you are right. you should look into murphys nu=bers. very hard to follow , somewhat goofy=C2 for phone tomorw

On Tue, Dec 2, 2014 at 6:13 PM, Brad Wechsler wrote:

I think =here's unnecessary "complexity" in what ada is setting out. =ssuming PG is owned by the trusts (my understanding) I would do the follow=ng:

	1. Get the projections from keith and his do and judith and her do.

2. Have rich j test them for cogency as a service to the trust. (We can bil= the trusts for admin services if we want.)

3. Have rich "consolidate" them.

4. Make the ceo's, cfo's available to the trustees for "dilige=ce" if the trustees so desire. (Rich, eileen and I can participate on=an administrative basis.)

5. Assuming trustee sign-off, the t'ees can functionally dictate the to=ms of the loan (demand note or bullet) and again, the office can run admin=interference for them with paul, weirs to facilitate execution of the note= Sound right to you or shld we discuss?

Email details:
*   **From:** Ada Clapp
*   **Sent:** Tuesday, December 02, 2014 03:00 PM
*   **To:** Brad Wechsler, Eileen Alexanderson
*   **Subject:** Trust Loans to Phaidon Global

Hi Eileen and Brad,

I understood from the Trustees meeting that we will need to move quickly to=paper the loan to Phaidon Global should the Trustees agree to lend. = don't know Rich J.'s timing for getting the Trustees the informat=on they requested (see his email below). However, in the interest of=expediency, I wanted to discuss the process for getting the secured loan d=cumentation that Richard Ressler requested in place.

I am questioning the family office's role in assisting with the negotia=ion and preparation of the loan documentation. It seems to me that w= cannot act on behalf of both the Trustees as Lender and Phaidon Global as=borrower. With a new management team in place, I think it makes sens= for Keith or Phaidon Global's general counsel to negotiate loan terms=for Phaidon (particularly since the borrowed funds will be used to benefit=Phaidon Press and Artspace, which are part of Keith's business plan).=C2 I assume Rich J. is discussing profitability projections and r=quired loan amount with Keith, so Keith should already be involved in the =etails.

We can certainly facilitate on behalf of the Trustees, if they want us to, =y engaging and monitoring Paul Weiss (or another firm they prefer) to prep=re the loan documents and negotiate terms on their behalf. If you ag=ee, once Rich J. has provided the Trustees with the requested information =please let me know when he has), I can reach out to the Trustees to inquir= about retaining counsel. I can also reach out to Keith to let him k=ow we will be sending him the loan documents for Phaidon's review.

Please let me know how you wish to proceed. Thanks.

Ada Clapp

Chief Legal Officer

El slum Mana:ement LLC

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=that further dissemination of this communication and its attachments is pr=hibited. Please delete all copies of this communication and its atta=hments and notify me immediately that you have received them in error. =AO Thank you.

Original Message From: Richard Joslin Sent: Wednesday, November 26, 2014 3:16 PM To: Barry J. Cohen; John Hannan; 'Richard Ressler' Cc: Eileen Alexanderson; Ada Clapp; Brad Wechsler Subject: RE: Notes from 11/21/14 Trustees meeting

Barry, John and Richard:

At the meeting last week, there was discussion of the provision of a compre=ensive funding estimate and investment theses for Artspace, Regan Arts and=Phaidon by today. In consultation with JEE, we need to defer until w= can be certain that we can provide a precise estimate.

Have a safe holiday.

RJ

-----Original Message-----

From: Barry J. Cohe

Sent: Saturday, November 22, 2014 1:46 PM

To: Eileen Alexanderson; Richard Joslin; Ada Clapp; John Hannan; 'Richa=d Ressler'; Leon Black Subject: Notes from 11/21/14 Trustees meeting

Here are a few notes from yesterday's meeting:

• Rich Joslin will look into what is entailed in selling=Vector for all the trusts, given the certificated and restricted nature of=its holdings.

	• $6MM of Buckingham should be redeemed by year end, tak=ng into account the advance notice period.

	• Rich or Eileen should produce a schedule showing redem=tion terms of all redeemable HF-type investments.

	• Rich will add appraisals of the Chinese Bronzes to the=art inventory.

• It was noted that trust art on loan to museums might b= double insured. Rich or Eileen should investigate whether it is wor=h seeking a reduction in the premiums paid by the trusts. Might be t=o small to matter.

	• All trustees should sign up for Artspace!

Barry Cohen

Apollo Management

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