EFTA02718253

From: Richard Joslin Sent: Tuesday, August 26, 2014 7:31 PM To: Jeffrey E. Subject: FW: LDB 2011 LLC So much for telling the truth....the compliance Officer title still cracks =e up Original Message From: Richard Joslin Sent: Tuesday, August 26, 2014 3:13 PM To: Ada Clapp Subject: RE: LDB 2011 LLC I am on a call with Scott and he indicated you and he spoke over the phone =nd you and he reviewed the Sotheby's valuation engagement letter with you.=fyi Original Message From: Ada Clapp Sent: Thursday, August 14, 2014 9:39 AM To: Richard Joslin Cc: Eileen Alexanderson; Lawrence Delson Subject: RE: LDB 2011 LLC ; jeffrey =. Rich--you are misreading my email. I was not inferring anything--just tryi=g to understand the status of the LLC valuation to complete the restructur=ng. I did not speak with Scott. He left me a voicemail. As you know, I alread= told him that you were responsible for valuations which is why I have not=returned his call. Original Message From: Richard Joslin Sent: Thursday, August 14, 2014 9:25 AM To: Ada Clapp Cc: Eileen Alexanderson; Lawrence Delson Subject: RE: LDB 2011 LLC ; jeffrey =. To give you an another update - Scott and David were brought up to speed on=Phaidon and since then the plan worked out with Empire was to have the Emp=re appraisal team work to finalize the half dozen valuations for BFP befor= starting on LDB 2011 LLC. Empire does not have bandwith to assign two to=ms to our account. The accounting group is gathering documentation and p=rforming its valuation preliminaries on LDB 2011 LLC assets and the proces= developed has been strongly supported by Empire. Given that I am convers=ng daily with the Empire team and we are exchanging reports, I have a clea= grasp of the status. Your last question seems to infer I am not organize= or on top of this effort. I am not privy to your conversation with Scot= and I would have preferred that you indicate to him that this was my resp=nsibility and ask that he speak to me directly. I will speak to him to=ay. EFTA_R1_02168998 EFTA02718253 Original Message From: Ada Clapp Sent: Thursday, August 14, 2014 8:50 AM To: Richard Joslin Cc: Eileen Alexanderson; Lawrence Delson Subject: RE: LDB 2011 LLC Hi Rich, Scott left me a voicemail about this. I am not really sure I understand yo=r response to his email. Who is reviewing the engagement letter-Alan? 1= sounded like Scott has moved forward with the valuation despite the lack =f engagement letter. Is that correct? Thanks. Ada Clapp Elysium Management LLC 445 Park Avenue Suite 1401 New York, New York 10022 Direct Dial: Fax: Email: 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 th=t further dissemination of this communication and its attachments is prohi=ited. Please delete all copies of this communication and its attachment= and notify me immediately that you have received them in error. Thank =ou. Original Message From: Richard Joslin Sent: Wednesday, August 13, 2014 10:43 AM To: Nammacher, Scott Cc: Ada Clapp; Halperin, Alan S Subject: RE: LDB 2011 LLC The engagement letter is under review. I have spoke to Alan about the scop= of the valuation and once the BFP LP valuation team is set to focus on LD= 2011 LLC we will finalize this. I have asked Alan to join me to follow u= with you regarding our last phone conversation. I will get times from A=an and circle back. Original Message From: Nammacher, Scott (mailtc Sent: Wednesday, August 13, 2014 10:38 AM To: Richard Joslin Cc: Ada Clapp; Halperin, Alan S Subject: RE: LDB 2011 LLC Richard, I hope all is well. 2 EFTA_R1_02168999 EFTA02718254 We had sent the engagement letter for the LDB work back in May (5/30). Ala= thinks he may have signed his part and sent it over for Leo's signature. =1 just wanted to follow up and get the status of the letter. Let me know=timing on its return so we can be official in moving forward. Thanks for your assistance. Best regards, Scott Scott A. Nammacher, ASA, CFA I Managing Director Empire Valuation Consultan=s, LLC 350 Fifth Ave., Suite 6115 We have moved up to a new su=te! New York, NY 10118-5513 General: Direct: Experience Excellence www.empireval.com Bio Original Message From: Richard Joslin [mailto Sent: Tuesday, June 24, 2014 5:15 PM To: Nammacher, Scott Cc: Ada Clapp Subject: RE: LDB 2011 LLC I need to go back to Sotheby's and get a better valuation. No issue abo=t willingness. Original Message From: Nammacher, Scott Imailto Sent: Tuesday, June 24, 2014 4:39 PM To: Richard Joslin Cc: Ada Clapp Subject: RE: LDB 2011 LLC Richard, This is really nothing they seem willing to go to audit on to defend, and i= is being used as part of a transaction. Also, the value is a material pa=t of the likely total value of the LLC. Ada agreed with me, that it makes=sense to get a more formal valuation. Are they not willing to do a formal valuation? Scott Scott Nammacher - From the Road Cell: Empire Valuation Consultants, LLC 3 EFTA_R1_02169000 EFTA02718255 Front Richard Sent: Tuesday, June 24, 2014 3:45 PM To: Nammacher, Scott; Thompson, David Subject: LDB 2011 LLC Items iii and iv. Original Message From: Melanie Spinella [mailto Sent: Tuesday, June 24, 2014 3:36 PM To: Richard Joslin Subject: FW: Scan from a Xerox Color Rich - here is the Valuation Agreement Original Message From: Color 560 imailto: Sent: Tuesday, June 24, 2014 3:19 PM To: Melanie Spinella Subject: Scan from a Xerox Color Please open the attached document. It was scanned and sent to you using a =erox Color. Number of Images: 2 Attachment File Type: PDF Device Name: Color 560 Device Location: For more information on Xerox products and solutions, please visit http://w=w.xerox.com/ This email and any files transmitted with it are confidential and intended solely for the person or entity to whom they are addressed and may contain =onfidential and/or privileged material. Any review, retransmission, disse=ination or other use of, or taking of any action in reliance upon this inf=rmation by persons or entities other than the intended recipient is prohib=ted. If you have received this email in error please contact the sender a=d delete the material from any computer. Apollo Global Management, LLC Pursuant to U.S. Treasury regulations, any federal tax advice contained in =his communication, including attachments and enclosures, is not intended o= written to be used, and may not be used, for the purpose of (i) avoiding =ax-related penalties under the Internal Revenue Code or (ii) promoting, ma=keting, or recommending to another party any tax- related matters addressed=herein. Pursuant to U.S. Treasury regulations, any federal tax advice contained in =his communication, including attachments and enclosures, is not intended o= written to be used, and may not be used, for the purpose of (i) avoiding =ax-related penalties under the Internal Revenue Code or (ii) promoting, ma=keting, or recommending to another party any tax- related matters addressed=herein. 4 EFTA_R1_02169001 EFTA02718256 <?xml version=.0" encoding=TF-8"?> <IDOCTYPE 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> <integer>0</integer> <key>date-received</key> <integer>1409081491</integer> <key>flags</key> <integer>8590195713</integer> <key>gmail-label-ids</key> <array> <integer>7</integer> <integer>27</integer> </array> <key>remote-id</key> <string>434621</string> </dict> </plist> 5 EFTA_R1_02169002 EFTA02718257