A. CLIFTON HODGES                                                                                                                                                                               4 EAST HOLLY STREET
JAMES S. KOSTAS                                                                                                                                                                     SUITE 202
DONALD W. RICKETTS*                                                                                                                                                             PASADENA, CA. 91103

TEL  (626) 564-9797

* OF COUNSEL                                                                                                                                                                             FAX  (626) 564-9111

April 26, 2010

MOST URGENT      Hand Delivered

Her Majesty the Queen
c/o Mrs. Sonia Bonici
Senior Correspondence Officer
Buckingham Palace
London SW1A 1AA

Re:       U.S. Dollar Refunding Project

Your Majesty,

I write to you in my capacity as legal counsel for Pennsylvania Investments, Inc. and its President, Michael C. Cottrell, B.A., M.S.  As you are aware Mr. Cottrell and his wife are the beneficial owners of Pennsylvania Investments, Inc. and have requested that I communicate some urgent concerns regarding the subject U.S. Dollar Refunding Project.

I am advised and understand the following:

  • In 2007, funds aggregating 6.2 Trillion dollars were made available pro bono publico by and on Your Majesty’s behalf for the purpose of this Project.
  • The International Group of Seven (G-7) agreed to this refunding program at their meeting in Northern Germany in June, 2007 and reaffirmed their support in 2008.
  • These funds, to date, have not been deployed for the purpose for which they were intended.
  • Through the good offices of Christopher Edward Harle Story, FRSA, from the period September, 2008 through December 29, 2008, previous arrangements for conducting this program were revised and reorganized such that Mr. Michael C. Cottrell would be wholly in charge of the project.
  • Based upon advice received in 2009 Mr. Michael C. Cottrell is to be in charge of the refunding project pursuant to the information and proposal set forth in two notarized affidavits dated December 29, 2008 and March 3, 2009.
  • I am advised that Your Majesty has previously received and approved these terms and conditions.
  • Premised on this history, Mr. Cottrell, again through the good offices of Mr. Story, has established a firm in London to conduct the refunding operations denominated “Cottrell Securities, Ltd.”

This correspondence and request is premised upon the above facts.

Certain matters have come to the attention of Mr. Cottrell and myself which have caused considerable consternation as finalization of the refunding project has neared closure.  I write to you on Mr. Cottrell’s behalf out of concern that certain of these activities may be taking place without your knowledge and in contravention of your desires, and in violation of agreements made on your behalf at the G-7 meetings in 2007 and 2008.

Mr. Cottrell has prepared an affidavit, which was duly notarized on March 31, 2010, which sets forth the initial events surrounding the ongoing attempts to bring this matter to conclusion; I will not repeat them here as a copy of such affidavit is included as an attachment.  Since March 31, 2010 various actions which have been ongoing each and every day have suggested, at least initially, that successful conclusion was imminent. However, as of the date of dictating this correspondence (April 23, 2010) neither I nor Mr. Cottrell are confident that this matter will conclude as originally designed, promised and intended without intervention from your authority.

Let me hasten to apologize for the presumptive, perhaps arrogant, tone of this correspondence and submission to you.  However, this is a matter of such enormous public import, I thought it my duty as a citizen of the world community to bring this issue to your attention.  In the event additional information is necessary and/or desired, please feel free to contact me or Mr. Cottrell directly.  Thank you for your kind consideration.