EFTA02355788

you are right. you should look into murphys nu=bers. very hard to follow , somewhat goofy=C2 for phone tomorw On Tue, Dec 2, 2014 at 6:13 PM, Brad Wechsler wrote: I think =here's unnecessary "complexity" in what ada is setting out. =ssuming PG is owned by the trusts (my understanding) I would do the follow=ng: 1. Get the projections from keith and his do and judith and her do. 2. Have rich j test them for cogency as a service to the trust. (We can bil= the trusts for admin services if we want.) 3. Have rich "consolidate" them. 4. Make the ceo's, cfo's available to the trustees for "dilige=ce" if the trustees so desire. (Rich, eileen and I can participate on=an administrative basis.) 5. Assuming trustee sign-off, the t'ees can functionally dictate the to=ms of the loan (demand note or bullet) and again, the office can run admin=interference for them with paul, weirs to facilitate execution of the note= Sound right to you or shld we discuss? Original Messa:e From: Ada Clapp Sent: Tuesday, December 02, 2014 03:00 PM To: Brad Wechsler; Eileen Alexanderson Subject: Trust Loans to Phaidon Global Hi Eileen and Brad, I understood from the Trustees meeting that we will need to move quickly to=paper the loan to Phaidon Global should the Trustees agree to lend. = don't know Rich J.'s timing for getting the Trustees the informat=on they requested (see his email below). However, in the interest of=expediency, I wanted to discuss the process for getting the secured loan d=cumentation that Richard Ressler requested in place. I am questioning the family office's role in assisting with the negotia=ion and preparation of the loan documentation. It seems to me that w= cannot act on behalf of both the Trustees as Lender and Phaidon Global as=borrower. With a new management team in place, I think it makes sens= for Keith or Phaidon Global's general counsel to negotiate loan terms=for Phaidon (particularly since the borrowed funds will be used to benefit=Phaidon Press and Artspace, which are part of Keith's business plan).=C2 I assume Rich J. is discussing profitability projections and r=quired loan amount with Keith, so Keith should already be involved in the =etails. We can certainly facilitate on behalf of the Trustees, if they want us to, =y engaging and monitoring Paul Weiss (or another firm they prefer) to prep=re the loan documents and negotiate terms on their behalf. If you ag=ee, once Rich J. has provided the Trustees with the requested information =please let me know when he has), I can reach out to the Trustees to inquir= about retaining counsel. I can also reach out to Keith to let him k=ow we will be sending him the loan documents for Phaidon's review. Please let me know how you wish to proceed. Thanks. Ada Clapp EFTA_R1_01339433 EFTA02355788 Chief Legal Officer El slum Mana:ement LLC This communication and any attachment is for the intended recipient(s) only=and may contain information that is privileged, confidential and/or propri=tary. If you are not the intended recipient, you are hereby notified=that further dissemination of this communication and its attachments is pr=hibited. Please delete all copies of this communication and its atta=hments and notify me immediately that you have received them in error. =AO Thank you. Original Message From: Richard Joslin Sent: Wednesday, November 26, 2014 3:16 PM To: Barry J. Cohen; John Hannan; 'Richard Ressler' Cc: Eileen Alexanderson; Ada Clapp; Brad Wechsler Subject: RE: Notes from 11/21/14 Trustees meeting Barry, John and Richard: At the meeting last week, there was discussion of the provision of a compre=ensive funding estimate and investment theses for Artspace, Regan Arts and=Phaidon by today. In consultation with JEE, we need to defer until w= can be certain that we can provide a precise estimate. Have a safe holiday. RJ Original Message From: Barry J. Cohe Sent: Saturday, November 22, 2014 1:46 PM To: Eileen Alexanderson; Richard Joslin; Ada Clapp; John Hannan; 'Richa=d Ressler'; Leon Black Subject: Notes from 11/21/14 Trustees meeting Here are a few notes from yesterday's meeting: • Rich Joslin will look into what is entailed in selling=Vector for all the trusts, given the certificated and restricted nature of=its holdings. • $6MM of Buckingham should be redeemed by year end, tak=ng into account the advance notice period. • Rich or Eileen should produce a schedule showing redem=tion terms of all redeemable HF-type investments. • Rich will add appraisals of the Chinese Bronzes to the=art inventory. • It was noted that trust art on loan to museums might b= double insured. Rich or Eileen should investigate whether it is wor=h seeking a reduction in the premiums paid by the trusts. Might be t=o small to matter. • All trustees should sign up for Artspace! Barry Cohen 2 EFTA_R1_01339434 EFTA02355789 This email and any files transmitted with it are confidential and intended =olely for the person or entity to whom they are addressed and may contain =onfidential and/or privileged material. Any review, retransmission, =issemination or other use of, or taking of any action in reliance upon thi= information by persons or entities other than the intended recipient is p=ohibited. If you have received this email in error please contact th= sender and delete the material from any computer. Apollo Global Management, LLC www.imax.com <http://www.imax.com> IMAX0 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=br> by phone in Canada at (905) 403.6500 <tel:%28905%29%20403-6500> (collect calls will be accepted) or by email at a href="mailto:[email protected]">[email protected] and delete and =estroy this correspondence inadvertently sent to you. Thank you please =ote The information contained in this communication is confiden=ial, may be attorney-client privileged, may constitute inside informati=n, and is intended only for the use of the addressee. 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