The Water Committee met today, August 10, 2001, with Don Cannella of OPEC to discuss progress towards completion of the water system. At the meeting it was apparent that there are some basic disagreements over interpretation of specific areas of the contract. As a result, OPEC has notified us that they are seeking resolution of these issues through the dispute resolution process called for under the contract. At this time all work by OPEC has been suspended.
The Committee has contacted our attorney for advice on our strategy for resolving this matter in an expeditious manner. We will continue to keep property owners apprised of our progress.