BOUDICA BPI WORDPRESS WEBLOG A BOUDICA POINT OF VIEW: Take No Prisoners! By Alexis Ainsworth / 17 JUNE, 2010 Anecdotal repartee in the spirit of ‘been there, done that, know whence, whom, and of what is spoken’

Veni, Vidi, Vixi Diary by Alexis Ainsworth: The harvesting of notions that amuse - from people whose arrogance amuses. The dynamics of ‘thought- production’ determine the noumena of a word’s communication value. The arrogance of self-approbating intellectual ‘opinion’ is the measure of a mind incapable of thought-product of high-energy intelligence level. (NOTE: ‘A Boudica Point of View: Take No Prisoners’ postings from ‘Veni, Vidi, Vixi Diary’ by Alexis Ainsworth is copyrighted material) ______________________________________________________________________ “INVITE TO AN AUTOPSY PARTY” IN HONOR OF ONE OF PASADENA’S DEAR CITIZENS WHO RECENTLY DIED UNDER SUSPICIOUS CIRCUMSTANCES WE ARE ANALYZING HIS DEATH IN ORDER TO ANALYZE THE RUMORED RESURRECTION OF PASADENA’S VERY OWN ‘E.T.’

‘ FOG ’ THE NORTH WEST CORNER OF

( ‘F.AIR O.AKS & G.REEN ’ ) ON JULY 25, 2007 FOG DIED A PAINFUL DEATH WHILE STILL A FETUS – FOLLOWING A 16 MONTH DEVELOPMENT-ENTITLEMENT-PREGNANCY WHERE ‘FOG’S SPIRIT WENT, WE DO NOT KNOW, - WE ONLY KNOW THAT HE LEFT THE CORNER OF FAIR OAKS & GREEN FOR PLACES UNKNOWN AND THAT THE CRIME SCENE CONTAINS BOXES OF FORENSIC EVIDENCE . WE ALSO KNOW THAT FOG’S PARENTS HAVE SPREAD A RUMOR THAT HE IS RETURNING THROUGH A SECRET WORMHOLE IN THE STRATOSPHERE OF RELATITONSHIPS BETWEEN

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PASADENA’S BLDG.& PLANNING DEPT. AND A CLANDESTINE NEW DR. STRANGELOVE ARCHITECTURAL FIRM EMPLOYED TO RE-ENGINEER THE DNA CREATED BY THE MASTER-CREATOR OF HIS ORIGINAL ARCHITECTURAL DESIGN, McCLELLAN & ASSOC. IT IS RUMORED THAT ‘FOG’ HAS FOUND A SCALAR-ENERGY VEHICLE ABLE TO TRANSPORT HIM BACK TO FAIR OAKS & GREEN. THIS IS GOOD NEWS. BUT, THE SAD NEWS IS – ‘FOG’ IS REPORTED TO BE MISSING HIS ‘BOTTOM CAVITY’ IN THE MEANWHILE, WE’LL TAKE THE REPORTS AT ‘FACE VALUE’ September 2008

THE SECOND COMING OF

‘ FOG ’

AUTOPSY OF

POOR FOG

“’FOG’S ‘SECOND COMING’ WITHOUT HIS ‘DERRIERE’ IS EITHER THE BIRTH OF A (NEW) FACE - DERRIERE FORWARD’ REVERSING HIS LAST DERRIERE BACKWARD POSITION – (I.E. HIS BREACH POSITION) OR - IT IS THE LOSS OF BOTH HIS FACE AND HIS DERRIERE: I.E, HIS END (*) IN BOTH EVENTS, FOG IS A GENETIC-CLONE OF PARENTS MIN AND DON CHAE, SoCAL R.E. DEVELOPERS This party is about becoming fully acquainted with ‘FOG’, knowing all that is of public record about ‘FOG’ – His extended Fetus-Life, and His ‘End’. The Party is held with the community’s interest in mind; to introduce ‘The ‘Real FOG’ – as it is claimed he is being RESURRECTED from His “File-Casket” – to take his place in the community as a BUILDING WITHOUT A ‘BOTTOM CAVITY’ - at Fair Oaks & Green. (*) In translation: FOG’s “End” is reference to ‘FOG’s Bottom Cavity’ – a biological metaphor for FOG’s PARKING GARAGE DESIGN PROBLEMS at Fair Oaks & Green’s NW corner See ‘Autopsy’ for full details. THIS DOCUMENT IS COPYRIGHTED

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G A. Ainsworth, Pres. LOMBARD INVESTMENTS LLC 60 East 42nd ST. Ste 1166 New York, New York, 10165 TABLE OF CONTENTS I. INTRODUCTION: ‘THE AUTOPSY’ DEFINED: GLOSSARY OF CONCEPTS &TERMS II. THE ‘2ND COMING OF ‘FOG’’PARTY PROGRAM SCHEDULE: : THE AUTOPSY

THE EULOGY: * COMMENTARY / FOR THE RECORD: * COMMENTARY / ON THE RECORD:

* OBITUARY: FORENSIC MEDICAL DATA * FOG FAMILY AND ADVISORS GENEALOGY FORENSIC DATA AND ANALYSIS: THE JURY ISN’T IN UNTIL YOU, THE AUDIENCE, REACH A VERDICT

THE PARTY’S CORONERS III. ITHE LENDERS:: WHAT ABOUT THE LENDERS? ‘CAN MIN&DON AFFORD TO ‘BRING BACK FOG’?! THE ANSWER PROBABLY LIES IN THEIR MORTGAGE OBLIGATIONS WITH THEIR BANKS – MAYBE IT WASN’T ‘TIME’ THAT ATE UP THE INTRINSIC VALUE OF $15 MIL.IN LOAN PROCEEDS – MAY BE IT WAS ‘THE LENDERS’ WHO ATE IT EVEN BEFORE THE FACT. (*) AFTER THE FACT THEY LEARNED FOG’S PARENTS HAD SACRIFICED THEIR DERRIERE ALONG WITH FOG’S SERVED ON A PLATTER WITH A FITCH DOWN-GRADE

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IV RESOLUTION / ‘FOG’S DE-FOGGING ‘ The Memorial Service / PARTY TIME V. MIN AND DON CHAE/M&D PROPERTIES/F.O.G. LENDER CENTRAL PACIFIC BANK OF HAWAII REPORTS OF RATING DOWNGRADES; SR. EXEC. FORCED RETIREMENTS AND REPLACEMENTS; REGULATORY CONSENT ORDER; CPF CORP ‘RECOVERY PLAN’ SEE SUMMARY OF CENTRAL PACIFIC BANK OF HAWAII EXHIBITS A, B, C, D BELOW “AFTERWORD”

“FOG’S FINAL CAVITY: THE BANK” “And these Korean immigrants were persuaded by their Korean attorneys that the Superior Ct. of California, L.A. County can’t read or understand English – because The Law protects white collar criminals with money – even if they extort The Bank and legitimate Creditors” “…. MIN AND DON CHAE – THEIR ATTORNEYS, LIM, RUGER & KIM, HAVE THE GALL TO TRY TO TRANSFER THEIR CULPABILITY FOR THE BANK’S CALL ON THEIR LOAN FOR A SECURITY BOND,TO AN ARCHITECT AND HIS CONSULTANT AS SCAPEGOATS FOR THE CALL ON THEIR LOAN AFTER THE FRAUD WAS EXPOSED AND THE BANK WAS FLOUNDERING IN MOUNTAINS OF BAD DEBT – THE PROJECT HAD FAILED, AND THE ARCHITECT HAD PLACED A MECHANIC’S LIEN ON “3171 FAIR OAKS LLC” FOR RECOVERY OF APPROXIMATELY $300K IN BAD DEBT, UNPAID INVOICES OWED BY MIN AND DON CHAE/M&D PROPERTIES, FOR LEGITIMATE SERVICES RENDERED TO THEM. THEIR REMEDY? TO USE THE LAW TO ATTEMPT TO BANKRUPT INNOCENT PARTIES BY BRINGING BOGUS, MALICIOUS, LEGAL ACTION AGAINST THEM – DESPITE THE FACT THAT THE PROJECT WAS UNDERWRITTEN ONLY BY TOTAL MISREPRESENTATIONS AND LIES, AND SCHEMES TO DEFRAUD THE CITY OF PASADENA AND THE ARCHITECT, ALL LEADING BACK TO THE BANK’S REGULATORY CULPABILITY FOR LENDING WITHOUT DUE DILIGENCE OF PROPER UNDERWRITING AND SECURITY REQUIREMENTS – CAUSING THE BANK TO ‘FINALLY’ HOLD MIN & DON CHAE ACCOUNTABLE, AFTER THE PROJECT FAILED. “…...MEANWHILE, THE BANK AND ITS HOLDING COMPANY ARE NOT GOING TO THE SEASHORE AT THE END OF THIS STORY…NOR WILL MIN & DON CHAE, OR LIM, RUGER& KIM, LLP WHEN THE FINAL CHAPTER IS WRITTEN. G. ALEXIS AINSWORTH

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SEE FULL ARTICLES OF EXHIBITS A, B, C, D AT BACK OF STORY

BEFORE THE STORY:

“THE 2ND COMING OF ‘FOG’” UPDATE 2010 AFTERWORD: June 2010: ‘FOG’ never did return to Fair Oaks & Green. The legal threats and rumors relating to his imminent ‘2nd coming were all boiler-plate Chae-brothers’ misrepresentations distributed by paid hacks: Lim, Ruger & Kim, Attys. Today ‘FOG’ is a long gone vapor in Pasadena, CA., while, the U.S. economy is eating each and every molecule of his vapor in their tax statements. and innocent citizens are being extorted by a legal system that permits unfounded false claims, false jurisdictional claims, amounting to malicious prosecution against those who have exposed the facts about Min & Don Chae, and attorneys, Lim, Ruger & Kim, LLP. – white collar revenge crimes against those who sought legal remedy against Min & Don Chae’s extortions of their professional services. Their unscrupulous methods of employing their money has led to an arbitration award to them on a technicality, against the architect whom they scammed and then villified, fraudulently characterizing him and his consultant – in an act of revenge. . Emboldened by this decision that was awarded without legal or intellectual clarity, Min & Don Chae’s vigilante lawyers continue to extort others through the court. 3 SoCAL R.E. PROPERTIES OWNED BY MIN AND DON CHAE: M&D PROPERTIES, 3171 FAIR OAKS LLP (AT GREEN ST.) PLAZA DE MEXICO MALL, LYNWOOD, CA THE CAROUSEL MALL, SAN BERNARDINO, CA Min & Don Chae, fraudulently misrepresented “3171 Fair Oaks” current and potential value to their banks, aided by Central Pacific Bank of Hawaii’s mysterious skirting of regulatory requirements. Min & Don Chae’s representation of their intentions regarding the development plans for the property was based entirely on lies, as it had no realistic basis respective of possible design permits and potential rental income. The lawsuits that have ensued against those who ‘did do their job’ who were not compensated, but who were unable to bear the costs of these Vendetta-Suits 3,000 miles away from the legal action, became financial victims of trial lawyers, Lim,

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Ruger & Kim, LLP, - or, so it appears superficially; there are more shoes to drop to even that score. These suits were conceived, packaged, and promoted by Lim, Ruger and were rammed through by their since-retired lead attorney in the matter, Philip Grant, Atty who brazenly stated that his motivation was to push the defendants into bankruptcy – not having quite the gall to say that his motivation smelled throughout the fictional contrivance of these suits: Mr. Grant was retiring at year’s end, he needed a softer retirement cushion, so promoted fraudulent claims, underwritten by his immigrant clients, justifying himself by verbally stating that he and his clients were “angry, and wanted to put these defendants into bankruptcy”, knowing full well that it was all an exercise of vengeance and that his clients would never see a dime of the judgments against those were unwilling to spend thousands and thousands of dollars to defend – in one event at a distance of 3,000 miles; in a jurisdiction the defendant did not reside in, who was given an alias in the complaint, along with false addresses elsewhere.. – and, all upheld by California’s Supreme Court – ‘by default’ ……the defendants will not spend thousands upon thousands of dollars just to cheer up Philip Grant’s retirement package, and to leverage his former partners, Lim, Ruger’s annual ‘Fraud Fund’s’ gross income projection ratio of ‘legal fees from well-heeled clients’, calculated on the odds of malicious prosecutions against parties who are not able to bear the costs of such suits; achieving revenge for the poor sucker client who could have just paid his bad debt for a pittance of what he pays the lawyers – who pocket all of it for themselves. ……HOW THIS WORKS….? IT IS ENCRYPTED IN THE FOLLOWING EXPOSE.

SUMMARY OF EXHIBITS:

EXHIBIT ‘A’

Friday, May 9, 2008

Fitch lowers Central Pacific rating Pacific Business News (Honolulu)

EXHIBIT ‘B’

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Vol. 13, Issue 71 - Tuesday, March 11, 2008

Central Pacific CEO retiring

Clint Arnoldus wants to spend more time with his grandchildren STORY SUMMARY » EXHIBIT ‘C’ Fitch Downgrades Central Pacific Bank to 'CCC' 11-04-2009 The downgrade of Central Pacific Bank's ratings reflects the significant escalation of credit problems in both its California and Hawaii loan portfolios. While Fitch expected the company to endure increased credit stress in its Hawaii portfolio, as well as in its still sizeable exposure to California commercial real estate, the recent level of deterioration exceeded Fitch's original projections. Credit deterioration, which is not expected to abate in the near-term, has generated sizeable losses and caused considerable erosion to the bank's capital position. Fitch believes that the company will continue to generate material losses, which will continue to erode capital and reduce the benefit of any potential capital augmentation. Further, due to the heightened level of credit stress and the erosion of capital, the bank is expected to consent to a formal enforcement action with the FDIC and its state regulator, with directives focused on capital, asset quality, and liquidity. Existing regulatory agreements call for Central Pacific Bank to maintain enhanced capital levels that exceed the minimum regulatory requirements to be considered 'well-capitalized', specifically maintaining a leverage ratio of 9%, which the bank is now in violation. Fitch has taken the following rating actions. Central Pacific Bank --Long-term IDR downgraded to 'CCC' from 'B'; --Long-term Deposit downgraded to 'B-/RR3' from 'B+/RR3'; --Individual downgraded to 'E' from 'D/E';

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--Short-term IDR downgraded to 'C' from 'B'; --Short-term Deposit affirmed at 'B'; --Support affirmed at '5'; --Support Floor affirmed at 'No Floor'. Additional information is available at ' FitchResearch : '.

EXHIBIT ‘D’

Central Pacific Financial Corp. Names New Executive Chairman of the Board

Board Initiates Recovery Plan

HONOLULU, March 16 /PRNewswire-FirstCall/ -- Central Pacific Financial Corp. (NYSE: CPF), parent company of Central Pacific Bank, announced today the appointment of John C. Dean, a 29-year banking veteran, as Executive Chairman of the Board of Central Pacific Financial Corp. (CPF) and Central Pacific Bank (CPB), acting subject to regulatory approval. Effective immediately, executive management of the Bank will report to Dean. Ronald K. Migita, age 68, will be retiring as President and CEO and stepping down as Chairman of the Board of CPF and CPB upon the appointment of Dean, and will remain a director of the holding company and bank.

“………The appointment of Dean is part of the implementation of a Recovery Plan designed to improve the Company's capital ratios by downsizing Central Pacific Bank and focusing the Bank on its core business and traditional markets in Hawaii. The Plan was developed with the aid of the Promontory Financial Group, a highly regarded advisor to financial institutions. The Company continues to work with investment advisors Sandler O'Neill & Partners, LLP and RBC Capital to explore all options for raising additional capital concurrently with the implementation of its Recovery Plan.

"While we have received interest from private equity investors, our Board of Directors determined that consummation of a transaction on the terms and conditions proposed to date is not likely to occur in the near term," said Migita. "Our Board also determined that immediately implementing this Recovery Plan while continuing to seek new capital is in the best interests of our stakeholders."

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The Company also reported that its independent registered public accounting firm, KPMG, issued an opinion regarding its audited financial statements as of December 31, 2009, which indicated that due to the capital ratio requirements of the regulatory Consent Order, the Company's inability to improve capital ratios in accordance with its capital plan raises substantial doubt about the Company's ability to continue as a going concern. Importantly, Central Pacific Financial Corp. currently remains adequately capitalized. Also, to comply with the provisions of the regulatory Consent Order, the Company recognized $21.0 million in additional loan charge-offs due to a reduction of the value of certain doubtful and classified loans to the amounts mandated by the Consent Order. The resultant increase in the provision for loan losses revises the Company's previously reported net loss in its earnings report dated January 29, 2010, and is reflected in CPF's Form 10-K filed with the Securities and Exchange Commission today. Recovery Plan Under the Recovery Plan, Central Pacific Bank will be a smaller bank with a restructured business model focused on its core business and traditional markets in Hawaii. Reducing the Bank's assets will contribute toward improving its capital ratios, as would any increases in capital. The Plan is designed to maintain the Company's adequately capitalized ratios and improve its capital position over time while the Company continues to seek new capital. In the event additional capital is raised in the future, the Board may consider appropriate modifications to the Plan. Essential elements of the Plan include:

• Aggressively manage the bank's existing loan portfolios to minimize further credit losses and to maximize recoveries,

• Shrink the Bank's balance sheet, including the sale of pledged securities and reducing public deposits and repo positions,

• Reduce the Bank's loan portfolio through paydowns, restructuring, and significantly reducing lending activity,

• Significantly lower operating costs to align with the restructured business model. The Company has already taken key steps toward this business model that will contribute to the efforts of the Recovery Plan, as it:

• Systematically reduced its loan portfolio by almost $1 billion and lowering its CRE loan concentration in 2009;

• Reduced non-core deposits by over $489 million and increased core deposits by approximately $146 million in 2009, improving the quality of the Bank's deposit relationships and loan-to-deposit ratio to 85% , as of 12/31/09, from 103% a year ago;

• Announced closing three of four California loan offices in 2010, leaving only one commercial loan office in San Diego, as the Company exits the Mainland market;

• Announced the consolidation of branches in two locations in Honolulu to be completed in April, 2010, that are just a few blocks from each other, with plans to provide customers with more convenience through extended hours at both consolidated branches.

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Lombard Investments LLC, Investment and Business Consultants, PRESENTS “THE AUTOPSY OF ‘FOG’” PROGRAM SYLLABUS I. INTRODUCTION: ‘THE AUTOPSY’ DEFINED: GLOSSARY OF CONCEPTS &TERMS DEFINITION OF ‘BUSINESS BIOLOGY’ CONCEPTS . The Business Transaction that has failed to come to full term of the goal anticipated, is our Corpse, lying in state in its File-Casket, undergoing a forensic analysis of ‘who, how, why, when, and what’, has caused its demise: It is the Corpus Bodily Mass of documented Utterances underwriting the special function of Delivering a Full-Term Intended Business, under the terms of its Contractual commitments based on its strategic pro forma financial structure, business plan, and, operating plan, which, somewhere along that curve during its Contract-Gestation Period – underwent an unscheduled System Failure. A System Failure that implodes the life-line of The Plan, had to have been imposed by one or more of The Big Three parties to the transaction, whose respective interests must be in mutual accord in order to achieve a positive outcome.

