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Gentlemen:


Attached please find the bond issue that the National Labor College
floated to build its Conference Center. Basically these bonds have come
due. This is a nightmare scenario for NLC and their sponsor. We have
figured a quick way out for them but we need control. I am sending this
document via FTP (secure). You are going to have to register to download
the file. Please keep this confidential. Took a lot of digging and we
need to keep this document within our team.


Warmest Regards,


Brian


________________________

Brian R. Lang

Senior Vice President/Partner

Guardian Realty Investors, LLC

301-770-5933 (t)


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