Turks and Caicos Proceedings Against Klaus Hofmann, David Rocheford, Norman Sorensen and Steve Thompson

We have received requests as to the status of the Turks and Caicos damages proceedings. We are currently awaiting a response from Hofmann, Rocheford, Sorensen and Thompson. However we can affirmatively update you as follows:

1. On July 29th, 2009 the Turks and Caicos Court of Appeal dismissed the Plaintiffs’ appeal against the order of the Supreme Court of April 23, 2009 which directed that there be an immediate Inquiry as to the damages suffered by the Defendants as a result of the wrongful grant of an injunction and appointment of a receiver.

2. On September 14th, 2009 the Supreme Court assessed the Defendants’ legal costs in relation to the injunction proceedings.

3. On December 17th, 2009 following unanswered correspondence the Defendants filed an application for the taxation/assessment of their legal costs of the appeal hearing before the Court of Appeal. A hearing date of January 28th, 2010 was notified late to the parties and the Plaintiffs were unable to attend. No new hearing date has been set.

4. On January 25th, 2010 the Defendants sent a summons to the Supreme Court asking for an order that unless the Plaintiffs file a defence to the Points of Claim on the damages inquiry the Plaintiffs be debarred from defending. The summons has not yet been returned by the Court and no date for hearing has been set.