HomeMy WebLinkAboutExhibit9HSBC
• December 3, 2002
Mr. Mehtnet Bayraktar
Chairman of the Board
Flagstone Properties LLC
201 South Biscayne Boulevard
Suite 2828
Mir, FL 33131.
Dear Mehmet,
HSBC Securities (USA) Inc. has been serving for the past twelve months as Financial
Advisor to Flagstone Properties in connection with its Island Garden project at Watson
Island. Together with our sub -advisor partner, Holliday Fenoglio Fowler, LP, we have
been actively engaged in all aspects ofthe project including Flagstone's discussions with
the City, the company's outside development learn and your specialists for this marina,
hotel and retail project. Based on the agreements with the City about to be signed, the
project's business plan and our market evaluation, we are confident that the Project's debt
and equity requirements can be raised within the established timeline (assuming
reasonably normal market conditions).
It's been a pleasure working with you and the Flagstone team on this landmark project.
Respectlly,
(�� J �'
Charles B. Columbus
HSBC Securities (USA) lac
452 Fifth Avenue, New York, NY 10018
Telephone (212) 525-5000
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