<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Monday, October 26, 2015 6:09 PM</td></tr><tr><td>To:</td><td>Melanie Spinella; Brad Wechsler</td></tr><tr><td>Subject:</td><td>draft</td></tr></table>

phaidon and art space. combined basis 96 milli=n , ( reviewed with brad and joe.) . add ten for restructurin= . basis 106. mi. subtract total sale =rice. for both, lets say approx $8 - 15m .=C2 leaving loss of between 90 and 98 million long ter= loss. . AMT rate 28 % obama . tax 3.=%. city and state 12% total aprox 43 %. =AO tax rate. savings 38.7 - 44 m

## =C2 please note

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return e-mail o= by e-mail to j=evacation@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies =hereof, including all attachments. copyright -all rights reserved </=iv> --047d7b86dae05cf3f4052305dab0-- conversation-id 99784 date-last-viewed 0 date-received 1445882928 flags 8590195717 gmail-label-ids 7 6 remote-id 557093