Providing Asset Management and Advisory Services to TIC Owners

Bridger Asset Management LLC ("BAM"), a division of Bridger Commercial Funding, to date has been retained as an asset management and special situation management specialist by a number of TIC investor groups. BAM staff are specialists in managing disruptions like those that TIC investors face because of a Sponsor's bankruptcy or financial or other difficulty.

BAM provides asset management and advisory services during the transition period and following. The terms of our engagement are flexible to meet TIC owners' varying requirements. For further information on our experience and ability to assist you, please contact:

Paul O'Rear, Senior Vice President
Peter Grabell, Executive Vice President

Auction Results

1. The successful bidder at the auction was TIC Property Management, LLC (“TPM”). TIP bid on both acquiring the 1% interests held by DBSI and the right to negotiate for an assumption of the master lease. TPM is taking the position that they intend to purchase the 1% interests in all of the properties even if they do not become the asset manager/master tenant for any property. This will require two actions on the part of investors: — immediate notice to TPM of their limited role as DBSI’s successor and their obligations to the other TIC owners. — immediate amendment to the TIC agreement to clarify TPM’s role as DBSI’s successor as a TIC owner.

2. We have received DBSI’s proposed form of assignment agreement for the Option 2 properties. As you might expect, they did not strictly follow the auction requirements and tried to expand the form of assignment to protect their position. We have objected to their form and submitted a revised copy of same to the court. 3. TPM most likely will approach investors and try to negotiate an assumption agreement. Counsel has reviewed their forms of asset management and master lease agreements, and they contain many unfavorable provisions (increased fees, minimum term, termination fees, etc.). Finally, it appears that none of the lenders has indicated a desire of any TIC group to approve TPM as a replacement master tenant or asset manager.

Date to Hear Motion for Rejection of Master Leases extended from December 30 to February 4

The US Bankruptcy Court in Delaware that is hearing the DBSI bankruptcy case announced on December 19 that it has extended the date to hear motions regarding rejection of DBSI Master Leases to February 4, 2009 from December 30, 2008. This gives TIC owners additional time to consider their strategies as relates to a replacement Master Lessee and replacement Asset Manager.

To discuss the property and investment implications of your group's decision regarding replacements for DBSI, please contact:

Don Farmer, Senior Vice President

Peter Grabell, Executive Vice President

Testimonial From DBSI Investors working with Bridger

So far you guys have been doing a great job on the two DBSI Investments I own. This pro-active approach is putting us well ahead of the curve. Keep up the good work!

- DBSI Investor

Group Leaders Can Request Information from DBSI

DBSI has established an e-mail address (for now) where Registered Group Leaders only can submit information requests, Expect to execute a Confidentiality Agreement (DBSI will provide the form.) DBSI will decide what information it will release, including lease and sublease information, and to whom. Direct your information requests to your Group Leader, who can convey your request to DBSI.

According to DBSI, "Group Leaders and their counsel are urged not to use the information to interfere with DBSI's direct contractual rights, including the right to receive rents from subtenants, until the bankruptcy court determines the status of their Master Lease." Also, check your Sharepoint site for information additions or deletions.

TIC Investors Looking for Other Investors

Below is a list of project/property names. We have contact with at least one investor looking to connect with their group.

Commercial Offerings

Colonnade at West Lake - Humble TX
East 37th Street(Vatterott II) - Wichita, KS
Fairlane Green Allen Park Michigan, Kellogg - Wichita KS
Lakeview & Sojourn, Coppell - Addison, TX
Sheridan Street Professional Plaza - Hollywood, FL
Tower Park - Waterloo, IA
Woodland Medical Office, LLC
1 East Broward Blvd - Fort Lauderdal, FL

Land Offerings

2007 Land Improvement and Development Fund
Cavanaugh Land offering in Meridian, ID

Email if you are looking to connect with these properties, or have other DBSI investors you are trying to find.

DBSI Sharepoint Server Access - download now

We have been hearing reports that DBSI is removing important property operating documents off of their Sharepoint server. If your TIC group has access to the DBSI sharepoint server, then download all the documents soon. They may not be available to you in the future.

DBSI Counsel Ultimatum on TIC Options

Click here to listen to a recording of DBSI Bankruptcy Counsel on 11/19/2008.