EFTA02514698.pdf

From: jeffrey E. <jeevacation@gmail.com> Sent: Monday, December 15, 2014 4:52 PM To: Brad Wechsler Subject: Re: Phaidon is artspace part , ? the 13 million of funding . im =ow told that the trusts are going to fund ? instead of BFP =/div> On Sun, Dec=14, 2014 at 5:55 PM, Brad Wechsler < > wr=te: Now or tomorrow? From: jeffrey E. [mailto:jeevacation@gmail.com <mailto:jeevacation@g=ail.com> I Sent: Sunday, December 14, 2014 04:51 PM To: Brad Wechsler Subject: Re: Phaidon phone On Sun, Dec 14, 2014 at 5:40 PM, Brad Wechsler <=pan dir="ltr"> < » wrote: Does bfp do more than guarantee the line?</=ont> From: jeffrey E. [mailto:jeevacation@gmail.com <mailto:jeevacation@g=ail.com> I Sent: Sunday, December 14, 2014 04:27 PM To: Brad Wechsler Subject: Re: Phaidon Need to combine with bfp On Sunday, December 14, 2014, Brad Wechsler < > wrote: Jeffrey-after our conversation today I took a look at Phaidon summary finan=ials (for the first time). Here's how I would re-state your observatio=(s): 1. Do leon and the trustees know/understand that the $1.5mm net income proj=ction for 2015 disconnects from cash substantially, ie, 2. The cash projection from the operating business and modest cap-ex is neg=tive 54.4mm and 3. Maximum cash drawdown for 2015 looks like $6.25mm in january (mostly fro= changes in working capital). 4. Presentation seemed reasonably clear EXCEPT, in my package, you can'= really have insight into 2016/17 cash flows. EFTA_R1_01648545 EFTA02514698 Basic question for leon and Ee's is "familiarity" with $4.4mm=cash use. Are you and I in synch? This, of course, is based on "=2015" which looks like it ends in june of next year. Additional quest=on is for Phaidon to develop the future cash flows (which they may have already done?) so they can go to trustees with a more developed c=sh flow projection and funding request. B www.imax.com <http://www.imax.com> IMAM' is a registered trademark of IMAX Corporation. 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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 <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved www.imax.com <http://www.imax.c=m> 'MAX° is a registered trademark of IMAX Corporation. IMPORTANT NOTICE Information contained in this e-mail correspondence and any attachments is =onfidential information intended only for the use of the individual or ent=ty named above. Any reader of this message who is not the intended recipient of this corres=ondence is hereby notified that any dissemination, distribution, copying or communication of the contents of this correspondence is strictly prohibi=ed. If this e-mail was not addressed to you , please immediately notify us=br> by phone in Canada at (905) 403- 2 EFTA_R1_01648546 EFTA02514699 6500 <tel:%28905%29%20403.6500> (collect calls will be accepted) or by email at webmaster@imax.com and delete and destroy this correspondence inadvertently sent to you. Thank you 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 <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved www.imax.com <http://www.imax.c=m> 'MAX. is a registered trademark of IMAX Corporation. IMPORTANT NOTICE Information contained in this e-mail correspondence and any attachments is =onfidential information intended only for the use of the individual or ent=ty named above. Any reader of this message who is not the intended recipient of this corres=ondence is hereby notified that any dissemination, distribution, copying or communication of the contents of this correspondence is strictly prohibi=ed. If this e-mail was not addressed to you , please immediately notify us=br> by phone in Canada at (905) 403.6500 <tel:%28905%29%20403.6500> (collect calls will be accepted= or by email at we=master@imax.com <mailto:webmaster@imax.com> and delete and destroy this correspondence inadvertently sent to you. Thank you please note=br> The information contained in this communication is confidential= may be attorney-client privileged, may constitute inside information, =nd is intended only for the use of the addressee. It is the property of=br>JEE Unauthorized use, disclosure or copying of this communication=or any part thereof is strictly prohibited and may be unlawful. If you =ave received this communication in error, please notify us immediately =y return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail.com= target.> , and destroy this communic=tion and all copies thereof, including all attachments. copyright -all =ights reserved 3 EFTA_R1_01648547 EFTA02514700 4 EFTA_R1_01648548 EFTA02514701