<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Friday, January 22, 2016 3:44 PM</td></tr><tr><td>To:</td><td>Brad S Karp</td></tr></table>

I would have hoped that your people would have read the TR= agreement prior to our conference call that had bee set a week ago . =AO very defensive. ie bronstein said ,=there is no contract. it springs into existance if there is an excha=ge.? fenn says no. alan hadnt a clue. . its a bill=on dollar issue. they werent really sure even who the pa=ties to the agreement were.? apo, brh, individuals. ..A0 I will have the next meeting in person so that it is clear that a=solution is being sought, not merely detailing hurdles. . =AO UBTI. , split interest. self dealing. assignment of income.=C2 NOT once in the conversation did your team say , but IF =e did x, y or z, then maybe.

=AO please note

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