UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF NEW YORK

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In re: Chapter 7 Case

No. 10-11319 (AJG)
ANTHRACITE CAPITAL, INC

Debtor

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OBJECTION TO ORDER DATED MARCH 17 2010

I Peter I. Shah humbly request this respected Court to void order dated
March 17 2010, particularly in reference to continue to have BlackRock Financial
Management, Inc (BFM) to be a manager of Debtors’ business.

My name is Peter I. Shah and I reside at 132 Montfort Drive, Belle Mead, NJ 08502. I am
an equity stakeholder in above mentioned Debtor. I own Common and Preferred Shares.

I object to former order signed by Honorable Judge Arthur J. Gonzales, order dated
March 17, 2010 for following reasons.

Chapter 7 trustee should not be allowed to continue to utilize the management services of
BlackRock Financial Management, Inc (BFM).

1. BlackRock Financial Management, Inc is owned by BlockRock, Inc. Which in part is

34% owned by Bank of America. One of the subsidiaries of Debtor and Bank of
America, NA (BANA), as custodian and lender, entered into Omnibus Amendment to
the Credit Agreement and Custodial and Payment Application Agreement (the BofA
Omnibus Amendment) in respect to (i) the Credit Agreement. Dated as of March 17,
2006 (the ’Bof A Credit Agreement) and (ii) the Custodial and Payment Application
Agreement, dated as of April 7, 2006 and in connection therewith, the Debtor entered
into a related parent guaranty. This can create conflict of interest and may hamper any
investigation or liquidation by Chapter 7 Trustee.
2. BlackRock, Inc., is also 25% owned by PNC Bank, Inc. Debtors’ cash flow from 7
CDO’s is managed by Midland Loan Services, Inc (MLS). MLS is a wholly owned
subsidiary of PNC Bank, LLC. This is a clear conflict.

3. Debtors’ President and Chief Operating Office, Mr. Richard M. Shea is also employee
of BlackRock, Inc. Mr. Shea has been working for BlackRock since many years and so
Mr. Shea surely does have conflict of interest here.

For these three reasons, I urge Your Honor to void order granted on March 17th 2010

Respectfully Submitted,

Peter I. Shah
Shareholder
Anthracite Capital, Inc

Dated April 23 2010