EFTA01933766.pdf

To: Richard Joslintrjoslin el slIc.com Cc: Elizabeth Damaskos ; Richard D'Agostino jeevacation©gmail.coneevacationStgmailcom]; Eileen Alexanderson From: Ada Clapp Sent Tue 2/25/2014 8:47:57 PM Subject: RE: Institutional Art Loans Rich-none of the art has been transferred to the APO2 Trust yet so premature to ask Haber to change the endorsement. Please come by to discuss what you are asking in your email. Thanks. Ada Clapp Elysium Management LLC 445 Park Avenue Suite 1401 New York, New York 10022 IRS Circular 230 Disclosure: Pursuant to IRS regulations, I inform you that any tax advice contained in this communication (including attachments) is not intended or written to be used, and cannot be used, by any person or entity for the purposes of (i) avoiding tax related penalties imposed by any governmental tax authority, or (ii) proposing, marketing or recommending to another party any transaction or matter discussed herein. I advise you to consult with an independent tax advisor on your particular tax circumstances. 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. EFTA_R1_00387221 EFTA01933766 From: Richard Joslin Sent: Tuesday, February 25, 2014 3:27 PM To: Eileen Alexanderson; Ada Clapp Cc: art; Elizabeth Damaskos; Richard D'Agostino; [email protected] Subject: RE: Institutional Art Loans Eileen/Ada: I asked Jeffrey Haber to update the endorsement to have the Trust be a named payee. I asked Jeffrey to to send you his language to the endorsement for the insurance policy on the institutional art loans and specifically the Van Gogh listed below currently at the Musee D'Orsay by 1997 Family Trust (APO2). I think the named insured should be the Trust vs a general statement. Also there is a loan in negotiation of a Picasso by 1997 Trust (APO2) which should be entered into by the Trust (named on loan agreement). Jeffrey is writing a policy on this work. Please keep me posted on this agreement as it comes into final shape As there is decanting of 1997 Trust to APO2, I will proceed to update the insurance endorsement and notify Jeffrey Haber when appropriate. Please give me the effective date of the asset transfer. Let's sit down to discuss any questions/concerns Thanks From: Richard Joslin EFTA_R1_00387222 EFTA01933767 Sent: Friday, February 21, 2014 6:29 PM To: Eileen Alexanderson; Ada Clapp Cc: art; Elizabeth Damaskos Subject: FW: Institutional Art Loans I sent this to JEE earlier today 3 attachments I. Signed loans — schedule by owner and value. I designate where Haber has written policy for the institution. All loans are insured by the borrowing institution. 2. Loans in negotiation — schedule by owner and value. Some are trust loans and we can discuss having trustee sign vs Diana. Diana is authorized signatory per the agreement. 3. Status of institutional loans and copies of all signed contracts. (Click the light blue icon that looks like tp (a bookmark) and that will allow you to find each contract quickly). 4. I contacted Haber regarding the two trust owned works out on loan and he will call back on Monday re named insured to the trust. He will be contacting the borrowing institution and securing certificate of coverage. 5. Per Diana and Withers: All loan periods should be assumed to begin and end about three weeks earlier and later than the exhibition periods but the dates are usually fluid until they are ready to move. Loan dates per contract are different than the exhibition dates. I will speak to Haber on the policies he wrote to see the term of each. 6. Diana handles logistics of moving/ shipping to/fro and works with the borrowing institutions. 7. Diana indicated that 100% of the loans are written and documented by Withers; Leon, Diana and Withers negotiate fine art loans. There are no loans for which Withers is not directly involved. 8. As indicated earlier, the BoFA pledge agreement has a covenant that requires BoFA consent on moving any of the pledged artwork — Amended and Restated pledge agreement dated June 10, 2003. 9. Works of art that are recently purchased have been partially identified; Jasper Johs EFTA_R1_00387223 EFTA01933768  works were purchased Jan 2014 and the Burgkmair works LDB will identify to Diana. Let's discuss this more on Monday or give me a call over the weekend. EFTA_R1_00387224 EFTA01933769