EFTA Document EFTA01800836

From: Sent: Tuesday, November 3, 2015 4:43 PM To: jeffrey E. Subject: FW: Picasso update From: Heather =ray [mailto Sent: Monday, November 02, 2015 3:16 PM To: Melanie Spinella Subject: Picasso update Hi Melanie, Will you please giv= his email to Leon when he is free? Thank you, Heather<=span> </=pan> Dear Leon, </=pan> I am meeting with L=rry Gagosian's lawyer (Matthew Dontzin), Larry Kaye and Mari-Claudia=Jimenez (Larry Kaye's partner at Herrick) at 3:30 pm this afternoon =t Elysium to discuss the Picasso. We will update you after the meeting. <ftpan> I just received cop=es of the writ of seizure issued by the Paris court against Maya Widmaier-=icasso and the letter Guy Bennett's US lawyer sent to Larry Gagosian=and Patty Lipshutz. These documents provide more detailed information about the chronology, which I've summarize= below. (Please let me know if you would like me to send you copies =f the documents themselves.) Of course, this is Guy Bennett's =endering of the facts — we have not yet heard Ms. Picasso's side of the story. Updated Timeline EFTA_R1_00140742 EFTA01800836 October 10, 2014=span style="font-size:12.0ptline-height:105%">: =nbsp; Maya Widmaier-Picasso enlists Connery Pissarro Seydoux (CPS) to find a buyer for the Picasso. November 13, 2014: CPS enters into = sales contract with Pelham Europe Ltd. (Guy Bennett's company) to sell the sculpture to Guy's client (Shei= Jassim bin Abdulaziz Al-Thani of Qatar) for 38 million Euros, payable in =hree installments as follows: &middo=; &nbs=; 1.9 million Euros =n December 1, 2014 &middo=; &nbs=; 4.1 million Euros =n January 15, 2015, and &middo=; &nbs=; 32 million Euros o= April 20, 2015 &middo=; &nbs=; =/p> December 1, 2014=span style="font-size:12.0pt;line-height:105%">: Pelh=m pays the first installment of the purchase price to Ms. Picasso. January 15, 2015=span style="font-size:12.0pt;line-height:105%">: =nbsp; Pelham pays the second installment of the purchase price to Ms. Picasso. April 10, 2015: &n=sp; Maya Widmaier-Picasso's R=0;advisor" (I don't know if this is her lawyer or someone else and I don't have this person's n=me) writes a letter to CPS asking that the sale be cancelled due to a R=0;mental disorder" suffered by Maya, and advises CPS that she will n=t accept the final payment of the purchase price. Her advisor and CPS agree to put the sale on hold until April 30th =nd then again until May 5th so they can discuss her "ment=l disorder" and how it might affect the sale. (May 4, 2015: &nbs=; Our contract=with Gagosian is signed.) May 5, 2015: = Bennett writes a le=ter to CPS giving formal notice that his client intends to move forward with the sale and will be paying the fi=al installment of the purchase price and wants to have the sculpture deliv=red to him promptly. (As far as I can tell, Bennett never sends the =inal installment of the purchase price. According to Gagosian's lawyer, Ms. Picasso refunded the first two i=stallment payments to Bennett.) May 13, 2015: &nbs=; Bennett initiates court procee=ings in Geneva to force Ms. Picasso to sell the sculpture to his client. In aid of the Swiss=litigation, Bennett's lawyers convince a Paris court to issue a writ=of seizure prohibiting Maya from removing the sculpture from France or sel=ing it to another party while the Swiss court case is pending. Sometime after May 13, 2015, M=. Picasso sends the sculpture to MoMA in violation of the Paris courtc;s order. October 19, 2015=span style="font-size:12.0ptline-height:105%">: =nbsp; Bennett's US lawyer (Eric Hass at Patterson Belknap) sends a letter to Larry Gagosian copying Patty Lipshitz at MoMA and notifying th=m of the writ of seizure and claiming that he is going to try to get a tem=orary restraining order to keep MoMA from releasing the work. November 4t= or Sth, 2015= There is a contempt hearing in Paris against Ms. Picass=. I should have more information about this hearing and the exact date after the meeting with Gagosian's lawyer. </=pan> Best, Heather<=span> 2 EFTA_R1_00140743 EFTA01800837 </=pan> Heather Gray Elysium Management =LC 445 Park Avenue Suite 1401 New York, NY 10022<=:p> 646-589-0315</=:p> [email protected] &n=sp; </=pan> 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, dissem=nation or other use of, or taking of any action in reliance upon this information by persons or entities oth=r than the intended recipient is prohibited. If you have received this ema=l in error please contact the sender and delete the material from any comp=ter. Apollo Global Management, LIC 3 EFTA_R1_00140744 EFTA01800838