In Biological Metaphor our Dead Deal had a specific Conception Date, a Genetic-Code, a Sperm Fertilization of an Egg-Cell, and an Embryonic Period; it became a distinct Bodily Mass, a

Fetus with a Head, Organs and Limbs, a ‘Thing’ having a Physical-Anatomy and Fully- Developed Structural-Biology; it possessed a Functional Dynamic, expected to come to Full Term as a Living Economic Organism. (*) (**) (*) “It is a THING! It has a Name!” (Annie Sullivan to Helen Keller as she learned her first word “water” / Film :“The Miracle Worker”): Our First Corpse, is a Development ‘Thing’, It has a Location; “Fair Oaks & Green” , It has a Name: “FOG” . He died before He came to full term. (**) See Glossary of Terms / “How to qualify for a LAMPoon Autopsy” THE AUTOPSY’S FUNCTION DEFINED:

The Business LAMPoon Club’s Autopsy is a due diligence tool metaphor to define and examine the organic process of creating and consummating any business investment transaction dependent on approvals from the City, or any Advocate Group, to accomplish its proposed business operations. Typically, these are retail business operations or property acquisitions for investment or building development. In particular, our purpose is to examine the fault lines of

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selected transactions which failed to meet their completion goals within this context. The cumulative benefit of specifically selected Autopsies, is that we are able to create a trend curve of agendas, and policies, that play out over periods, by indexing these influences on a current basis. Our prime focus is to define the degree of destabilization certain trends impose on The City’s economic equilibrium.

In a Marshall McLuhan-esque genre, The Autopsy is the message to the extent that it defines a blueprint of causes that lead to the demise of a Business Opportunity, discovered by following the trail of events that concluded in a failed business transaction, and examining its layers of influences, some obvious others behind the scenes, which are typically not available for public analysis. ‘The Corpse’ consists of document evidence, extensive logging of conversations, and reported circumstantial proof, lying in its ‘File-Casket’. The Autopsy is the manifesto of a Dead.Deal Our first Corpse is “FOG” . Each individual autopsy is:

• A discovery mechanism that objectively exposes a profile of patterns of intention behind decisions and actions taken by all parties to the transaction ultimately defining those who are responsible for its breakdown.

* A presentation of only hard evidence, analyzed without bias in favor of – or against – any parties, within the referenced arena:

1.) Business entrepreneurs, investors and operators; 2.) Members of Pasadena’s city management – elected and appointed

3.) Members of Pasadena’s various private and public-advocate groups concerned with preservation of the City’s history and social quality. The Autopsy simply organizes the abstract levels of a transaction’s data for presentation on a linear scale that illuminates its patterns and agendas.

* Monitored by an investigative team that includes the City’s finest, well-established forensic experts in matters pertaining to the City’s economic lifelines and its social welfare. These are

the City’s Grand Patriots. The collective data of the autopsies is:

• On the broader scale, a mechanism that demonstrates repeated patterns of operating policies and agendas of power groups and City Management – which compiled, produces an index

allowing a projection of the large scale, cumulative and compounded effects of such policies as they either serve, or breakdown a community’s Socio-Economic Equilibrium.

The “Fair Oaks & Green” - “FOG” - Autopsy will : • Begin with a Eulogy, followed by an • Obituary which includes Forensic Medical Data concerning “FOG’s” Disease Pathology

and Ultimate Demise; followed by the • FOG Family’s Genealogy; and lastly • The Autopsy Performance: Presentation of the Specific Forensic Evidence of Who

Killed FOG, and How it was Done. (*)

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HOW TO QUALIFY FOR A PROPERTY AUTOPSY

In order to qualify for a Party Autopsy, the business that has failed to come to Full Term, will have met the First Four of the following Developmental Benchmarks, and at a minimum a portion of the Fifth. It will have ‘died’ somewhere along the Curve of the Fifth – while it was “a Fetus”, and have Failed to reach the Sixth. I.. A Conception Date: Business Plan Completion, Due Diligence, Negotiation, Contract Execution / Commitment to any legal instrument that expresses mutual agreement of Intent to Perform actions expected to result in Achievement of a Conditional Stated Business or Investment Goal, such as an Escrow, or any planned operation conceived and undertaken at a later stage of the original Business purpose or investment. Example: An Umbrella Contract to coordinate functions to Design, Build, or Facilitate a Goal, such as

navigation of an Entitlement and Approval Process. II. A Genetic Code: Terms & Agreements of the foregoing / e.g. Investment Vehicle; or Escrow III. A Sperm Fertilization and Egg-Cell: Consummation of a legally irreversible Commitment to Perform; whether a one time Performance, or a Staged Performance, such as Funding. Regardless, The Sperm carries the Genetic Code that defines The Contract’s Specific Terms of Performance, in whatever Legal Form has underwritten The Goal’s over-riding Action Parameters, its Conditions defining its limitations and latitudes, under which all future Plans and Contracts are subordinated; a Business or Investment Plan Agreement; a Debt or Equity Instrument, a Deed of Trust et al . IV. An Embryonic Period: Period of Satisfying initial Contract Terms & Conditions, e.g. Equity packaging; Lining up Financing, and/or Facilitators for specific related professional services required, etc. e.g. “Gestation Period”

V. Fetus Development: Process of Activation of Intent and Conditions of The Business. Example: Design Development; Entitlement process, Design and Plan Approval, marketing of Equity or Debt Instrument, i.e. acquisition of Seed money; Bridge, Construction, Financing, etc required to fund The Business. e.g. Specific Facilitation of The Plan is Formation of an Organic Operating Corpus/System; e.g. Fulfillment of the Special Functions defined as the ‘Utterances’ of Investment & Business Plan terms; Escrow terms; Engagement and Successful Performance of Professional Services specific to The Plan’s progression, etc. forming The Plan’s Anatomical Structure, and are metaphorically its Biological Organic Systems; Its Functional dynamics that Satisfy Contractual Agreements resulting in:

VI. Full Term Delivery/ Birth: Contract Closing Business Start; Development/Construction Start, etc

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II. THE ‘2ND COMING OF ‘FOG’’PARTY PROGRAM SCHEDULE:

“‘FOG’S LIFE-LINE WAS ENDED BY A DISPUTE ABOUT HIS DERRIERE THAT RESULTED IN HIS ENDING’. MYTHICALLY HIS DERRIERE WAS HIS ‘END’ - FROM THE BEGINNING” (*)

: THE AUTOPSY PARTY: Date: Thursday, September 11, 2008 Time: 7:00 P.M. Place: The University Club 175 No. Oakland Ave., Pasadena, Ca. Program Schedule The Eulogy / “Poor Fair Oaks & Green” / The Obituary / Medical Data / FOG Family Genealogy: “Parents Without a Face” – “A Fetus with a Dislocated Ingress/Egress Cavity” i.e. “Without a Bottom Canal” It’s all in the Genes! The Autopsy Performance / The Coroner’s Lab / Fetus-FOG-File-Casket

THE EULOGY: * COMMENTARY / FOR THE RECORD: * COMMENTARY / ON THE RECORD:

* OBITUARY: FORENSIC MEDICAL DATA

FOG FAMILY AND ADVISORS GENEALOGY

THE AUTOPSY BEGINS / FORENSIC DATA AND ANALYSIS:

THE JURY ISN’T IN UNTIL YOU, THE AUDIENCE, REACH A VERDICT

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THE PARTY’S CORONERS: The Executive Committee / Pasadena’s “Grand-Fathered” City Patriots

FOG’S FINAL CAVITY: YOUR BANK ACCOUNT

‘ FOG ’

THE EULOGY: Family and Friends, we are gathered here today to pay our respects to still another passing of one of our Dear Deals – the death of “FOG”. Pasadena has lost another of its Taxpayer Revenue Streams, in the sad death of “FOG”, as we affectionately refer to the North-West corner of “Fair Oaks & Green”. Unfortunately, though we do know that FOG’s ailment was contagious, we do not know the current state of its contagion within the community. We know that FOG’s condition is a recurring one in the community but that where it will strike next is difficult to determine. We are hopeful that today’s Autopsy will illuminate the status of FOG’s disease pathology, in order that we may increase our defenses in the community and minimize future damage to our city’s revenue streams. . We will first review the pathology of FOG’s Fetal Existence from the day of Conception through his unusually-extended Embryonic Period, to the time when Fetus-FOG died: * COMMENTARY / FOR THE RECORD: Poor “FOG” did die – though some say they have seen his ghost around town appearing as if he were alive. At this time, this report remains a myth perpetrated by individuals who have a financial stake in representing to FOG’s Parents that FOG is alive and can fully recover. It seems that a Ghost Story is circulating, representing that a real-live FOG has been seen on a walk-about in the hallowed halls of Pasadena’s Building and Planning Department. But, unfortunately, the many months that have passed have not produced physical evidence of FOG. The fact that FOG has not appeared in Bricks & Mortar, or even as a Hole in the Ground, after a period far-exceeding a normal Development-Pregnancy is fairly convincing evidence that FOG is definitely dead. The question is, was FOG’s demise a homicide, or a suicide? It certainly was not a Natural Death. We will determine this today as we follow the trail of Fetus-FOG’s story before and after he died. Note: It is commonly known that new Medics engaged to address ‘FOG’s’ status, have claimed to be

