AFFIDAVIT OF JACOB KAMOUNKA, PURSUANT TO LOCAL RULE OF BANKRUPTCY PROCEDURE I reside at 415 Ocean Parkway, Apt. 2G, Brooklyn, NY

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1 UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF NEW YORK X In re Chapter 11 JACOB KAMUONKA, Case No. Debtor X AFFIDAVIT OF JACOB KAMOUNKA, PURSUANT TO LOCAL RULE OF BANKRUPTCY PROCEDURE STATE OF NEW YORK ) )ss: COUNTY OF NEW YORK ) JACOB KAMOUNKA, being duly sworn, deposes and says: 1. I reside at 415 Ocean Parkway, Apt. 2G, Brooklyn, NY I am a homeowner residing at the address above, as well as I am a businessman involved into a number of separate and independent businesses, the debtor and debtor in possession in this Chapter 11 case (the Debtor). 3. I am a debtor on a mortgage secured by my primary residence in the amount of $269, In addition I am in arrears on this mortgage in the amount of $9,480.65, as well as I have a judgement lien against my property in the amount of $48, Furthermore, I owe coop maintenance of $7, on this property. I also have approximately $184, in unsecured debt as well as $149, in business unsecured debt for which I might be potentially liable as I personally guaranteed some of the business loans as well as business credit cards, and other business debts. -1-

2 I also own an office building located at 1133 US Highway 1, Sabastian, FL. I have a mortgage of $272, against this property as well as arrears in the amount of $12, I would like to keep this property and cure the arrears within the Chapter 11 Plan. Additionally, I am an owner of a house in Florida located at 705 Hibiscus Lane, Vero Beach, Florida 32963, as well as I own 669 Banyan Road, Vero Beach, FL 32963, and I would like to reject both within this Chapter 11 Case. The house located at 705 Hibiscus Lane has a second mortgage with Green Point Bank for $74, and the first mortgage with Mortgage Lenders for $524, My arrears on this mortgage are $28, The house located at 669 Banyan Road is secured by the mortgage with Century Bank for $300, My arrears on the mortgage are $26, I am filing under Chapter 11 in order to have the opportunity to reorganize my debts and submit a plan which is backed by at approximately $ 12, a month income from my job. 4. The reasons why I file for the voluntary petition for relief under Chapter 11 of Title 11 of the United States Code (the Bankruptcy Code ) is significant amount unsecured debt as well secured debt, which is the arrears on the mortgages for all of my properties. The main reason of my inability to keep up with all the mortgage payments was the crash of a real estate market in Florida and some parts of New York. I was a president of a real estate business named Park Terrace Properties LLC, located at th Avenue, Brooklyn, NY The business had offices in New York and Florida. About a year and a half ago when Florida real estate market crashed, sales went down and I ran into significant amounts of debt on business and personal credit cards, trying to cover business expenses as well as lease payments and salary to my employees. After trying for some time I realized that I had to find another job to be able to revive the business and pay to at least my employees and landlord. Eight months ago, I got a job with Skin Shoes, Inc., as a CFO with a salary of $150, a year plus bonuses. -2-

3 Almost all of my salary went towards the payment of business debts and I fell behind on my personal mortgage obligations, as a result, some of the creditors are trying to foreclose. I realized that I can not keep doing what I was doing, I had to reorganize, close the business and take care of at least my personal responsibilities. At this moment the Business Park Terrace Properties, LLC is in the process of being closed, and I am trying to reorganize my personal secured and unsecured obligations. 5. With respect to the twenty (20) largest unsecured creditors, to my knowledge, information and belief, the only unsecured creditors are as follows: (a) Mortgage Lenders, 213 Court Street, Middlesex Corp. Center, Middletown, CT This claim is for the possible unsecured mortgage on the house located at 705 Hibiscus Lane, Vero Beach, FL 32963, and is estimated at $59, Although the debtor reserves its right to do so in the future, this claim is not disputed. The Debtor would like to reject this property within the Chapter 11 Filing. (b) Harbor Federal Savings, P.O. Box 1300, Fort Pierce, FL This claim is for the non residential property 1119 Palmeto Ave., Melbourne, Florida for the possible unsecured mortgage of $6, This Property belongs to the Company 1119 Palmeto LLC, and I am one of the members, my name is on the mortgage for that property. Although the debtor reserves its right to do so in the future, this claim is not disputed. (c) Century Bank, C/o Scott D. Mckay, 2055 Wood Street, 120, Sarasota, FL This claim is for a potential unsecured claim of $15, on the house located at 669 Banyan Road, Vero Beach, FL Arrears on this property are $26, Although the debtor reserves its right to do so in the future, this claim is not disputed. The Debtor would like to reject this property within the Chapter 11 Filing. -3-

