blog page not address your particular question, please continue to submit your question to investor services at investorservices@dbsi.com
3. It’s important to note that in most cases we cannot respond to your emails directly given our reduced staff and limitations but rather we will post as much information and as many answers to your questions as quickly as possible by continuing to update and add to our Frequently Asked Questions (FAQ) document located on our Blog page. (Upper right hand corner)
4. As the amount of information on our Blog page grows, finding what you are looking for may become more difficult. Please make sure to utilize the search function located in the upper left hand corner of the Blog page. Simply enter a key word and click “search Blog”.
Many of our investor’s properties are now incorporated in the bankruptcy process and therefore, future decisions and direction will now come through the process of the bankruptcy courts and not DBSI. As a result, there will be many property specific and investment specific questions that we are unable to answer at this time. These questions included such items as past or future distributions, lender actions and the future strategy of your property. However, as soon as this information does become available, DBSI and others will work to notify you accordingly. Most likely any information from DBSI from this point forward will be shared with you via email or your property/investment specific website.
Tuesday, November 11, 2008
Master Lease / NNN Plus Lease TIC Owner Announcement 11-11- 08
DBSI is awaiting further instructions from the Bankruptcy Court regarding the go-forward strategy of your property and we will have additional information posted by the end of this week. All properties of this category have been included in the voluntary chapter 11 filing by DBSI. The protection of Chapter 11 is in place which will allow the day-to-day operations of your property to continue. Simply put, your property will continue to receive full attention from Asset Management Services LLC while incorporated into the Chapter 11 filing. In this instance, the Chapter 11 bankruptcy means we will be communicating to you very soon as to the go-forward strategy of your property. Unfortunately, in the meantime, your options are limited with regards to the short-term operations of your property.
We have recommended that each property ownership group select a group representative or leader to better facilitate the organization and timeliness of information from Asset Management Services LLC to each property ownership group. In order to ensure that we have correct information on file, if you have not done so already, we ask that this representative / leader send their contact information to DBSI using the following email address: groupleaders@dbsi.com. Please include the following:
• Property Name
• Your Name
• Telephone Number (include all numbers)
• Email address
We have received this information from a majority of the properties. If you are a property representative / leader and have not yet done so, please forward this information as soon as possible. You will be contacted shortly thereafter by phone. Please note, in order to be a group leader you must (1) be a property owner and (2) be selected by your property ownership group.
We know that contact information has been posted online for many of the AMS Asset Managers and that many investors have tried to contact them individually. PLEASE NOTE: If you are not a Group Representative, please do not contact the Asset Manager. Please submit your requests or questions to your Group Representative who can facilitate the dialogue with the Asset Manager and will provide responses back to the group of owners. This will enable a more efficient flow of information across all owners and property groups.
If you are not a group leader and wish to contact DBSI, please email us at investorservices@dbsi.com
We have recommended that each property ownership group select a group representative or leader to better facilitate the organization and timeliness of information from Asset Management Services LLC to each property ownership group. In order to ensure that we have correct information on file, if you have not done so already, we ask that this representative / leader send their contact information to DBSI using the following email address: groupleaders@dbsi.com. Please include the following:
• Property Name
• Your Name
• Telephone Number (include all numbers)
• Email address
We have received this information from a majority of the properties. If you are a property representative / leader and have not yet done so, please forward this information as soon as possible. You will be contacted shortly thereafter by phone. Please note, in order to be a group leader you must (1) be a property owner and (2) be selected by your property ownership group.
We know that contact information has been posted online for many of the AMS Asset Managers and that many investors have tried to contact them individually. PLEASE NOTE: If you are not a Group Representative, please do not contact the Asset Manager. Please submit your requests or questions to your Group Representative who can facilitate the dialogue with the Asset Manager and will provide responses back to the group of owners. This will enable a more efficient flow of information across all owners and property groups.
If you are not a group leader and wish to contact DBSI, please email us at investorservices@dbsi.com
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