Date: Tue, 29 Jan 2008 21:15:12 -0900
Subject: FW: Contract w/Uganik Native corportation

Hello everyone –


I just read this document.  I didn’t have a chance to read it before our meeting yesterday so was not prepared to discuss it.  I don’t know if any of you have read it yet or not but it appears that we are locked into an agreement to sell this property to American Land Conservatory for 90% of its appraised value.  I don’t understand why Richard Sr. would agree to these terms and I am sadly disappointed.  I am assuming that ALC has met the terms of the agreement and therefore it is binding.  If my understanding of this agreement is correct, then we may not have an option to pursue other buyers for a competitive price or even consider accepting a cash settlement with AJV.  Doing so could put Uganik at great risk and result in years of litigation and costly attorney’s fees.  The agreement mentions something that I thought of after last night’s meeting and that is the need to hire a tax attorney (I wasn’t thinking of this agreement when it occurred to me, rather the issue of how we pay taxes and whether any dividends distributed are taxable or non-taxable).  Another side note:  When we do send out dividends we need to remember that we need to send out 1099 (I think that’s the form) for shareholders, identifying the dividend as taxable or non-taxable.  Just something to keep in mind for the future…


Please enlighten me if any of you think I have misunderstood this agreement.






From: Tim Richardson []
Sent: Monday, January 28, 2008 7:58 AM
Subject: Re: Contract w/Uganik Native corportation


Hi Donene,  Yes, I did receive your email with each of the Uganik Board Member’s email and contact info.  Attached please find the Uganik Option that Richard, Sr. signed with ALC and RMEF.  It is the same format that NOK and Shuyak signed.  As I mentioned we are awaiting the appraisal results on all the Perenosa Bay properties and it could be available soon.  As I wrote to NOK’s board, the politics are looking favorable for a transaction but the offering price is still unknown.  I will mail copies of my book on the Exxon Valdez to each of you so you can get a sense of my background.  I am also available by phone for the full board together or separately.  My phone number is 301-770-6496.  I’d want to include our partner, the Rocky Mountain Elk Foundation on a group call as well.  Tim Richardson, Alaska Program Director, American Land Conservancy. wrote:

Good afternoon Tim –

Did you get my e-mail yesterday w/everyone’s contact information.

I looked in the AJV file that I have here and I do not see any contract w/American Land Conservancy.

Can you forward to each of the board members.

Thank you.