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EXHIBIT 99(c)(5)
STEARNS
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REVIEW OF DISCUSSIONS WITH OTHER POTENTIAL BUYERS
POTENTIAL BUYERS
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COMPANY INFORMATION PROVIDED COMMENTS
<S> <C> <C>
Blackstone Sent PIB Concern regarding size of raw land holdings. Possible interest in existing cash flow
regarding the resort and commercial assets. Substantial concerns regarding Murdock's
voting percentage.
Colony Capital Sent PIB Reverse inquiry. May have interest. Will need confidential information.
Starwood Capital N/A
Starwood Hotels Sent PIB Interested, but questioned synergies. Starwood Hotels would only do something if
someone else acquired other assets.
AEW Sent PIB Qualified interest subject to negotiation of exclusivity. Concerned about Murdock
voting percentage.
Lend Lease Sent PIB Concerned about Murdock's voting percentage. Mark Bratt says he has interest only in
commercial assets (ind, office, retail, etc.).
St. Joe N/A "Florida first" strategy; Has one million acres to develop in Florida; doesn't see fit.
Catellus Sent PIB Not interested in entire company. Concerned about Murdock's stake.
Lennar Corp. Sent PIB Interested in potential JV with Bakersfield assets and maybe other homebuilding assets.
Curious about strategy when private - would retain commercial assets - if not, Lennar
may be interested in acquiring. Not interested in buying entire company at once; only
interested in opportunities with certain pieces.
Tisch Group N/A Primarily an arbitrage fund. See value higher than $17.00. If Company is not sold for
"materially more" than $17.00, would have interest in receiving non-public information
and potentially bidding for entire Company.
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CONFIDENTIAL 93
