EFTA00693922.pdf

From: Ada Clapp To: Richard Joslin CC: Eileen Alexanderson , "Lawrence Delson , jeffrey E. <jeevacation®gmail.com> Subject: RE: LDB 2011 LLC Date: Thu, 14 Aug 2014 13:38:33 +0000 Rich--you are misreading my email. I was not inferring anything--just Hying to understand the status of the LLC valuation to complete the restructuring. I did not speak with Scott. He left me a voicemail. As you know, I already told him that you were responsible for valuations which is why I have not returned his call. Original Message From: Richard Joslin Sent: Thursday, August 14, 2014 9:25 AM To: Ada Clapp Cc: Eileen Alexanderson; Lawrence Delson jeffrey E. Subject: RE: LDB 2011 LLC To give you an another update - Scott and David were brought up to speed on Phaidon and since then the plan worked out with Empire was to have the Empire appraisal team work to finalize the half dozen valuations for BFP before starting on LDB 2011 LLC. Empire does not have bandwith to assign two teams to our account. The accounting group is gathering documentation and performing its valuation preliminaries on LDB 2011 LLC assets and the process developed has been strongly supported by Empire. Given that I am conversing daily with the Empire team and we are exchanging reports, I have a clear grasp of the status. Your last question seems to infer I am not organized or on top of this effort. I am not privy to your conversation with Scott and I would have preferred that you indicate to him that this was my responsibility and ask that he speak to me directly. I will speak to him today. Original Message From: Ada Clapp Sent: Thursday, August 14, 2014 8:50 AM To: Richard Joslin Cc: Eileen Alexanderson; Lawrence Delson ( 1 ) Subject: RE: LDB 2011 LLC Hi Rich, Scott left me a voicemail about this. I am not really sure I understand your response to his email. Who is reviewing the engagement letter-Alan? It sounded like Scott has moved forward with the valuation despite the lack of engagement letter. Is that correct? Thanks. Ada Clapp Elysium Management LLC 445 Park Avenue EFTA00693922 Suite 1401 New York, New York 10022 Direct Dial: Fax: Email: This communication and any attachment is for the intended recipient(s) only and may contain information that is privileged, confidential and/or proprietary. If you are not the intended recipient, you are hereby notified that further dissemination of this communication and its attachments is prohibited. Please delete all copies of this communication and its attachments and notify me immediately that you have received them in error. Thank you. Original Message From: Richard Joslin Sent: Wednesday, August 13, 2014 10:43 AM To: Nammacher, Scott Cc: Ada Clapp; Halperin, Alan S Subject: RE: LDB 2011 LLC The engagement letter is under review. I have spoke to Alan about the scope of the valuation and once the BFP LP valuation team is set to focus on LDB 2011 LLC we will finalize this. I have asked Alan to join me to follow up with you regarding our last phone conversation. I will get times from Alan and circle back. Original Message From: Nammacher, Scott Sent: Wednesday, August 13, 2014 10:38 AM To: Richard Joslin Cc: Ada Clapp; Halperin, Alan S Subject: RE: LDB 2011 LLC Richard, I hope all is well. We had sent the engagement letter for the LDB work back in May (5/30). Alan thinks he may have signed his part and sent it over for Leo's signature. I just wanted to follow up and get the status of the letter. Let me know timing on its return so we can be official in moving forward. Thanks for your assistance. Best regards, Scott Scott A. Nammacher, ASA, CFA I Managing Director Empire Valuation Consultants, LLC 350 Fifth Ave., Suite 6115 We have moved up to a new suite! New York NY 10118-5513 General: Direct: Experience Excellence www.empireval.com Bio EFTA00693923 Original Message From: Richard Joslin [mailto: Sent: Tuesday, June 24, 2014 5:15 PM To: Nammacher, Scott Cc: Ada Clapp Subject: RE: LDB 2011 LLC I need to go back to Sotheby's and get a better valuation. No issue about willingness. Original Message From: Nammacher, Scott Sent: Tuesday, June 24, 2014 4:39 PM To: Richard Joslin Cc: Ada Clapp Subject: RE: LDB 2011 LLC Richard, This is really nothing they seem willing to go to audit on to defend, and it is being used as part of a transaction. Also, the value is a material part of the likely total value of the LLC. Ada agreed with me, that it makes sense to get a more formal valuation. Are they not willing to do a formal valuation? Scott Scott Nammacher - From the Road Cell: Empire Valuation Consultants, LLC From: Richard Joslin Sent: Tuesday, June 24, 2014 3:45 PM To: Nammacher, Scott; Thompson, David Subject: LDB 2011 LLC Items iii and iv. Original Message From: Melanie Spinella Sent: Tuesday, June 24, 2014 3:36 PM To: Richard Joslin Subject: FW: Scan from a Xerox Color Rich - here is the Valuation Agreement Original Messii imim From: Color 560 Sent: Tuesday, June 24, 2014 3:19 PM To: Melanie Spinella EFTA00693924 Subject: Scan from a Xerox Color Please open the attached document. It was scanned and sent to you using a Xerox Color. Number of Images: 2 Attachment File Type: PDF Device Name: Color 560 Device Location: For more information on Xerox products and solutions, please visit Intp:ilwww.xerox.corn/ This email and any files transmitted with it are confidential and intended solely for the person or entity to whom they are addressed and may contain confidential and/or privileged material. Any review, retransmission, dissemination or other use of, or taking of any action in reliance upon this information by persons or entities other than the intended recipient is prohibited. If you have received this email in error please contact the sender and delete the material from any computer. Apollo Global Management, LLC Pursuant to U.S. Treasury regulations, any federal tax advice contained in this communication, including attachments and enclosures, is not intended or written to be used, and may not be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any tax-related matters addressed herein. Pursuant to U.S. Treasury regulations, any federal tax advice contained in this communication, including attachments and enclosures, is not intended or written to be used, and may not be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any tax-related matters addressed herein. EFTA00693925