|  [X] | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES  EXCHANGE ACT OF 1934 |
|-----------|--------------------------------------------------------------------------------------------------|

| [  ] | TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-----------|-------------------------------------------------------------------------------------|

|   |                                 FLORIDA                                                                                                         59-0867335           |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (State or other jurisdiction of incorporation)                                                               (I.R.S. Employer Identification No.) |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Part          | Item   |                                                                                        | Form 10-K |
|---------------|--------|---------------------------------------------------------------------------------------------|-----------|
| No.           | No.    | Description                                                                                 | Page No.  |
|          |   |                                                                                        |      |
| I             | 1      | Business                                                                                    |      |
|          |   | General                                                                                     |   3  |
|          |   | Recent Developments                                                                         |   3  |
|          | 1A     | Risk Factors                                                                                |   3  |
|          | 1B     | Unresolved Staff Comments                                                                   |   3  |
|          |   |                                                                                        |      |
|          | 2      | Properties                                                                                  |   4  |
|          |   |                                                                                        |      |
|          | 3      | Legal Proceedings                                                                           |   4  |
|          |   |                                                                                        |      |
|          | 4      | [Removed and reserved.]                                                                     |   4  |
|          |   |                                                                                        |      |
| II            | 5      | Market for Registrant’s Common Equity, Related Stockholder Matters and                |      |
|          |   | Issuer Purchases of Equity Securities                                                       |   5  |
|          |   |                                                                                        |      |
|          | 6      | Selected Financial Data                                                                     |   5  |
|          |   |                                                                                        |      |
|          | 7      | Management’s Discussion and Analysis of Financial Condition and Results of Operations |   5  |
|          | 7A     | Quantitative and Qualitative Disclosure About Market Risk                                   | 10        |
|          |   |                                                                                        |      |
|          | 8      | Financial Statements and Supplementary Data                                                 | 11        |
|          |   |                                                                                        |      |
|          | 9      | Changes in and Disagreements with Accountants on                                            |      |
|          |   | Accounting and Financial Disclosure                                                         | 27        |
|          | 9A     | Controls and Procedures                                                                     | 27        |
|          | 9B     | Other Information                                                                           | 28        |
|          |   |                                                                                        |      |
| III           | 10     | Directors, Executive Officers, and Corporate Governance                                     | 29        |
|          | 11     | Executive Compensation                                                                      | 30        |
|          |   |                                                                                        |      |
|          | 12     | Security Ownership of Certain Beneficial Owners and                                         |      |
|          |   | Management and Related Stockholder Matters                                                  | 30        |
|          |   |                                                                                        |      |
|          | 13     | Certain Relationships and Related Transactions, and Director                                |      |
|          |   | Independence                                                                                | 31        |
|          |   |                                                                                        |      |
|          | 14     | Principal Accountant Fees and Services                                                      | 34        |
|          |   |                                                                                        |      |
| IV            | 15     | Exhibits and Financial Statement Schedules                                                  | 35        |
|          |   |                                                                                        |      |
| Signatures    |   |                                                                                        | 36        |
|          |   |                                                                                        |      |
| Exhibit Index |   | 37                                                                                          |
|          |   |                                                                                        |      |

----

----

----

| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
|---------|---------------------------------------------------------------------------------------------|

|                                     |   | 12/31/2010          |   |
|------------------------------------------|--------|---------------------|--------|
|                                     |   | PrincipalAmount Due |   |   | UnpaidInterest |   |
|                                     |   | ($ in thousands)    |   |
|                                     |   |                |   |   |   |   |
| Subordinated debentures due June 1, 1991 |   | $                   | 1,034  |   |   | $ | 1,470 |   |
| Subordinated debentures due May 1, 1992  |   |                | 8,025  |   |   |   | 15,977 |   |
|                                     |   | $                   | 9,059  |   |   | $ | 17,447 |   |

----

| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
|---------|---------------------------------------------------------------------------------------------------------|

----

| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
|---------|---------------------------------------------------------------------------------------------------------|

|                       |   | 2010   |   |   | 2009   |   |
|----------------------------|--------|--------|--------|--------|--------|--------|
|                       |   |   |   |   |   |   |
| Taxes and Assessments      |   | 11,000 |   |   | 12,000 |   |
| Consulting and Accounting  |   | 40,000 |   |   | 40,000 |   |
| Legal and Professional     |   | 13,000 |   |   | 14,000 |   |
| General and Administrative |   | 58,000 |   |   | 58,000 |   |

|             |   | 2010             |   |   | 2009   |   |
|------------------|--------|------------------|--------|--------|--------|--------|
|             |   | ($ in thousands) |   |
| Interest Expense |   | $                | 4,854  |   |   | $      | 4,360 |   |

----

| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
|---------|---------------------------------------------------------------------------------------------------------|

|                       |   |             |        |   |   |   |   |   | Increase   |   |
|----------------------------|--------|------------------|-------------|--------|--------|--------|--------|--------|------------|--------|
|                       |   | 2010             |        |   | 2009   |   |   |   | (Decrease) |   |
|                       |   | ($ in thousands) |        |   |   |   |   |
| Cash and Cash Equivalents  |   | $                | 1           |   |   | $      | 1      |   |       | $      | - |   |
| Restricted Cash            |   |             | 5           |   |   |   | 5      |   |       |   | - |   |
| Receivables                |   |             | 705         |   |   |   | 785    |   |       |   | (80 | ) |
| Land and Improvement  |   |             | 639         |   |   |   | 639    |   |       |   | - |   |
| Other Assets               |   |             | 189         |   |   |   | 189    |   |       |   | - |   |
|                       |   | $                | 1,539  |   |   | $      | 1,619  |   |       | $      | (80 | ) |

