EFTA01047994.pdf

From: "Jeffrey E." <[email protected]> To: Leon Black Subject: Fwd: update Date: Wed, 26 Apr 2017 21:53:18 +0000 I should land around 930. if you want to talk to me if you can't get heather. From: Richard Kahn Looks like we will take a serious loss . Your price of 25 m dollars was much higher than the best guarantee of 14.75 m pounds. We have already written it down to 20m on the trust books. Heather said Leon trusted Gagosian, she doesn't . Forwarded message From: Richard Kahn czli Date: Wed, Apr 26, 2017 at 5:30 PM Subject: Re: update To: Heather Gray thank you for update and good luck tomorrow hope everything goes smoothly i will reach out to christies now about separate catalogue and forward sharon response once received Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Floor On Apr 26, 2017, at 5:27 PM, Heather Gray < wrote: Hi Rich, Sotheby's just came back to us and said they cannot raise the guarantee or the enhanced hammer any higher, so their offer stands at a guarantee of $18.75 million and an enhanced hammer of 108% with the overage split 80/20. Leon is planning to call Amy himself in the morning and tell her that she can have the Giacometti if she EFTA01047994 comes up to 110% on the enhanced hammer. I'm not sure if she will be able to go up to 110%, but he wants to try one last time. Christie's, as you know, is at an enhanced hammer of 110% with overage split 80/20, stepping down to 107% once the proceeds to Jeffrey reach GBP 20 million. (Their guarantee was through a third party guarantor and was capped at $15-16 million.) In the meantime, Leon thinks having a separate catalogue for the Giacometti is an important marketing tool (for what it's worth, I agree with him), so he wants to know if Christie's will give the Giacometti both the back cover of the main Evening Sale catalogue (as they had previously agreed to do) and a separate catalogue just for the Giacometti. Will you please find out from Sharon? Leon says a decision will be made tomorrow morning. As usual, I'm assuming that he's talking to Jeffrey about all of this, but I want to make sure you're in the loop simultaneously just in case there are questions. I'm only reachable tomorrow morning until around 10 am and then I'm going into the hospital for an operation — should be straightforward, but I'm not going to be on email/phone the rest of the day tomorrow. I'll email you any updates I have in the morning and then will be back online on Friday. While I'm out you guys can obviously just call Leon directly. Best, Heather Heather Gray Art Counsel Elysium Management LLC 445 Park Avenue, Suite 1401 New York, NY 10022 EFTA01047995  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 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 EFTA01047996