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

DATE:	October 1, 1992

TO:	Friends of the Valley
	c/o Brenda Cherba, Tom Pierson, George Denke

FROM:	Frank M. Cedrone, General Partner C.B.G. Limited

I was both pleased and very appreciative of the effor ts of so many fine 
people who came to the assistance of C.B.G. and all of the property 
owners, both resident and non-resident, here in the Valley of Lakes.

The efforts of so many fine people who volunteered their services, in 
our hour of need was both heartwarming and deeply appreciated.  It was 
appreciated not only by myself, but by everyone who shares the dream of 
the magnificent community and wonderful lifestyle we are creating.  This 
virtually spontaneous assistance goes beyond being "good neighbors".  It 
evidences good people, with good intentions, demonstrating a willingness 
to help, when help is sorely needed.

Unfortunately however, there are always a select few, who view distress 
situations as opportunities for personal gain or personal power and use 
every means available to accomplish their ends.  While these people 
constitute only a minute fraction of the sum total of people involved, 
they are usually the most vocal, most active and most forceful in 
achieving their ends, to the detriment of everyone else.

The good and well-intentioned people are usually, to coin a phrase, "the 
silent majority".

This is one of the reasons I was so pleased and proud of the name 
selected by your group, "Friends of the Valley".  In addition, it was 
selected after you had already proven to be true friends of the Valley.

I have issued letters of credit, to each and every one of those persons 
made known to me to have rendered service to the community, by staffing 
our security gate.  A number of the "Friends of the Valley", have even 
gone beyond that assignment, in rendering assistance in numerous areas 
of maintenance and other tasks.  We fully intend to recognize these 
efforts, God willing, as conditions permit.

At this time, I would like to recognize not only your past efforts, but

October 1, 1992
Friends of the Valley
Page 2

your ongoing entity as the sole authorized liaison between myself, the 
staff of C.B.G. Limited and the property owners of the Valley of Lakes. 
Your chosen representatives will be the only authorized Valley 
spokepersons for dissemination and distribution of information to 
property owners, the press and any other chosen media.

It is my intention to meet with your representatives weekly, give them 
access to my staff and introduce them as the representatives of the 
cooperative Valley of Lakes property owners, to our legal counsel and
the management team of	our bank.

We share a common goal.  There need be no secrets between us.  We will
provide answers to any question concerning the Valley of Lakes property
owners and provide you	with facts to help dispel any rumors, false
statements or fears, that accompany many distress situations.

Once again, I want to express my deepest appreciation for all that you 
have done and are doing.  The only promise that I can make to you, is 
that I will do my best to make this dream come true.  This promise I 
make from the bottom of my heart.


Frank M. Cedrone
General Partner


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

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