EFTA00998675.pdf

From: Richard Joslin To: jeffrey E. <[email protected]> Subject: FW: new collateral items on 2014 BAC - Narrows Pledge Agreement Date: Wed, 08 Oct 2014 22:54:12 +0000 Compliance officer histrionics From: Richard Joslin Sent: Wednesday, October 08, 2014 6:49 PM To: Richard D'Agostino; Ada Clapp; Heather Gray; Eileen Alexanderson; lawrence delson Subject: RE: new collateral items on 2014 BAC - Narrows Pledge Agreement Leon increased the line slightly in April. The art inventory lists were immediately updated to reflect the updated required collateral. (More collateral was required). The financial statements were also updated to reflect the higher amount of debt. It was also stated in the may mock fire drill estate planning financials. All addressees have full access to this information You can see the collateral/security in the fine art file in the O drive Art folder here: O:\Art\Art\ARTWORK - LISTS\Fine ArtO:\Art\Art\ARTWORK - LISTS\Fine Art — file called HEATHER GRAY AUG 2014. Column M in the tab when you open file. The documents Ada refers to are saved here O:\Art\Art\Financing - BOFA Art Loan\Documentation. My bad for not naming better; they were saved in a clear folder after the fact as that is when I rec'd copies. Not clear why I was omitted from the email below but it runs contrary to improving communication, imho. From: Ada Clapp Sent: Wednesday, October 08, 2014 5:09 PM To: Eileen Alexanderson Cc: Idelson; Richard D'Agostino; Heather Gray Subject: RE: new collateral items on 2014 BAC - Narrows Pledge Agreement Thank you. Ada Clapp Elysium Management LLC 445 Park Avenue 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. EFTA00998675 From: Eileen Alexanderson Sent: Wednesday, October 08, 2014 4:56 PM To: Ada Clapp Cc: Ide!son Subject: RE: new collateral items on 2014 BAC - Narrows Pledge Agreement Every other Monday 2pm. Next week's meeting will be on Tuesday due to the Columbus Day holiday. From: Ada Clapp Sent: Wednesday, October 08, 2014 4:30 PM To: Eileen Alexanderson; Lawrence Delson ( Cc: Heather Gray; Richard D'Agostino Subject: RE: new collateral items on 2014 BAC - Narrows Pledge Agreement Eileen and Larry, Below is a typical example of how some of us spin our wheels due to a general lack of information flow in the office. I just happen to learn (because I was in the right place at the right time) that the BAC loan agreement, Pledge agreement and Note were amended in April of this year and that the four items Heather has been trying to chase down since August (noted in her emails below) were in fact added to the collateral list last April. Neither of us was even aware of the new draw-down--even though it bears on what we do (and we are asked questions about the BAC financing and collateral all the time). I wanted to raise this issue to emphasize the extreme importance of frequent office meetings. There is simply no other way to ensure that we all are privy to essential information or transactions that affect our ability to do our jobs effectively. None of us has the time to daily scour the O drive for new documents (which in this case were entitled "Document", "Document 1", "Document 5") that might alert us to this information and folks don't seem to want to notify others when they post things. I don't just speak for myself in this regard. A few of us would really appreciate a short weekly meeting—where we each just go around the table and discuss the 5 or 6 immediate things we are working on so everyone is in the loop as to what is generally happening. We don't need to go into the timing of completion or the details of what everyone is doing at this meeting. Rather, those of us that need to know details can follow up directly with the individual working on the transaction—now that we know about it! Can you please let me know when our next meeting is scheduled? Thank you for your time. Ada Clapp Elysium Management LLC 445 Park Avenue 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. EFTA00998676 From: Heather Gray Sent: Tuesday, September 30, 2014 5:54 PM To: Eileen Alexanderson Cc: Ada Clapp Subject: FW: new collateral items on 2014 BAC - Narrows Pledge Agreement Hi Eileen, I just wanted to check in on the Bank of America collateral list questions in my email below. Did Leon or Bank of America ever confirm that the four works below were supposed to be added to the collateral list? The Matisse (the first on the list below) is actually going to be loaned to a museum in Italy in February of 2015, so we can put it on the collateral list now, but we will need to take it off in February as the Bank will not allow collateral to travel overseas. There are two other changes that we need the bank to make to the 2014 Amendment: 1. There is another Matisse on the collateral list (titled "Rendering of the Barnes Mural in Progress") that Leon had originally intended to loan to MoMA, but now is not going to be lending. The collateral list that the Bank provided needs to be updated to show the location of that work as Bedford instead of MoMA. 2. The 2014 Amendment is dated August 1st, but I think it should be updated to today's date as we are just now sending works on loan and getting the Bailment Agreements signed, so the locations listed in the collateral list were not accurate as of August 1st. I have the Bailment Agreements ready for Leon's signature and would like to have him sign the Amendment with the updated collateral list as well, so if you can talk to the bank and have them update the Amendment and collateral list, I can have him sign it now, too. Please let me know if you have any questions. Thanks, Heather From: Heather Gray Sent: Tuesday, August 19, 2014 1:59 PM To: Eileen Alexanderson ( Cc: Ada Clapp ( Subject: new collateral items on 2014 BAC - Narrows Pledge Agreement Eileen, As we mentioned in the meeting this morning, there are four works of art listed as collateral on the 2014 Amendment to Amended and Restated Pledge Agreement between Narrows Holdings LLC and Bank of America that were not listed as collateral on the 2013 amendment to the pledge agreement (or on the 2012 amendment). The works are not new acquisitions, so I am not sure why they were not on last year's collateral list but are on the collateral list we just received from the bank. The four works are: 1. Henri Matisse Marocaine en jaune, 1912 EFTA00998677  Oil on canvas 32 x 25 in. Location: New York, New York Value per 2013 Sotheby's appraisal: $20 million 2. Pablo Picasso Buste de femme, 1907 Oil on canvas 28 14 / x 23 'A in. Location: New York, New York Value per 2013 Sotheby's appraisal: $18 million 3. Edouard Manet Portrait de Berthe Morisot, 1874 Oil on canvas 24 x 19 5/8 in. Location: New York, New York Value per 2013 Sotheby's appraisal: $15 million 4. Giorgio de Chirico The Surprise, 1913 Oil on canvas 51 'A x 16''4 in. Location: New York, New York Value per 2013 Sotheby's appraisal: $8 million Please let me know if you have any questions, or if there is anything else you would like me to do at this time. Best, Heather Heather Gray Elysium Management LLC 445 Park Avenue Suite 1401 New York, New York 10022 Direct Dial: Fax: Email: EFTA00998678