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Summit National Chapter 11: Up-Date

It appears there have been some concessions and compromises regarding the original leasing software company Summit National, Chicago, Illinois, dispute with Daimler Chrysler, which Summit President Ken Duffy, Sr., said forced the company to fill bankruptcy earlier this year.

The trial was postponed until January 31,2006, according to court records:

161 Agreed Order Reinstating Stay - The automatic stay will remain in full force and effect until January 31, 2006, at which time the automatic stay will be deemed to be automatically modified - Order Effecitve Immediately . Signed on 11/2/2005 (Burton, Shenitha) Modified on 11/8/2005 Corrective Entry: to create a relationship to document # 136 and document # 145(Key, Veronica). (Entered: 11/07/2005)

11/03/2005 159 Hearing Continued (RE: 139 Objection to Claim,, 1 Voluntary Petition (Chapter 11)). Status hearing to be held on 1/31/2006 at 10:00 AM at 219 South Dearborn, Courtroom 619, Chicago, Illinois 60604. (Davis, Shurray) (Entered: 11/03/2005)

11/03/2005 160 Hearing Stricken (RE: [135] Hearing Motion Continued). (Davis, Shurray) (Entered: 11/03/2005)

11/08/2005 162 CORRECTIVE ENTRY to create a relationship to document # 136 and document # 145 (RE: 161 Agreed Order, ). (Key, Veronica) (Entered: 11/08/2005)

Leasing News asked the parties involved for a statement:

Ken Duffy, Sr. responded:

"As before, the Detroit, Cincinnati, and Chicago court records speaks for themselves regarding DaimlerChrysler Services' liability for breach of contract and the reasons for SNI's Summit National Incorporated )voluntary filing for protection under CH 11. Perhaps, as the objective news gatherer, you should speak with both sides and you may wish to contact DCS executives, Mr. Jurgen Walker-President (248-427-6600)or Mr. David Olsen-CFO (248-948-3813),to gain a better understanding of their position on damages and their motives for attempting to acquire control of SNI.

We have no further comment at this time as a pending jury trial in Detroit will determine damages to SNI for DCS breach of contract and one other issue of liability. Thank you for your interest. Regards, "

Neither of the other parties responded.

Here are the conditions and other matters that have brought the action forward to January 31, 2006:

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