EFTA02542623.pdf

From: jeffrey E. <[email protected]> Sent: Friday, January 5, 2018 9:55 PM To: Richard Kahn Subject: Re: Enhanced Share Class - Boothbay wait, On Fri, Jan 5, 2018 at 4:51 PM, Richard Kahn < wrote: when i called back and questioned =he new response from freddie was that it was capacity constrained as they =ere only taking 50mm and with our 7.5mm they would be at 30mm freddie =ow says that they are using 1.5% as a deterrent so everyone does not move =o fund...i said that was silly as an asked us to move money to enha=ced fund... answers are sloppy and all over the place„i asked t= speak with an and was told he could not talk as it is past sundown,,, should i send in paperwork with 1% or wait til monda= with the chance we may not be in fund until Feb 1st.. please ad=ise thank you Richard Kahn HBRK Associates Inc. 575 Lexington <https://maps.google=com/?q=575+Lexington%C270A0Avenue+4th+Floor+New+York,+NY%C2%A010022&e=try=gmail& source=g> Avenue 4th Floor chttps://maps=google.com/?q=575+Lexington%C2%A0Avenue+4th+Floor+New+York,+NY%CrY0A01002=&entry=gmail& source=g> New York, NY 10022 On Jan 5, 2018, at 4:41PM, jeffrey=E. <[email protected] <mailto:[email protected]» wrote: why is leverage more mgmt intens=ve? On =ri, Jan 5, 2018 at 4:34 PM, Richard Kahn <[email protected]</=» wrote: EFTA_R1_01693514 EFTA02542623  i questioned and their response was more leverage and that =veryone in enhanced is paying the same fee of 1.5%.. Richard Kahn HBRK Associates Inc. 575 Lexington <https://maps.google=com/?q=575+Lexington%C2V0A0Avenue+4th+Floor+New+York,+NY%CrloA010022&e=try=gmail& source=g> Ave=ue 4th Floor New York, NY <https://maps.google.com/?q=575+1.exington%=2%A0Avenue+4th+Floor+New+York,+NY%C2%A010022&entry=gmail&s ource=3Dg> 10022 <https://maps.googfr.com/?q=575+Lexington%C2%A0Avenue+4th+Floor+New+York,+NY%C2%.A010022&=ntry=gmail&s ource=g> Begin forwarded message: From: Richard Kahn <[email protected] <mailto:[email protected]» Subject: Fwd: Enhanced Share Class - Boot=bay Date: January 5, 2018 at 3:11:25 PM EST To: "jeffrey E." <[email protected]> =/span> attached below ar= darren questions and responses highlights are as follo=s: a) incentive allocation is 14% not 15% per ori=inal fund b) mgmt fee is 1.5% not 1% per original fund d) investment subject to 10% walk away rights =div> please advise if ok to sign attached 3 p=ge conversion agreement once above language is incorporated thank you 2 EFTA_R1_01693515 EFTA02542624  Richard Kahn HBRK Associates Inc. 575 Lexington <https://maps.google=com/?q=575+Lexington%C2V0A0Avenue+4th+Floor+New+York,+NY%CrloA010022&e=try=gmail& source=g> Ave=ue 4th Floor New York, NY <https://maps.google.comllq=575+Lexington%=2%A0Avenue+4th+Floor+New+York,+NY%C2%A010022&entry=gmail&s ource=3Dg> 10022 <https://maps.googl=.com/?q=575+Lexington%C2%A0Avenue+4th+Floor+New+York,+NY%C2V0A010022&=ntry=gmail&s ource=g> tel 212-971-130= fax 212-320-0381 <tel:(212)%20320-0381> cell 917-414-7584 <tel:(917)%20414-7584> Begin forwarded message: From: Freddie Richardson <[email protected] <mailto:[email protected]» Subject: RE: Enhanced Share Class<=b> Date: J=nuary 5, 2018 at 10:24:40 AM EST =b>To: 'Richard Kahn' <[email protected] <mailto:[email protected]» =/span> Cc: Daniel Blo=m <DBloom@bbay=gmt.com <mailto:[email protected]> Hi Richard, Tha=k you and our comments below. Frederick Richardson Boothbay Fund Management 810 Seventh Avenue, chttps://maps.google.com/?q=810+Seventh+Av=nue,%C2%A0+6th+Floor New+York,+NY+10019&entry=gmail&sour ce==> 6th Floor 3 EFTA_R1_01693516 EFTA02542625 <https://maps.=oogle.com/?q=810+Seventh+Avenue,%C2%A0+6th+Floor_New+York,+NY+10019&a=p;entry=gmail& source=g> <=u> New York, NY 10019 <https://maps.goog=e.com/?q=810+Seventh+Avenue,%C2%A0+6th+Floor New+York,+NY+10019&e=try=gmail&sou rce=g> 212.332.2684 <tel:(212)%20=32-2684> a> mailto:[email protected]] Sent:Q=A0Friday, January 05, 2018 8:55 AM To: Freddie Richardson Cc: Daniel Bloom Subject: Enhanced Share Class </=iv> p=ease review and lets discuss later today thank you =C240 Because of the additio=al letter agreement, it appears that the following would apply to our inve=tment, assuming we would be investing in the 2A-E interests:=/div> 1. .=A0 Inste=d of a 16.5% incentive allocation, our investment would be subject to a 15= investment allocation for the life of the investment. 14% adiv> 2. =C* Our loss recovery account would carry over to the new investment. Th=re is no loss =u> 3. The letter contemplates calculation of inc=ntive allocations from the last time it was calculated of BBARS, but given=that our converted investment will be as of January 40=A0 1, 20=8, I don't think that aspect applies to us. I believe the in=entive allocation will be performed for BBARS as usual for the year ending=12/31/2017 and then start =C2* new for the converted investm=nt as of Jan 1. Please confirm with Ari. Correct=/u> 4. 40=A0 2A-E interest, minus 1% per annum equal to Class 2F interests, or a .5% m=nagement fee. Is that correct? please check with Ari. Its 1=5 S. There will be a full one-year soft lock u= for our converted interests, even though we have been in Boothbay f=r many years. Please speak to Ari and have him 4)=A0 =C24, eliminate the soft lock. We cannot elim=nate the 1 year soft lock. The entire product was originally created to be=a 2 year vehicle but we created the 'time spent' concept s= a one year option was available for you. An is happy to discuss further.=span class="m_-7656355489899509323m_-7124137121599334510m_-2985210604858=19055Apple- converted-space"> =div> 6. =C* This new inves=ment should still be subject to our 10% walk away rights as provided in ou= current side agreement. Ok Thanks. 410=ACI Richard Kahn 4 EFTA_R1_01693517 EFTA02542626  <=div> HBRK Associates Inc. =div> 575 Lexington Avenue, 4th Floor <https://maps.google.com/?q=575+Lexington+Aven=e,+4th+Floor New+York,+NY+10022&entry=gmail&source=g> =/cliv> New York, NY 10022 <https://maps.google.com/?q=575+Lexingto=+Avenue,+4th+Floor New+York,+NY+10022&entry=gmail&source=g> <=iv> tel 212-971-1306 <tel:(212)%20971-1306> fax 646-350-0954 <telq646)%20350-0954> cell 917-414-7584 <tel:(917)%20414-7584> <=> =div> =/div> <=div> please note confidential, may be=attorney-client privileged, may constitute inside information, and is i=tended only for the use of the addressee. 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