menu bar

Valley of Lakes RICO Class Action against PNCBANK, et al.
ripped edge: exhibits

Valley of Lakes Letterhead

			     M E M O R A N D U M

DATE:		November 13, 1990

TO:		Dante Mattioni/ John Mattioni

FROM:		Frank M. Cedrone

SUBJECT:	Lots for debt exchange

I have received permission from First Eastern to proceed with
the above cited exchanges, providing no financing is required
on the part of the bank.  At the present time, they are reviewing
the revised operational budgets we have submitted prior to making
a formal presentation to their board.  However, so as not to
hold up non-cash settlements on vendor accounts, they have given
the go-ahead now.

This same procedure will be used to settle accounts for one
electrical supplier, accounting and other legal services, hardware,
gas and oil suppliers, a needed dump truck, etc.

In another cost reducing move, we have been very successful
in exchanging trade (ski tickets) for radio time and advertising
print space with no dollars involved.

We have not yet been given approval on the request relative
to the settling of the L.C.

If you are in agreement with the lot/debt tradeoff, please
execute A.S.A.P.


bottom letterhead

Valley of Lakes RICO Class Action against PNCBANK, et al.

Home | Court Decisions | News Articles | RICO Complaint | Exhibits