EFTA Document EFTA01992951

To: jeevacation©gmail.com[jeevacation©gmail.com]; Jeffrey Epsteinbeeyacation©gmail.corn] From: Richard Kahn Sent Thur 3/29/2012 9:00:07 PM Subject: RE: Open Items I will bring a hard copy with backup to our meeting later at 5:30pm 1) Outstanding Loans a) Adam Bly - $300,000 plus accrued interest - we were told payments will begin of $12,000 in April 2012 b) MC2 - $694,598 (20k paid in 2012 & 70k paid in 2011) - credit line renewed for $700,000 c) Sophie Mortgage - $550,000 - April buyer... 2) Credits with vendors a) Boyson $43,194 b) AAG - $18,689 c) Sacco carpet - $56,075 3) Legal Summary with outstanding balances (see attached) 4) S-76C+ Sale Summary - how to deal with George in April (sec attached) 5) April 15th Tax Returns & Extensions a) JEE 1040 - you have a 2,350,000 overpayment in system so no tax or extension payment due b) JEE Gift Tax - due to increase in gift law for tax years 2011 & 2012 you now have $4,000,000 of gifts to give without tax therefore no extension payment due -> i will have summary schedule for you next week c) Zorro Trust d) Haze Trust e) Butterfly Trust f) Financial Ballistics Trust - we are waiting on direction from Erika g) KCAC LLC 6) 301 Apartment Summary (see attached) 7) FTC - EDC requirements - which items should we eliminate if any (sce attached) EFTA_R1_00486388 EFTA01992951 8) David Mitchell - Columbia Heights Investment of 500,000 - Entity to use for investment a) NYSG LLC - NYS S Corp (DIG Owner) b) Nine East 71st Street Corp - NYS S Corp (JEE Owner) c) FT Real Estate - USVI C Corp (JEE owner) d) FTC - USVI S Corp (JEE Owner) e) HBRIC - NYS C Corp (RIC & HB owners) f) CDE Inc. - USVI S Corp (JEE Owner) g) Mort Inc. - USVI S Corp (JEE Owner) h) Poplar Inc - USVI S Corp (JEE Owner) 9) Dave Rodgers - 109,500 vs 98,000 total less 50,000 already paid = 59,500 vs 48,000 a) how do we move forward with dave.. 10) Office Space - approximately 50,000 to move offices (see attached) a) Your thoughts and timing II) Life Insurance Premium on 25,000,000 policy - premium went 36,075 to 512,325 (extended due date is 04-20-2012) a) can we discuss your life insurance needs going forward... b) only other life insurance policy currently in force is 5,000,000 policy (owned by Trust #3) with annual premium of 9,382 which stays level until 2018 when it becomes 292,000 12) Office will be closed Friday April 6th for Good Friday 13) Darrren will be on vacation Friday March 30th and be back in office on Tuesday April 10th 14) Rich will be on vacation Monday April 9th thru Thursday April 12th returning to office Friday April 13th 15) Hany will be out for Passover on Friday April 13th Richard Kahn EFTA_R1_00488389 EFTA01992952 HBRK Associates Inc. 301 East 66th Street, Suite 1OF New York. NY 10065 tel fa cell EFTA_R1_00486390 EFTA01992953