menu bar

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

Valley of Lakes Letterhead

			November, 1991

Dear Property Owner:

	C.B.G. Limited has been in the process of restructuring the 
financing for Valley of Lakes/Eagle Rock Resort for the past 18 months.  
We have just accepted a commitment which will allow us to resume our 
original schedules and complete Pennsylvania's premiere residential 
resort community in grand style.

	Simultaneously, we have arranged additional bridge financing which 
allows us to continue our work on the golf course.  Construction crews 
have been contracted and are currently installing underground utility 
lines.  These include water, sewer, electric, cable and telephone lines.

	On the Valley floor, the underground utilities for the "E" Section 
have been completed and the "EA" Section is now underway.  We will be 
working through the winter months to complete this section by spring.  
The roads in the "E" and "EA" Sections will be shale paved with final 
paving being completed in the spring.

	The ski season will bring with it the additional snowmaking 
capacity and, most important, Ken Knize as General Manager.  Ken has 
been the President and General Manager of Big Boulder Ski Area for the 
past 11 years.  Please help us welcome him.

	We apologize for the infrequency of our updates, but the financing 
process has been tedious, frustrating and very unpredictable.  Your 
ongoing support and understanding during these critical times has been 
important to our success.  Hundreds of developers have gone out of 
business during this financial crisis facing our country.  We ask you 
for your continuous support and thank you for your patience.

	We hope many of you were among the 4,000 people who enjoyed our 
First Annual Oktoberfest.  Please come and join us for our next event 
and take advantage of our Christmas Gift Gallery for the holiday season.

			   NOVEMBER 16
		Located at the Fireside Base L:odge
The art is acquired from the Heisman's Fine Arts Gallery in Ardmore, 
Pennsylvania.  You will see a variety of fine art including original 
oils, lithographs, serigraphs and graphics by nationally known artists.  
The starting bids are from $60 to $150, which includes framing and 
matting.  There will be complimentary hor-doeurves and a cash bar.  
Enclosed are two complimentary tickets for you to use.  Please plan to 
attend this event.  There is something for everyone's taste and budget.

			   NOVEMBER 30

Come and join us Saturday, November 30, 1991, from Noon until 4:00 PM.  
Refreshments will be served and you can relax and enjoy the items on 

A sample of these beautiful items can be seen by visiting Eagle Rock 
Lodge and seeing the Victorian Christmas tree located in the main dining 
room.  This tree is currently on display.  Pre-show orders will be taken 
at the Hostess stand.  Please ask your waitress for details.  We hope to 
see you!!


					Frank M. Cedrone
					Managing General Partner

P.S. Within one week, you will be receiving a letter from our 
engineering firm, Schumacher Engineering, Inc. on the status of Lake 
Algonquin Dam.

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

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