Summary of 6/13 Hearing-Global Settlement with Amboy National Bank

On June 13, 2007, the Court held a hearing on the Motion to Ap[prove a Global Settlement by and among several Kara entities, Zuhdi K., the Committee of Unsecured Creditors and Amboy National Bank. There were several objections raised to the global settlement, each of which were resolved and will be documented in a revised proposed order approving and authorizing the settlement. As the settlement is the "lynchpin" to a revised plan of reorganization to be formulated by the Debtors, Plainfield and the Committee, the entry of the revised proposed order will further advance the reorganization process.