Pretax loss from continuing operations before adjustment for

  noncontrolling interests or income loss from equity investees (1)

$

(100,193,636)

Add:

   Interest on indebtedness (excluding capitalized interest)

97,467,045

   Amortization of debt related expenses

3,760,623

   Portion of rents representative of the

     interest factor

3,783,998

4,818,030

Distributed income from equity investees

55,959,718

       Pretax earnings from continuing operations, as adjusted

$

60,777,748

Fixed charges -

   Interest on indebtedness (including capitalized interest)

$

109,044,444

   Amortization of debt related expenses

1,996,207

   Portion of rents representative of the

     interest factor

3,783,998

        Fixed charges

$

114,824,649

Ratio of earnings to fixed charges

0.5

Pretax loss from continuing operations before adjustment for

  noncontrolling interests or income loss from equity investees

$

(100,193,636)

Add:

   Interest on indebtedness (excluding capitalized interest)

97,467,045

   Amortization of debt related expenses

3,760,623

   Portion of rents representative of the

     interest factor

3,783,998

4,818,030

Distributed income from equity investees

55,959,718

       Pretax earnings from continuing operations, as adjusted

$

60,777,748

Combined fixed charges and preferred stock dividends -

   Interest on indebtedness (including capitalized interest)

$

109,044,444

   Preferred dividend factor

23,922,233

   Amortization of debt related expenses

1,996,207

   Portion of rents representative of the

     interest factor

3,783,998

        Combined fixed charges and preferred stock dividends

$

138,746,882

Ratio of Earnings to Combined Fixed Charges

   and Preferred Stock Dividends

0.4