COMPLETION DATE STATEMENTS MADE BY AIG BAKER

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COMPLETION DATE STATEMENTS MADE BY AIG BAKER

Post  Bubba on Tue Dec 18, 2007 4:12 am

Completion date statements made by AIG Baker for Levins Bend Condominium


September 20, 2004 - What's new at The Wharf website
"The Wharf welcome center receives no wind or water damage". "We are pleased to report that The Wharf Welcome Center received no damage, and once power is restored, the Welcome Center will again be open for business. Considering the Welcome Center is in fact a GE Modular double-wide, the fact that no damage was sustained is truly amazing. As one Orange Beach City leader stated, "It looks like The Wharf is the safest place on the Island". During Ivan's wrath, it certainly proved to be among the safest and certainly one of the driest as no flooding was reported on any of the 220 acres that will comprise The Wharf. The fact that we weathered the storm so well should provide comfort to both future homeowners and retail tenants".


February 7, 2005 - What's New at The Wharf website
"With the site beginning to take shape and with a planned Phase 1 completion date of March, 2006, AIG Baker is releasing the first visual glimpse of The Wharf".


April 11, 2005 - Levins Bend Offering Statement - Page 3
"Construction of the Condominium is expected to commence in the Spring of 2005 and be completed by the Fall of 2006".

April 11, 2005 - Levins Bend Purchase Agreement - Section 3(a)
"Time is of the Essence”. “Seller warrants that closing shall occur no later than two (2) years after the date of Purchaser's execution of this Agreement, subject to any delays caused by events of Force Majeure set forth in Paragraph 22 below".

July 11, 2005 - What's New at The Wharf website
"We are happy to announce that The Wharf and the surrounding Orange Beach/Gulf Shores area remained relatively undamaged from Hurricane Dennis. We are very grateful to have escaped a direct impact and have assumed normal operations as of Monday, July 11. We were even ready to welcome residents back on the Island on The Wharf marques sign a few short hours after the passing of the storm on July 10, 2005".

August 4, 2005 - What's New at The Wharf website
"In addition to the Outfitter's Center and the marina, preliminary construction on the Levin's Bend condominium tower and its first and second floor retail, the Rave Motion Picture Theater and some parking decks has begun".

August 16, 2005 - Article in Construction Equipment Guide.com reported:
“Ralph A. Knauss, AIG Baker’s Senior Project Manager : Another sub-contractor, Tennessee’s Ray Bell Construction Co. has begun work on the East Tower, which will house 190 condos. This tower is scheduled for completion in August 2006 and the West Tower in November of that year. Although the construction is on schedule, Knauss said the weather had posed a problem, especially on a day in March 2005 when 23 inches of rain fell within a few hours. “We implemented a plan which included digging drainage ditches to siphon off the water” he said. “We were lucky to be able to excavate the marina and the earthwork required management techniques that helped us to maintain the schedule. Work on phase one is scheduled to be completed by Spring 2006”.

October, 2005 - What's New at The Wharf website
Our progress - "Progress on Levin's Bend (pictured above) is moving along at a great pace".

December, 2005 - What's New at The Wharf website
Our progress - "Work has also been started on the western section of Levins Bend". "Progress has been made on the Rave Movie Theater, and our two parking garages are coming along nicely".

February, 2006 - What's New at The Wharf website
"Construction crews are now working on the fifth floor of the Levins Bend condominium. With six more floors to go, Levins Bend will be the first condominium tower to be completed, and we anticipate that the east tower will be completed this fall".

March 23rd, 2006 - An invitation from The Wharf e-mail
"And see the unbelievable progress taking place at The Wharf"

March 28th, 2006, - E-mail from Ralph Knauss (AIG Baker’s Senior Construction Manager at The Wharf) to LB condo buyer:
“It appears that based upon our current schedule that the West Tower of Levins Bend will be available January, 2007”.

September 1st, 2006 - What's New at The Wharf website
Condo update - "Construction continues on Levin's Bend, with the eastern half of the building scheduled for occupancy later this year".

October 3rd, 2006 - GlobeSt.com article titled "New Chief, More Starts Coming for $1B Project"
"Meanwhile, vertical work is under way on the 190-condo Levin's Bend, which was sold out in a 24-hour period at an average of $363 per sf. The Condos, ranging from $300,000 to $1.2 million, will deliver in the first quarter 2007". Wilkes says a third condo tower, Long's Bayou, will be released for presales at the end of Q1 2007.

November, 2006 - AIG Baker press release "The Wharf Hires Chris Falletta as New Director of Sales"
"The first phase, Levins Bend, is expected to open in spring 2007"

December 27th, 2006 – Personal letter sent to all Levins Bend purchasers from AIG Baker:
“From an update standpoint, the construction team is on target to deliver your new residence in the first quarter of 2007”. “It is our intent to begin the Punch Process and Unit Inspection for the East Tower Residences beginning the end of January 2007. We anticipate the building will receive its CO by mid February which will allow us to commence the contract closing. The West Tower is on a similar schedule 30 days thereafter”.

March 5th, 2007 - First Amendment to the Offering Statement
"The construction of the building has been impacted and delayed by a number of factors beyond the control of AIG Baker. These factors include, among others, the above-mentioned hurricanes and storms, other acts of God, labor and material shortages and other related factors".

March 6th, 2007 - First Amendment to the Purchase Agreement stated:
“Construction of the Condominium began in the Summer of 2005 and is expected to be competed in the Spring of 2007”. (Spring ended on June 20th 2007)

March 26th, 2007 - Quote from Jeff Rouzie in Mobile Press-Register
"The 190 condo units at Levin's Bend at The Wharf will start closing out presales in May through July" according to Rouzie.


Last edited by on Fri Dec 28, 2007 3:54 am; edited 1 time in total

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DEFINITION OF FRAUD

Post  Bubba on Tue Dec 18, 2007 11:00 pm

"An intentional perversion of truth; deceitful practice or device resorted to with intent to deprive another of property or other right." www.utcourts.gov/resources/glossary.htm

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