EFTA Document EFTA01896025

•• ey Epsteinfieeyacation©gmail.com]; Eileen Alexanderso From: Ada Clapp Sent: Thur 4/18/2013 3:43:58 PM Subject: Question re Restructuring 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 Lcon? I sec 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 Parinors c'o Apollo Management 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. EFTA_R1_00320401 EFTA01896025