EFTA00710386.pdf

As you know , unlike months prior the bank has not released the revenues from the lockbox on inter- month basis which has caused stress to the situation As you know for last two weeks I personally have covered the payroll for the hotel In regards to the hotel payables I have been working with Alan to create a strategic plan for next 7 days to see if there any emergencies As of Friday we have identified $16,500 at the hotel and $3800 at the restaurant company Both which I will cover on Monday Assuming bank release lock box and insurance escrow on June 9 Lockbox estimate $273,041 Insurance escrow $159,000 Obviously this will free up cash to payout current and hopefully some past expenses Current budget number available to the hotel is $323,599.22 I also have been working with Alan to plan out the use of the shortfall reserve in the loan of $2,000,000 for the hotel and restaurant He is working with Cathy tomorrow to verify and ascertain correct numbers and we should have a plan for the above on Monday DAVID MITCHELL Mitchell Holdings LLC 801 Madison Avenue New York NY 10065 EFTA00710386