Introduction

Las Palmas Mobile Estates (the "Company") was incorporated on October 29, 1992 under the laws of the State of Nevada. We had intended to form a subsidiary and have said subsidiary serve as the general partner of a limited partnership which was to be a developer and builder of one or more mobile home parks in Southern California. We intended to develop a park that would have manufactured trailers of high quality construction.

Our business strategy was to emphasize (i) marketing our parks principally to the second home market (where we believed there was significant long-term demand) and (ii) focusing our development activities in the...