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resurrecting FOG. Reports in the Community claim that now and then a toe wiggles – but, to an experienced Medical-Business Examiner this can only be viewed as a remote nerve-twitch artificially stimulated by some hopeful Architect-Doctor working on a Phantom-Corpse, in an effort to reverse-engineer FOG’s death by attempting to retrace the genetic information of Fertilized FOG’s initial DNA design – which was successfully reprogrammed by the Specialist who transformed FOG from a Genetically-Flawed Development-Embryo to one with a healthy Development Certification – and, who had in the process inserted FOG’s Egg Cell with DNA information that would produce an offspring with a healthy (Derriere-)Garage-Canal, allowing FOG to grow into a Building tall enough to stand on its own economically. Then, without reasonable cause, FOG was put to death. We have his Corpse, lying right here in this File Casket before us – with all of the evidence of ‘who did it’ and ‘why’. * COMMENTARY / ON THE RECORD: On the Record: Fetus-FOG survived for 16 months, and as said, this was an unusually long gestation period for a Normal Development-Pregnancy; FOG’s Natural delivery date was long over-due. But, as we will demonstrate, from the moment of FOG’s Conception on April 10, 2006, FOG was not a normal Embryo: The Fertilization of the Egg-Cell from which Fetus-FOG would form, was abnormal, its Sperm was damaged. In review of what causes Sperm DNA damage and its impact on reproductive capacity, we find that evidence suggests that Damage to Sperm DNA will adversely affect reproductive outcomes and that the Spermatozoa of Infertile Men possess substantially more sperm DNA Damage than do the Spermatozoa of Fertile Men! In retracing this data, we have discovered that FOG was doomed to be a Fetus that would be born with a Gaping-Deformity in aspect to that which his Parents had imagined he would be, due to events that had occurred way back in his Pre-Embryonic Period. (Fetus-FOG’s Damaged-Sperm had caused a Garage-Canal deformity) In retracing this Period, we find that when Parents-Min&Don sought out an Architect-Medic to conduct Ovum-FOG’s Fertilization Process, they had withheld the critical information that their Sperm was Damaged; a condition which resulted in Mutations in Embryo-FOG’s DNA structure. As the forensic analysis of our investigation proceeded, we obtained facts that give possible explanations for Fetus-FOG’s death – these facts have given us insight in to the Minds of Fetus-FOG’s Parents, Min&Don: It became apparent, as we went along, that Min&Don’s motivation for withholding this data from the Architect-Medic to whom they had gone in order to obtain Health Certifications for “FOG’s” birth, from The City, and from The Pasadena Heritage Committee in particular, as well as from all City Agencies and Committees that have a say in these matters – was intentional. Disclosure of this information at the time, may have shortened the Period of Fetus-FOG’s ordeal. As time passed, it appears that Min & Don had known that their Damaged Sperm was an irreversible condition that would prohibit delivery of the “FOG” they had imagined. It further appears that feigning ignorance of this condition may have been a calculated, disingenuous, ploy to create a Time-Bubble in which Parents-Min&Don would be able to set up a scenario that would allow them to gauge a Cost-Deferment of Architect-Med’s services, while seeking concessions that would allow them to stay ahead of the curve of their financial obligation to Architect-Med for months of Services Rendered - in the event of failure of their bid to use the Architect-Medic’s knowledge and long-standing experience in the Community as their Decoy to squire their intention of Pulling Off a Miraculous-Conception! As our investigation proceeded, the intrigue took on a level of mystery comparable to a Sherlock Holmes murder mystery. Min&Don, it seemed, would Reverse-Engineer their Culpability for having Fertilized Ovum-FOG with Impotent Sperm – which their Geneticist-Broker and Legal-Obstetrician had neither reversed or warned them about – by using Architect-Med as a ScapeGoat for their own InFertile-Sperm’s inadequacy and failure to cause a Property-Erection of Imaginary Heights. Evidence points to this becoming their contrived justification to escape the Costs for their thwarted attempts to by-pass City Health Approval: Summarily, Parents-Min&Don would use Architect-Med as a Cover-Up to Pull-Off a Rip-Off of Architect-Med’s accumulated billings to them. We will document this fact further on, as we observe how this Mind-Set correlates with a Mind-Set that brought on FOG’s Death.

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When Min&Don solicited Architect-Design-Med to monitor the Development-Design of Embryo-FOG, to the Specifications they wanted him to Design and push through to Certification with all of the City’s Agencies, Public and Private, he could not have known then that this was fated to become a troublesome pregnancy – but, as time went on, it was apparent there was no logical need for FOG to have died when he did – because Architect-Med had Pulled-Off a Miracle-ReEngineering of Fetus-FOG’s Genetic-Structure; it was not, however, all that Parents Min&Don had dreamed of achieving; they had wanted FOG to look exactly as they had envisioned him to be. Could it be that Parents Min&Don would actually destroy Poor Fetus-FOG, rather than to permit him to live a normal existence, but one that was not as Glorious as they had visualized for Themselves, as Property-Parents in Pasadena – or, - on the other hand, we also must examine the possibility that it was the Health-Certification Agencies that caused FOG’s death? We will qualify the foregoing assumptions with quantifiable Medical evidence.

• OBITUARY: FORENSIC MEDICAL DATA

When Fetus-FOG died on July, 25, 2007, all of his structural features were fully formed and there was no apparent scientific reason to delay inducing Physical Labor – just as soon as a Final Health-Certification could be obtained. By May 2007 Fetus-FOG had received Health-Certifications from all of Pasadena’s critical Committees and Boards other than the City’s Planning Commission, whose staff had steadily indicated their approving recommendation throughout the Pre-Development-Planning-Process - until such time that they were faced with formal notice of disapproval from one of those Committees, objecting to FOG’s Phenotype. That is to say, in Building-Biology, the Phenotype is its actual exterior observed properties, such as its morphology, development, or ‘ingress-egress’ behavior. The morphology of FOG’s outward appearance, and its component parts, was not acceptable. This was in contrast to FOG’s Physiology, which deals primarily with function. FOG had a perfectly normal Functional Capability, but, a critical feature of his Phenotypical-Design was morphed: He had a Bottom-Canal Deformity, which from an exterior observation position, did not look abnormal in an MRI, but, it was inconsistent with his inherited Genetic-Code; his Deed of Trust was Mutated causing FOG’S Exterior-Property-Behavior - his Phenotype - to be Canalized, In-Flexibly Dislocating his Bottom-Behavior: FOG was Deformed.

By February ’07 Fetus-FOG had received Health-Certification from the Pasadena City Transportation Committee and public approval from Old Pasadena Business Associates – for a Phenotype that was not acceptable to others. However, compromises were made, and between May and July of ‘07 FOG’s Phenotypic-Plasticity, and his Genotypic-Physiology had met the approval of those Committees, and The City was expecting FOG’s new Structural-Anatomy to be submitted for final approval.

By this time, under the aegis and expert care of FOG’s Architect-Medic, FOG had survived a number of exceedingly difficult technical procedures to remodel and condense his Spermatid Nucleus, which had gotten FOG off to a bad start – and, now Fetus-FOG had finally moved into a Womb-Position to be able to enter the world Head-First! Ladies and Gentlemen, due to FOG’s impaired Spermatogenesis, FOG’s Fetal Position had been one of the major adverse outcomes that caused contention concerning granting of the necessary Health Certifications needed from the City of Pasadena and certain of its Advocate-Groups. Ordinarily, in most Pregnancies, by the 36th week a Fetus has naturally turned head-down. When in this position, it is ready for a Final Exit from its Womb. Had FOG been in this position his derriere would have been in a position that allowed an unobstructed flow through a Canal on Green St. rather than the one Min&Don had wanted, on Fair Oaks.

“A FETUS WITH A DISLOCATED INGRESS/EGRESS CAVITY” I.E. “WITHOUT A BOTTOM CANAL’

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However, until May 2007, long after 36 weeks, and long past a normal 3rd Trimester, FOG was still stuck in a Bottom-Down Breech-Position – i.e. a derriere-first position – prescribing that a normal birth would be impossible, and, in FOG’s case, a Cesarean Delivery was impossible – FOG, either had to be ‘in the correct position’ or FOG would have to be Aborted. Alterations to His Condition were Scientifically Impossible; FOG’s Genetic-Code was Unconditional : The Opening to FOG’s Sub-Grade-Bottom was improperly positioned, due to the mutations in FOG’s Genome which had canalized Organism-FOG’s Phenotype, as a result of a Restriction Enzyme that had bound to his DNA – long before he was conceived - preventing modification of FOG’s Exterior Lining – and had caused an unanticipated Morphology of FOG’s expected exterior appearance, though it had not really compromised FOG’s potential functional capability.

While FOG’s Phenotype had been canalized, these mutations in FOG’s Deed-Genome did not noticeably affect Organism-FOG’s physical properties. It is a scientific fact that a Canalized Phenotype may form from a large variety of different Genotypes, in which case it is not possible to exactly predict the Genotype from knowledge of the Phenotype, (i.e. the Genotype-Phenotype Map is not invertible): FOG’s Bottom could be properly positioned but it required an Anatomical-ReDesign in order to adjust his Fetal-Position to a Head-First Access to the Birth Canal. When FOG’s Derriere was adjusted, he received Health-Certifications from those Committees that had objected to his Birth in the former Position, and immediately this promoted early indications of Labor. Had this not occurred, The City and The Health Committees would not have given their approval for FOG to be born.

