Receiver Report, June 23, 1998

Schoeppl Law, P.A.
4651 North Federal Highway,
Boca Raton, Florida 33431-5133

TELEPHONE: (561) 394-8301
FACSIMILE: (561) 394-3121


June 23, 1998

Re: Securities and Exchange Commission v. Steven R. Schaeffer, AMPG, Inc., American Capital & Equity Corporation, Defendants, and Asset Management & Planning Group, Inc., Bristol Insurance Group, Inc., Steven R. Schaefer & Associates, Inc., Parallex Industries, Inc. and United States Cryobanks of Florida, Inc., Relief Defendants. Case No. 98-343-CIV-ORL-22A (M.D. Fla.)

Dear Investor:

On April 13, 1998, Carl F. Schoeppl ("Receiver") was appointed by the United States District Court Middle District of Florida to act as the Receiver for Defendants AMPG, Inc. and American Capital & Equity Corporation ("ACEC") and Relief Defendants Asset Management & Planning Group, Inc. ("Asset Management"), Bristol Insurance Group, Inc. ("Bristol"), and Steven R. Schaefer & Associates, Inc. ("Schaefer & Associates") in the above referenced case. A copy of the Order Appointing Receiver is enclosed for your reference.

The gravamen of the Complaint filed in this case focuses on an alleged offering of approximately 2.5 million dollars ($2,500,000.00) in Promissory Notes issued by ACEC to over thirty (30) investors. The Receiver's primary duties pursuant to the Order Appointing Receiver include locating, recovering and marshaling any assets that may exist for the possible distribution to investors and creditors. With a view toward identifying and recovering the assets of ACEC and the other entities in Receivership, to date the Receiver has taken twelve (12) depositions, which include the depositions of Steven R. Schaefer, Elizabeth Schaefer, Joyce Connell, Brian Charlton, Michael Koenig, Jane-Ann Lowery, Gwen Slater, Dale Veitch, Susan Alexander, Claudia Reed, Carl Clayton and William Reed. Additional depositions will be scheduled for other material witnesses in the near future. In addition, the Receiver is currently in the process of liquidating certain assets of ACEC located in Ormond Beach, Florida and perfecting the interest of ACEC as a secured creditor against certain property given as collateral by Parallex Industries, Inc. ("Parallex").

To assist the Receiver in discharging his duties, the Receiver would appreciate any information you may have concerning the location and disposition of assets by Steven R. Schaefer ("Schaefer"), AMPG, Inc., ACEC, Asset Management, Bristol, Steven R. Schaefer & Associates, Parallex, and United States Cryobanks of Florida, Inc. Please provide any information you may have regarding the foregoing matter to the Receiver, in writing, at the above captioned address.

With respect to the written requests the Receiver has received from various investors, the Receiver is in the process of compiling all such requests and will be responding thereto on a periodic basis. If there is anything of an emergency or urgent nature, please note such in any written correspondence you may direct to the Receiver.

If you have any questions, please do not hesitate to contact me.

Sincerely,

Schoeppl Law, P.A.

By:___________________________
Carl F. Schoeppl
As Receiver

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