Destination Travel Leisure International 1650 West 82nd Street, Suite 1200, Bloomington, MN 55431
EX-10.2 3 v038187_ex10-2.htm Unassociated Document
EXHIBIT 10.2
DTLL
March 17, 2006
Board of Directors
GRAND SIERRA RESORTS
3468 Rice Street
Vadnais Heights MN 55126
RE: Proposed Transaction
Dear Members of the Board,
This letter is to extend the deadline of the offer of a proposed transaction, as outlined in the letter dated March 15, 2006 and amend the offer to include the following:
| (5) | Pursuant to the terms and conditions of the Agreement, the holders of common shares will exchange $1.25 per share of GSR common stock in exchange for newly authorized DTLL Series A GSR Preferred as per the term sheet and shall have the option to redeem the shares at up to a $1.00 per share of GSR in cash on or before closing of the Reno Hilton. |
| (6) | DTLL shall provide financing commitments to fund the cash portion of the offer no later than Friday March 24, 2006. |
We look forward to working with the company to close this transaction and agree to keep this offer open until 5 pm EST on Friday March 24, 2006.
Sincerely,
Dual Cooper
President
Destination Travel Leisure International
1650 West 82nd Street, Suite 1200, Bloomington, MN 55431
