EFTA02499666.pdf

From: jeffrey E. <[email protected]> Sent: Tuesday, June 2, 2015 1:29 PM To: Richard Joslin Cc: Melanie Spinella; Brad Wechsler Subject: Re: you sent me an invoice with 760 park avenue SUITE 1=C2 . what was that? On Tue, Jun 2, 2015 at 9:25 AM, Richard Joslin= <mailto > wrote: FBAR: Tom may revisions and posted to porta= yesterday. I reviewed and posed additional questions to Tom Turrin.=C2 Tom responded last night with comments at 8:02pm. I will speak to him this AM. Once we agree on presentation, I will g=ve you draft FBAR report. Isle of man — please see atta=hed Moore Stephens memo re Isle of Man VAT registration. I will conf=rm with Captain Sputh that Isle of Man was chosen for VAT registration. Also attached is memo PW paralegal wrote on BJAV=which provides broad summary. Captain was contacted yesterday/=afternoon and I will look to speak to him today. He is on GMT =ime. Attached is a sampling of invoices. No invoices have ever been sent or mailed to 760 Park. All invoices come to family office =ia email from Captain Sputh. Sputh has had vendor relationships for =any years and some date back to Carl Ichan (CCI) ownership . l=will confirm with Captain Sputh how he receives invoices. I assembled 30 invoices for your perusal. Some invoices are clearly =mailed only as there is no address. Some use dock where boat is bert=ed. Some use CCI address of 767 Fifth Ave. Some use Captain Sp=th's address in Florida. Many use Cayman and Isle of Man addresses. A few use 760 Park. As for charters, S=uth has continued to use the same form as when used when captain for CCI.=C2 Generally the address used is 760 Park or 445 Park. =AO Note that CCI charters used CCI address on Fifth Ave. See a=tached page one for CCI charter and two recent BJAV charters. I will look to disc=ss with Sputh today the invoice address and the charter address. I a=ked EA for color on use of 760 Park and her review of her files was a dead=end. For construction of SH Meadow (bay ho=se) , we are capitalizing into basis. We value this property at tax =asis on our books. For the townhouse we are doing same. We have these invoices and as such we review each to det=rmine capital vs expense. For other real estate we have valued=based on valuation guidance provided by JEE and/ or EA/ BJW. For inv=ices that we have access or have collected, we have capitalized but value the property rather than use tax basis (books). Miri=m had analyzed 760 improvements based on her records over the past several=years and she did not find a material amount. A more detailed review=is warranted for determining gain the 760 Park coop is sold. A project that needs to be completed is compiling all =nvoices for the Field House construction and derive a tax basis. =AO Also the insurance reimbursement information will be needed.</=> Trading — Entity was cr=ated yesterday by PW. PW/ Ada are working on LLC agreement. EFTA_R1_01626185 EFTA02499666  JPM has not sent all docs for trading=via an LLC. They were to send option doc last night. I also asked th=m to prefill the docs with the entity name. I am scheduling a call with them today to go over the form completion. DB has s=nt account opening docs for an entity with entity name pre-filled. They wirl come to our offices to review today. Samantha is assisting on the =orm completion. Plan is to submit to JPM and DB this Wednesday with BJW signature. KYC will follow =nce LLC agreement is provided. ISDA/ CSA will follow account opening= Plane depreciation: Not completed. =AO We are putting Avioneta books FY 2014 in order to reflect a) chartering=under 135 starting mid-year b) retro-active reimbursements from Apollo c) chartring palne to Jet as part of 135 operations. =AO I need to sit down with Tom to review the prior year depreciation. =AO His initial take was that he was not comfortable claiming depreciation =or any period that there was not charter operations.<=p> April books — we prepare comp=site financials quarterly where we eliminate intercompany loans, roll up h=lding LLC's into a composite look thru, mark all securities and positions to market. For non-quarter end, we can provide stand a=one financials. Let's discuss with BJW.<=span> From: jeffrey E. [mailto:[email protected] Sent: Tuesday, June 02, 2015 7:08 AM To: Richard Joslin; Melanie Spinella; Brad Wechsler Subject: I still do not have a draft FBAR , I do =ot understand isle of mann, cayman law/ trust co. relation. ..=invoices paid where. ? , do we have all the papers for D= JPM , and Goldman Sachs.? . jpm said all docs apart from power of attny still not compelte? . are we capitalizing money spent on house=. ? shouldn't it show in real esate valuation =ncrease. . ? have we prepared a depreciation schedule for the airpla=e. ? recover past untaken.. ( special form ). „ have we clos=d the books on april , if so i would like to see them today. =C2 thanks please no=e 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 2 EFTA_R1_01626186 EFTA02499667  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] <mailto:[email protected]> , and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved please =ote The information contained in this communication is confiden=ial, may be attorney-client privileged, may constitute inside informati=n, and is intended only for the use of the addressee. It is the propert= of JEE Unauthorized use, disclosure or copying of this communica=ion or any part thereof is strictly prohibited and may be unlawful. If =ou have received this communication in error, please notify us immediat=ly by return e-mail or by e-mail to [email protected] <mailto:jeevacation@gmail=com> , and destroy this comm=nication and all copies thereof, including all attachments. copyright -=11 rights reserved 3 EFTA_R1_01626187 EFTA02499668