Three Irons, Inc. 12000 Westheimer, Suite 340 Houston, TX 77077 ● Tel: (281) 600-6000 ● Fax: (713) 462-1980Legacy Communications Corp • April 30th, 2008 • Radio broadcasting stations
This letter is intended to summarize the principal terms of an agreement under which we, as custodian for several unaffiliated beneficial owners (“Purchaser”), will acquire record title and ownership to certain existing indebtedness and newly-issued shares of preferred stock, $.001 par value per share (the “Preferred Stock”), of Legacy Communications Corporation, a Nevada corporation (“Legacy”), and will enter into the other transactions described in this letter. In this letter, (i) the Purchaser and Legacy are sometimes called the “Parties,” and (ii) the Purchaser’s acquisition of the indebtedness and Preferred Stock and other transactions described in this letter, is sometimes called the “Transaction.”
