<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Friday, February 27, 2015 2:48 PM</td></tr><tr><td>To:</td><td>Brad Wechsler</td></tr><tr><td>Subject:</td><td>Re: Talk?</td></tr></table>

do not fund until all the facts are known

On Fri, Feb 27, 2015 at =0:21 AM, Brad Wechsler < » wrote:

With new knowledge of phaidon holding stru=ture would like to have a precise conversation--god I'm beginning to s=d like you--on how we fund new $$. I'm concerned abt the "complex=ty" of equity for a number of structural amd practical reasons. Can w= speak? Thx, b

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please =ote

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