<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Wednesday, July 13, 2016 10:44 PM</td></tr><tr><td>To:</td><td>Joe Avantario</td></tr><tr><td>Subject:</td><td>Re: Cash flow</td></tr></table>

why is there a 20 million with parenthesis in =ources and art loan? there should never be parenth=sis . ever . there are sources there are use=. there is also beginning cash and beginning debt. final=cash and final cash. you should assume the plane value a= 12. so an 80 percent loan would be 9.6. , . =C2 assume the boat to be 12 net. . and mi=mi at 14. net.

On Wed, Jul 13, 2016 at 6:34 PM, Joe Avantario <mailto > > wrote:

	* =C2* We update our cash flow on a weekly basis on Th=rsdays.

* =C2* In preparing a draft of that with the major cha=ges, besides the things I mentioned to you previously, we are moving the 5=OMM in art sales to the end of the year based on our discussion with Leon.

* =C2* This move together with some new art purchases =nd other unknowns (i.e. the exact pay down amount for the plane loan) is c=eating a deficit for us.

	* =C2* We intend to deal with those issues by increasi=g the art loan.

* =C2* We have conceptually discussed these items with=Leon and will be addressing the proposed increase amount with him shortly.=u>

Joseph Avantario
Elysium Management, LLC
445 Park Avenue Suite 1401, New York, NY 10022
Tel. (646)589-0316 <tel:%28646%29589-0316> |Cell  <tel:%28914%29450-8806>

=AO please note

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