Southeast Banking Corporation (fka STBPQ)

[MU_Redskin1]

Maxx,

... from what I've been told Jerry and Jim have been informed of the progress and brought up to speed along the way but have not been actively participated in the negotiations.

The negotiations are primarily between the Trustee, SCS, the credtors and the Investor.

There will be no rubber stamp unless we get fair terms in the disclosure statement. Jerry and Jim will review and react after all the filings are submitted.

All the other "details" you asked about are confidential at this point until released by the Trustee in the disclosure statement court filing.

Per the "Plan" one person can operate as both the managing partner of Real Estate LLC and General Partner of SEBC Holdings LLC. So a modest $150,000.00 salary and an assistant fit in the $600,000.00 "operating loan" budget. imo.