----

| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
|---------|---------------------------------------------------------------------------------------------------------|

|                                             |   |             |   |   |   |   |   |   | Increase   |   |
|--------------------------------------------------|--------|------------------|--------|--------|--------|--------|--------|--------|------------|--------|
|                                             |   | 2010             |   |   | 2009   |   |   |   | (Decrease) |   |
|                                             |   | ($ in thousands) |   |   |   |   |   |
| Accounts payable and accrued expenses            |   | $                | 121    |   |   | $      | 123    |   |       | $      | (2 | )  |
| Accrued real estate taxes                        |   |             | 9      |   |   |   | 11     |   |       |   | (2 | )  |
| Accrued interest                                 |   |             | 47,134 |   |   |   | 42,280 |   |       |   | 4,854 |   |
| Credit agreements – primary lender    |   |             | 500    |   |   |   | 500    |   |       |   | - |   |
| Notes payable                                    |   |             | 1,198  |   |   |   | 1,198  |   |       |   | - |   |
| Convertible subordinated debentures payable |   |             | 9,059  |   |   |   | 9,059  |   |       |   | - |   |
| Convertible debentures payable                   |   |             | 1,500  |   |   |   | 1,500  |   |       |   | - |   |
|                                             |   | $                | 59,521 |   |   | $      | 54,671 |   |       | $      | 4,850 |   |

|           |   |             |   |   |   |   |   |   | Increase   |   |
|----------------|--------|------------------|--------|--------|--------|--------|--------|--------|------------|--------|
|           |   | 2010             |   |   | 2009   |   |   |   | (Decrease) |   |
|           |   | ($ in thousands) |   |   |   |   |   |
| Primary Lender |   | $                | 240    |   |   | $      | 199    |   |       | $      | 41 |   |
| Debentures     |   |             | 44,121 |   |   |   | 39,370 |   |       |   | 4,751 |   |
| Other          |   |             | 2,773  |   |   |   | 2,711  |   |       |   | 62 |   |
|           |   | $                | 47,134 |   |   | $      | 42,280 |   |       | $      | 4,854 |   |

----

| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued) |
|---------|---------------------------------------------------------------------------------------------------------|

----

----

|                      | ASSETS                                                      |                   |   | LIABILITIES                            |                         |
|---------------------------|-------------------------------------------------------------|------------------------|--------|----------------------------------------|------------------------------|
|                      | 2010                                                        | 2009                   |   |                                   | 2010                         |   | 2009 |   |
|                      |                                                        |                   |   |                                   |                         |   |   |   |
| Cash and cash equivalents | $1,000                                                      | $1,000                 |   | Accounts payable and                   | $121,000                     |   | $123,000 |   |
|                      |                                                        |                   |   | accrued expenses (Note 6)              |                         |   |   |   |
| Restricted cash (Note 3)  | 5,000                                                       | 5,000                  |   |                                   |                         |   |   |   |
|                      |                                                        |                   |   | Accrued real estate taxes              | 9,000                        |   | 11,000 |   |
| Receivables (Note 14)     | 705,000                                                     | 785,000                |   | (Note 6)                               |                         |   |   |   |
|                      |                                                        |                   |   |                                   |                         |   |   |   |
| Land and improvement      | 639,000                                                     | 639,000                |   |                                   |                         |   |   |   |
| inventories (Note 4)      |                                                        |                   |   | Accrued Interest:                      |                         |   |   |   |
|                      |                                                        |                   |   | Primary Lender                         | 240,000                      |   | 199,000 |   |
| Other assets (Note 5)     | 189,000                                                     | 189,000                |   | Debentures (Notes 8 & 9)           | 44,121,000                   |   | 39,370,000 |   |
|                      |                                                        |                   |   | Other (Note 8)                         | 2,773,000                    |   | 2,711,000 |   |
|                      |                                                        |                   |   |                                   |                         |   |   |   |
|                      |                                                        |                   |   | Credit Agreements (Note 7)             |                         |   |   |
|                      |                                                        |                   |   | Primary Lender                         | 500,000                      |   | 500,000 |   |
|                      |                                                        |                   |   | Notes payable                          | 1,198,000                    |   | 1,198,000 |   |
|                      |                                                        |                   |   | Subordinated convertible               |                         |   |   |   |
|                      |                                                        |                   |   | debentures payable                     | 9,059,000                    |   | 9,059,000 |   |
|                      |                                                        |                   |   | (Note 8)                               |                         |   |   |   |
|                      |                                                        |                   |   |                                   |                         |   |   |   |
|                      |                                                        |                   |   | Convertible debentures                 |                         |   |   |   |
|                      |                                                        |                   |   | payable (Note 9)                       | 1,500,000                    |   | 1,500,000 |   |
|                      |                                                        |                   |   |                                   |                         |   |   |   |
|                      |                                                        |                   |   | Commitments and                        | 59,521,000                   |   | 54,671,000 |   |
|                      |                                                        |                   |   | Contingencies (Note 13)                |                         |   |   |   |
|                      |                                                        |                   |   |                                   |                         |   |   |
|                      |                                                        |                   |   | STOCKHOLDERS’ DEFICIENCY         |                         |   |   |
|                      |                                                        |                   |   | Preferred stock, par value             |                         |   |   |   |
|                      |                                                        |                   |   | $1.00 per share; authorized            |                         |   |   |   |
|                      |                                                        |                   |   | 5,000,000 shares;  2,000,000 |                         |   |   |
|                      |                                                        |                   |   | Class A cumulative                     |                         |   |   |   |
|                      |                                                        |                   |   | convertible Shares issued              |                         |   |   |   |
|                      |                                                        |                   |   | and outstanding; (liquidation          |                         |   |   |
|                      |                                                        |                   |   | preference of $8,000,000               |                         |   |   |   |
|                      |                                                        |                   |   | and cumulative dividends)              |                         |   |   |   |
|                      |                                                        |                   |   | (Note 11)                              | 2,000,000                    |   | 2,000,000 |   |
|                      |                                                        |                   |   |                                   |                         |   |   |   |
|                      |                                                        |                   |   | Common stock, par value                |                         |   |   |   |
|                      |                                                        |                   |   | $.10 per share; authorized             |                         |   |   |   |
|                      |                                                        |                   |   | 25,000,000 shares; 5,317,758           |                         |   |   |   |
|                      |                                                        |                   |   | shares issued and outstanding          |                         |   |   |
|                      |                                                        |                   |   | (Note 11)                              | 532,000                      |   | 532,000 |   |
|                      |                                                        |                   |   | Paid-in capital                        | 13,498,000                   |   | 13,498,000 |   |
|                      |                                                        |                   |   |                                   |                         |   |   |   |
|                      |                                                        |                   |   | Accumulated deficit                    | (74,012,000                  | ) | (69,082,000 | )  |
|                      | __________                                                  | __________             |   |                                   |  (57,982,000            | ) | (53,052,000 | )  |
|                      | $   1,539,000                                     | $  1,619,000 |   |                                   | $   1,539,000 |   | $  1,619,000 |   |
|                      |                                                        |                   |   |                                   |                         |   |   |   |
|                      | See accompanying notes to consolidated financial statements |                   |   |                                   |