4 (d) Green Point Savings, P.O. Box 1093, Branford, CT This is for a possible unsecured claim of $74, against the house located at 705 hibiscus Lane, Vero Beach, Florida. The the arrears are $28, The Debtor would like to reject this house within the Bankruptcy. Although the debtor reserves its right to do so in the future, this claim is not disputed. (e) Sallie Mae Servicing, 1002 Arthur Dr., Lynn Haven, FL This is an educational loan. The amount of claim is $52, Although the debtor reserves its right to do so in the future, this claim is not disputed. (f) Chase/ Bank One, C/o National Payment Svc., P.O. Box , Columbus, OH This claim is credit card liability in the amount of $45, Although the debtor reserves its right to do so in the future, this claim is not disputed. (g) Bank of America/ Monogram, P.O. Box 15726, Wilmington, DE This claim is for $25, Although the debtor reserves its right to do so in future, this claim is not disputed. (h) Chase Bank, 800 Brooksedge Blvd., Westerville, OH This claim is for the credit card liabilities in the amount of $13, Although the debtor reserves its right to do so in future, this claim is not disputed. (i) Discover Financial Services, P.O. Box 15316, Wilmington, DE This claim is for the credit card liabilities in the amount of $12, Although the debtor reserves its right to do so in future, this claim is not disputed. (j) Chase Card Member Service, P.O. Box 15153, Wilmington, DE This claim is for the credit card liabilities in the amount of $ 8, Although the debtor reserves its right to do so in future, this claim is not disputed. -4-

5 (k) 415 Ocean Owners, Inc., c/o Saparn Realty, Inc., 505 Eigth Ave., Ste. 1802, New York, NY This claim is for the unpaid maintenance on the coop, the primary residence of the Debtor in the amount of $7, Although the debtor reserves its right to do so in future, this claim is not disputed. (l) Citi Business Card, P.O. Box , Columbus, OH This claim is for credit card usage of $7, for miscellaneous consumer goods. Although the debtor reserves its right to do so in future, this claim is not disputed. (m) Chase Card Member Service, P.O. Box 15153, Wilmington, DE This claim is for credit card usage of $6, for miscellaneous consumer goods. Although the debtor reserves its right to do so in future, this claim is not disputed. (n) Bank of America/ Monogram, P.O. Box 15726, Wilmington, DE This claim is for the credit card usage of $6, for miscellaneous consumer goods. Although the Debtor reserves its right to do so in future, this claim is not disputed. (o) Amex, P.O. Box , Fort Lauderdale, FL This claim is for the credit card usage of $2, Although the debtor reserves its right to do so in future, this claim is not disputed. (p) GEMBPPBYCR, P.O. Box , El Paso, TX This claim is for the credit card usage of $1, Although the debtor reserves its right to do so in future, this claim is not disputed. (q) US Dept. Of Education, 501 Bleecker Street, Utica, NY This claim is for the student loan in the amount of $ Although the debtor reserves its right to do so in future, this claim is not disputed. -5-

6 (r) Indian River County, th Street, Vero Beach, FL This claim is for the water charges in the amount of $ Although the debtor reserves its right to do so in future, this claim is not disputed. (s) ABE Anscelovics DDS, 1407 Ave. P, Brooklyn, NY This claim is for the unpaid medical bill in the amount of $ Although the debtor reserves its right to do so in the future, this claim is not disputed. 6. I have, have 6 secured creditors: (a) Century Bank, c/o Scott D. McKay, 2055 Wood Street, 120, Sarasota, FL This claim is for the amount of $300, on the house located at 669 Banyan Road, Vero Beach, FL The claim also includes $26, of estimated pre petition arrears. (b) Chase Home Finance, LLC, P.O , Baltimore, MD This claim is for the amount of $269, for the principal residence coop located at 415 Ocean Parkway, 2G, Brooklyn, NY The claim also includes $ 9, of estimates pre petition arrears. (c) Chase Home Finance, LLC, c/o Stephen B. Baum P.C., P.O. Box 1291, Buffalo, NY This claim is for the amount $48, for the principal residence located at 415 Ocean Parkway, 2G, Brooklyn, NY This claim is a judicial lien. (d) Green Point Savings, P.O. Box 1093, Branford, CT This is a second mortgage in the amount of $74, for the house located at 705 Hibiscus Lane, Vero Beach, FL, and there are arrears in the amount of $28, (e) Mortgage Lenders, 213 Court Street, Middlesex Corp. Center, Middletown, CT This is a first mortgage in the amount of $524, for the house located at 705 Hibiscus Lane, Vero Beach, FL 32963, there are pre petition arrears on this mortgage in the amount of $24, (f) Harbor Federal Savings, P.O. Box 1300, Fort Pierce, FL This claim -6-

