Jamaica Estates Posts Special Christmas Dividend

Jamaica Estates (JAM : ISE), one of the former market bellweathers racked by the October 27th change in Openspace Pricing Policy, issued a special Christmas Dividend just before midnight, but provided forward guidance that the company still faces an uncertain future.

"A few months ago, as I was guiding JAM out of the mess that was LL's most recent stuff up," CEO Rodders Holgado stated in the official press release, "being the introduction of Open Spaces, I could see that come December things were going to be quite rosy with sustainable profits of about $300,000 a month. I was hoping to pay shareholders a L$.10 special Christmas dividend. We all know that LL screwed us all over again two months ago. Last week I began pondering what might of been and realized that we've all suffered enough in 2008 in SL & RL so in an act of defiance I'm paying the L$.10 Special Christmas dividend. This dividend will be paid to all JAM shareholders except myself, costing the company about $L27,000, and we have that in reserves."

Tempering the good news with his thoughts on the future, Holgado added, "I'll admit that I dont know what 2009 will hold, and this could well be the last dividend ever. I hope I'm wrong, and there's a fair chance that I will be, other than that, I hope all of you have a Merry Christmas and a better 2009."

While many Real Estate Companies have now gone defunct, JAM(ISE) continues to plug along, trying to the right the ship that keeps getting jostled in Linden Lab's fickle seas. One of the major shareholders in JAM(ISE) is Special Situations (SAS : ACE), which could see a significant bounce if JAM(ISE) does end up weathering the Real Estate storm until the end.