EFTA00835498.pdf

From: "Jeffrey E." <[email protected]> To: Ada Clapp Bee: Melanie Spinella Subject: Re: Ben's $1.5 Million Loan Date: Thu, 28 Jan 2016 14:41:14 +0000 agree„ but check with leon On Thu, Jan 28, 2016 at 9:40 AM, Ada Clapp c > wrote: Good morning Jeffrey, If I understood you correctly, as part of the intra-family Note clean-up, you suggested that the Trustees of APO-01 Declaration consider forgiving the $1.5 million Note from Ben that they hold. If that is correct, I would like to suggest an alternate approach to eliminating Ben's Note (it is the same approach we used for Ben's $10 million distribution at age 30). That is: 1. The APO-01 Declaration would pay down some of the Note given to the BEB 2011 Trust when that trust sold its interest in the LDB 2011 LLC. The pay-down amount would equal the outstanding principal and accrued interest of Ben's Note held by the APO-01 Declaration. 2. The BEB 2011 Trust would then distribute the funds it just received to Ben; and 3. Ben would use the distribution to repay the APO-01 Declaration the outstanding principal and interest on the $1.5 million Note. This approach allows us to reduce some intra-family debt and does not increase anyone's taxable estate. Please let us know if you agree with this approach and we will put it in motion. Thanks. Ada Clapp Chief Legal Officer Elysium Management LLC 445 Park Avenue EFTA00835498  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. 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 [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA00835499