The Mutation in FOG’s Genotype-Phenotype structure was called:

“EXCEPTION 14”

Understanding the foregoing Medical data, tedious though it may be, is critical to understanding the causes of FOG’s death

* FOG FAMILY AND ADVISORS GENEALOGY / “PARENTS WITHOUT A FACE” – A ‘FETUS WITHOUT A BOTTOM-CANAL’:: IT IS ALL IN THE GENES

For those of you who have not known the FOG Family, you may be surprised to learn that when FOG’s parents, Min and Don Chae, acquired the property which they later expected to be FOG’s Birthplace, FOG was only a dim, unformed, dream in their minds. That was in January 2006. At first, Min & Don settled down to run a restaurant in one of the property’s stores facing on F.O. The land size was 39,763 s.f. and only 15,045 s.f. of that had existing buildings on it – certainly, there was sufficient land to develop a FOG-Fetus – depending on how large FOG would become. It wasn’t long after that the lure of creating a mixed-use commercial building on the property became a Sexy Idea – and, FOG was conceived! By this time, it was the Spring of 2006. After interviewing a variety of Specialists, in April 2006, FOG’s Parents engaged a highly-respected Architect-Medic, here in Pasadena. They appeared confident of their expectation to achieve a full-term delivery of their Embryonic Ideas of a FOG-Fetus. This Architect-Med-Specialist had long been known in the City to have a history of dealing with difficult Development-Pregnancies over his many years in the profession. Apart from the usual concerns for the birth of an Over-Sized Fetus, no indication had been given of any unusual impediments to the fulfillment of FOG’s parents’ dream to give birth to the “very best new building to be born in Pasadena in recent history”; he would be tall – at least 5 or 6 stories tall; and his roots would be anchored by 89,993 S.F. of multi-level parking structure that all of the community could

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visit easily because its doors would be wide open on Fair Oaks Ave.; his chest size would be just under 80,000 s.f. and, his footprint would be every bit as impressive as Big Foot’s – in all, ‘FOG’ would be a robust 170,254 s.f,.. As the Med Records have indicated, unfortunately and sadly there was a problem, Genetic-Factors would prohibit FOG from having the features described which Min&Don had visualized for FOG, because, FOG no longer retained the Rights of Natural Selection of his Normal Evolutionary Heritage.

We will also note here that FOG’s Genetic Flaw was fully documented in all of the Pre-Embryonic-Period Property-Med Reports available at the time of Acquisition of this Site which would later become the Sexy Idea for a FOG birthplace. But, Min&Don’s Broker-Geneticist and their Legal-Doctor-Obstetrician had neglected to inform Min&Don about the critical data contained in these reports, which information Min&Don could have learned even before acquiring Fair Oaks & Green, while visiting The Pasadena Heritage Society, while still tenants of the property – before they had even visualized a “FOG”. Neither the Broker-Geneticist or the Legal-Doctor-Obstetrician who had attended the procedure of the Property’s Acquisition-Negotiation and its Escrow had taken the usual, logical, precautionary measures available to insure their Patient-Client’s welfare against disappointment of learning that the Property’s Hereditary Rights of Natural Selection had been Genetically Compromised by an ‘Exception’ in Its TD. They had neglected to protect Parents-Min&Don from the disappointments they would later encounter and the concordant financial costs of a Flawed-Conception – as we will see in a fully detailed forensic disclosure of the documentation supporting FOG’s Autopsy.

Let’s revisit the Mystery Plan which lends credence to the possibility that Min&Don may have had a sinister secret intention to limit the chances of FOG being Born, should he not be the handsome, virile, Building they had thought themselves worthy of Delivering – and, if this were so, to set up a Trick-Exit from their Financial Obligations: When Min&Don, were heavy with an Over-Due Development-Pregnancy, and had been continuously insisting on unfeasible miracles from The City and The City’s Advocacy Groups, via their Architect-Med, they were all along manufacturing excuses to defer payment for all of the costs associated with these City-Related-Medical-Procedures. Meanwhile, the Arch-Medic had altered the course of FOG’s destiny, literally saving FOG from a Fate of Total Deformity, Re-Engineering his Structural-Anatomy to meet the expectations of The Health Committees, and had brought Fetus-FOG right up to a point of imminent Natural Labor. We have evidence, Ladies & Gentlemen, that FOG could easily have been born.

However, Min&Don - and their Legal-Doctor who had earlier failed to protect them from the disappointments of a Flawed-Pregnancy, and who would now conspire with them to attempt to pre-empt payment of the costs of this venture – now adopted a Mysteriously aggressive Breach Position of their own!: It was a Breached--Moral-and-Legal-Position, in a two prong attack: First, they would Skewer the Architect-Med by refusing to pay for months of services that had been only partly paid – a first stage Homicidal indicator – without FOG’s only Medical Benefactor at his side, FOG’s chances of survival would diminish rapidly. Second, they would Strong-Arm the Committee that held the Key of Approval (and disapproval) of FOG’s Derriere-Canal-Position – a second stage Homicidal Act – actually, a hybrid – a homicide-suicide, simultaneously. They executed these two Assaults ignominiously: First, instead of filing a design with the City that had finally met the approval of the Committee that held the Key to FOG’s exterior design - which had after so many months of negotiations agreed to a plan - Min & Don decided to file a New Design with the City; one that disregarded The Committee Approved Design that had been submitted as one of three possibilities in May ’07: In a meeting on July 25 in the offices of the Architect-Med Min&Don&Legal-Medic asserted that it would be “Their Way or No Way” as far as FOG’s Specs were concerned, and they would “force” the Committee that had held FOG’s-Phenotypic-Profile in their power, to “Back-Up” This move then took on a more sinister countenance,: At this point, Legal-Doctor, who had already once in April ‘07 – unsuccessfully - attempted to intimidate The Committee with an oblique threat of exposure of some contrived culpability, now wrote a letter to The

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Committee in September ’07, urging that they needed to understand that he expected a response to the issues stated in his written threat five months earlier – which they also ignored. Second, Legal-Doctor, informed Architect-Med that Patient-Client Min&Don did not intend to honor their financial obligation to him – and, urged him to accept a pittance of the sum owed, asserting in a letter dated 12-07-07, that Architect-Med’s Contract with FOG’s Parents, Min&Don , dated 4-10-06 - FOG’s Conception date - was “terminated as of October 23, ’07” - an arbitrary date that disregarded the legal and logical facts of their Design-Fertilization-Contract with Architect-Med, and their financial obligation to him– simultaneously, enclosing a check in an amount that was 12% of their Past Due Obligation. Legal-Doctor stated that Min & Don “considered the matter closed”. (Note: All Document Exhibits referred to in this Procedure are here in the File-Casket of Poor Old FOG, Lying Dead on our Coroner’s Slab this evening.)

The Fertilization-Contract for FOG that Min&Don had signed with the Architect-Medic on April 10, 2006 was aborted with the same over-confident dispatch with which they had Aborted FOG’s chances of survival on July 25, 2007.

Ladies and Gentlemen, it was clear that Legal-Doctor and FOG-Parents had mysteriously assumed there would be no repercussions for slithering away from their obligations to conduct themselves logically. Instead of proceeding with the Health-Certifications that had been given, and while ridiculing the legal and moral structure of the Fair Business Practices of our Community, they had intractably asserted in that meeting on July 25 in the offices of the Architect-Med that they would “force” the Society that had held FOG’s-Phenotypic-Profile in their power, to “Back Up” - and, by these actions and subsequent statements and correspondence written by their Legal-Obstetrician, they have displayed a level of arrogance and naïvete that has allowed us to believe we have solved the mystery of ‘Who Killed Poor FOG and How’. Do we not have an indication here of ‘why and how FOG died’? Do we see here, an Abnormal Genetic Strain? * “ PARENTS WITHOUT A FACE” At this point, our Forensic Team was able to see that Min&Don, and Their Legal-Obstetrician, had completely disregarded the possibility of the serious repercussions that would follow their reckless conduct, in due time - one of the most damaging being that they had Lost Face in the Community – leaving them with a Deformed Physical Countenance and Future: These Parents, of an Ill-Gotten Fame for their tendency for Self-Immolation, simply had not understood that a Lost Face is by far an Uglier Societal-Blemish than would have been the Physical-Sight of Re-Design of FOG’s ‘Body Cavities and Façade’ to meet The City’s Certification Standards – in concession of the Façade they had originally envisioned. They seem to have not recognized that the Entire Community would be appalled by the unsightly Cavity-Deformity of a Lost Face – a much more repugnant ‘Cavity Deformity’ than is a ‘Dislocated Garage Canal’ ! At best, a Lost Face is a Social Stigma, a Physical Abnormality, and it is commonly known that this is brought on by a Congenital Malformation of Character, and that usually the Condition results in a Scaphocephalic-Head – a condition, also known as a Cymbocephalic-Head - ‘Kymbo’ from the Greek meaning “Hollow Object”. This condition, replicated in adulthood-metaphor, relates to a Psyche’s-Head and is brought on by a premature closure and ossification of the Mind’s Moral Sutures, just as, in a Physical-Fetus, it results in a reconfigurement of the Skull’s Sagittal Suture, in turn causing a Malformation of the Skull in which the Vault is Narrow, Elongated, and more or less Boat-Shaped. The condition is frequently accompanied by Mental Retardation.

Society recoils from such Repugnant Sights, it wants not to be Exposed to them – and particularly at this hour of the evening, so we do offer Apologies for having to make these Disclosures, however, they are an

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indigenous aspect of this Autopsy, if we are to understand the Forensic Causes of how and why Poor FOG died. And, we all know that as bad as it is for Min, Don, and Legal Doctor, to live with a Physical-Deformity of this magnitude, much worse, is the Social Deformity of Losing Face among Professionals - it is far worse than the Fetal-Flaw of an Embryo, it is the Fatal-Flaw of a fully formed Adult in the Business Community.

It appears that Organism-FOG was Plagued with irregularities of responsible conduct, and that it was a part of the Genetic Code of his Development-Pregnancy, from the Beginning.

