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EXHIBIT C
From: George Buchler
To: '[email protected]'
Sent: Thursday, l\/larch 27, 2003 9:53 PM
Subject: ALH
First, let me please express my sincere condolences on the passing of your brother. lVIy wife and I have made a
contribution in his name at our synagogue.
I wanted to give you a quick update on the progress at selling ABI. We now have two written letters of intent -
Standard Pacific and Toll Brothers have both visited the company and put in offers. The SP offer is for $17.5l\/ll\/I
for the equity - the Toll Brothers deal is for $13MM plus a $7l\/IM earnout over three years. Centex and MDC have
also expressed interest and may also submit offers. All of these offers will be countered and we believe there is
some upward movement possible. ABI continues to perform well and the Jacksonville market is apparently being
looked at by all ofthe major builders who do not have a major presence in the market.
When Gene and I last met with you and Isaac, there was some indication from Isaac that he could go to $5MlVl for
the "A" shareholders interest. We don't know if you wish to continue having a dialogue or negotiation on this
issue, or whether your group is no longer motivated to move in the direction of owning all of ALH. I believe that
we could also move off of our $12MM price and perhaps meet somewhere in the middle with you and your fellow
"B" investors. If you'd like to chat about this, I'd be happy to do so. I'm available most of the rest of today and
then for a few hours early tomorrow morning. I am also in the office all of next week as well.
As events unfold at ABI, I will continue to keep you informed.