(a)(5)






September 25, 2006

TO:          UNIT HOLDERS OF REEVES TELECOM LIMITED PARTNERSHIP

SUBJECT:     INCREASED AND EXTENDED OFFER TO PURCHASE UNITS


Dear Unit Holder:

As described in the enclosed Offer to Purchase and related Letters of
Transmittal (the "Offer") the Purchasers named in the attached Offer
(collectively the "Purchasers") are offering to purchase all Units of limited
partnership interest (the "Units") in REEVES TELECOM LIMITED PARTNERSHIP (the
"Partnership") at a purchase price equal to:

                                 $2.50 per Unit
                                 --------------

Reasons you may wish to sell your Units include:

     o    HIGHEST  OFFER  PRICE  YET.  The Offer  Price of $2.50 per unit is 11%
          higher than the current  $2.25  tender by Reeves  Telecom  Acquisition
          Corp., an affiliate of the General Partner.

     o    HIGHER  THAN  RECENT   TRADES.   The  most  recent  trading  data  for
          Partnership  Units on the "Pink  Sheets" was $1.60 per unit.  The most
          recent  bid on the Pink  Sheets is $1.85 per Unit,  7.5% less than our
          offer of $2.00 per Unit.

     o    UNCERTAINTY  OF PARTNERSHIP  TERMINATION.  Our offer provides you with
          the opportunity to receive a guaranteed amount of money in a specified
          time period.  The general  partner has not stated when the Partnership
          will  liquidate.  Therefore,  investors may not see liquidity for some
          time.

     o    ENDANGERED RED-COCKADED WOODPECKER. The Partnership has announced that
          up to 10% of the Partnership's land may be subject to new restrictions
          on development within the City of Boiling Spring because of the effect
          of development  on this species.  While the General  Partner  believes
          that the land affected by these  restrictions  may not be suitable for
          development,  it has said  that the  "restrictions  have  caused  real
          estate sales in Boiling  Spring Lakes to drop sharply in recent months
          compared  to  previous  years,  and that,  for the balance of 2006 and
          2007, the Partnership will likely experience lower land sales in terms
          of revenue as well as number of lots sold than in past years until the
          City has developed a  conservation  plan to protect the habitat of the
          red-cockaded woodpecker...." (emphasis added)

After carefully reading the enclosed Offer, if you elect to tender your Units,
mail (using the enclosed pre-addressed, postage paid envelope) or fax (then
mail) a duly completed and executed copy of the Letter of Transmittal (printed
on purple paper) and change of address forms, and any other documents required
by the Letter of Transmittal, to the Depositary for the Offer at the address
listed on this letterhead.

If you have previously tendered your Units to Reeves Telecom Acquisition Corp.,
you MUST complete the enclosed "Notice of Withdrawal and deliver it to Mellon
Investor Services, LLC prior to September 26, 2006 (unless that offer is
extended) if you wish to tender your Units pursuant to this Offer. If you have
any questions or need assistance, please call the Depository at 800-854-8357.

The Purchasers are amending the Offer by extending the Expiration Date to
October 19, 2006. You can view the Offer materials as amended on our website at
www.mpfi.com (Click on MPF Tenders) or by calling us at the number below.