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Levy, Daniel (USANYS)

From: Marc Stuart Goldberg [mgoldberg@msglegal.com]

Sent: Monday, July 09, 2007 6:38 PM

To: Levy, Daniel (USANYS)

Subject: Prima Check Cashing, Inc.

Dear Mr. Levy:

The undersigned represents Prima Check Cashing, Inc. ("Prima"). In response

to your information requests of earlier today, allow me to advise you as

follows. 

Based upon current operations and projections, it is anticipated that at

closing on the sale of Prima's eleven (and possibly twelve) store locations

(seven locations are under contract; there is an oral understanding as to

four; two have been closed and the sale or closure of another is under

consideration), Prima will owe New York Commercial Bank, its senior secured

lender, the approximate amount of $2,860,000 (through combination of a term

loan anticipated to be in the approximate amount of $760,000 at closing and

a line of credit anticipated to be in the approximate amount of $2,100,000

at closing). MoneyGram Payment Systems, Inc ("MoneyGram"), Prima's junior

secured lender, is owed $6.8 million pursuant to stipulation entered in a

Federal Court litigation (and in which a judgment in like amount has been

consented to by Prima, its shareholders and guarantors). 

Applications for six of the seven stores under contract have been submitted

to the New York State Banking Department. 

The contract pricing on the six locations for which applications have been

filed are as follows:

Stores under contract to Eastchester Check Cashing, Inc.:

48 Gramatan Ave, Mt. Vernon, NY $485,000

242 Fulton Avenue, Mt. Vernon, NY $177,000

723 Burke Avenue, Bronx, NY $210,000

_________

$872,000

Stores under contract to NY Community Financial, LLC:

274 E. 198th Street, Bronx, NY $175,000

52-41 Van Dam Street, Queens, NY $425,000

1801 University Avenue, Bronx, NY $400,000

________

$1,000,000

__________

$1,872,000

A seventh location (302 Lenox Avenue, New York, NY) is under contract. The

application with the Banking Department on the Lenox location has not yet

been filed, but should be filed shortly. The contract price on the Lenox

location is $500,000.

The four locations for which there is an oral understanding (and for which

contracts are being drafted) are priced as follows:

94 East 161st Street, Bronx $774,000

Case 1:07-cr-00555-AKH Document 5-6 Filed 07/12/2007 Page 1 of 2
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 1740 First Ave., NY $1,025,000

544 East Fordham, Bronx $1,380,000

 44 N. Saw Mill River Rd., Elmsford $421,000

_________

$3,600,000

Thus, the total of all locations under contract and for which there are oral

understandings is $5,972,000.

The one location still up in the air, JFK Airport, is likely not going to

realize a material return, if any. I've been told that a maximum value to be

placed on the JFK location is $20,000.

Sincerely yours,

Marc Stuart Goldberg

Marc Stuart Goldberg

M. Stuart Goldberg, LLC

81 Main Street, Suite 205

White Plains, New York 10601

Tel: (914) 949-5400

Fax: (914) 683-1279

E-Mail: mgoldberg@msglegal.com

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Case 1:07-cr-00555-AKH Document 5-6 Filed 07/12/2007 Page 2 of 2