SB&OH EXCHANGE ACCOMMODATORS, LLC

May 5, 2004

Dear Friends:

May is here along with Spring flowers and army worms.  What a delight!  We love the flowers and the birds love the army worms.  At least we hope they do.

April was a month of change at SB&OH Exchange Accommodators, LLC.  Colby Parks, one of our young attorneys, left the firm to pursue other areas of practice.  We wish him well on his journey as we are sure you do too.  On a lighter side, our exchange coordinator and all round Person Friday (a "Girl" Friday is out) and as a matter of fact Person Monday, Tuesday, Wednesday and Thursday as well, Helen Alba, became Helen Reid through the process of marriage.  You may have noticed her absence as she spent a little bit over a week on the garden island of Kauai.

Jeff Helsdon also was briefly out of the office attending continuing education classes for 1031 exchange accommodators.  As you know, Jeff is the only Certified Exchange Specialist™ as recognized by the Federation of Exchange Accommodators.  The requirement for that certification is at least three years of recognized excellence and experience as an accommodator and the successful completion of a very comprehensive examination.  Once attained, regular continuing education is required to maintain the certification.  This not only has a formal education benefit to the practitioner, but also a practical benefit as well to the client involved in a 1031 real estate exchange.  There are often slight modifications in the 1031 process that can have a major impact on the client.  These classes assure Jeff's clients of his current status on all the most recent developments affecting 1031 real estate exchanges.

In closing, does anyone know how to train army worms to eat grass rather than leaves? There is a fortune to be made if one can do it.  We will be happy to draw up any legal papers necessary to get this moving forward so along as the first ten trained worms can work exclusively for us.

Sincerely,
Your Friends at
SB&OH Exchange Accommodators, LLC