7 is for the amount of $306, for the building located at 1119 Palmetto Ave., Melbourne, FL. The building is owned by the 1119 Palmeto, LLC, of which the Debtor is a member and has mortgage obligation on it. The unsecured portion of the claim is $6, A summary of debtor s assets is (a) cash and bank deposits approximating $ 5, ; (b) clothing and miscellaneous property valued at $1, (c) primary residencecoop, located at 415 Ocean Parkway, 2G, Brooklyn, NY 11218, valued at $250, , (d) second residence located at 705 Hibiscus Lane, Vero Beach, Florida ( the Debtor will be rejecting the property within the Chapter 11 Plan); Office building located at 1133 US Highway 1, Sabastian, FL.; another property located at 669 Banyan Road, Vero Beach, FL ( the Debtor will be rejecting the property within the Chapter 11 Plan); 1119 Palmetto Avenue, Melbourne, FL ( this property belongs to the 1119 Palmetto, LLC of which Debtor is a member); (e) furniture, valued at $ 4,000.00; (f) jewelry& watches valued at $30.00 and (g) 401 K account with zero value in it, (h) Interests in Companies Park Terrace Properties, LLC, Park terrace Properties, Inc., Park Terrace Properties Development Corp., all of the above listed have zero assets and up to $300, in liabilities, all of the above are in the process of closing down, (o) Interest in Istoisrael.com - electronic store, the Debtor is the president of the company, and there is no income after expenses are paid, (j)1119 Palmeto, LLC, is a corporation which the Debtor is a member of, it owns the building with the mortgage from Harbor Federal Savings, on which the Debtor is an obligor. 1 The Debtor will order a new appraisal to be included with the schedules. The estimated value herein is from March, The Debtor provided a letter from the realtor stating approximate value of the properties that he owns. 705 Hibiscus, Vero Beach, FL 32963, approximate value is $465,000.00; 669 Banyan Road, Vero Beach, FL 32963, approximate value is $285,000.00; 1133 US Highway 1, Sebastian, FL 32958, approximate value is $300,000.00; 1119 Palmetto Avenue, Malbourne, FL approximate value is $310,

8 8. A summary of the debtor s liabilities is (a) general unsecured debt of $184,879.31; (b) secured debt of $1,755, To my knowledge I have no property in the possession or custody of any custodian, public officer, mortgagee, pledgee, assignee of rents, or secured creditor, or agent of any such entity. 10. I own real estate, located at 415 Ocean Parkway, Apt. 2G, Brooklyn, NY primary place of residence; 705 Hibiscus Lane, Vero Beach, Florida second residence; 1133 US Highway 1, Sabastian, Fl- office building; 669 Banyan Road, Vero Beach, FL, another property. 11. All of the my assets and books and records are located at my primary residence and secondary residence mentioned above. 12. All actions currently pending against the debtor are in pre-trial and discovery phases. All such actions are being defended by the debtor. 13. For the thirty day period following the filing of the chapter 11 petition, the Debtor anticipates the following income and expenses, and excess income: Net Income after taxes $ 12, ( Salary and rent of the Building in Florida) Mortgage Payments: 1) Primary residence, maintenance and mortgage $ 2, ) 1133 US Highway, Florida $ 2, Primary residence 1) electricity $ ) telephone, cable, internet $ ) gas $

9 4) cell phone $ Food $ Clothing $ Medical and Dental Expenses $ Laundry and Dry cleaning $ Transportation $ Homeowner s Insurance $ Auto Insurance $ Auto Lease $ Expenses from operation of business $3, (Mortgage payments on the building that belongs to 1119 Palmeto LLC, as well as expenses on the buildings that belong to Vero Beach Properties, LLC and Beach Properties of Vero Beach, LLC ) TOTAL $ 11, Net Surplus $ 1, The Debtor does not anticipate accruing any additional obligations or receivables in the thirty-day period following the filing of the chapter 11 petition. 15. The Debtor s budget currently has excess income needed to support a feasible plan of reorganization. In addition, the Debtor currently is in the process of opening a new real estate office in Brooklyn and becoming a partner in it, it will bring additional income every month to be able to further support a Plan of Reorganization. The net relief from the abandoned property as well as the additional income as described above should enable me to fund the Plan. -9-

10 16. I submit this affidavit in good faith and affirm that all the information set forth herein is to the best of my knowledge, information and belief. Sworn to before me on the /s/ Jacob Kamounka Jacob Kamounka, Debtor 5th day of March, 2007 /s/ Stephen B. Kass Stephen Kass Notary Public, State of New York No. 02KA Qualified in Nassau County Commission Expires November 13,