Exhibit 7.14
RIVERSIDE GROUP, INC.
August 30, 1999
Imagine Investments, Inc.
0000 Xxxxx Xxxxxxx Xxxxxxxxxx
Xxxxxx, Xxxxx 00000
Attn: Xxxx Xxxxx, illegible
Dear Ladies and Gentlemen:
Pursuant to that certain "Stock Pledge Agreement" between Riverside Group,
Inc. ("Riverside") and Imagine Investments, Inc. ("Imagine") of even date
herewith, Riverside has pledged to Imagine 921,845 shares of the issued and
outstanding common capital stock of Wickes, Inc. (the "Stock") currently
standing in the name of Riverside as security for the loan made by Imagine to
Riverside on even date herewith (the "Loan"). Pursuant to Section 8.1 of the
Stock Pledge Agreement, Riverside hereby requests that Imagine release its lien
on 81,970 shares of the Stock (the "Released Shares") so that those shares may
be sold. Imagine hereby represents that the proceeds from the sale of the
Released Shares, in accordance with Section 8.1 of the Stock Pledge Agreement,
will be used and applied towards those items set forth on Exhibit A attached
hereto and incorporated herein by reference. Furthermore, as set forth in
Section 8.4 of the Stock Pledge Agreement, the proceeds from the sale of the
Released Shares will be deposited into a restricted account, and disbursement
therefrom shall require the signature of Xxxxx Xxxxxxx or an authorized Imagine
representative.
With your permission, Riverside has not delivered the certificates
evidencing the Released Shares to Imagine for the closing of the Loan. Instead,
in the interest of time, Riverside has retained the certificates and will
immediately make the necessary arrangements to sell the Released Shares.
Please acknowledge your agreement to the foregoing and the release and sale
of the Released Shares for the purposes set forth on Exhibit A by signing below
where provided.
Sincerely,
Riverside Group, Inc.
/s/ Xxxxxxxxx X. Xxxx
By: ______________________________
Xxxxxxxxx X. Xxxx
Title: Senior Vice President
Imagine Investments hereby agrees to release the
Released Shares from the lien created thereon by
the Stock Pledge Agreement in order for the
Released Shares to be sold for those purposes set
forth on Exhibit A this 30/th/ day of August, 1999.
Imagine Investments, Inc.
/s/ Xxxxx X. Xxxxxxx
By: __________________________
Xxxxx X. Xxxxxxx
Title: Executive Vice President
