Re: Fwd:

please find the up to date information

This does not take in account mini construction loan funding from DB t= cover the extras and the buildout of back four rooms

The request was $860,237 , which would reduce if granted the the secon= round of investor notes by that amount

It was not included as it has not been approved

As you know, unlike m=nths prior the bank has not released the revenues from the lockbox on inte=- month basis which has caused stress to the situation

As you know for last Po 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 =trategic plan for next 7 days to see if there any emergencies

As of Friday we have i=entified $16,500 at the hotel and $3800 at the resta=rant company Both which I will cove= on Monday

Assuming bank release =ock box and insurance escrow on June 9

Lockbox estimate $273,=41
Insurance escrow $159,=00

Obviously this will fr=e up cash to payout current and hopefully some past expenses

Current budget number =vailable to the hotel is $323,599.22

I also have been worki=g with Alan to plan out the use of the shortfall reserve in the loan of

$2=000,000

for the hotel and rest=urant

He is working with Cat=y tomorrow to verify and ascertain correct numbers and we should have a pl=n for the above on Monday

fyi,
:::::::::::::::::::::::::::::::::::::::::::::
DAVID MITCHELL
:::::::::::::::::::::::::::::::::::::::::::::
Mitchell Holdings LLC
801 Madison Avenue
New York NY 10065
USA

Footnote should r=ad in two sections somehow it got consolidated and reformatted when I sent=out

First round of in=estor notes will be paid from loan modification

And the reimburse=ents owed to me as of May 17 were $991,689

As it reads now i= indicates that the reimbursements were paid or to be paid from loan modif=cation

DAVID MITCHELL

Mitchell Holdings LLC
801 Madison Avenue
New York NY 10065
USA

yes, but where is the reimbursbale on the project co=ts or funding of