EFTA02387460

From: Richard Kahn Sent: Thursday, August 14, 2014 1:40 PM To: Jeffrey E. Subject: Re: Bruce Galloway do you have a specific time you would like to speak with him? Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor New York NY 10022 tel fax cel On Aug 14, 2014, at 9:16 AM, jeffrey E. <[email protected] <mailto:[email protected]» wrote: confernce with him today On Thu Au 14 2014 at 9:03 AM, Richard Kahn wrote: account closed at 3,720,139.67 last night (see attached) there are 14 option positions expiring on 8/16/2014 only 4 positions have value that must be sold and all others will expire worthless: 1) C 49 Calls 400 quantity bid 0.15 / 0.16 ask 6,000 value 2) PEIX 16 Calls 270 quantity bid 3.80 / 4.20 ask 102,600 value 3) RDNT 5 Calls 110 quantity bid 1.70 / 1.85 ask 18,700 value 4) YHOO 33 Calls 120 quantity bid 3.05 / 3.25 ask 33,600 value In email below Bruce is asking if he can role PEIX calls to a later month Please advise From: Bruce Gallowa Subject: PDX CALLS Date: August 13, 2014 at 4:24:45 PM EDT EFTA_R1_01408896 EFTA02387460 To RICH, We have a n option position expiring on Friday, PEIX . They are a premier west coast ethanol producer. Due to corn prices tanking and a bumper crop, along with firm ethanol export demand, the crush spread for them is currently .70. They produce 200mm gallons per year. At this rate the co. should make 140mm . The market cap is 440mm or 3x earnings . I feel that it should trade at 7-8X, which implies a 40-60 dollar stock price. As a result, I would like to roll the position into a forward contract. Let me know if this is OK . This is an industry thrown out for dead. The stock is down from 6500 to 20. Begin forwarded message: From Subject: Message from KMBT_C253 Date: August 13, 2014 at 4:11:46 PM EDT To Reply-To: please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 2 EFTA_R1_01408897 EFTA02387461 EFTA_R1_0 1408898 EFTA02387462