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TFFa PIM l I tt✓ rc� <br /> February 16. 1994 <br /> Mr. Gary Farrar Page Two <br /> Banlcrttptcy trustee for K.V. Circuits <br /> Gary, we have been diligent in Our c8brts to find a way to compensate the creditors of R.V. Circuits. <br /> Unfortunately the economics of this deal prohibit any meaningful payment. The reasons are as <br /> follows: <br /> 1 Even atter the water that is stored on pr=iscs is processed all the baths must then be dmi <br /> ne <br /> and treated. My estimate is that this will cost between 20 and 30 thousand dollars to <br /> acoomplish. <br /> ? Many of the tanks without chemicals will have to be leached clean Because the rectifiers <br /> have set for so long it appears that the cables are coroding and will have to be replaced. <br /> 3. I'he office equipment has little value to me. <br /> 4. 1 have no interest in the Ford van. <br /> 5. I have no interest in the receivables. <br /> Because of this I can only offer the creditors 51,000 for the unincumbered interest in K.V. Circuits. 1 <br /> am However willing to take responsibiliry for the chemical contamination and stored chemicals and <br /> treat them as pan of our agreement. <br /> Sincerely, <br /> Norman <br /> len Smi <br /> President <br /> Agreed : <br /> Gary Farrar <br /> Bankruptcy Trustee for <br /> K.V. Circuits <br /> cc: John Hinkel -Landlord <br /> Pfccious Resources <br /> David Baker - David Baker Company <br /> Concord, California 94518 TEE 51t}-GS7-5444 <br /> 1050 tihary Court <br />