----

|                                                         |   | 2010   |       |   | 2009   |   |
|--------------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Revenues:                                                    |   |   |       |   |   |   |
| Interest income (Note 2)                                     |   | $      | 45,000     |   |   | $      | 64,000 |   |
| Other income                                                 |   |   | 1,000      |   |   |   | - |   |
|                                                         |   |   | 46,000     |   |   |   | 64,000 |   |
|                                                         |   |   |       |   |   |   |   |   |
|                                                         |   |   |       |   |   |   |   |   |
|                                                         |   |   |       |   |   |   |   |   |
| Costs and expenses:                                          |   |   |       |   |   |   |   |   |
| Interest                                                     |   |   | 4,854,000  |   |   |   | 4,360,000 |   |
| Taxes and assessments                                        |   |   | 11,000     |   |   |   | 12,000 |   |
| Consulting and accounting                                    |   |   | 40,000     |   |   |   | 40,000 |   |
| Legal and professional                                       |   |   | 13,000     |   |   |   | 14,000 |   |
| General and administrative                                   |   |   | 58,000     |   |   |   | 58,000 |   |
|                                                         |   |   | 4,976,000  |   |   |   | 4,484,000 |   |
|                                                         |   |   |       |   |   |   |   |   |
| Net (Loss)                                                   |   | $      | (4,930,000 | )      |   | $      | (4,420,000 | ) |
|                                                         |   |   |       |   |   |   |   |   |
| (Loss) Per Share Available to Common                         |   | $      | (1.05      | )      |   | $      | (.95 | ) |
|   Stockholders – Basic and Diluted (Note 16) |   |   |       |   |   |   |   |   |
|                                                         |   |   |       |   |   |   |   |   |

----

|                                           |   | 2010   |    |   | 2009   |   |
|------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Cash flows from operating activities:          |   |   |    |   |   |   |
|                                           |   |   |    |   |   |   |
| Cash received from operations:                 |   |   |    |   |   |   |
|                                           |   |   |    |   |   |   |
| Interest received                              |   | $      | 49,000  |   |   | $      | 67,000 |   |
| Other operating receipts                       |   |   | 1,000   |   |   |   | - |   |
|                                           |   |   | 50,000  |   |   |   | 67,000 |   |
|                                           |   |   |    |   |   |   |   |   |
| Cash expended for operations:                  |   |   |    |   |   |   |   |   |
|                                           |   |   |    |   |   |   |   |   |
| Taxes and assessments                          |   |   | 13,000  |   |   |   | 1,000 |   |
| Consulting and accounting                      |   |   | 40,000  |   |   |   | 40,000 |   |
| Legal and professional                         |   |   | 15,000  |   |   |   | 16,000 |   |
| General and administrative                     |   |   | 58,000  |   |   |   | 58,000 |   |
|                                           |   |   | 126,000 |   |   |   | 115,000 |   |
|                                           |   |   |    |   |   |   |   |   |
| Net cash flow (used in) operating activities   |   |   | (76,000 | )      |   |   | (48,000 | ) |
|                                           |   |   |    |   |   |   |   |   |
| Cash flows from investing activities:          |   |   |    |   |   |   |   |   |
|                                           |   |   |    |   |   |   |   |   |
| Net repayments of notes receivable             |   |   | 76,000  |   |   |   | 43,000 |   |
|                                           |   |   |    |   |   |   |   |   |
| Net cash flow provided by investing activities |   |   | 76,000  |   |   |   | 43,000 |   |
|                                           |   |   |    |   |   |   |   |   |
|                                           |   |   |    |   |   |   |   |   |
|                                           |   |   |    |   |   |   |   |   |
|                                           |   |   |    |   |   |   |   |   |
|                                           |   |   |    |   |   |   |   |   |
| Net decrease in cash and cash equivalents      |   |   | -       |   |   |   | (5,000 | ) |
|                                           |   |   |    |   |   |   |   |   |
| Cash and cash equivalents at beginning of year |   |   | 1,000   |   |   |   | 6,000 |   |
| Cash and cash equivalents at end of year       |   | $      | 1,000   |   |   | $      | 1,000 |   |
|                                           |   |   |    |   |   |   |   |   |

----

|                                                      |   | 2010   |       |   | 2009   |   |
|-----------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Reconciliation of net (loss) to net cash (used in)        |   |   |       |   |   |   |
| operating activities:                                     |   |   |       |   |   |   |
|                                                      |   |   |       |   |   |   |
| Net (loss)                                                |   | $      | (4,930,000 | )      |   | $      | (4,420,000 | ) |
|                                                      |   |   |       |   |   |   |   |   |
| Adjustments to reconcile net (loss) to net cash (used in) |   |   |       |   |   |   |   |   |
| operating activities:                                     |   |   |       |   |   |   |   |   |
|                                                      |   |   |       |   |   |   |   |   |
|                                                      |   |   |       |   |   |   |   |   |
| (Increase) decrease in assets:                            |   |   |       |   |   |   |   |   |
| Other receivables                                         |   |   | 4,000      |   |   |   | 2,000 |   |
|                                                      |   |   |       |   |   |   |   |   |
|                                                      |   |   |       |   |   |   |   |   |
| Increase (decrease) in liabilities:                       |   |   |       |   |   |   |   |   |
| Accounts payable and accrued expenses                     |   |   | (2,000     | )      |   |   | (1,000 | ) |
| Accrued real estate taxes                                 |   |   | (2,000     | )      |   |   | 11,000 |   |
| Accrued interest                                          |   |   | 4,854,000  |   |   |   | 4,360,000 |   |
|                                                      |   |   |       |   |   |   |   |   |
|                                                      |   |   |       |   |   |   |   |   |
| Net cash flow (used in) operating activities              |   | $      | (76,000    | )      |   | $      | (48,000 | ) |

