EFTA02386860.pdf

From: David Mitchell < Sent: Saturday, June 3, 2017 9:00 PM To: Jeffrey E. Subject: Re: Fwd: It is under funding to date on the source side DAVID MITCHELL Mitchell Holdings LLC 801 Madison Avenue New York NY 10065 USA On Jun 3, 2017, at 4:59 PM, Jeffrey E. <jeevacation@gmail.com <mailto:jeevacation@gm=il.com» wrote: yes, but where is the reimbursbale on the project co=ts or funding of • M, David Mitchell <=pan dir="ltr"> <mailto > wrote: Footnote should r=ad in two sections somehow it got consolidated and reformatted when I sent=out First round of in=estor notes will be paid from loan modification And the reimburse=ents owed to me as of May 17 were $991,689 As it reads now i= indicates that the reimbursements were paid or to be paid from loan modif=cation DAVID MITCHELL Mitchell Holdings LLC 801 Madison Avenue New York NY 10065 USA EFTA_R1_01407448 EFTA02386860 <mailto: fyi, On Jun 3 2017 at 4:25 PM, David Mitchell .cc > wrote: DAVID MITCHELL Mitchell Holdings LLC 801 Madison Avenue New York NY 10065 USA Begin forwarded message: From: < › > please find the up to date information This does not take in account mini construction loan funding from DB t= cover the extras and the buildout of back four rooms investor notes by that amount The request was $860,237 , which would reduce if granted the the secon= round of It was not included as it has not been approved <Life Hotel - Overview of Costs & Funding.pdf> As you know, unlike m=nths prior the bank has not released the revenues from the lockbox on inte=- month basis which has caused stress to the situation As you know for last t=o weeks I personally have covered the payroll for the hotel 2 EFTA_R1_01407449 EFTA02386861 In regards to the hotel payables I have been working with Alan to create a =trategic plan for next 7 days to see if there any emergencies As of Friday we have i=entified $16,500 at the hotel and $3800 at the resta=rant company Both which I will cove= on Monday Assuming bank release =ock box and insurance escrow on June 9 Lockbox estimate $273,=41 Insurance escrow $159,=00 loan of $2=000,000 Obviously this will fr=e up cash to payout current and hopefully some past expenses Current budget number =vailable to the hotel is $323,599.22 I also have been worki=g with Alan to plan out the use of the shortfall reserve in the for the hotel and rest=urant He is working with Cat=y tomorrow to verify and ascertain correct numbers and we should have a pl=n for the above on Monday DAVID MITCHELL Mitchell Holdings LLC 801 Madison Avenue New York NY 10065 USA please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com <mailtcyjeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved 3 EFTA_R1_01407450 EFTA02386862 4 EFTA_R1_01407451 EFTA02386863