George L. Miller, Trustee

Eight Penn Center, Suite 950

1628 John F. Kennedy Boulevard

Philadelphia, PA 19103

Phone: (215) 561-0950

Fax: (215) 561-0330

Email: [email protected]

September 7, 2006

STATUS UPDATE #10

 

NOTE: The Status Updates are cumulative. Please read all ten updates.

 

Case Administration

 

Over 26,503 proofs of claims have been recorded to date. The Clerk of the Bankruptcy Court continues to process Proofs of Claims. I will advise in a future Status Update when all claims are posted. If you have questions regarding proofs of claim, I recommend you have your attorney research your questions.

A supplement of answers to the list of frequently asked questions are:

a.)    I do not have authority to operate the business and therefore do not have the authority to execute lien releases. Please DO NOT contact the Bankruptcy Court for assistance. If you need a release, please consult your attorney regarding the appropriate pleading that should be filed on your behalf.

b.)    The Updates will be issued periodically or whenever something of significance happens in this case.

Litigation

On July 13, 2006, I filed a lawsuit, in the Court of Common Pleas, Philadelphia, PA, July Term, 2006, #1225, against certain directors, officers and financial institutions. I am seeking damages in excess of $750,000,000. I will not comment on pending litigation. I anticipate this litigation will be vigorously defended and will take years to reach a resolution.

The Defendants have filed a pleading to transfer this lawsuit to Federal Court in Philadelphia. My attorneys have filed a Motion to have this lawsuit transferred back to the Court of Common Pleas. The legal briefs are due by the end of September.

I will post hearing dates for this litigation on this web site, which I believe may be of interest to the creditors. The hearings will be public and anyone can attend.