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

To:	Frank M. Cedrone

From:	Jay Parmar

Date:	July 2, 1991

Re:     Equity in mortgage receivables financing.

Per our conversation today, following is the analysis of mortgage 
receivables hypothecated to First Eastern Bank and the balance out-
standing on our receivables line of credit:

Mortgage Receivables @ 6/28/91
  per C & E trial balance                      $ 6,896,081.26

Add:	Receivables funded by bank but
	not on trial balance @ 6/28/91             203,145.64

Add:	Receivables which should be on 
	trial balance but shown on C & E
	report as house accounts		   104,716.40

	Total Receivables Mortgaged				$ 7,203,943.30

Receivables Line of Credit Balance
  @ 6/26/91 per bank statement			$ 6,161,250.90

Less:	Receivables collected @ 6/28/91 
	but remitted to bank in 7/91 net 
	of estimated interest from
	6/16/91 to 6/30/91			  < 185,127.88>

	Receivables Loan Balance @ 6/28/91			$ 5,976,123.02

C.B.G. Limited Equity in Mortgage
  Receivables							$ 1,227,820.28

Less:	90 plus days delinquent receivables
	@ 6/28/91 per C & E Report                                  966,592.39

Net Equity of C.B.G. Limited in
Mortgage Receivables                                            $   261,227.89

Also, of the 90 days plus delinquent receivables except for 3 accounts 
amounting to $93,087.31 the balance leave either paid or agreed to bring 
their accounts current per C & E Report.  Therefore those receivables 
amounting to $873,140.58, in my view, could be applied towards the 
financing margin.

Please call me if you have any questions.


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

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