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EXHIBIT 10.139
[MEGO MORTGAGE CORPORATION LETTERHEAD]
[PEC LOGO]
PREFERRED EQUITIES CORPORATION
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇-6597 o 702.737.3700 o
Toll Free ▇.▇▇▇.▇▇▇.▇▇▇▇ o Fax ▇▇▇.▇▇▇.▇▇▇▇
April 22, 1998
▇▇. ▇▇▇▇ ▇. ▇▇▇▇▇, President
Mego Mortgage Corporation
▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ - ▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Dear ▇▇. ▇▇▇▇▇:
Reference is made to the Services and Consulting Agreement, between Mego
Mortgage Corporation ("Mego Mortgage") and Preferred Equities Corporation
("PEC") dated as of September 1, 1996 (the "Agreement"). This is to advise that
Mego Financial Corp., the corporate parent of PEC, has entered into an
Agreement and Plan of Merger dated as of March 25, 1998, with Sycamore Partners,
LLC. The merger is expected to be effective within the next two months and the
merger agreement requires Mego Financial Corp. to cause PEC to terminate the
Agreement on or prior to the merger date.
this letter shall constitute notice of termination of the Agreement. Such
termination shall be effective on the date of the completion of the merger or
in 90 days from the date hereof, whichever is sooner.
At the time of the termination all amounts due from Mego Mortgage to PEC for
services performed under the terms of the Agreement shall be paid in full.
Please indicate your agreement with the foregoing by executing a copy of this
letter in the space provided below and returning it to the undersigned at your
earliest convenience.
Sincerely,
PREFERRED EQUITIES CORPORATION
/s/ ▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
▇▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Executive Vice President
Accepted and Approved:
MEGO MORTGAGE CORPORATION
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇
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▇▇▇▇ ▇. ▇▇▇▇▇, President
Date: 4-28-98
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