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Mr. Flaherty sent a letter dated December 31, 1987,
to Mr. Whelpley's attention at CPI regarding the advances
Weeden had made in connection with the CPI project. This
letter states as follows:
Our auditors Spicer & Oppenheim, Certified Public Accountants, *
* * are now engaged in an examination of our financial statements as
of December 31, 1987.
In connection therewith, they wish to confirm the
following details of your note(s) and the collateral held
by us.
Date Unpaid Interest Interest
of Note Due Date Principal Rate Paid to
12/28/87 On demand $103,093 None None
Please confirm the correctness or report any
differences by completing this form and returning it
directly to our auditors in the enclosed reply envelope.
We would appreciate your cooperation in this matter.
Very truly yours,
Weeden Capital Management, Inc.
/s/ Thomas L. Flaherty
Thomas Flaherty
Vice President
The above information regarding our notes payable to you
is correct except as stated below:
Date__________ Signed___________________
After a discussion with Mr. Flaherty, Mr. Whelpley signed
the letter and returned it to Spicer & Oppenheim. Based
upon his discussion with Mr. Flaherty, Mr. Whelpley
believed that Weeden would require repayment of the
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