From: ████████████████████
Sent: Wednesday, July 6, 2011 9:58 PM
To: jeevacation@gmail.com

Jim McCann's long-time cl=ent, Pat Carney, is a real estate investor (Claremont Companies) from Bost=n has been very active buying commercial and residential property in=this market. He has been very active in PB buying and selling several piec=s (including selling 1565 N Ocean Way to Lindemann in Sept 08 for $=3.5 after buying it in Sept 06 for $15). He recently (Feb 2011) bought all=of McKinneys undeveloped Manalapan ocean front (522' ) for $19-20 million.=He is viewed as a bottom fisher.

He had bid just over $30 on Swanson's other spec at 101 El Bravo. He just s=ld another house he moved to after selling 1565 (Lamberts old spec on Tang=er) and is flying down to take another look next week because now he needs=another house. Jim expects him to bid again on El Bravo but told him he th=nks the number is $35. Carney then asked Jim if he could get 1220 for that= Jim's impression is Carney would pay $35 or slightly more for 1220.

I am sure Pat knows the pressure Dan is under so he is squeezing the fruit.=br> I pass this along as anecdotal evidence of the value of the collateral.