This message is intended for TIC Owners not represented by Counsel and should not be read by TIC Owners who are represented.
On December 19th, 2008, DBSI, in consultation with the Official Committee of Unsecured Creditors, filed a motion seeking approval of comprehensive sale procedures pursuant to which DBSI intends to amend, assume and assign, sell, reject or otherwise dispose of each of the leases of a tenant-in-common properties for which it is a lessee or master lessee. These procedures have been carefully developed over a several-week period and developed with the considered input of the Committee and to address a number of concerns and comments raised by counsel for groups of TIC Investors, individual TIC Investors, counsel for certain TIC lenders and potential bidders on the assets. As noted in the sale procedures motion, various parties have expressed an interest in acquiring the leases (as amended or otherwise) and, if applicable, the related subleases, including, but not limited to, NAI Global Commercial Real Estate Services, Thompson National Properties LLC, GVA Advantis and other nationally-known real estate management companies. Discussions with these and other potential bidders will continue through the sale process.
A hearing to consider approval of the proposed sale procedures is currently scheduled for January 7, 2009 at 2:00 p.m. and, at that time, DBSI expects to pre-qualify certain of the potential bidders, several of whom may be well known to you, as Qualified Bidders that have already expressed interest in the assets for sale.
As a result of this proposed sale process, DBSI has adjourned the 3 pending motions seeking authority to reject master leases until February 4, 2009 at 10:00 a.m., and has extended the deadline to respond to those 3 pending rejection motions until 4:00 p.m. (ET) on January 12, 2009.
We encourage you to read the sale procedures at your earliest convenience as they contain a number of options that may be exercised by the TIC Investors with respect to their individual properties. A brief summary of the sale procedures and the options available to the TIC Investors is attached below this posting and is called "Sales Procedures".
Sales Procedures