----

|                 |   | Preferred Stock |      |   | Common Stock |   |      |   |   |   | Accumulated |   |
|----------------------|--------|-----------------|-----------|--------|--------------|--------|-----------|--------|--------|--------|-------------|--------|
|                 |   | Shares          |      |   | Par Value    |   |      | Shares |   |   | Par Value   |   |   | Paid-In Capital |   |   | Deficit |   |
|                 |   |            |      |   |         |   |      |   |   |   |        |   |   |   |   |   |   |   |
|                 |   |            |      |   |         |   |      |   |   |   |        |   |   |   |   |   |   |   |
| Balances at 1/1/09   |   |            | 2,000,000 |   |         | $      | 2,000,000 |   |   |   | 5,317,758   |   |   | $ | 532,000 |   |   | $ | 13,498,000 |   |   | $ | (64,662,000 | ) |
|                 |   |            |      |   |         |   |      |   |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Loss             |   |            |  -   |   |         |   |  -   |   |   |   |  -     |   |   |   | - |   |   |   |  - |   |   |   |  (4,420,000 | ) |
| Balances at 12/31/09 |   |            | 2,000,000 |   |         | $      | 2,000,000 |   |   |   | 5,317,758   |   |   | $ | 532,000 |   |   | $ | 13,498,000 |   |   | $ | (69,082,000 | ) |
|                 |   |            |      |   |         |   |      |   |   |   |        |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net Loss             |   |            |  -   |   |         |   |  -   |   |   |   |  -     |   |   |   | - |   |   |   |  - |   |   |   |  (4,930,000 | ) |
| Balances at 12/31/10 |   |            | 2,000,000 |   |         | $      | 2,000,000 |   |   |   | 5,317,758   |   |   | $ | 532,000 |   |   | $ | 13,498,000 |   |   | $ | (74,012,000 | ) |

----

| 1. | Significant Accounting Policies: |
|----|----------------------------------|

----

| 2. | Revenues: |
|----|-----------|

----

| 4.     |   | Land and Improvements:                              |   |   |    |   |   |   |
|--------|--------|-----------------------------------------------------|--------|--------|---------|--------|--------|--------|
|   |   | Land and improvement inventories consisted of:      |   |   |    |   |   |   |
|   |   |                                                |   |   | 2010    |   |   |   | 2009 |   |
|   |   | Unimproved land                                     |   | $      | 625,000 |   |   | $      | 625,000 |   |
|   |   | Fully improved land                                 |   |   | 14,000  |   |   |   | 14,000 |   |
|   |   |                                                |   | $      | 639,000 |   |   | $      | 639,000 |   |
|   |   |                                                |   |   |    |   |   |   |   |   |
| 5.     |   | Other Assets:                                       |   |   |    |   |   |   |   |   |
|   |   | Other assets consisted of:                          |   |   |    |   |   |   |   |   |
|   |   |                                                |   |   | 2010    |   |   |   | 2009 |   |
|   |   | Deposit with Trustee of 6 1⁄2% debentures        |   | $      | 184,000 |   |   | $      | 184,000 |   |
|   |   | Prepaid Expenses                                    |   |   | 4,000   |   |   |   | 4,000 |   |
|   |   | Deferred Charges                                    |   |   | 1,000   |   |   |   | 1,000 |   |
|   |   |                                                |   | $      | 189,000 |   |   | $      | 189,000 |   |
|   |   |                                                |   |   |    |   |   |   |   |   |
| 6.     |   | Accounts Payable and Accrued Expenses:              |   |   |    |   |   |   |   |   |
|   |   | Accounts payable and accrued expenses consisted of: |   |   |    |   |   |   |   |   |
|   |   |                                                |   |   | 2010    |   |   |   | 2009 |   |
|   |   | Accounts payable                                    |   | $      | 12,000  |   |   | $      | 13,000 |   |
|   |   | Accrued audit/tax expense                           |   |   | 36,000  |   |   |   | 37,000 |   |
|   |   | Accrued consulting fees                             |   |   | 2,000   |   |   |   | 2,000 |   |
|   |   | Accrued miscellaneous                               |   |   | 71,000  |   |   |   | 71,000 |   |
|   |   |                                                |   | $      | 121,000 |   |   | $      | 123,000 |   |
|   |   |                                                |   |   |    |   |   |   |   |   |
|   |   | Accrued Real Estate Taxes:                          |   |   |    |   |   |   |   |   |
|   |   | Accrued real estate taxes consisted of:             |   |   |    |   |   |   |   |   |
|   |   | Current                                             |   | $      | 9,000   |   |   | $      | 11,000 |   |
|   |   |                                                |   |   |    |   |   |   |   |   |

----

|                                                       |   | 2010   |      |   | 2009   |   |
|------------------------------------------------------------|--------|--------|-----------|--------|--------|--------|
| Credit agreements – primary lender                   |   |   |      |   |   |   |
|    Balance is past due, bearing interest at |   |   |      |   |   |   |
|    prime plus 5.0%                          |   | $      | 500,000   |   |   | $      | 500,000 |   |
|                                                       |   |   |      |   |   |   |   |   |
| Notes payable –                                      |   |   |      |   |   |   |   |   |
|    $1,176,000 bearing interest at prime     |   |   |      |   |   |   |   |   |
|    rate plus 2%, the remainder              |   |   |      |   |   |   |   |   |
|    non-interest bearing, all past due       |   |   | 1,198,000 |   |   |   | 1,198,000 |   |
|                                                       |   | $      | 1,698,000 |   |   | $      | 1,698,000 |   |

|                     |   | 2010   |      |   | 2009   |   |
|--------------------------|--------|--------|-----------|--------|--------|--------|
| 6 1⁄2%, due June 1991 |   | $      | 1,034,000 |   |   | $      | 1,034,000 |   |
| 6%, due May 1992         |   |   | 8,025,000 |   |   |   | 8,025,000 |   |
|                     |   | $      | 9,059,000 |   |   | $      | 9,059,000 |   |

