To all my friends and homeowners:

It is with great sadness and concern that I must confirm that I am no longer directly involved in the development and management of Bimini Sands.

My 51% partner, Rupert Roberts, with whom I joined hands in a gentlemanís agreement 18 years ago, has taken control of the project with a plan that I refuse to support. His statement to me that payroll was exorbitant and must be reduced by 50% will leave all of management and many of the loyal employees jobless and will significantly reduce homeowners investment values.

There are over $100,000.00 in unpaid bills in the United States related to Bimini Sands for which I am personally liable which are not being paid by Bimini Sands.

As a minority partner, I have no recourse within the business structure. Accordingly, I have removed myself.

Thank you all for making the last 18 years a wonderful experience.

Sincerely yours,

Frank J. Cooney Sr.