The purchases are related to the company's rights offering,which ended in April. All told, Sillerman and Huff have acquired inrecent weeks 5.3 million shares and 3.8 million shares,respectively. The purchases represent approximately 18% of thecompany's 49.66 million outstanding shares. Including previouslyacquired stock, Sillerman now owns 13.78 million shares (27.7%) ofthe company and Huff and its affiliates now own 6.61 million shares(13.3%) of the company.

FXRE's Las Vegas property at Harmon Avenue and the Las VegasStrip is known as the Park Central site. The site is currentlyoccupied by a motel and several commercial and retail tenants. FXREtook full ownership of the site inJuly, paying Africa-Israel Investments Ltd. $180 millionfor the 50% interest in the property it did not already own. In aMarch SEC filing, FXRE detailed a $3-billion redevelopment plan forthe site that includes 3,047 hotel rooms, a 93,000-sf casino and94,000 sf of retail.

Initiated inFebruary, the rights offering gave stockholders the rightto purchase for $10 one additional share of company stock for everytwo shares they held as of March 6. Holders of approximately halfof the company's 40 million outstanding shares waived their rightto participate in the offering, but FXRE chairman and chiefexecutive Robert F.X. Sillerman and the Huff Alternative Fund LPagreed to purchase shares that are not otherwise subscribed for therights offering. As a result of the "backstop" agreements, thecompany sold all of the shares being offered in the offering,resulting in gross proceeds of $98.7 million.

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