----

----

|                                                       |   | 2010                   |      |   | 2009         |
|------------------------------------------------------------|--------|------------------------|-----------|--------|--------------|
|                                                       |   |  ($ in thousands) |      |
|                                                       |   |                   |      |   | Percent of   |   |   |   |   |   | Percent of |   |
|                                                       |   | Amount of tax          |      |   | Pre-tax Loss |   |   | Amount of Tax |   |   | Pre-tax loss |   |
|                                                       |   |                   |      |   |         |   |   |   |   |   |   |   |
| Expected tax (credit)                                      |   | $                      | (1,676    | )      |         |   | (34.0 | %) |   | $ | (1,503 | ) |   |   | (34.0 | %) |
| State income taxes, net of  federal tax benefits |   |                   | (197      | )      |         |   | (4.0 | %) |   |   | (177 | ) |   |   | (4.0 | %) |
| Expiration of net operating loss carryovers                |   |                   | 1,186     |   |         |   | 24.1 | % |   |   | 459 |   |   |   | 10.4 | % |
| Increase in valuation allowance                            |   |                   |      |   |         |   |   |   |   |   |   |   |   |   |   |   |
|                                                       |   |                   |  687 |   |         |   | 13.9 | % |   |   | 1,221 |   |   |   | 27.6 | % |
|                                                       |   | $                      | -         |   |         |   |  - |   |   | $ | - |   |   |   |  - |   |

|                    |                                                 |   | 2010             |    |   | 2009   |   |
|-------------------------|------------------------------------------------------|--------|------------------|---------|--------|--------|--------|
|                    |                                                 |   | ($ in thousands) |    |
| Deferred tax asset:     |                                                 |   |             |    |   |   |
|                    | Net operating loss carryover                         |   | $                | 15,887  |   |   | $      | 15,200 |   |
|                    | Adjustments to reduce land to net realizable value   |   |             | 12      |   |   |   | 12 |   |
|                    | Expenses capitalized under IRC 263(a)                |   |             | 56      |   |   |   | 56 |   |
|                    | Environmental liability                              |   |             | 27      |   |   |   | 27 |   |
|                    | Valuation allowance                                  |   |             | (15,810 | )      |   |   | (15,123 | ) |
|                    |                                                 |   | $                | 172     |   |   | $      | 172 |   |
| Deferred tax liability: |                                                 |   |             |    |   |   |   |   |
|                    | Basis difference of land and improvement inventories |   | $                | 172     |   |   | $      | 172 |   |
|                    |                                                 |   |             |    |   |   |   |   |   |
|                    | Net deferred tax asset                               |   | $                | -       |   |   | $      | - |   |

----

----

|   | 1. | Maintain books of original entry; |
|--------|----|-----------------------------------|

|   | 2. | Prepare quarterly and annual SEC filings; |
|--------|----|-------------------------------------------|

|   | 3. | Coordinate the annual audit; |
|--------|----|------------------------------|

|   | 4. | Assemble information for tax filing, review reports as prepared by tax account­ants and file same; |
|--------|----|---------------------------------------------------------------------------------------------------------|

|   | 5. | Track shareholder records through transfer agent; |
|--------|----|---------------------------------------------------|

|   | 6. | Maintain policies of insurance against property and liability exposure; |
|--------|----|-------------------------------------------------------------------------|

|   | 7. | Handle day-to-day accounting requirements |
|--------|----|-------------------------------------------|

----

|                     |   |  2010 |       |   |  2009 |   |
|--------------------------|--------|------------|------------|--------|------------|--------|
|                     |   | Carrying   |       |   | Fair       |   |   | Carrying |   |   | Fair |   |
|                     |   | Amount     |       |   | Value      |   |   | Amount |   |   | Value |   |
|                     |   |       |       |   |       |   |   |   |   |   |   |   |
| Cash and Restricted Cash |   | $          | 6,000      |   |       | $      | 6,000 |   |   | $ | 6,000 |   |   | $ | 6,000 |   |
| Receivables              |   |       | 705,000    |   |       |   | 705,000 |   |   |   | 785,000 |   |   |   | 785,000 |   |
| Accounts Payable         |   |       | 12,000     |   |       |   | 12,000 |   |   |   | 13,000 |   |   |   | 13,000 |   |
| Debt                     |   |       | 12,257,000 |   |       |   | - |   |   |   | 12,257,000 |   |   |   | - |   |

----

|                                                     |   | 2010   |       |   | 2009   |   |
|----------------------------------------------------------|--------|--------|------------|--------|--------|--------|
| Numerator:                                               |   |   |       |   |   |   |
| Net (Loss)                                               |   | $      | (4,930,000 | )      |   | $      | (4,420,000 | ) |
| Preferred Dividends                                      |   |   | (640,000   | )      |   |   |  (640,000 | ) |
| (Loss) Available to Common Shareholders             |   | $      | (5,570,000 | )      |   | $      | (5,060,000 | ) |
|                                                     |   |   |       |   |   |   |   |   |
| Denominator:                                             |   |   |       |   |   |   |   |   |
| BASIC                                                    |   |   |       |   |   |   |   |   |
| Weighted average amount of shares outstanding            |   |   | 5,317,758  |   |   |   | 5,317,758 |   |
|                                                     |   |   |       |   |   |   |   |   |
| DILUTED                                                  |   |   |       |   |   |   |   |   |
| Weighted average amount of shares outstanding            |   |   | 5,317,758  |   |   |   | 5,317,758 |   |
| Dilutive effect of assumed conversion of Preferred Stock |   |   |  -    |   |   |   |  - |   |
| Dilutive common shares                                   |   |   | 5,317,758  |   |   |   | 5,317,758 |   |
|                                                     |   |   |       |   |   |   |   |   |
| (Loss) per share                                         |   |   |       |   |   |   |   |   |
| Basic                                                    |   | $      | (1.05      | )      |   | $      | (.95 | ) |
| Diluted                                                  |   |   | (1.05      | )      |   |   | (.95 | ) |

