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

August 13, 2010

Sent Via E-Mail and Facsimile

Fax No. 020 7270 4580

The Right Honorable George Osborne, MP
Chancellor of the Exchequer
HM treasury
Horse Guards Road
London SW1A 2HQ

Re:          U.S. Dollar Refunding Project

Dear Honorable George Osborne:

I write to you once more in furtherance of matters raised in my prior correspondence on behalf of my clients Michael C. Cottrell, B.A., M.S., of Erie, Pennsylvania, USA, and his corporations: Pennsylvania Investments, Inc., registered in the Commonwealth of Pennsylvania, and Cottrell Securities Limited, registered in England and Wales.

The events of the past several weeks are both frustrating and aggravating.  The many people involved in bringing the Global World Settlements to fruition have been convinced for some time that distribution of all funds would have been accomplished before now.  I must report that the current U.S. Administration continues to interfere with conclusion of this process at every turn; a detailed summary of recent events, prepared by and attested to by Mr. Cottrell is attached for your information and review.

Because the U.S. Dollar Refunding Project is a critical part of the efforts of so many to address the current world financial situation, Mr. Cottrell asked me to contact you directly with our formal request that the Monarchal loan of six point two trillion USD be initiated forthwith, via the Morgan Stanley account previously established for that specific purpose.  Pennsylvania Investments, Inc. and Cottrell Securities Limited are prepared to proceed as originally conceived, notwithstanding the current funding failure of the Global World Settlements.  We are fully prepared to accept the U.S. Dollar Refunding Project loan proceeds from the Royal Monarchal Power or nominee, and to proceed immediately with implementation of all requisite activities to accomplish the defined goals of the Project.

I look forward to hearing from you directly, at your very earliest convenience.  At that time we can conclude arrangements for the loan documentation, release of funds, and protected travel to London.  Please let me know if any additional information is required, as we believe that most urgent action is needed.


cc:  His Royal Highness the Duke of Edinburgh
Michael C. Cottrell
Pennsylvania Investments, Inc.
Cottrell Securities Limited