EFTA00863783.pdf

From: Eileen Alexanderson < To: jeffrey E. <[email protected]> CC: Ada Clapp Subject: Re: Date: Sun, 22 Feb 2015 18:34:11 +0000 Sony don't have access from here to check exact amount of note at time of distribution in 2010 but, from memory, it was approx $7.8 mil. interest was accrued but not paid to Ben. It was decided taxes needed to be paid in this imputed accrued income-can check tomorrow on who ruled on that subject. In December 2012 the note, with interest, had a value if $8.37 mil. Just before yearend the note was divided into two notes: Note 1 in the amount of $5.12 mil was used to fund Ben's Yggdrasil Trust ( formed to take advantage of the gift exemption due to concern the allowed level would be reduced.) Note 2 in the amount of $3.25 mil remained in Ben's self settled 2010 Trust. Notes were restructured at yearend 2013. Note used to fund Yggdrasil was purchased by the LDB2011LLC. The $3.25mi1 was paid off by the same LLC. With interest that grew to $3.45mi1. That cash was deployed as I indicated earlier, i.e. townhouse+current balance in the trust. Again, this is from memory. Will confirm tomorrow. Or Ada please chime in. Re the Phaidon entities, loan to midco was on paper only, no interest paid, by PWC design, it was not supposed to be. Re money flow, At time of acquisition cash went from Acq LLP through Topco and Midco and then to Bidco (JMWT Ltd) but all using MacFarlane's client account and then papered since there was no Acq LLP bank account. Again, no access to file from here today, sorry. No tax filings have been made to date. Rich would no better but i believe statutory accounts were filed in January after auditors signed off on the fiscal 2014 statements and John Murphy has BDO addressing tax filings currently. They could not do so until these accounts were filed. Sent from my iPhone On Feb 22, 2015, at 11:06 AM, jeffrey E. [email protected]> wrote: what was the total note in the begiing? interest, where did the phantom income come in? did interest get paid. ? 2 can you tell me with topco bidco midco. did money ever move ? what was debt? which entity , any tax filings . any filings at all? money flowe etc On Sun, Feb 22, 2015 at 11:30 AM, Eileen Alexanderson < > wrote: $3.25 mil of note was paid off by the LDB2011 LLC. That cash went to Ben's 2010 Trust. Part went toward townhouse purchase and $1.2 mil cash is still held between the 2010 Trust and Donalbane LLC. $5.2mi1 of note was purchased by the LDB 2011 LLC ( which is now owned by APO 1) On Feb 21, 2015, at 4:57 PM, jeffrey E. [email protected]> wrote: the phantom income generating note to ben, did we get rid of it entirely? please note The information contained in this communication is confidential, may be attorney-client privileged, may EFTA00863783  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 EFTA00863784