EFTA00722127.pdf

LAW OFFICES OF JOHN K. DEMA, P.C. ATTORNEYS-AT-LAw JOHN K. DEMA 23 November 2009 ADMITTED USVI.CA Sent via U.S. Certified Mail (St. Thomas), Express Mail (Nem York) and Email Darren K. Indyke, Esquire President, Financial Trust Company, Inc. 6100 Red Hook Quarter, Suite B-3 St. Thomas, U.S. Virgin Islands 00802 301 East 66th Street New York New York 10065 RE: Financial Trust Company, Inc. v. Bear Stearns Companies Inc., et al. Dear Attorney Indyke: We have contacted you on numerous occasions in the past few months to try to resolve the issue of the outstanding legal fees owed to our firm by Financial Trust Company, Inc. These fees have now been overdue for several months. To date, you have not provided us with a responsive answer or made any effort to resolve the matter. In compliance with Model Rule of Professional Conduct 1.16 and the terms of the Fee Agreement Proposal, dated May 26, 2009 (which you signed in your capacity as President of Financial Trust Company, Inc.), we are notifying you that our firm intends to file a "Motion to Withdraw as Counsel" in the pending litigation in the District Court of the Virgin Islands, Division of St. Thomas & St. John, entitled Financial Trust Company. Inc. v. The Bear Stearns Companies Inc., Civ. No. 2009/106, due to non-payment of legal fees. This letter constitutes notice to Financial Trust Company, Inc. that in the event the outstanding legal fees are not paid within fifteen days, i.e. by December 8, 2009, that we will proceed to file a Motion to Withdraw as Counsel for Financial Trust Company, Inc. in the pending lawsuit in the Virgin Islands. 1236 STRAND STREET, SUITE 103, CHRISTIANSTED, ST. CROIX, USVI 00820 TELEPHONE: FACSIMILE: EFTA00722127 Darren Indyke, Esq. 23 November 2009 Page 2 We look forward to hearing from you promptly and hope this matter can be resolved amicably. Very truly Dema, Esquire /mh EFTA00722128