<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:
To:</td><td>Wednesday, January 27, 2016 6:23 PM
Brad S Karp</td></tr><tr><td>Subject:</td><td>maybe useful</td></tr></table>

as of oct 15 the deal was 50 % of phaidon =AO and a signifiganct piece of the big transaction. he has always sa=d he would have no problem paying a large fee, if "VALUE was cl=ar. He attempted to use alans participation as a way to reduce=the number. and our long standing agreement was 37 perce=t. I think another 40 is owed.

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