MEGAN ASSET MANAGEMENT, INC.

Specializes in the takeover, workout and asset management of troubled tax credit limited partnerships

June 1992 to Present

            Appointed Trustee of $200 million bankrupt, tax credit, limited partnership portfolio, which Megan Asset Management successfully took over and worked out as the replacement general partner and saved $60 million investor funds when a major, national syndicator was forced to place all 54 of its limited partnerships into bankruptcy.

            As the General Partner managed Bayfield Low Income Housing Limited Partnership, a $60 million equity fund with 1,850 investors, which had invested in 145 tax credit, multifamily housing communities in 26 states, mostly financed by RD.

            As General Partner, also manages Kingsley Estates Limited Partnership and Wellington Estates Limited Partnership, two additional investor limited partnerships which were brought out of bankruptcy under plans of reorganizations.  These partnerships also own interests in multifamily housing communities in many states, mostly financed by RD.  They have approximately 100 individual investors.

            As General Partner also managers Megan Tax Credit Limited Partnerships I and II which Megan put together to acquire the interests of defaulted investors in another syndicator's programs.

            Also structures specially designed tax credit offerings to meet the needs of developers and taxpayer-clients of financial planners, investment advisors, CPA's and broker/dealers.

            Gary L. Maddock is its Chairman/Secretary and Paul Maddock is it President/Treasurer.