Mr. Augustine has been one of the two principals and a manager
of Arlen Capital since 1989. Arlen Capital's primary business
for the past five years has been to identify, invest in, and
manage strategic real estate-based "opportunistic investments."
Prior to forming Arlen Capital with the second principal,
Lynn Wells, Mr. Augustine was actively involved in the securities
and real estate industries for more than 30 years. From 1956
to December 1982, Mr. Augustine was a partner in his own San
Diego-based law firm specializing in real estate securities
law. From January 1983 to November 1986, Mr. Augustine was
"of Counsel" with the national law firm of Rogers
& Wells, and from April 1987 through March 1989, he was
a partner with the law firm of Gipson Hoffman & Pancione.
Mr. Augustine has held a variety of appointed
positions, including Chairman of the State of California Department
of Corporations' Blue Ribbon Committee which was organized
to draft proposed rules of offering and sales of real estate
securities. In 1981 and 1982, Mr. Augustine served as a special
member of the National Association of Security Dealers subcommittee
on real estate securities. He was also Chairman of the Regulatory,
Legislation and Taxation Committees of Real Estate Securities
and Syndication Institute. From 1970 through 1990 Mr. Augustine
was co-chairman of the workshop on "Real Estate Securities,"
sponsored by the New York Law Journal, and from 1980 to 1990,
he was co-editor of the Real Estate Syndicator monthly publication.
Mr. Augustine holds a J.D. from the University of California
Lynn Wells has been one of two principals and a manager of
Arlen Capital since 1989. Arlen Capital's primary business
is identifying, investing in, and managing real estate-based
"opportunistic investments" for its own account
and for certain strategic investment partners. Prior to forming
Arlen Capital with Mr. Augustine, Mr. Wells was active in
the real estate industry for over twenty-five years. Between
1971 and 1985, he managed his own real estate company, Dimension
Investments, Inc., where he specialized in the development,
sale, and management of commercial and income properties and
acted as General Partner for several private limited partnerships.
From 1985 through 1988, he was Senior Vice President, and
later President, of a public real estate syndication company,
originally located in Dallas and later relocated to San Diego.
Mr. Wells has provided real estate consulting services in
financing, sales, and marketing to developers, syndicators,
and lending institutions. Mr. Wells has taught real estate
financing and exchange seminars and classes and has authored
articles on real estate financing, valuation, and exchanges
for various publications, including Real Estate Review and
the Real Estate Syndicator. Mr. Wells received a B.S. degree
in Mechanical Engineering from the University of Utah in 1961.
He received his M.S. degree in Engineering Mechanics in 1963
from Ohio State University, and a Ph.D. degree in Engineering
Mechanics in 1970, from Ohio State University.