EFTA00678225.pdf

From: Cecile de Jongh To: Ja >, Richard Kahn < >, Jeanne Brennan Subject: Fw: Fwd: AYH - P-dock Date: Thu, 06 Mar 2014 17:03:46 +0000 FYI below. I think their plan is fine. With warm regards, Cecile On Friday, February 28, 2014 8:26 AM, Cecile de Jongh •,:a wrote: DO NOT SHARE. With warm regards, Cecile Sent from my iPhone and misspellings courtesy of iPhone. Begin forwarded message: From: "Mukamal, Thomas" allia Date: February 28, 2014 at 9:19:34 AM GMT-4 To: Cecile de Jongh < Cc: "Garrison, Frank" >, "Lande, Mark" < Subject: AYH - P-dock Cecile - Just a summary from last night's hearing on the P-dock application. Our team felt that Hoffman's presentation from their consultant was very weak (since he does not have strong facts to rely on). We felt our presentation was extremely thorough and went pretty well. As you know, objections are supposed to be brief. Not unexpectedly, Messrs. Paiewonsky and Hoffman were allowed to effectively litigate the application in an inappropriate forum. I am told that this went on for an hour and half with Paul and Albert and ultimately the Chairman turning navigational and safety issues into a big company looking out for its economics against Albert and Paul. Despite the fact that we are not a big company, we do pay gross receipts tax on a large portion of our revenue, employ a lot of hard working people, and we pay CZM for the use of the water (while Hoffman has not) - I gather from our team that this argument not surprisingly (and unfortunately) resonated with Mr. Monsanto. While I am told that most of the board was actually silent, the Chairman kept making statements in support of Hoffman's argument seemingly settings aside facts as they were presented. That said, we have established the record and while we expect AYH will lose at this level - we have a basis to proceed an appeal. Unless we hear otherwise from you, it is our intention to terminate AYH's agreement with Hoffman and stop paying them any fees. It might help if they have to face the reality of operating the dock at a loss on their own for a while. EFTA00678225 Please let me know if you are ok with this approach. Regards, Tom Tom Mukamal President Island Global Yachting Ltd. 717 Fifth Avenue, 18th Floor New York, New York 10022 (T) (212) 705-5085 (F) (212) 705-5001 (E) This message, and any attachments hereto, is confidential and intended exclusively for the use of the individual or entity to whom it is addressed. This communication may contain information that is confidential, proprietary, privileged, subject to a confidentiality and/or non-disclosure agreement, or otherwise exempt or protected from disclosure (either by contract or under applicable law). If you are not the intended recipient, you are hereby notified that printing, retaining, reproducing, copying, disclosing, disseminating or using this message or any information contained herein (including any reliance thereon) is strictly prohibited. If you have received this message in error, please contact the sender immediately and destroy the message (including any attachments) and any copies in their entirety, whether in electronic or hard copy format. Nothing contained in this e-mail shall be considered a legally binding agreement, amendment or modification of any agreement with Island Capital Group LLC or any of its affiliates, each of which requires a fully executed agreement to be received by Island Capital Group LLC or such affiliate. This message. and any attachments hereto. is confidential and intended exclusively for the use of the individual or entity to whom it is addressed. This communication may contain information that is confidential, proprietary. privileged, subject to a confidentiality and/or non-disclosure agreement, or otherwise exempt or protected from disclosure (either by contract or under applicable law). If you are not the intended recipient. you are hereby notified that printing. retaining. reproducing, copying, disclosing. disseminating or using this message or any information contained herein (including any reliance thereon) is strictly prohibited. If you have received this message in error, please contact the sender immediately and destroy the message (including any attachments) and any copies in their entiety. whether in electronic or hard copy format. Nothing contained in this e-mail shall be considered a legally binding agreement. amendment or modification of any agreement with Island Global Yachting LTD or any of its affiliates. each of which requires a fully executed agreement to be received by Island Global Yachting LTD or such affiliate. EFTA00678226