It was at this Time, we can surmise that FOG did not die of Natural Causes; all evidence points to this conclusion: It appears that his Demise was a Homicide-Suicide – and that Min&Don did not act alone. We can see that Min, Don, and their Legal Advisor, had neglected to recognize that The Organic Socio-Economic System is relentless, it is the Cosmic Sleuth Hound that eventually catches up with gross violators of its Genetic-Code, and accordingly – in due time – it takes its pound of flesh, ruthlessly rectifying inconsistencies and imbalances imposed on it by Morally and Intellectually-Destitute Predators who perpetrate Infractions of Its Genome-Recipe; It is an Eternal-Time-Keeper, that – in due time - churns out Accountability.

Despite the foregoing evidence and the inevitable conclusion that Min&Don caused FOG’s death, we must also consider that those ‘others’ who have intentionally – as well as ‘others’ who acted inadvertently, in concert with Min&Don’s intentions - and who, also, share responsibility for FOG’s demise - are identifiable – if you have paid attention..

FROM TERRA FIRMA INTO THE ARMS OF MORPHEUS

As we proceed to review FOG’s forensic path to The Grave, we continue to seek to determine the details of FOG’s death – though we can conclude it was a Parental-Suicide, it was equally – or, so it seems – a Homicide; All evidence indicates that Min&Don aborted Poor FOG rather than to give FOG the opportunity to live with his Derriere-Canals where they could be healthfully subscribed by The City.

In fact, Min&Don never did file a new design with The City – as they had claimed they would do on 7-25-07. Rather, to all appearances – at that point – Min&Don slipped into a Lynwood Sunset, leaving a Dead FOG behind them, with an Embarrassingly Large Tab owing to their Architect-Med, and a Gaping-Sink-Hole of Hard Money lying prostrate right in the center of the Chromosome where Poor Old FOG was supposed to have been Born! You can see it, if you pass the corner of Fair Oaks and Green; It is Obvious by its Non-Existence! There, lays approximately $15 mil swallowed up by a Giant-Sized Investment-Black-Hole. There is no trace of it to be found; though if you know that it was put there, you also know that it is still there, silently sucking up the oxygen of any previously expected Equity Yield, and you know that as time increasingly evaporates its Future Value day by day, while it is just laying there Doing Nothing, Time is relentlessly day by day, eating up all of its NPV: Not only is it eating up its potential Return On Investment, but it is steadily marching toward all of its Reversion Value, eating up its Return Of Investment - and as it is doing this, it is literally Reverse-Engineering The Whole Sum into a Sinking Fund, but one without a FACE VALUE! Even Min&Don’s Money has LOST ITS FACE!

We know that Without a Job to perform, money cannot work for us – and, if it isn’t working for us, Time is eating up its Face Value until it becomes Nothing! Lucretius told us in the 1st c. BC that “Nothing comes from Nothing” ; and we know that Time Moves in many directions in Physics, and that Zero is not Nothing in Physics and Math, but, In Money, Time works only in one of two directions: On The Money, or With The Money – and it is the Money’s responsibility to determine which of These Directions Time is moving In. Without a Job to Do – Money lying dormant is being worked On by Time, becoming Nothing with every passing day – until it has no more FACE value! Stripping away a Coupon Rate from a dormant Investment Instrument is what Time does until it has eaten up The Whole Sum of the Original investment, reducing it to Zero. Zero cannot function in a vacuum; Zero needs to work its way back to Its Face Value In Reverse, and it cannot do this if Its Original Face Value is being eaten up by Time, because the Investment

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Instrument isn’t doing a darned thing! Instead, Zero is running in Reverse of its intended Time Arrow, it is Running Straight Forward Toward Its Original Face Value and as it does “It” is The Instrument of Time, Consuming ITS OWN FACE! A LOST FACE value in Money, is Worse than a simple Nothing – rather, It is Nothing with the foul odor of Something dying : A Negative Cash Flow and a Depreciating Asset base. Sadly, we know that somewhere, as this-$15-16 Mil continues to convert to Anti-Matter, It probably longs for Its Lost Virility, nostalgically wishing for just one more chance to Fund FOG.

THE AUTOPSY BEGINS / FORENSIC DATA AND ANALYSIS:

And now, our Physical Autopsy begins: We will look at the data here in our FOG-File-Casket that verifies FOG’s DNA-sequence mutations, occupying a specific location, along Fair Oaks, on the Fair Oaks & Green-Property-Chromosome: FOG’s expected Body-Cavity on Fair Oaks had been dislocated by the Phenotypic consequences of the mutations in the Gene regulatory regions of His Property-Chromosome requiring that FOG’s Body-Cavity be on Green St. instead.

No general rules have been proposed to account for the functional consequences of property gene regulatory mutations of this kind, they occur as a consequence of Political Influence and Pressure within The City that alters the DNA sequence of the Property Deed. The consequent pathology of this mutation is always fully documented in the Property’s Title Report; as well, in its PTR, and often in its ALTA Survey.- right there under “CC&R’s”, and Exceptions , and is clearly discernable for any professional Property-Consultant or Advisor. As has been noted, a responsible Broker-Geneticist and a Legal-Doctor-Obstetrician would ordinarily consult these Med-Docs, within the scope of their professional responsibility to take precautions on behalf of their Client-Patients against the suffering and substantial costs of having their Client-Patient be later subjected to a Development-Pregnancy that would be compromised by a gene mutation that would ‘abort their dreams’, and be very costly. The evidence that this Pregnancy had been Ill-Conceived soon burst the bubble of Min & Don’s euphoria – and, it is here, at this point that the pathology of the forensic causes of Fetus-FOG’s unrequited destiny begin to blur, as we seek to determine exactly who did what, when – and – who did not do what should have been done, and when – and – who knew what and when – and – who did or did not know what they should have known, and – who may have known what others should have known but did not disclose when it should have been disclosed. Hence – we are here together today, Dear Friends & FOG-Family-Friends - and perhaps some Relatives - to determine the Answers to these questions, which answers will certainly emerge as we further forensically examine FOG’s File-Casket. FOG’s Easement was in his ALTA Survey, it was right there to be seen, and easily diagnosed, early on - even before the concept of FOG was a glint in the imagination of FOG’s parents, and a healthy Term-Escrow for any eventual FOG-Building-Birth could have been given maximum opportunity. Had Min& Don then learned of this Genetic Flaw – they could have aborted, and saved themselves months and months of disappointment. “Exception 14”: (Even the name sends a warning chill down the backs of any Professional attendant who knows Property Law.) was the type of Genetic-Mutation that warranted consultation with The Pasadena Heritage Society Committee before committing to acquisition of the Property, in order to assess the financial stakes of purchasing the property without one single concession from the Genetic-Markers that dominated the Property’s altered hereditary condition. But, according to M&D their Geneticist-Broker, after having contrived the Insemination of a Live-Deal-Seed in Min&Don’s Investor-Womb, took no such precaution – and their Lawyer- Deal-Obstetrician to whom they reported before and during the Escrow-Pregnancy of the Property at Fair Oaks & Green, had provided them with no such notice.

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FOG died a slow and painful death. At times a death rattle could be heard from FOG’s Parent’s Womb even without a stethoscope. There were times during the Spring of 2007 when, suspiciously, it appeared that FOG’s Legal-Obstetrician and FOG’s Parents were literally and figuratively bent on assuring FOG’s End – they alone would decide where his Derriere would be, literally and metaphorically. We know that when on 7-25-07 FOG’s Parents rejected the life-line given by the Pasadena Heritage Society Committee, a Center of Serious Disease Control in the City of Pasadena, it offered to assure FOG a chance to be born. We also know that this gesture magnanimously followed the event in April ’07 when FOG’s Legal-Obstetrician made a stealth gesture to request a meeting with The CSDCPH, during which meeting Dr. Legal lobbed a threat across the bow of FOG’s Fetus, dropping the information that the Society, itself, had a disease!: It seems, Dr. Legal disclosed, that he had investigated the CSDC and claimed to have made discoveries of some sort of infraction he claimed they had committed in some manner, many years earlier. This was, indeed, a stunning development, certainly counter-intuitive for a Legal-Medic seeking a lifeline for the, still unborn, Fetus of a Client-Patient having a troubled pregnancy. As we proceed with the Physical Evidence here, of the causes of FOG’s death, we safely assert that this was one of those moments when it was difficult to determine if Fetus-FOG was being murdered while still in the Womb, or was just Croaking naturally from Parental Neglect. Just the same, in July ’07 the CSDC approved a re-engineered Genetic-Design – but, by month’s end, on July 25th, FOG’s Pasrents had rejected it, implying an attitude of ‘the hell with TheCSDCPH!’ This was the closest date we can ascertain, so far, on which to pin FOG’s last Heart-Beat. We know that in August ’07, FOG’s Parents claimed they would file a plea with The City of Pasadena for a Genetic Transplant to re-store FOG with a DNA of new Genetic-Design-Structure - one, unfortunately, that disregarded CSDCPH’s earlier choice of treatment for FOG. And, we know that by September ’07, FOG’s Parents and their Legal-Doctor had bewilderingly retraced their steps to the CSDCPH, now demanding – after 5-6 months of evident disinterest in the subject on the part of the CSDCPH – that they ‘need to understand the critical nature of their own disease’ and ‘be held accountable’ to him and FOG’s Parents for it!? It was shocking behavior! It was another moment when it appeared that Parents Min&Don were in deep denial of poor FOG’s demise - murdered while still in the womb. This was clearly a homicide, which by extension was genocide as FOG’s Parents had obviously approved the actions taken by their Legal-Doctor. As we retrace those months, we may easily conclude that FOG’s Parents, themselves, had a Death Wish. The situation was somewhat reminiscent of a Mass-Genocide for all parties associated with FOG’s Development-Pregnancy – including parties who had given Fetus-FOG the only healthy nurturing he had received. Certainly oblique threats of dishonor to one of Pasadena’s most powerful, venerable, formidable, and Nobly-Intended, Institutions from whom FOG required a Birth Certificate was a Suicidal behavior, at a minimum. THE JURY ISN’T IN UNTIL YOU, THE AUDIENCE, REACH A VERDICT We have determined that FOG’s death was not an accident, and that FOG could have been alive and well in our Community today had his Parents, and Their Weathermen-Professionals, responsibly and conscientiously, attended the Legal and Business Regs of The System’s Explicit and Implied Rules of Protocol, at the very Earliest Stages of their Approach to FOG’s Potential BirthPlace. Had they, it is quite possible that we may never have encountered ‘Fetus-FOG’ - Don&Min may never have purchased Fair Oaks & Green, had they known beforehand of its “Exception 14” Easement; or at a minimum we may logically assume they would have held preliminary conversations with The Pasadena Heritage Society, specifically in order to determine what, if any,, flexibility concerning ‘Ex 14’ may be possible – before entering an Escrow. But, none of the above occurred. We see that all along The Curve, from Acquisition Negotiation into, and out of, Escrow The Framework of a Deal is Set in Concrete: Whatever, frailties are left within the Utterances or are left UnUttered - that is, those that are not Acknowledged and Addressed at that Stage of The System’s Theocracy – remain as a Flaw within Its Organic Function, one that Trails all of the way through to the Moment of Conception of Intent to Start a Family; at which time The Flaw Factor Gains Traction, and whatever were the Omissions and Distortions in Print, translate to Omissions