----

----

----

| Item 10. | Directors, Executive Officers, and Corporate Governance. |
|----------|----------------------------------------------------------|

|  Name and Age | Position with Company and Business ExperienceDuring the Last Five Years                                                     |   |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|

| Laurence A. Schiffer               (age 71) | Director of the Company since April 1987;  President, Chief Executive Officer and Chief Financial Officer of the Company since February 1994; Vice Chairman of the Board since May 1987;  President and Chief Executive Officer of Love Real Estate Company and Love Investment Company since 1973; Chairman of Heartland Bank and President of LSHC, the parent company of Heartland Bank since December 1985; Manager of PGIP since 1995;  member of the Real Estate Board of Metropolitan St. Louis and the National Association of Real Estate Boards. |
|-------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Andrew S. Love Jr.               (age 67) | Director and Chairman of the Company’s Board of Directors since May 1987;  Secretary since February 1994;  Chairman of the Board of Love Real Estate Company and Secretary of Love Investment Company since 1973;  Partner in St. Louis based law firm of Bryan, Cave, McPheeters & McRoberts until 1991;  Director of Heartland Bank and Chairman of LSHC, the parent company of Heartland Bank since December 1985;  Manager of PGIP since 1995. |
|----------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                         |   |   |      |      |   |      |      | Percent of Total |   |         | Percent of |
|----------------------------------------------|--------|--------|-----------|-----------|--------|-----------|-----------|------------------|--------|--------------|------------|
|                                         |   | Common |      | Preferred |   | Common    |      | Preferred        |   | Total Voting |
| Name(9)                                      |   | Stock  |      | Stock     |   | Stock (1) |      | Stock            |   | Power (1)    |
|                                         |   |   |      |      |   |      |      |             |   |         |       |   |   |   |   |
| Estate of Harold Vernon                      |   |   | 998,777   | (2)(3)    |   |      | -         |             |   |         | 18.8       | % |   |   | - |   |   |   | 13.7 | % |
| Alfred M. Johns                              |   |   | 426,514   | (4)       |   |      | 125,000   | (4)              |   |         | 8.0        | % |   |   | 6.3 | % |   |   | 7.5 | % |
| Love-PGI Partners, L.P.(“L-PGI”) |   |   | 2,260,706 | (5)       |   |      | 1,875,000 | (5)              |   |         | 42.5       | % |   |   | 93.8 | % |   |   | 56.5 | % |
| Andrew S. Love, Jr.                          |   |   | 2,263,215 | (6)       |   |      | 1,875,000 | (6)              |   |         | 42.5       | % |   |   | 93.8 | % |   |   | 56.5 | % |
| Laurence A. Schiffer                         |   |   | 2,263,215 | (7)       |   |      | 1,875,000 | (7)              |   |         | 42.5       | % |   |   | 93.8 | % |   |   | 56.5 | % |
| All executive officers and directors         |   |   |      |      |   |      |      |             |   |         |       |   |   |   |   |   |   |   |   |   |
|    as a group (2 persons)     |   |   | 2,263,215 | (8)       |   |      | 1,875,000 | (8)              |   |         | 42.5       | % |   |   | 93.8 | % |   |   | 56.5 | % |

| 1. | The above table does not include 2,595,356 shares that may be received upon conversion of the Company’s secured convertible debentures. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The shares of Common Stock owned by the Estate of Mr. Vernon are currently in the possession of the Federal Deposit Insurance Corporation (“FDIC”) which is the receiver for First American Bank and Trust, Lake Worth, Florida (“First American”).  First American previously made a loan to Mr. Vernon, which was secured by these shares.  The loan is in default and the Company understands that the FDIC has the right, pursuant to a pledge agreement, to vote the shares at any annual or special meeting of shareholders. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3. | Information obtained from filings made with the Securities and Exchange Commission. |
|----|-------------------------------------------------------------------------------------|

| 4. | Sole voting and investment power over 405,613 shares of Common Stock; shared voting and investment power over 20,901 shares of Common Stock included in the table which are owned by Mr. John’s wife; sole voting and investment power over the 125,000 shares of Preferred Stock. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The controlling general partner of L-PGI is Love Investment Company, a Missouri Corporation owned by Mr. Love, Love family members and trusts and Mr. Schiffer.  Messrs. Love and Schiffer serve as the executive officers and directors of Love Investment Company. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | These shares are the same shares owned by L-PGI and PGIP, LLC (2,509 shares of Common Stock).  Mr. Love is an indirect owner of L-PGI and PGIP, LLC.  See Footnote 5 above and Item 13. “Certain Relationships and Related  Transactions, and Director Independence” for more information.  Accordingly, Mr. Love has shared voting and investment power over all of these shares. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | These shares are the same shares owned by L-PGI and PGIP, LLC (2,509 shares of Common Stock).  Mr. Schiffer is an indirect owner of L-PGI and PGIP, LLC.  See Footnote 5 above and Item 13. “Certain Relationships and Related Transactions, and Director Independence” for more information.  Accordingly, Mr. Schiffer has shared voting and investment power over all of these shares. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | These shares are the same shares reflected in Footnotes 5, 6 and 7.  See Footnote 5 above and Item 13. “Certain Relationships and Related Transactions, and Director Independence” for more information. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | Addresses for beneficial owners are as follows: |
|----|-------------------------------------------------|

| Estate of Harold Vernon      | Love-PGI Partners, L.P     | Laurence A. Schiffer       |
|------------------------------|----------------------------|----------------------------|
| 3201 W. Rolling Hills Circle | 212 So. Central, Suite 100 | 212 So. Central, Suite 201 |
| Davie, FL 33328              | St. Louis, MO 63105        | St. Louis, MO 63105        |
|                         |                       |                       |
| Alfred M. Johns              | Andrew S. Love, Jr.        |                       |
| One Woodland Drive           | 212 So. Central, Suite 201 |                       |
| Punta Gorda, FL 33982        | St. Louis, MO 63105        |                       |

----

|   | 1. | Maintain books of original entry; |
|--------|----|-----------------------------------|

|   | 2. | Prepare quarterly and annual SEC filings; |
|--------|----|-------------------------------------------|

|   | 3. | Coordinate the annual audit; |
|--------|----|------------------------------|

|   | 4. | Assemble information for tax filing, review reports as prepared by tax accountants and file same; |
|--------|----|---------------------------------------------------------------------------------------------------|

|   | 5. | Track Shareholder records through transfer agent; |
|--------|----|---------------------------------------------------|

|   | 6. | Maintain policies of insurance against property and liability exposure; |
|--------|----|-------------------------------------------------------------------------|

|   | 7. | Handle day-to-day accounting requirements; and |
|--------|----|------------------------------------------------|

|   | 8. | Provide telephone and computer service. |
|--------|----|-----------------------------------------|

----

----

|               |   | 2010   |   |   | 2009   |   |
|--------------------|--------|--------|--------|--------|--------|--------|
|               |   |   |   |   |   |   |
| Audit Fees         |   | $      | 33,100 |   |   | $      | 33,100 |   |
| Audit Related Fees |   |   | 0      |   |   |   | 0 |   |
| Tax Fees           |   |   | 4,400  |   |   |   | 4,400 |   |
| All Other Fees     |   |   | 0      |   |   |   | 0 |   |
|               |   | $      | 37,500 |   |   | $      | 37,500 |   |

