J.P.Morgan
introduction over the past two weeks we received the financial information necessary to complete our valuation analysis we used the management upside case as a basis for our valuation analysis the upside case includes certain projects that we believe will occur with a high degree of probability in addition have calculated two sensitivity cases adjusted upside case upside in on paradise island over management upside case projections additional upside from franchise value of brand development of two additional large scale resorts | J.P.Morgan
Company
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March 2006
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4 of 41
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