To: Jeffre E. tein 'eeyacationcv !mail.corn
Cc:
From: Rich Kahn
Sent Wed 3/23/2011 1:56:57 PM
I am extremely concerned regarding the renewal of the letter of credit. The outstanding balance is
currently $784,000. Although the business seems to have bottomed and is starting to improve our
debt is behind IRS debt due for NY of $1,200,000 and Miami $600,000. I understand that
$150,000 was repaid to the IRS over the past 3-4 months and that resulted in no pay downs on
our line. If $1,800,000 needs to be paid going forward how will this line ever be repaid??
Rich Kahn
HBRK Associates Inc.
301 East 66th Street, Suite 10F
New York, NY 10065
tel 646-862-4811
fax 646-350-0954
cell
EFTA_R1_00274673
EFTA01869731