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N) Links Management: <br />A) What's the status of this venture? <br />he wanted the ground because <br />1) Kent Forsgren drove the plans for <br />control RBI and Ea le <br />own <br />wanted to run it on his <br />Although he agreed to the original concept of Links he was never "on <br />board" and fought it the entire way. We decided to shut down Links and <br />bring Todd home. <br />2) Earl keeps assuring us that we are going to pull it all together but we have <br />waited several months for that - we can't wait anymore. <br />3) Decisions need to be made regarding outstanding contracts: what goes to <br />RBI Links, what goes to Forsgren Links and what should we do with the <br />projects we didn't get. <br />4) Wente is going to do their own management - Links is out of the picture. <br />and all other Arizona courses. <br />5) RBI Links has Coyote Creek, PDove rovo and Logan <br />6) Forsgren Links has Entr , <br />a) Todd is still in contact with Mike Peterson at Entrada because <br />maybe we can get the Entrada contract after we create the new <br />entity which will be created after the financing. Financing looks to <br />be coming from MJ Mastalier of TEXTRON. This will pay the <br />investors off and give Entrada some operating income. <br />b) Links hasn't paid RBI money owed for June/July. <br />B) Current Operating Procedures of Links <br />1) Todd is running everything for Links through RBI and is keeping track of <br />it with job numbers. <br />2) There are three scenarios for Links' future: Wait and see what happens, <br />RBI develop the company without Forsgren or let Evergreen take care of <br />our contracts for us. <br />3) Rick requested a vote of confidence to continue with Links Management <br />and prepare RBI for an IPO. One idea would be using with EAGL Golf. a private placement <br />• firm to do an IPO and then combine <br />a) Jody moves to give Rick the vote of confidence as long as we set a <br />deadline for resolution. <br />b) Rick's ideas is that we take Links and operate it in every state but <br />should also <br />Utah with Todd running the company. <br />an make thinks we <br />break. <br />rename the company so that <br />C) Jody moves that we make a Colorado company to manage golf <br />courses and Todd rims it. Todd will do this and will pursue other <br />courses. Todd's question is What <br />this question. Eric work. <br />He will put a budget together <br />seconded Jody's motion to make a Colorado company under the <br />direction of Todd and everyone was in favor. <br />- July Board Meeting Page 3 -