EFTA02351481

From: Brad Wechsler <a Sent: Wednesda , November 26, 2014 2:27 PM To: Cc: [email protected]' Subject: Re: Follow-up Jeffrey-do we have the info now to have the transaction executed? Original Message From: Richard Joslin [mailto: Sent: Wednesday, November 26, 2014 09:16 AM To Cc: [email protected]' <[email protected]> Subject: RE: Follow-up Revision: Sustainable Woodlands tax basis $16,087,512; GAAP basis $18,828,=41 a/o 12/31/2013 Original Message From: Richard Joslin Sent: Wednesday, November 26, 2014 9:15 AM To: 'Brad Wechsler' Cc: [email protected]' Subject: RE: Follow-up Re . 1: I have model with revisions to my previous comments. I have call =t 10am with Phaidon CFO for further revision. 2016 is undrafted but I have=reasonable estimate based on 2015 facts repeating in 2016. Plan is to com= up with funding nut for draft resolution to send to trustees today. EA is=drafting language pro the investment proposition. I think we should send =his to you/JEE for input. Given that Regan arts ad Artspace show difficul=y showing a csh profit, ie needing extended funding commitment, query if w= go past 2017. Re 2. Understood Re 3. Tax basis of Sustainable Woodlands is $18,828,441 a/o 12/31/2013 Thought: It would be helpful to have direct dialogue with Judith Regan re =inances rather than interpretive version through Phaidon CFO. Phaidon bus=ness is similar but not the same as Regan Arts. There is perceived need t= hire 6 staff in order to have sufficient marketing and sales team to supp=rt the number of titles (per Phaidon CFO presumably channeling Judith Reg=n) and a COO per EA. I think exact headcount should be nailed down in tan=em with the development of 2-3 year business models Original Message From: Brad Wechsler [mailto: Sent: Wednesday, November 26, 2014 9:04 AM To: Richard Joslin Cc: [email protected]' Subject: Follow-up Rich-thx for the catch-up yesterday. A couple of things: EFTA_R1_01329818 EFTA02351481 1. Did you get any written materials/projections from Regan Arts' cfo? If s=, how reasonable do we think they are or is it premature to say. I will ge= into this with you upon my return. Also, if you can help develop the proj=ctions without our antagonizing Judy (my job) that wld be great. As you p=obably know this is something jeffrey and I want to focus on. 2. As we discussed, on information requested by jeffrey no need to copy any=ne unless jeffrey signs off. If you feel someone shld be in the loop who i=n't let jeffrey know. 3. If we haven't already, we need to nail down the cost basis of the timber=investment as we plan to dispose of it soon. Thanks and feel free to reach out with any questions. Really appreciated so=e of your insights yesterday. Best, b www.imax.com IMAX(r) is a registered trademark of IMAX Corporation. IMPORTANT NOTICE Information contained in this e-mail correspondence and any attachments is =onfidential information intended only for the use of the individual or ent=ty named above. Any reader of this message who is not the intended recipient of this corres=ondence is hereby notified that any dissemination, distribution, copying o= communication of the contents of this correspondence is strictly prohibit=d. If this e-mail was not addressed to you , please immediately notify us =y phone in Canada at (905) 403-6500 (collect calls will be accepted) or by=email at [email protected] and delete and destroy this correspondence ina=vertently sent to you. Thank you www.imax.com 'MAX. is a registered trademark of IMAX Corporation. IMPORTANT NOTICE Information contained in this e-mail correspondence and any attachments is =onfidential information intended only for the use of the individual or ent=ty named above. Any reader of this message who is not the intended recipient of this corres=ondence is hereby notified that any dissemination, distribution, copying or communication of the contents of this correspondence is strictly prohibi=ed. If this e-mail was not addressed to you , please immediately notify us by phone in Canada at (905) 403-6500 (collect calls will be accepted) or by=email at [email protected] and delete and destroy this correspondence inadvertently sent to you. Thank you <?xml version=.0" encoding=TF-8"?> <!DOCTYPE plist PUBLIC "-//Apple//DTD PLIST 1.0//EN" "http://www.apple.com/DTDs/PropertyList-1.0.dtd"> <plist version=.0"> <dict> <key>date-last-viewed</key> <real>0.0</real> <key>date-received</key> <real>1417012008</real> <key>flags</key> <integer>8590195717</integer> <key>original-mailbox</key> <string>imap:[email protected]/%5BGmail%5D/All%20Mail</string> <key>remote-id</key> <string>459185</string> </dict> </plist> 2 EFTA_R1_01329819 EFTA02351482