EFTA02637778.pdf

From: jeffrey E. <[email protected]> Sent: Wednesday, August 30, 2017 3:12 AM To: Richard Kahn Subject: edited <https://mail.google.com/mail/u/0/images/cle=rdot.gif> i already pointed out currency exchange, board fees etc. . as a bad number in your calculations. sorry. . the other tra=sactions that we know veryvery well are far from relevant. . if faith and joel walk=C2 there is NO business. . hardly the same idea as IMG . =AO where multi divisions exist . and succession is planned. I dont=know what cash on the balance sheet was when you bought it. The op=n gate transaction was to summarize a stepping into your shoes f=r only 6 million . roughly the same as the current offer. . =AO taking out cash 14 of the 15 mil which has not come out. and even on=your calculation of 8 cash. would mean 3.2 to you back then. ,=and then leveraging the biz. / the liability to the buyer was no where near th=t to golden gate. sorry. . . We can go back and forth on c=mps and can show mom and pop at 1 to 3 times ebitda. . so lets try to shor= circuit a tiresome uncessary excercise, as i see it the c=rrent bid offer is 5 bid and approx 9 .2 offer. open gates 6 = 3.2 from 2 years ago. with more growth potential and lower cash out. multiples f=om before digital photos and amazon. sorry . If I have=20 misunderstood , and you are not really sellers. I will not be=20 insulted if you decide to cancel our call. =AO please note The information conta=ned in this communication is confidential, may be attorney-client privi=eged, may constitute inside information, and is intended only for th= use of the addressee. It is the property of JEE Unauthorized use, d=sclosure or copying of this communication or any part thereof is strict=y prohibited and may be unlawful. If you have received this communic=tion in error, please notify us immediately by return e-mail or by e-ma=l to [email protected] <mailto:[email protected]> , and destroy this communication and all copies thereof,<=r>including all attachments. copyright -all rights reserved --94eb2c1166740777510557efe3cf-- conversation-id 33042 date-last-viewed 0 date-received 1504062701 flags 8590195713 gmail-label-ids 7 remote-id 744545 EFTA_R1_01868737 EFTA02637778