----

| 1. | The following financial statements and the report of independent registered public accounting firm are filed as part of this Report: |
|----|--------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | Report of Independent Registered Public Accounting Firm |
|--------|----|---------------------------------------------------------|

|   | b. | Consolidated Statements of Financial Position as of December 31, 2010 and 2009 |
|--------|----|--------------------------------------------------------------------------------|

|   | c. | Consolidated Statements of Operations for the Years Ended December 31, 2010 and 2009 |
|--------|----|--------------------------------------------------------------------------------------|

|   | d. | Consolidated Statements of Cash Flows for the Years Ended December 31, 2010 and 2009 |
|--------|----|--------------------------------------------------------------------------------------|

|   | e. | Consolidated Statements of Stockholders' Deficiency for the Years Ended December 31, 2010 and 2009 |
|--------|----|----------------------------------------------------------------------------------------------------|

|   | f. | Notes to Consolidated Financial Statements |
|--------|----|--------------------------------------------|

| 2. | Financial statement schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related instructions or are inapplicable and therefore have been omitted. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Reference is made to the Exhibit Index contained on page 37 herein for a list of exhibits required to be filed under this Item. |
|----|---------------------------------------------------------------------------------------------------------------------------------|

----

|                            | PGI INCORPORATED                                                                                                                                                                                               |
|---------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                            | (Registrant)                                                                                                                                                                                                   |
|                            |                                                                                                                                                                                                           |
| Date:  March 21, 2011 | By:/s/Laurence A. Schiffer                               |
|                            | Laurence A. Schiffer, President                                                                                                                                                                                |
|                            | (Duly Authorized Officer and                                                                                                                                                                                   |
|                            | Principal Executive Officer)                                                                                                                                                                                   |

| Signature                                                                                                                                                         | Title                             | Date           |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------|----------------|
|                                                                                                                                                              |                              |           |
| /s/Andrew S. Love                         | Chairman of the Board             | March 21, 2011 |
| Andrew S. Love                                                                                                                                                    | Secretary                         |           |
|                                                                                                                                                              |                              |           |
|                                                                                                                                                              |                              |           |
| /s/Laurence A. Schiffer                                                           | Vice Chairman of the Board,       | March 21, 2011 |
| Laurence A. Schiffer                                                                                                                                              | President, Principal Executive    |           |
|                                                                                                                                                              | Officer, Principal Financial      |           |
|                                                                                                                                                              | Officer, and Principal Accounting |           |
|                                                                                                                                                              | Officer                           |           |

