STP Associates, LLC (STP) has extended a cash offer to the Syosset Trailer Park tenants. In August 2007, STP met with the trailer park representatives to maintain an open dialogue about their ongoing status as tenants at the Syosset Trailer Park. At that time, STP Associates offered the tenants a one-year lease at the below-market rental rate of $750 per month. The tenants also had the option to continue month-to-month at the $750 per month rate. None of the tenants chose to sign a one-year lease.

After the initial meeting a new group of tenants approached STP Associates and requested relocation compensation. STP made numerous attempts to obtain specific information in order to respond with a proposed solution. Unfortunately, the response was a group of tenants initiated a lawsuit to require STP to give six-month notice of its intention to close the trailer park and terminate the tenancies.

The lawsuit seeks relief that can easily be granted by the owners without the need for litigation according to Michael Mason, one of the attorneys representing STP Associates.

In response to the litigation STP has made a proposal to grant the relief requested. Additionally, STP has made a cash offer of $500,000 to the tenants and will allow them to remain in the park until at least November 2008.

Our attorneys advised us that there was no legal right to relocation expenses. However, we understand that the commencement of the lawsuit is an emotional response to a difficult situation for everyone involved. We have made what we consider the most generous offer we could reasonably make in order to provide assistance to these individuals.

STP's proposal represents the amount of relocation expenses that members of the Syosset Trailer Park Association had initially stated would be needed to assist them in their relocation efforts. While we have no legal obligation to pay anything to any of the tenants and we have been shocked by their behavior thus far, we are making this offer in good faith with an effort to resolve the matter in the best interests of all involved.

STP Associates has also met with Nassau County officials in order to coordinate relocation efforts.

Larry Rush, Partner, STP Associates, LLC