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and Deformities of Intent. This phenomena operates on a somewhat parallel trajectory with Molecular Nanotechnology’s Doomsday posit of “Grey Goo” – those nano-organisms that are ‘the stuff all things are made of’’- running amok ‘creating’ more of themselves, and as they do, consuming all matter as they become all that remains on Planet Earth, a single ‘large-mass goo’ It’s like a Badly Negotiated Deal in Escrow: If its Framework is Mush, that is the stuff the deal is made of – and its Course will Turn Everything to Mush, after the Close, reducing initial expectations to one Large-Mass Mush. . Still, there were Places along That Curve, where FOG’s Parents and CareTakers had Openings – like White Holes in Space - in which to Plead Their Design Cause, in Hope and Anticipation of a Special Dispensation from The Gods that Were. Our task is to determine whether the efforts they made in this direction were Appropriate and should have been Sufficient.

III. THE LENDERS:: WHAT ABOUT THE LENDERS? Before we adjourn for ‘Party Time’ we need to address one more critical question – which may make moot our purpose this evening to “Raise the bar above the agendas of the ‘Big Three’ on FOG’s behalf“: ‘CAN MIN&DON AFFORD TO ‘BRING BACK FOG’?! The question becomes disingenuous as we review the possibilities of ‘Yea or Nay’ Within the answer to this question may lay the ‘Real Reason’ Min&Don walked from this project – and had assumed they could also walk away from their financial obligations to FOG’s Cardinal Caretaker. It may be that Min&Don concluded that their math wasn’t adding up in support of their Priority Interest: Themselves – Not FOG? – in the event they were to pursue the development, at all – much less as a project scaled down from their original expectation. It is possible that ‘who did what, when’ may be totally subordinated to ‘why’ they did what-when – And that Their Lenders may be Subordinated to The Same Equation. THE ANSWER PROBABLY LIES IN THEIR MORTGAGE OBLIGATIONS WITH THEIR BANKS – CENTRAL PACIFIC BANK OF HONOLULU, AND WACHOVIA BANK, ROWLAND HEIGHTS, CALIFORNIA - AND IN THEIR BANKS’ OBLIGATIONS TO THEIR REGULATORS, AND IN MIN&DON’S PREFERENCES….ABOUT HOW TO DEAL WITH ……? COULD IT BE THAT MIN&DON’S PURPOSE WAS CLEVERER AND MORE CUNNING THAN

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WE’VE CONSIDERED – OR THAT IT WAS FAR LESS CUNNING AND CLEVERER THAN THE POSITION THEY FOUND THEMSELVES IN? WE DO NOT KNOW, BUT – WHAT WE DO KNOW IS THAT IN 2006 MIN&DON WERE THE BENEFICIARIES OF LOAN PROCEEDS FROM TWO LENDERS, TOTALLING $15 MIL. - $12 & $3 MIL - ON A GI OF LESS THAN A QUARTER MIL – AND A RENT ROLL, 74% OF WHICH HAD SCHEDULED LEASE EXPIRATIONS BY MID-2007. AND, WE KNOW THAT AS A GENERAL RULE A 10% CAP RATE ON NOI OF $750K WOULD JUSTIFY A PURCHASE PRICE OF ABOUT $7.5 MIL., WHICH HAPPENS TO HAVE BEEN THE AMOUNT OF THE DEBT EXISTING ON THE PROPERTY WHEN MIN&DON PURCHASED IT IN JANUARY-06. BUT – THEY PAID CLOSE TO $16 MIL. AND $750 K WAS NOT THEIR NOI - IT WAS THEIR GR. OF COURSE, THE PROPERTY IS IN OLD PASADENA; ITS APPRAISED VALUE MAY SUPPORT SAY, AN 8% DISCOUNT RATE – ON NOI - WHICH MAY HELP TO MOVE THE CURVE A BIT MORE IN THE DIRECTION OF A POSSIBLE DSCR AGAINST A LOAN THAT HASN’T EVEN A LOGICAL RATIO TO EBITDA. OR SAY – EVEN A 7% CR ‘ON WHATEVER IS A TRUE NOI’: – BUT, THEIR MORTGAGES TOTAL $15 MIL – WHICH IS 20 X ANNUAL ‘GROSS INCOME’ - NOT QUITE A 5% RATIO OF ‘LOAN PROCEEDS TO GROSS INCOME’ - AND THAT’S NOT EVEN ON ‘EFFECTIVE GI’ - AND, IF, SAY, THEIR NOI WAS,VERY GENEROUSLY, 60% OF GI, THEIR LOAN PROCEEDS WOULD BE LESS THAN A 3% RATIO; 33.5 X GREATER THAN NOI. ASSUME, THE DEBT SERVICE SCHED IS IO, WITH A BALLOON, 15 YEARS OUT: IT STILL DOES NOT PENCIL. ASSUME THAT MIN&DON HAVE A VERY STRONG FINANCIAL STATEMENT – IT STILL DOES NOT EXPLAIN WHY THE BANK HASN’T SECURED THE MORTGAGES WITH OTHER ASSETS. THE LENDERS HAVE NO ADDITIONAL SECURITY DIRECTLY COLLATERALIZING THESE MORTGAGES – AND CERTAINLY HAVE NO DSCR. THIS DEAL HAS AN INVERTED LTV THAT IS OFF OF THE RADAR SCREEN OF ANY LOGICAL PERSPECTIVE . ASSUME THAT ‘FOG’ HAD BEEN ABLE TO BE EVERY BIT AS ‘BIG’ AS MIN&DON HAD WANTED HIM TO BECOME: IT STILL WOULD NOT PENCIL OUT. MAYBE IT WASN’T ‘TIME’ THAT ATE UP THE INTRINSIC VALUE OF $15

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MIL.IN LOAN PROCEEDS – MAY BE IT WAS ‘THE LENDERS’ WHO ATE IT

EVEN BEFORE THE FACT. (*) (*) SEE EXHIBITS A, B, C IV. RESOLUTION / ‘FOG’S DE- FOGGING The Memorial Service / PARTY TIME

At the Table in the Rear, we have “BRING BACK ‘FOG’!” T-Shirts and Bumper Stickers. For $1.00 you are able to become a LifeTime Member of “The Meeting in The Sky” with Irrepressible-FOG. It is FOG’s Party Time, His time to Memorialize His Own Resurrection; even now His Shadow Shimmers on a Silver Lining of Vindication of His Right to Have Come to Full Term: Tonight, Pendulum-FOG has swung right into The Center of Gravity of Full Accountability for those who dun ‘im in’. It won’t be long now before we learn where FOG is headed next. On a Reverent Note, FOG, we are beginning to see, IS truly irrepressible; in fact, FOG appears to have been operating as an Oracle of another Dimension, a LifeLine of His Own Timing; Perhaps He hasn’t Died – in the conventional sense that we perceive The End of an Organism; We have the Sense that FOG remains right here in our Midst, an Amorphous Cloud of Guilt-Spittle expectorating like a fine mist, floating over Pasadena – now and then taking a Ghostly Form, moving clandestinely in and around His Aborted-Home-Chromosome - Fair Oaks & Green – circling back and forth between ‘Home’ and the ‘Hallowed Halls of Building & Planning’ where He tried so hard to become as Large as Possible. FOG could be planning His Own Revenge; He may be Changing Electro-Magnetic ProtoPlasm-Channels, in a Stealth Scheme to Reverse-Engineer His Own ComeBack! In Final Closing, we know that FOG died, because we have FOG’s remains right here in our File-Casket. These File-Remains include all of the data required to travel the curve of FOG’s Existence to Non-Existence. If FOG’s Mythologists are able to miraculously resurrect FOG the event will be archived in the Library of Pasadena’s Coroner’s Records as a singular Epiphany for those who believe in Property-Development Miracles. However, if FOG IS TO RETURN TO US IN A ‘SERIOUSLY VACUOUS’ CONDITION, WE WILL WELCOME HIM – THOUGH THIS WOULD NOT ‘FOG’, IT WILL BE A ‘CLONE’ OF A SERIOUSLY DOWN-SIZED LIKENESS.. In the meanwhile, This Autopsy is now open for questions and discussion of The Topics presented tonight. You are welcome to review this File-Casket, to confirm all of the documentation that has been presented in tonight’s Autopsy. PARTY TIME And – now we will adjourn for Party Time on Terra Firma, in Fond Memory of What Was, and Anticipation of What Is to Come. FOG must have a sly smile on His Face, wherever He is. At least He died with a Face; its His Parents who have Lost Theirs – along with some Others

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V. EXHIBITS /THE SECOND COMING OF

‘ FOG ’ ?

