OEC increased to seven members

(1) Taylor International Fund, Ltd.
714 South Dearborn Street, 2nd Floor
Chicago, IL 60605
Attn: Stephen S. Taylor
Phone: (312) 583-0500

(2) David A. Spinney
280 Sheridan Road
Winnetka, IL 60093
Phone: (847) 446-7945

(3) Douglas J. McCaslin
01600 S.W. Greenwood Road
Portland, OR 97219
Phone: (503) 243-6020

(4) Williams & Ribb LLP Profit Sharing Plan
4300 Long Beach Boulevard, Suite 350
Long Beach, CA 90807
Attn: John D. Williams
Phone: (562) 423-8777, Ext. 29

(5) David Ofman
718 W. Melrose Street, 3W
Chicago, IL 60657
Phone: (847) 910-7333

(6) Kapil Tayal
10400 Swift Stream Place, #107
Columbia, MD 21044
Phone: (312) 504-9344

(7) David Pourbaba
8271 Melrose Avenue, Suite 200
Los Angeles, CA 90046
Phone: (323) 951-0242

Source: PACER (Docket 1661)

Done deal! OEC appointed.

Jennifer L. Braun appointed three equity holders to serve on the Official Committee Equity Holders:

Taylor International Fund, Ltd.
714 S. Dearborn St., 2nd Fl.
Chicago, IL 60605
Attn: Stephen S. Taylor
312/583-0500

David A. Spinney
280 Sheridan Rd.
Winnetka, IL 60093
847/446-7945

Douglas J. McCaslin
01600 S.W. Greenwood Rd.
Portland, OR 97219
503/243-6020

Congratulations and good luck!

OEC given authority to file plan upon formation.

Judge Kathleen Thompson will allow the OEC to file its own plan without having to wait for exclusivity to end for the Debtor.

Now, all we need are some members!

Exclusivity ends in regards to Charlestown/Hartland

Shareholders Charlestown Capital Advisors, LLC and Hartland Asset Management Corp. have the ability to file a competing plan.

Based on the discussion in the courtroom, it appears that the group has been working with both the OCC and several secured creditors for some time. It is my understanding that the plan will involve institutional investors providing both debt and equity capital.

OEC approved!

The United States Trustee, Jennifer L. Braun, stated in today's exclusivity hearing that an Official Equityholders Committee is now in the process of being formed. Braun stated that she is working with the SEC, the Debtor and others to obtain a shareholder list. Solicitation letters could be sent out next week.

The "revised" EC letter

The guidance I provided for writing a letter on 4/16/10 needs to be updated.

MMPI is currently working to get its Second Amended Plan confirmed.

Item 3 needs to be freshened up. Here are the most up-to-date areas of concern:

• The Second Amended Plan contemplates wiping out existing equityholders and infusing New Equity via a private placement to "accredited investors".
• Current management controls 51.9 percent of MMPI equity. The plan represents a "management plan".
• The Official Unsecured Creditors Committee had a potential plan proponent that was willing to to pay more than $10 million for the equity in MMPI, pay all unsecured creditors in full on the Effective Date and provide better treatment for secured creditors. The majority of members on this committee are not interested in pursuing any other plan. The OUCC was the only other party who can propose a plan.

InvestorsHub - the best place to keep up with breaking news and information

I view iHub like a news outlet such as CNBC or Fox Business News. Members act as "correspondents". Most people are excellent in posting recent news or sharing quality ideas.

One word of caution - we may not always agree. You should always verify facts or figures on your own.

Go here: http://investorshub.advfn.com/boards/board.aspx?board_id=15242

Final batch of letters sent

The last 128 letters were sent this morning. I expect most shareholders will receive one by 6/02/10. This would give them more than one week to deliver a letter to the United States Trustee in time for the 6/11/10 hearing.

MMPI shareholders live worldwide

Not only can MMPI shareholders be found from Alaska to Wyoming but also in Belgium, Germany, Jordan, Kuwait, the Philippines and Saudi Arabia just to name a few. Several of those in the Middle East appear to be sovereign wealth funds.

The remaining batch of letters will be sent out this weekend. Why did I stop, you ask? It is all about timing. I am hopeful each inbound letter to the United States Trustee will arrive just prior to the hearings on 6/11/10.

