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


First Eastern Bank and C.B.G. Limited, owner of the Valley 
of Lakes and Eagle Rock Resort, entered into an Agreement 
which was approved by Judge John J. Thomas in Federal 
Bankruptcy Court on Thursday.

Under the terms of the Agreement, C.B.G. Limited will 
continue to operate and maintain the community with 
operations, income and expenditures being monitored by a 
management group selected by First Eastern Bank.  C.B.G. has 
already contracted with the management group, MLA 
Associates, Inc. to help operate and maintain the 

The cooperating agreement stipulates that First Eastern Bank 
will aid in meeting shortfalls in operating expenses, within 
certain guidelines.  This assistance will allow C.B.G. to 
continue its efforts to re-finance its operations through 
one or more of a variety of..sources currently involved in 
negotiations with C.B.G. These sources include lenders, 
investors and joint venture prospects.

Frank M. Cedrone, Managing General Partner of C.B.G. stated, 
"The Agreement is significant for three very important 

First, it allows for continued operation, maintenance and 
security of the development without inconveniences being 
experienced by our property owners.

Second, it gives C.B.G. the breathing time necessary to 
complete a properly executed full funding of its operations 
leading to an emergence from its Chapter 11 status.

Third, First Eastern Bank, recognizing the enormous impact a 
successful Valley of Lakes and Eagle Rock Resort has had in 
the past and can have in the future, once again, 
demonstrates its commitment to the people and economy of 
this region, as its leading independent bank".

Another secured lender, J.L. Wolgin, also consented to the 
Agreement which gives C.B.G. a maximum time limit of seven 
months to complete its new financing.

C.B.G. Limited is represented by Peter J. Hoegen, Jr., Esq.

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

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