HOPEFULLY, A BLESSING IN DISGUISE
Several months ago, the owner/developer (Premier Acquisitions) hired an experienced developer and named him as managing partner for the Presidio in the Pines project.  His primary task has been to implement a financial plan to get the project back on track and see homes being built. Presently, he is in the process of securing a new completion bond for the City of Flagstaff and also adequate funding in the amount necessary to complete the entire infrastructure in Presidio in the Pines. In order to maintain a focus on these tasks, they have chosen to file Chapter 11 petitions for reorganization with the court. This filing is unrelated to Doucette Flagstaff, we still own all of our lots as they are not affected by the filing and we still intend to complete all of our homes under contract. The filing may have an impact on our home construction schedule since site improvements have still not progressed to the point where we can start any more houses.  As soon as more information becomes available in the next two weeks, we will continue to update our buyers via phone, email and website.