The bright yellow paper must make a difference!

MMPI shareholders are not only sending letters to the United States Trustee, but also sending copies to me along with personal notes.

I am not sure where this effort will lead us, but "thank you" to those who took the time to write.

Letters going out to shareholders beginning tomorrow

The first 50 letters are going out in the morning. Hopefully, the bright yellow paper will cause shareholders to react.

Letters enroute

The EC letters I collected were sent to the United States Trustee today. I also sent a letter to Judge Kathleen Thompson detailing facts that could potentially lead to the appointment of a Chapter 11 Trustee.

Both letters were sent via Express Mail. The ETA is 3:00 p.m. on Tuesday.

EC Letter Deadline

Please forward your letter to me by Saturday, May 1. I will forward all letters to the United States Trustee on Monday, May 3.

Things to include in your EC letter

I have received requests for guidance in writing a letter. Here are some things that I feel are important.

1. Detail the number of shares you and any joint-owners hold (this is critical).

2. Express your desire in having an Official Equity Committee formed.

3. List areas of concern with the First Amended Disclosure Statement.

• Each record holder has the right to subscribe for and purchase not less than $50,000 of New Equity (NE Rights), provided, however, that in the event more than 200 Record Date Holders subscribe for NE Rights, only the Top 200 Holders will be eligible and permitted to actually subscribe. All shareholders should have the right to participate in the rights offering.
• Current management controls 51.9 percent of MMPI equity. The plan represents a "management plan".
• The rights offering proposes raising $10 million - a very small amount for a company. The company can easily exit Chapter 11 with more cash on hand if all shareholders could participate.

4. State your concern that MMPI will exit bankruptcy as a non-filing company. A Form 15 was filed on 1/19/10 with SEC, terminating registration of common shares.

5. Explain that the Official Equity Committee could help all shareholders benefit working with third-party plan proponents.

I hope this helps!

It is time for shareholders to take action.

Meruelo Maddux Properties, Inc (MMPIQ) has until June 11, 2010 to solicit and obtain acceptances of their Debtor plan, unless extended. The plan in its current form, in my opinion, can best be described as a "management plan".

Chairman and CEO Richard Meruelo owns 39.9 million shares or 45.3 percent, while President and COO John Maddux owns 5.8 million shares or 6.6 percent. The improvement in the newest plan is limited. Each holder of has the right to subscribe for and purchase not less than $50,000 of new equity, provided, however, that in the event that more than 200 holders subscribe for New Equity Interests, only the top 200 holders will be eligible.

The amount to be raised in the proposed rights offering is only $10 million - a token amount for a company of its size. The latest Monthly Operating Report Number 12 (month-ending February 28, 2010) details over $200 million combined stockholders' equity for a company with $523 million in assets.

It also appears that MMPI's intent was to exit bankruptcy as a non-filing company. The company filed a Form 15 with the Securities and Exchange Commission on January 19, 2010.

All shareholders should not only have an equal opportunity to participate in the rights offering but also benefit from any potential third party proponent wanting to make a larger equity investment.

Several creditors and two shareholders have filed objections to the First Amended Disclosure Statement. I do not believe this will be the final Debtor plan. The Creditors' Committee also has the opportunity to submit its own plan on May, 18, 2010

Today, we have no voice.

I hope to facilitate change. Personally, I will be sending a letter tomorrow to the United States Trustee seeking the appointment of an equity committee. I recommend that other shareholders to do the same. I would like to create a united front.

I will borrow a page from the game plan used by the successful WaMu equity group. That group collected letters centrally and presented nine binders filled with letters to the court. I will forward all letters to the United States Trustee assigned to this case, Ms. Jennifer L. Braun. This is outlined in my letter. If you are interested in joining me, please send your letters to:

MMPI Equity Committee
P.O. Box 850515
Mesquite, TX 75185-0515

Although I would like to collect as many letter as I can, you are also free to send it yourself. Here is the address:

U.S. Department of Justice
Attn: Ms. Jennifer L. Braun, Esq.
United States Trustee (SV)
21051 Warner Center Lane
Suite 115
Woodland Hills, CA 91367

When writing your letter, please address it to the Trustee. Do not forget to include is the number of shares you own.