DATE: December 13, 1993 TO, All Property Owners FROM: Frank M. Cedrone SUBJECT: Current Status Report First Eastern Bank made a decision to stay all proceedings against the property owned by C.B.G. Limited, for "its own business reasons". However, this stay of proceedings is beneficial to C.B.G. Limited, as well as all property owners and creditors. We will now have the time required to complete the refinancing that is already In progress. We are currently in possession of a proposal and commitment for equity financing of the entire property that is acceptable to us. C.B.G. Limited, its legal counsel, Hoegen & Marsh, and the Investment Services Group that produced the Lender/Investor, will now move rapidly to consummate this transaction. While we had hoped to have the refinancing completed by this time, the actions of a small group of special interests, acting willfully and maliciously, constantly interfered with and attempted disruption of our refinancing activity. They were unsuccessful In these attempts and will now be dealt with legally and forcefully. The Valley will now emerge from Chapter 11, wholly intact and will continue its progress to fulfill the overall Master Plan. We will shortly schedule a meeting of all property owners at the Valley, to present our entire development plan, including immediate steps, followed by short term, intermediate and long term plans: We will also address our plans to come to the aid of property owners requiring our assistance, for any of a variety of reasons. December 13, 1993 All Property owners Page 2 Our plans include a complete development of the entire property under one banner, one ownership. Our plans Include a redress of any and all real grievances suffered by any of our property owners during these past difficult times. Our plans include payment to all Unsecured Creditors 100 cents on the dollar. To assist us in making all of our plans come to fruition with a minimum of inconvenience, I sincerely urge all property owners to pay their recently billed Maintenance Fees now. I also urge those property owners who have been and are now delinquent in the payment of Maintenance, Water and Sewer Fees to make every possible attempt to become current. The only thing that can cause disruption of our plans is a lack of operating capital required to maintain security, maintenance and utilities operations, while awaiting completion of our refinancing. In the past, C.B.G. heavily subsidized these operations out of cash flow from lot sales and other operations. With lot sales and other operations closed @own until refinancing is completed, these operations must continue on their own income. Please cooperate by sending in your payments now. Thank you for your continued support. Sincerely, /s/ Frank M. Cedrone Managing General Partner FMC/va
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