On October 30, 2009, DVL Inc. and its independent registered public accounting firm, Imowitz Koenig & Co., LLP (IKC) agreed that IKC would resign and not stand for re-appointment as the company's independent registered public accounting firm. On November 3, 2009, DVL Inc., with approval of the audit committee of the board of directors of the company, engaged McGladrey & Pullen, L.L.P. (M&P) as the company's new independent registered public accounting firm as of and for the year ending December 31, 2009.

On November 2, 2009, Henry Swain, the Principal Financial Officer and Principal Accounting Officer of DVL Inc. resigned from the offices of Chief Financial Officer and Treasurer of the company and he is no longer the Principal Financial Officer and Principal Accounting Officer of the company. Mr. Swain, Executive Vice President will retain other duties at the company with respect to the company's operations. On November 2, 2009, the company appointed Neil H. Koenig as Executive Vice President and Chief Financial Officer of the company and as such, Mr. Koenig is the Principal Financial Officer and Principal Accounting Officer of the company. Mr. Koenig's appointment as Executive Vice President and Chief Financial Officer was required pursuant to an agreement entered into on November 2, 2009 between the company and RESIG pursuant to which RESIG will provide substantially all of the company's internal accounting, financial statement preparation and bookkeeping functions on an outsourced consulting basis. Mr. Koenig serves on the board of directors of NBTY Inc.

DVL Inc. reported earning results for the second quarter and six months period ended June 30, 2009. DVL's income from continuing operations for the quarter ended June 30, 2009 was $726,000 or $0.01 per basic and diluted share as compared to $638,000 or $0.01 per basic and diluted share for the quarter ended June 30, 2008. After a loss from discontinued operations of $64,000 DVL's net income was $662,000 or $0.01 per basic and diluted share, up from $568,000 or $0.01 per basic and diluted share, reported for the quarter ended June 30, 2008. Revenue for the quarter was at $2,347,000, down from $2,640,000 reported for the second quarter of 2008. DVL's income from continuing operations for the six months ended June 30, 2009 was $1,080,000 or $0.02 per basic and diluted share as compared to $1,712,000 or $0.04 per basic and diluted share for the six months ended June 30, 2008. After a loss from discontinued operations of $41,000 DVL's net income was $1,039,000 or $0.02 per basic and diluted share as compared to $1,541,000 or $0.04 per basic and diluted share for the six months ended June 30, 2008. Revenue for the six months was at $4,667,000 down from $5,696,000 reported last year.