Phoenix Associates Wins Decision by Louisiana Supreme Court Not to Rehear Earlier Decision

MADISONVILLE, LA, Jan 15 (MARKET WIRE) --
Phoenix Associates Land Syndicate (Phoenix) (PINKSHEETS: PBLS) announced that
the
First National Bank of Picayune filed an application for rehearing of the
matter between it and Phoenix, which was denied by the Supreme Court on
January 7, 2008. This matter relates to its seizure of dredge and shaker
equipment in 2004 at the Company's sand and gravel mine in Pearl River,
Louisiana.

Tom Schafer, Esq., attorney for Phoenix Associates, states the following:

"In the spring of 2002, a new dredge and shaker plant, which had been
purchased by Phoenix, was moved onto the leased premises where Phoenix was
conducting its mining operation by the manufacturer of the dredge and shaker
plant, namely Pearl River Fabricators, Inc. On January 13, 2004, without any
notice or warning, the dredge and shaker plant was seized, along with other
Phoenix equipment, by the First National Bank of Picayune, located in Picayune,
Mississippi, to satisfy the payment of a loan made by the Bank to Pearl
River Fabricators, Inc. Since the dredge and shaker plant seized by the bank
was the only operational dredge and shaker plant held by Phoenix, the seizure
effectively halted the mining of sand and gravel by Phoenix and greatly
diminished its revenue.

Phoenix engaged counsel to stop the seizure of the dredge and shaker plant
in
the trial court level, on the basis that First National Bank of Picayune had not
re-perfected its security interest in the dredge and shaker plant in Louisiana
within one year after it was removed from one jurisdiction to another, which
in this case was from the State of Mississippi to the State of Louisiana. The
trial court rejected the position of Phoenix that the seizure was illegal and
the Sheriff proceeded with the judicial sale of the dredge and shaker plant.

Following the sale of the dredge and shaker plant, Phoenix instructed its
counsel to proceed with an appeal of the trial court decision to the First
Circuit Court of Appeal for the Sate of Louisiana. The case was first argued
before the Court of Appeal in September, 2005, before a three judge panel, and
subsequently by a five judge panel. The Court of Appeal rendered an opinion in
favor of Phoenix which declared that the seizure and sale of the dredge and
shaker plant by the First National Bank of Picayune was illegal, thereby
reversing
the decision of the trial court which allowed the seizure and sale of the
dredge and shaker plant. First National Bank of Picayune filed Motion for a
Rehearing with the Court of Appeal, which Motion was denied on June 12, 2006.

The First National Bank of Picayune then retained one of the largest law
firms in the State of Louisiana to represent it by filing an application for a
Writ
to the Supreme Court for the State of Louisiana. The Writ was accepted by
the Supreme Court, and was followed by briefs being submitted on behalf of both
Phoenix and First National Bank of Picayune. Oral argument was presented to
the Court in April, 2007. An Opinion was handed down by the Supreme Court on
November 16, 2007, which affirmed the decision of the First Circuit Court of
Appeal and remanded the case to the trial court for consideration of the
damages requested by Phoenix to compensate it for the wrongful seizure and sale
of
the dredge and shaker plant.

Once again, the First National Bank of Picayune filed an application for
Rehearing, which was denied by the Supreme Court on January 7, 2008. The
legal position asserted by Phoenix and its counsel in the trial court, namely
that the seizure and sale of the dredge and shaker plant was illegal because the
First National Bank of Picayune had not re-perfected its security interest in
the dredge and shaker plant within one year after the property had been moved
to Louisiana, all of which is required under the Uniform Commercial Code, was
confirmed by both the First Circuit Court of Appeal for the State of
Louisiana and the Louisiana Supreme Court. Phoenix has instructed its counsel
to
proceed in the trial court for all monetary damages sustained by Phoenix as a
result of its being deprived of the use of a new dredge and shaker plant,
which would have been the cornerstone of a full and extended development of
the sand and gravel pit. Accordingly, Phoenix has retained the services of
experts to
prepare the actual damages sustained by Phoenix."

Paul Alonzo, President and CEO of Phoenix, stated, "As all of our stock
holders
know, Phoenix is a holding company that operates a number of other wholly owned
subsidiaries. Phoenix counted on the mining income to fund and propel its
purchases. The negative impact, caused by the banks illegal actions, had a
devastating impact on Phoenix and its subsidiaries. Instead of a tremendous and
constant income from its mining operations, Phoenix actually had to start
putting
enormous amounts of money into legal actions in fighting for its rights."

After years of fighting, Phoenix finally had to begin divesting of assets
because of its loss of income combined with the negative flow of money which
was too much for Phoenix to sustain. For these reasons and others, yet to be
argued in court, the Phoenix administration has calculated its overall
company losses to be in excess of $330,000,000. Phoenix has now hired mining
experts, forensic accountants, economists and business evaluation experts in an
effort to determine the exact and foreseeable losses caused by the bank's
actions.
Phoenix expects to continue to spend large sums of money while asserting its
damages claim against the bank and in its continuing litigation against the
landlord in the lease matter, including damages, which is integrally tied to the
actions of the bank.

Phoenix will pursue diligently all efforts to settle this matter and to
maximize the recovery of the huge losses inflected upon Phoenix and its
shareholders by the illegal actions taken by the First National Bank of
Picayune.

Phoenix attorneys and management will keep shareholders informed of our
progress in the on going collection activities.

About Phoenix Associates

Phoenix Associates Land Syndicate is a holding company with assets in
aviation, sand & gravel, soil products, land development, oil and natural gas,
commodity brokering, plumbing, trucking, contract hauling, construction,
swimming
pool construction and construction related industries. For more information go
to: www.pbls.biz

Forward-Looking Statements

This press release contains statements that are "forward-looking" and are
made pursuant to the Safe Harbor provisions of the Private Securities Litigation
Reform Act of 1995 and federal securities laws. Generally, the words
"expect," "intend," "estimate," "will" and similar expressions identify
forward-looking statements. By their very nature, forward-looking statements
are subject
to known and unknown risks and uncertainties that may cause our actual
results, performance or achievements, or that of our industry, to differ
materially from those expressed or implied in any of our forward-looking
statements. Statements in this press release regarding the Company's business
or
proposed business, which are not historical facts, are "forward-looking"
statements
that involve risks and uncertainties, such as estimates and statements that
describe the Company's future plans, objectives or goals, including words to the
effect that the Company or management expects a stated condition or result to
occur. Since forward-looking statements address future events and conditions,
by their very nature, they involve inherent risks and uncertainties. Actual
resultsin each case could differ materially from those currently anticipated in
such statements. Investors are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date they are made.

For More Information Contact:
Mike Mulshine
Osprey Partners
(732) 292-0982
osprey57@optonline.net

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