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Instant Access Properties/IAP Litigation Update

Via its UK offices, Urban Thier & Federer, P.A. (“UTF”), has completed its Phase 1 due diligence and made a final decision not to proceed with Phase 2. The main reasons for this decision are 1) that there just does not appear to be sufficient evidence to hold the IAP/IAP Global Officers and Directors liable for the wrongdoings of IAP and/or IAP Global and 2) even if liability was proven, the IAP/IAP Global Officers and Directors have had years to protect their assets, making any recovery very speculative.

Before reaching this decision, UTF employed two separate highly respected Queen’s Counsel Anthony Elleray and Leading Counsel Robert Levy to perform independent evaluations as to the viability of proceeding with Phase 2. We also conducted our due diligence. Solicitor Stephen Chinnery of our Manchester office, barrister Ian Bridge of our London office and attorney John Urban of our Orlando office personally met with Queen’s Counsel. Also, we reviewed documents, researched and attended related court proceedings, secured pleadings from a related case from the court, and otherwise performed due diligence. Our final determination is that, as a business decision, the risk-reward analysis does not justify taking this matter onward based upon a Conditional Fee Agreement (CFA) type representation.

Please note that our opinion as to Phase 1 does not mean that the case cannot be won and that funds cannot be recovered. It merely means that Urban Thier & Federer, P.A./Ltd. Will not be pursuing the matter further because we do not believe that there is sufficient evidence to win the case and, just as important, even if the situation was won, we do not find that funds will be recoverable.

Also, we are aware of and have researched the pending cases against certain IAP/IAP Global Officers and Directors:

– British Secretary of State – The British Secretary of State has brought proceedings to disqualify certain former IAP officers and directors from future UK officer and director positions due primarily to tax issues. In our opinion, this is not evidence in support of any wrongdoing related to the sale of real estate. In our view, there is little motive for the Secretary of State to investigate allegations that clients of IAP/IAP Global were defrauded because they would be doubtful to be permitted to introduce further evidence into the Directors Disqualification Proceedings.

– Tamsin Barks – Ms. Barks’ case has been in litigation for many years. To date, two of the four IAP/IAP Global officers have already been dismissed from the case, and we understand that Ms. Barks has been and will be assessed costs of well over 100,000.00 GBP. It is our understanding that the remaining two officers have not been dismissed primarily because they have not made formal application for dismissal, not because the court has determined that the case against the two remaining officers has merit. She continues her fight and has sought class-action status. We believe that she will not prevail.

To date, UTF has already represented well over 1000 IAP members who have sought to terminate their preconstruction/off-the-plan purchase contracts and recover their deposits for well over 600 units throughout central Florida including, but not limited to, Lake Austin Reserve (Grande Palisades, Avalon and Magnolia Woods), Lake Eve, Bahama Bay II, and others. To date, UTF has represented more IAP members in enforcing their legal rights than any other law firm in the world.

We encourage all IAP members, who are contemplating legal action, to interview an attorney that they may be considering to retain and to ask that attorney for their experience, record in this area of the law, number of cases taken to final judgment, number of cases affirmed on appeal, number of attorneys in the firm, firm staff, resources, etc. We sincerely believe that purchasers should not retain an attorney or law firm until they are confident that 1) the law firm has the experience and resources to represent their best interest and 2) they fully understand the law firm’s litigation strategy.

The Florida Bar, which regulates all attorneys who are licensed to practice law in the State of Florida, provides strict guidelines which prohibit us from providing any additional details referring to past successes or results obtained for other purchasers in this or any different matter. However, we can provide you with this and other information in response to any inquiry. Accordingly, we encourage you to contact us via the “Contact Us” page, and we will promptly respond with additional information.

With attorneys in Orlando, Florida, and Manchester and London, United Kingdom, UTF continues to assist IAP members and other real estate buyers throughout the United States and European Union countries. Most cases can be handled on a contingency fee basis (client is responsible for costs).

We encourage you to explore our websites – (United States office), (United Kingdom offices) and (German office) to learn more about Urban Thier & Federer, P.A., Urban Thier & Federer, P.A.. (SRA Number 559959), and Urban Thier & Federer, Rechtsanwälte, and their attorneys and practice areas. Urban Thier & Federer, P.A.’s representation of buyers, includes litigation of cases in state court, federal court and arbitration proceedings. We encourage you to become informed of your rights and options. You should also ensure that any law firm you consult or retain to represent you has the experience, resources, and ability to take your case through trial and appellate courts, if necessary.

Please note that Urban Thier & Federer, P.A. does not represent you and cannot take any action on your behalf unless and until you enter into a formal written Legal Representation Agreement.

By John L. Urban and Stephen Chinnery, Shareholders

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