From: David Mitchell
Sent: Saturday, November 4, 2017 5:23 PM
To: jeffrey E.
Subject: Re: David

Calling you in 5 mins

DAVID MITCHELL

Mitchell Holdings LLC
801 Madison Avenue
New York NY 10065
USA

On Nov 4, 2017, at 1:04 PM, jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gm=il.com> wrote:

some thoughts read through

DAVID MITCHELL

Mitchell Holdings LLC
801 Madison Avenue
<https://maps.google.com/?q=801+Madison+Avenue%C2%=0%OD+New+York+NY+10065+%0D+USA&entry=gmail&a=p;
source=g>
New York NY 10065
<https://maps.google.com/?q=801+Madison+Avenue%C2%=0% 0D+New+York+NY+10065+%0D+USA&entry=gmail&a=p;

source=g>
USA
<https://maps.google.com/?q=801+Madison+Avenue %C2%=0% 0D+New+York+NY+10065+%0D+USA&entry=gmail&a=p;
source=g>

Begin forwarded message:

From: Stephen Hanson

target=> >

Key information from the image:

*   **Date:** November 4, 2017 at 11:57:08 AM EDT
*   **To:** David, Life Email, Mitchell, Randolph.
*   **Cc:** Mirium, howie muchnick
*   **Subject:** David

David Now that you have received funding for 3.5m - We need to organize how we can complete the hotel and restaurant open=items I can come over to your office on Sunday to review the below I have cc Randy and howie so we can all address this first point

1/First - we had always agreed once the project started to be delayed=along with AP not being funded a new $800k budget was needed for the resta=rant-this budget was based from the day of funding - and with a September =pening — which so far neither obviously has happened

for the record we never " agreed " , =since march we knew the restaurant would not open in sept. but you s=affed up anyway, the restaurant is over budget by a signifigan= amount already. as a result of your decisions. not &quo=; ours "

we both had agreed to personally fund the restaurant with $200= each -this was back before summer when we thought we would open in late A=gust.

that was to make up a shortfall which I had to do on my own.?

Then in September when you where relaying on Arcade to fund a =ridge loan - and we needed funds to complete time and weather sensitive co=struction items - ie the new roof, sidewalk and other items -which I funde= - we both agreed to fund construction with $200k and where to be repaid when Arcade funded - it was never =rcades intention to fund our loans. . we discussed this<=r> -Arcade walked away from the loan and we where never reimburse= . of course not

-Then when Crescendo stepped in to advance you the 3.5mm loan =you advised them that $750k was going to the restaurant - this is not corr=ct- why you positioned the proceeds this way is not accurate. I have yet to understand why 750 k is needed , and of course not imme=iately. you have not provided cash flow statement to the partn=rship so we can now ssee its benefit if any

We both need to be reimbursed from the Crescendo hotel loan -m= loan is higher then $200k at this point - but reimburse each of us so we =an then personally fund the restaurant- as we agreed upon So the hotels additional funding of the restaurant is $350 k not $750= cannot be done our load are not senior at all

2/ Still to be addressed - which you have not responded to - is an ou=line as to the possible shortfall in the restaurant we could endure from J=nuary to April - complete budget sent to you weeks ago.

it it incomplete

3/ I'm told you only are funding the restaurant $700 k becau=e you subtracted last weeks PR ? This is not correct in addition there are=AP items that are not the restaurant responsibility -ie tasting for banker= and loan people - the charity event on Monday to promote the hotel - we can address this at tomorrows meeting<=r> we can also address how your lawyer held up the entire par=nership for a 25k payment otherwise he would not provide signatures. =. this is wrong in many regards. I never agreed to pay y=ur lawyer , nor would I .

4/ AP - how these accounts are paid off- following the AP list you ad=ised lenders would be cured - you need to complete before they lean the ho=el- as a few have threatened.

I am aware

5/ Construction- Friday's meeting with skyland seemed to put us on =rack -issue now is how hard will they push to complete in next 2 weeks - w= need gary on board -I hear he is waiting for his payment before he will r=sume -but we can complete if everyone gets aggressive and bring trades back to site

We need plumbing and Electric punch list items - Chefs are working on=their list we will need gary to complete hotels items -especially items ne=ded for tco

6/ Speakeasy as skyland pointed out at yesterday's meeting and we b=th understood -there is little they need to contractually complete in the =peakeasy as most items are now change orders going forward Items to complete will be reviewed on Monday with Tara - skyland and =ary - your office has still not answered where the banquette fabri= is - for starters

why is this my problem

Banquets- to be built -Lighting will reviewed with Tara on Monday - -front vestibule landing Bar entire unit Need to address that AC unit in the new area at bar we developed. $ 7= One AP item that needs to ASAP be paid is the soundproofing- we will =eed this also in the speakeasy

bar area -

7/ When will you be in your office on Sunday - I'll come over as yo= suggested on Friday days-speakeasy in 3 weeks As we need a great outline prior to Monday's hopefully jump start t= complete lobby in 10

hopefully we can then try to get some xmas party business - looking a= the hotels occupancy it falls off the cliff after 12/18 but maybe we can =apture some business - this brings me back to the restaurants operating bu=get - we need to address a possible winter shortfall above the $750 k opening budget.

how much will in your words capturing business actually ne=.

8/. Hotel funding operating funds to be released on nov 8. We need th=se funds to stay with hotel as they have vendors putting the hotel on COD =nd as Denise has mentioned - they are almost out of hair wash and we have =un out of slippers weeks ago - now that the cold weather is here these are essentials You can not use these funds for construction AP.

I hear we are $180 k over 45 days with AP and have $300 k clos=ng in on 30 days let's also review on Sunday 9/ As you agreed on- you need to pay stacy Gilbert so she can resume =he accounting process

—What time Sunday??

Sent from my iPad

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