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

						May 24, 1994 

To All Valley of Lakes Property Owners:

	For two long, frustrating years CBG has attempted to refinance 
in the best interests of its creditors and to realize the dream of 
fully completing the infrastructure.  Many complicated problems had 
to be surmounted, and the situation was not alleviated by a few 
vocal detractors.  I was however constantly encouraged by the 
strong support of many responsible property owners.
	Throughout this period I have communicated and cooperated 
with a core group of those property owners who identified 
themselves as, and truly are, the Friends of the Valley.  They have 
thoroughly demonstrated their sincerity and commitment to build a 
better community.  Their latest contribution was the cleaning of 
the beach area and hosting a fund raiser to purchase sand and 
eventually build a childrens' playground at the facility.
	In recognition of their efforts I am supporting their 
incorporation as the officially recognized and sanctioned, 
"Property Owners' Association of the Valley of Lakes." I will work 
with this group to address all areas of mutual concern with 
complete faith in these individuals' abilities to act in the best 
interests of all property owners.
	Some of the preliminary work has been accomplished, but of 
course there is a great deal more to do in establishing a 
constitution, by-laws, agenda, table of organization and elections, 
etc.  It will therefore take a period of time before the Property 
Owners' Association can be placed in full operation.  As the 
Association develops and announces its plans and agenda I am 
certain that it will gain the same respect and support from you 
that its organizers have gained from me.
	Until I am able to resume full operations, the pro-tem 
officers of the Property Owners' Association, including G. Denke, 
D. French, R. Kichline, and T. Pierson compose the sole group 
authorized to make any improvements or undertake any public projects 
involving the beach, pool, or any other facility, unless 
I give personal permission for such work to be undertaken.
	Individual property owners who have suggestions for projects 
are urged to contact the Property Owners' Association for guidance 
and assistance.  They will most certainly welcome your input in 
making the Valley of Lakes a better place to live.

					Frank M. Cedrone

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

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