February 11th, 2009 9:56 AM

In January 2009, Anne Kruaskopf, Senior Special Counsel of the SEC (U.S. Securities and Exchange Commission), indicated in a 'no-action' letter (found at http://www.sec.gov/divisions/corpfin/cf-noaction/2009/omni011409.htm) that a proposed offer and sale of undivided tenant in common (TIC) interests might fall under the Securities Act of 1933.

While this letter is in response to a very specific set of circumstances and stops short of a definitive ruling, it serves as a warning to TIC investors to carefully consider each and every offering presented to them.

Mitch Todd/Realtor

Associate Broker, MBA and Owner of Tam Realty

415-259-7082

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