EXHIBITS:

EXHIBIT ‘A’

Friday, May 9, 2008

Fitch lowers Central Pacific rating Pacific Business News (Honolulu)

Fitch Ratings has downgraded Honolulu-based Central Pacific Financial's rating outlook from

stable to negative.

The report came Friday, a little over a week since the parent company of Central

Pacific Bank reported its first quarter profits were down 91 percent.

New York-based Fitch cited the company's "exposure to the California residential

real estate market, which has already impacted earnings performance and credit

quality."

The financial ratings agency said the company's ratings continue to be supported by a healthy

capital and reserve base. Fitch said it would revise the rating outlook back to stable if Central

Pacific can manage through the operating environment in California. However, Fitch said it

expects some continued credit stress as a result of the company's residential real estate portfolio

in California.

Shares of Central Pacific (NYSE: CPF) closed down 3.6 percent to $16.53.

***************

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EXHIBIT ‘B’

Vol. 13, Issue 71 - Tuesday, March 11, 2008

Central Pacific CEO retiring

Clint Arnoldus wants to spend more time with his grandchildren STORY SUMMARY »

Excerpted

Clint Arnoldus, president and chief executive of Central Pacific Bank and its holding company, said yesterday he will retire on Dec. 31 and relocate to Arizona to spend more time with his family. He will get a retirement package of about $5 million.

"Everyone in the company knows I'm really focused on my family and my wife and I want to be a bigger part of their lives. ... I also wanted to make sure I gave the board plenty of time so we could make this transition," Arnoldus said.

Excerpted

By Dave Segal dsegal@starbulletin.com

CLINT Arnoldus, who orchestrated the $458.6 million acquisition of rival City Bank and its holding company in September 2004, said yesterday he will retire on Dec. 31 as president and chief executive of Central Pacific Financial Corp.

Arnoldus, 61, said he wanted to spend more time with his six children and 14 grandchildren and would be relocating to Carefree, Ariz., in north Scottsdale. He will receive a lump sum of about $5 million that will include his salary, bonus, relocation expenses and retirement benefits.

The outgoing CEO, who in January 2002 became the first non-Japanese-American to lead the state's fourth-largest bank, said he would help Chairman Ronald Migita and the Central Pacific Bank board of directors in ensuring a smooth and seamless transition. A search for a new president and CEO is expected to begin immediately. Migita, the former CEO of City Bank and its parent, CB Bancshares Inc., said he is not a candidate.

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"I felt like right now is the time for me to retire," Arnoldus said. "I've always wanted to retire at a relatively early age and I think everyone in the company knows I'm really focused on my family and my wife and I want to be a bigger part of their lives as the grandchildren are growing up. I also wanted to make sure I gave the board plenty of time so we could make this transition in a very orderly manner. It's 10 months from now, so that will allow adequate time to consider internal and external candidates and get them transitioned in."

Arnoldus created a stir in the local banking community in 2003 when he initiated a hostile takeover of City Bank. Ironically, then-City Bank CEO Migita and the bank's board fought the takeover both in court and in the media with Central Pacific raising its offer price several times before City Bank finally agreed to the merger. As part of the deal, Arnoldus became CEO of the combined bank while Migita became non-executive chairman. Arnoldus later added the title of president when Neal Kanda left the bank in 2006.

Migita said yesterday that Arnoldus' retirement package was negotiated prior to the merger becoming final. Arnoldus currently earns a base salary of $630,000.

Arnoldus also was instrumental in leading Central Pacific's $9 million acquisition of residential mortgage broker Hawaii HomeLoans Inc. in August 2005.

On a lighter side, Arnoldus and the bank's marketing team popularized the much-publicized bank mascot, Alex the dog, and "fiercely loyal banking" in 2002 shortly after Arnoldus arrived at the bank from his top position at Community Bank in Pasadena, Calif.

Brett Rabatin, an analyst who covers Central Pacific for FTN MidWest Research in Nashville, Tenn., said Arnoldus' shoes will be hard to fill.

"It's a bit unexpected, but given the timeline, it's obvious it was a personal decision and he's going to stay around and help with the transition to a new CEO," Rabatin said. "He's accomplished a lot while he was CEO. He managed to get City Bank to merge with them and create one of the premier companies in Hawaii. So there's going to be a transition, but he's leaving a void given his leadership."

Arnoldus said he would have left earlier but decided to stay on given the subprime situation that's affected the bank's real estate construction operations in California. It was that business, which the bank acquired as part of the City Bank deal, that led to Central Pacific losing $44.5 million in the fourth quarter after revising its earnings to account for a $48 million "goodwill impairment charge" associated with its buyout of City Bank.

That particular accounting charge is taken when some facet of a business has diminished in value since an acquisition -- in this case, the buyout of City Bank.

The goodwill impairment charge follows Central Pacific's announcements in the third and fourth quarters of 2007 that it set aside $49.4 million during the second half of the year as a provision for potential loan losses.

With the accounting charge, Central Pacific restated its 2007 earnings to show narrower net income of $5.8 million compared with its previously reported profit of $53.8 million. The bank, which has broadened its client base since being founded in 1954 specifically for the Japanese-American community, ended 2007 with $5.7 billion in assets.

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"I really would have liked to retire at age 60, but I stayed on a little longer than my initial thinking," he said. "But now I feel we have a very solid plan working with the real estate portfolio in California. We've got good people in place -- both employees of ours and we've brought in outside experts. We have a plan of having less exposure in that market and we've got the plan and the people to execute it. Now all we need is for that (subprime) market to settle down, and there's not a bank in the country that can say when that will happen."

Migita, 66, said the search for a new president and CEO won't be limited to Hawaii and that the bank is looking for the best possible candidate. He dispelled the idea of himself getting back into management.

"I made it clear at the outset of the merger that I'm really out of management from this point on," he said.

Arnoldus, who has seen the bank's stock lose about half of its value over the last year, said the $489 million market capitalization of the bank today is "not a fair measure of how beneficial this merger has been."

"When the City Bank merger was initially announced, we felt this transition would be a great benefit to this community, the shareholders, the customers and our employees, and it has certainly matched those expectations," Arnoldus said. "The shareholders have been very patient as we've gone through this national real estate challenge that virtually every bank is working through right now. Once this challenge is over, our stock should return to a more realistic level.

"What we wanted with this merger was a certain asset base size and the opportunity for us to be a full-fledged competitor with a full array of products and services. We've certainly become that."

Arnoldus said the acquisition of Hawaii HomeLoans, now called Central Pacific HomeLoans, also has been beneficial.

"It's certainly been a challenging environment, but I'm happy to say through Central Pacific HomeLoans that we have absolutely no exposure to the subprime market," he said. "They operate only within the state of Hawaii, and we have been, mercifully, relatively unaffected by subprime. So in an area where the rest of the country is really suffering and other mortgage companies are suffering, our mortgage company is thriving. Our business is solid.

"And when several national mortgage companies that had offices here ran into difficulty with the subprime situation and either downsized or closed their office in Hawaii, we've been able to pick up very skilled mortgage brokers. Because of that, our mortgage business is performing better than ever and we're constantly improving the quality of the mortgage brokers we have."

What is wrong with this Story coupled with ‘FOG’s Demise’? THE REGULATORS WILL MAKE A FINAL DECISION. EXHIBIT ‘C’

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Fitch Downgrades Central Pacific Bank to 'CCC' 11-04-2009 The downgrade of Central Pacific Bank's ratings reflects the significant escalation of credit problems in both its California and Hawaii loan portfolios. While Fitch expected the company to endure increased credit stress in its Hawaii portfolio, as well as in its still sizeable exposure to California commercial real estate, the recent level of deterioration exceeded Fitch's original projections. Credit deterioration, which is not expected to abate in the near-term, has generated sizeable losses and caused considerable erosion to the bank's capital position. Fitch believes that the company will continue to generate material losses, which will continue to erode capital and reduce the benefit of any potential capital augmentation. Further, due to the heightened level of credit stress and the erosion of capital, the bank is expected to consent to a formal enforcement action with the FDIC and its state regulator, with directives focused on capital, asset quality, and liquidity. Existing regulatory agreements call for Central Pacific Bank to maintain enhanced capital levels that exceed the minimum regulatory requirements to be considered 'well-capitalized', specifically maintaining a leverage ratio of 9%, which the bank is now in violation. Fitch has taken the following rating actions. Central Pacific Bank --Long-term IDR downgraded to 'CCC' from 'B'; --Long-term Deposit downgraded to 'B-/RR3' from 'B+/RR3'; --Individual downgraded to 'E' from 'D/E'; --Short-term IDR downgraded to 'C' from 'B'; --Short-term Deposit affirmed at 'B'; --Support affirmed at '5'; --Support Floor affirmed at 'No Floor'. Additional information is available at Fitch Research EXHIBIT ‘D’ AT TOP OF ARTICLE Go to: “Fannie & Freddie Were Lovers” Home/Comments

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