EFTA02639374.pdf

From: jeffrey E. <[email protected]> Sent: Thursday, August 24, 2017 6:56 PM To: Richard Kahn Subject: Re: Next send neale the following. . We hav= reviewd your statements that you sent us. , the K=s , and some financials. . Frankly, some of the numbers are i=accurate as a result of millie. the yearly statements were rei=ewed but not audited . shame on all of you. . your=calculation of Ebitda . includes things like adding back=foreign exchange costs? board fees etc. . not the way we=look at what is unfortunately for all. a merely personal service bus=ness. Faith and Joel make up the business , nothing more. =AO We calculate the Ebidta , which we think is an odd way of measuri=g value of a personal service biz with lots of competition and small growt= opportuinties if any. giving you the benefit of the dou=t, and ignoring how much you paid. or if some of that money wa= repaid directly to the former owners of claxon. and not truly under=tanding what you described as a fixed tax payment per quarter. ( ie based =n what ► I think looking back over the past three years. =ebitda looks like 4.5 million. . We have bou=ht many small biz and usually pay mom and pop. 1- 3 times . eb=ta . or more usually 4 times net income. =AO We are finding it difficult to get to more than a 15 millio= total value for Next. ( not including liabilites ) The 18mil=ion dollar bid that you mentioned Faith said was hardly legitimate. =C2 I think further review of the accounting tax etc. is probably=C2 a waste of all our time . AS you rightly saiid, what you=C2 initally paid is somewhat if not totatlly immaterial to todays value= You have not factored in the liabilites , both reputat=onally and fiscal yet. I think the 5 milion cash offer or 6m =ver time is fair. , I look forward to our conversatoin =n tuesday. As a note , the current receiveables have not been =eviewed for years. / On Thu, Aug 24, 2017 at 2:16 PM, Richard Kahn August 24, 2017 at 2:11:12 PM EDT To: Heather MacGregor < next tuesday 1:30pm est is co=firmed thank you On Au 24, 2017, at 1=27 PM, Heather MacGregor < <mailto a > wrote: Hi =ichard: Unfortunately, Neale and Chris are unavailable today or tom=rrow so wondering if we could confirm Tues, 8/29 @ 1:30 pm ET for this cal=? Please let me know if that works and I will send around a calenda= invite. Thanks! Heather O=iginal Message EFTA_R1_01871682 EFTA02639374  From: Richard Kahn [mailto >] S=nt: Thursday, August 24, 2017 10:27 AM To: Neale Attenborough Cc: Ch=is Lawler; Heather MacGregor Subject: Re: Next Can we set up a c=lI for today or tomorrow? Please advise Thank you Richard=Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor New Yor=, NY 10022 Tel Fax Cell On Aug 22, 2017, at 3:30 PM, =ichard Kahn < » wrote: nice talking with you both=earlier did claxon receive 609k from milan in 2009? if not sure who sho=ld I direct that question to? also please send balance sheet and cash f=ow information thank you Richard Kahn HBRK Associates Inc.575 Lexington Avenue 4th Floor New York, NY 10022 On Aug 22, 2017, at 1:00 PM, Richard Kahn > wrote: <K12008 Claxon.pdf><K1 200= Claxon.pdf><K1 2010 Claxon.pdf><K1 2011 Claxon.pdf><K1 =012 Claxon.pdf><K1 2013 Claxon.pdf><K1 2014 Claxon.pdf> =br> Richard Kahn HBRK Associates Inc. 575 Lexington Avenue 4th Fl=or 2 EFTA_R1_01871683 EFTA02639375  New York, NY 10022 tel fax =ell > =C2 please note The informat=on contained in this communication is confidential, may be attorney-cli=nt privileged, may constitute inside information, and is intended only =or the use of the addressee. It is the property of JEE Unauthoriz=d use, disclosure or copying of this communication or any part thereof =s strictly prohibited and may be unlawful. If you have received this return e-mail o= by e-mail to [email protected] <mailto:[email protected]> , and destroy this communication and all copies =hereof, including all attachments. copyright -all rights reserved </=iv> --94eb2c033950ca82270557846296-- conversation-id 34020 date-last-viewed 0 date-received 1503600988 flags 8590195713 gmail-label-ids 7 remote-id 742878 3 EFTA_R1_01871684 EFTA02639376