Exhibit 7.7
Imagine Investments, Inc.
0000 XXXXX XXXXXXX XXXXXXXXXX, XXXXX 1901 TELEPHONE: (000) 000-0000
DALLAS, TEXAS 75206 FACSIMILE: (000) 000-0000
Xxxxxx X. Xxxx
President
December 22, 1998
Mr. X. Xxxxxx Xxxxxx
President
Riverside Group, Inc.
0000 Xxxxxxx Xxxxxxx, Xxxxx 000
Xxxxxxxxxxxx, Xxxxxxx 00000
Re: Purchase of 82,000 Shares of Common Stock of Wickes, Inc.
("Wickes")
Dear Xx. Xxxxxx:
Imagine Investments, Inc. ("Imagine") xxxxxx agrees to purchase 82,000
shares of Wickes (the "Stock") for $3.75 per share ($307,500.00) on or before
December 31, 1998, with the understanding that: (1) such Stock shall not be
included as Option Shares, as that term is defined in the Stock Purchase
Agreement dated October 5, 1998, between Riverside Group, Inc. ("Riverside") and
Imagine, as amended (the "Agreement"); and (2) Imagine's option regarding the
remaining 365,000 Option Shares has been extended to January 22, 1999, as stated
by Amendment No. 5 to the Agreement, the original of which is attached hereto
for your signature. Upon receipt of the $307,500, you have agreed to, as
promptly as possible, to deliver to Imagine a certificate(s) for the 82,000
shares of common stock of Wickes, free and clear of all liens, pledges and
security interests. We will deduct the sum of $18,000.00 from the proceeds to
pay the legal fees of Xxxxxxxxxx, Doll & McDonald through November 30, 1998.
Please sign below indicating Riverside Group, Inc.'s acknowledgment and
agreement to all the terms of this letter.
Sincerely,
/s/ Xxxxxx X. Xxxx
Imagine Investments, Inc.
By: Xxxxxx X. Xxxx
Its: President
AGREED TO BY:
Riverside Group, Inc.
/s/ Xxxxxxxxx X. Xxxx
By:____________________________
Xxxxxxxxx X. Xxxx
Name:__________________________
Senior Vice President
Title:_________________________
cc: Xxxxxxx Xxxxxxxxx
