From: Ada Clapp

From: Ada Clapp To: Jeffrey Epstein <[email protected]> Subject: Re: Question re Restructuring Date: Thu, 18 Apr 2013 16:25:08 +0000 As partners they would want to ensure they were getting fair value for their interests--but I hear you... Ada Clapp Black Family Partners do Apollo Management 9 W 57th Street New York NY 10019 phone: email: IRS Circular 230 Disclosure: Pursuant to IRS regulations, I inform you that any tax advice contained in this communication (including attachments) is not intended or written to be used, and cannot be used by any person or entity for the purpose of (i) avoiding tax related penalties imposed by any governmental tax authority, or (ii) promoting, marketing or recommending to another party any transaction or matter discussed herein. I advise you to consult with an independent tax advisor on your particular tax circumstances. This communication, and any attachment, is for the intended recipient(s) only and may contain information that is privileged, confidential and/or proprietary If you are not the intended recipient, you are hereby notified that further dissemination of this communication and its attachments is prohibited. Please delete all copies of this communication and its attachments and notify me immediately that you have received them in error. On Apr 18, 2013, at 12:15 PM, Jeffrey Epstein <[email protected]> wrote: the trustees would have no role int the redemption , it would be a partnership acct problem, we already have plenty On Thu, Apr 18, 2013 at 12:13 PM, Ada Clapp < > wrote: dang email sent while I was still typing--I was about to type: We would rely on the Independent Trustees to oversee the fairness of the transaction (to counter deemed gift issues). If the borrowing by BFP were part of a plan to redeem them out as parters of BFP, the Trustees have a large incentive to scrutinize the valuations. Ada Clapp Black Family Partners EFTA00680357 do Apollo Management 9 W 57th Street New York NY 10019 phone: email: IRS Circular 230 Disclosure: Pursuant to IRS regulations, I inform you that any tax advice contained in this communication (including attachments) is not intended or written to be used, and cannot be used by any person or entity for the purpose of (i) avoiding tax related penalties imposed by any governmental tax authority, or (ii) promoting, marketing or recommending to another party any transaction or matter discussed herein. I advise you to consult with an independent tax advisor on your particular tax circumstances. This communication, and any attachment, is for the intended recipient(s) only and may contain information that is privileged, confidential and/or proprietary If you are not the intended recipient, you are hereby notified that further dissemination of this communication and its attachments is prohibited. Please delete all copies of this communication and its attachments and notify me immediately that you have received them in error. On Apr 18, 2013, at 12:01 PM, Jeffrey Epstein cjeevacation®gmail.com> wrote: my initial recation is that i would like to use the substitution provison of teh 2006 trust, it is cleaner but let me think about it, the issues of complex valuations, deemeds gifts , and ap iv , give me pause. On Thu, Apr 18, 2013 at 11:43 AM, Ada Clapp < wrote: Hi Jeffrey, I was wondering out loud with Eileen yesterday: instead of having Leon borrow funds to substitute into the 2006 Trust in exchange for BFP interests, have you considered having BFP borrow funds to be used to redeem the interests of all partners except Leon? I see the problem as the size of the loan but perhaps we could consider this as one piece of the solution. What do you think? Ada Clapp Black Family Partners Co Apollo Management 9 W 57th Street New York NY 10019 phone: email: IRS Circular 230 Disclosure: Pursuant to IRS regulations, I inform you that any tax advice contained in this communication (including attachments) is not intended or written to be used, and cannot be used by any person or entity for the purpose of (i) avoiding tax related penalties imposed by any governmental tax authority, or (ii) promoting, marketing or recommending to another party any transaction or matter EFTA00680358 discussed herein. I advise you to consult with an independent tax advisor on your particular tax circumstances. This communication, and any attachment, is for the intended recipient(s) only and may contain information that is privileged, confidential and/or proprietary If you are not the intended recipient, you are hereby notified that further dissemination of this communication and its attachments is prohibited. Please delete all copies of this communication and its attachments and notify me immediately that you have received them in error. *********************************************************** 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 Jeffrey Epstein 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], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 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 Jeffrey Epstein 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], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00680359