----

| 3.1 | Restated Articles of Incorporation of PGI Incorporated executed September 4, 1998 with certificate from the State of Florida dated October 27, 1998 (filed as Exhibit 3.1 to Registrant’s September 30, 1998 Form 10-QSB and incorporated herein by reference). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.2 | Certificate of the Designation, Powers, Preferences and Relative Rights, and the Qualifica­tions, Limitations or Restrictions Thereof, which have not been set forth in the Articles of Incorporation, of the Class A Cumulative Convertible Preferred Stock, effective as of March 24, 1987 (filed as Exhibit 3.2 to Registrant’s Form 10-K Annual Report for the year ended December 31, 1986 (“1986 Form 10-K”) and incorporated herein by reference). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | Bylaws of Registrant, as amended September 1987 (filed as Exhibit 3.3 to Registrant’s original Form 10-K Annual Report for the year ended December 31, 1987 (“Original 1987 Form 10-K”) dated as of March 29, 1987 and incorporated herein by reference). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.4 | Amendments to the Bylaws of the Registrant by the Board of Directors of PGI Incorporated by the Unanimous Written Consent, dated as of March 17, 1995 (filed as Exhibit 3.5 to the December 31, 1995 Form 10-KSB and incorporated herein by refer­ence). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.1 | Extension and Forbearance Agreement among PGI Incorporated, Punta Gorda Developers, Inc., Burnt Store Marina, Inc., and Gulf Coast Credit Corporation  and BancFlorida (formerly Naples Federal Savings and Loan Association), dated as of March 25, 1987 (filed as Exhibit 4.4 to the 1986 Form 10-K and incorporated herein by reference). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.2 | Seventh Mortgage and Loan Modification Agreement among PGI Incorporated, Punta Gorda Developers, Inc., Burnt Store Marina, Inc., and Gulf Coast Credit Corporation and BancFlorida, dated as of March 25, 1987 (filed as Exhibit 4.5 to the 1986 Form 10-K and incorporated herein by reference). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.3 | Eighth Mortgage and Loan Modification Agreement among PGI Incorporated, Punta Gorda Developers, Inc., Burnt Store Marina, Inc., and Gulf Coast Credit Corporation and BancFlorida, dated as of March 25, 1987 (filed as Exhibit 4.6 to the 1986 Form 10-K and incorporated herein by reference). |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.4 | Restated Loan and Security Agreement among PGI Incorporated, Punta Gorda Developers, Inc., Burnt Store Marina, Inc., and Gulf Coast Credit Corporation and BancFlorida, as well as Restated Consolidating Substituted Renewal Note and Future Advance Mortgage Note related thereto, dated as of March 25, 1987 (filed as Exhibit 4.7 to the 1986 Form 10-K and incorporated herein by reference). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.5 | Forbearance Agreement among PGI Incorporated, Punta Gorda Developers, Inc., Burnt Store Marina, Inc., and Gulf Coast Credit Corporation and BancFlorida (Restated Loan Agreement No.1), dated as of October 19, 1985 (filed as Exhibit 4.1 to the Registrant’s Form 10-Q Quarterly Report for the quarter ended September 30, 1985 and incorporated herein by reference). |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.6 | Amendment to Restated Loan Agreement No. 1 (Receivables Loan), as well as Restated Consolidating Substituted Renewal Note relating thereto, dated as of March 25, 1987 (filed as Exhibit 4.9 to the 1986 Form 10-K and incorporated herein by reference). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.7 | Extension, Forbearance and Modification Agreement between PGI Incorporated, Punta Gorda Developers, Inc., Burnt Store Marina, Inc., and Gulf Coast Credit Corporation, and BancFlorida, dated as of May 20, 1988 (filed as Exhibit 4.1 to the Registrant’s Form 10-Q Quarterly Report for the quarter ended June 30, 1988 and incorporated herein by reference). |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.8 | Ninth Mortgage and Loan Modification Agreement between PGI Incorporated, Punta Gorda Developers, Inc., Burnt Store Marina, Inc., and Gulf Coast Credit Corporation, and BancFlorida, dated as of May 20, 1988 (filed as Exhibit 4.2 to Registrant’s Form 10-Q Quarterly Report for the quarter ended June 30, 1988 and incorporated herein by reference). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.9 | Purchase Agreement among Finova Financial Services, PGI Incorporated and Punta Gorda Developers, Inc., as well as certain Exhibits and the Mortgage related thereto, dated March 15, 1988 (filed as Exhibit 1 to Registrant’s Form 8-K dated as of March 28, 1988 and incorporated herein by reference). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.10 | Tenth Mortgage and Loan Modification Agreement between PGI Incorporated, Punta Gorda Developers, Inc., as well as certain Exhibits and the Mortgage related thereto, dated May 30, 1989 (filed as Exhibit 1 to Registrant’s Form 8-K dated as of June 8, 1989 and incorporated herein by reference). |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4.11 | Eleventh Mortgage and Loan Modification Agreement among PGI Incorporated (formerly Punta Gorda Isles, Inc.), Sugarmill Woods, Inc. (formerly Punta Gorda Developers, Inc.), Burnt Store Marina, Inc. and Gulf Coast Credit Corporation and BancFlorida (formerly Naples Federal Savings and Loan Association), dated as of June 1, 1990 (filed as Exhibit 4.2 to Registrant’s Form 10-Q Quarterly Report for the quarter ended June 30, 1990 and incorporated herein by reference). |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.12 | Loan Forbearance Agreement among PGI Incorporated (formerly Punta Gorda Isles, Inc.), Sugarmill Woods, Inc, (formerly Punta Gorda Developers, Inc.), Burnt Store Marina, Inc. and Gulf Coast Credit Corporation and BancFlorida (formerly Naples Federal Savings and Loan Association), dated as of October 17, 1991 (filed as Exhibit 4.12 to Registrant’s Form 10-K dated March 30, 1994 and incorporated herein by reference). |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.13 | Twelfth Mortgage and Loan Modification Agreement among PGI Incorporated, Sugarmill Woods, Inc., Burnt Store Marina, Inc. and Gulf Coast Credit Corporation and BancFlorida, dated as of July 8, 1992 (filed as Exhibit 4.1 to Registrant’s Form 8-K dated as of July 24, 1992, and incorporated herein by reference). |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.14 | Thirteenth Mortgage and Loan Modification Agreement among PGI Incorporated, Sugarmill Woods, Inc., Burnt Store Marina, Inc., Gulf Coast Credit Corporation and First Union, dated as of May 13, 1994 (filed as Exhibit 4.1 to Registrant’s Form 8-K dated May 27, 1994 and incorporated herein by reference). |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.15 | Forbearance Agreement dated as of October 12, 1995 by First Union National Bank of Florida, PGI Incorporated, Sugarmill Woods, Inc., Burnt Store Marina, Inc., Gulf Coast Credit Corporation, Southern Woods, Incorporated, Punta Gorda Isles, Inc., Deep Creek Utilities, Inc., Burnt Store Utilities, Inc., and Sugarmill Woods Sales, Inc. (filed as Exhibit 4(i) to Registrant’s Form 8-K on November 1, 1995 and incorporated herein by reference). |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.16 | Note and Loan Document Purchase Agreement dated as of October 12, 1995 by First Union National Bank of Florida, PGIP, L.L.C., PGI Incorporated, Sugarmill Woods, Inc., Burnt Store Marina, Inc., and Gulf Coast Credit Corporation (filed as Exhibit 4 (ii) to Registrant’s Form 8-K on November 1, 1995 and incorporated herein by reference). |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.17 | Note Purchase and Loan Transaction dated as of March 28, 1996, by First Union National Bank of Florida, PGIP, LLC, PGI Incorporated, Sugarmill Woods, Inc., Burnt Store Marina, Inc. and Gulf Coast Credit Corporation (filed as Exhibit 4.17 to Registrant’s Form 10-KSB/A dated August 27, 1997, and incorporated herein by reference). |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | Inapplicable. |
|----|---------------|

----

| 10.3 | Preferred Stock Purchase Agreement by and between PGI Incorporated and Love Development and Investment Company, dated as of February 16, 1987 (filed as Exhibit (i) to the Registrant’s Form 8-K Current Report dated February 25, 1987 and incorporated herein by reference). |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.4 | Form of Convertible Debenture Agreement due April 30, 1992 between PGI Incorporated and Love-1989 Florida Partners, L.P. and Mortgage and Security Agreement dated July 28, 1989 between Sugarmill Woods, Inc. and Love-1989 Florida Partners, L.P. (filed as Exhibit 10.9 to the Registrant’s Form 10-K Annual Report for the year ended December 31, 1989 and incorporated herein by reference). |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10.5 | Consulting Agreement between PGI Incorporated and Love Real Estate Company, dated as of March 25, 1987 (filed as Exhibit 10.7 to the 1986 Form 10-K and incorporated herein by reference). |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | See Note 16 to the consolidated financial statements. |
|-----|-------------------------------------------------------|

| 13. | Inapplicable. |
|-----|---------------|

| 14. | Inapplicable (See discussion regarding code of ethics under Item 10. of this Form 10-K). |
|-----|------------------------------------------------------------------------------------------|

| 16. | Inapplicable. |
|-----|---------------|

| 18. | Inapplicable. |
|-----|---------------|

| 21. | Subsidiaries of the Registrant, filed herein. |
|-----|-----------------------------------------------|

| 22. | Inapplicable. |
|-----|---------------|

| 23. | Inapplicable. |
|-----|---------------|

| 24. | Inapplicable. |
|-----|---------------|

| 31.1 | Principal Executive Officer certification pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended, filed herein. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------|

| 31.2 | Principal Financial Officer certification pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended, filed herein. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------|

----

| 32.1 | Principal Executive Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herein. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32.2 | Principal Financial Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herein. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 99. | Not applicable. |
|-----|-----------------|

| 100. | Not applicable. |
|------|-----------------|