EFTA02674278.pdf

From: Cecile de Jongh < Sent: Saturday, June 8, To: JEE Cc: Richard Kahn; Jeanne Brennan Subject: Fwd: AYH/BPPR Financing (August 2007) Bank appraisal Attachments: IGY Checking acct-wire transfers re AYH 2007.pdf; Untitled attachment 01107.htm With warm regards, Cecile Sent from my iPhone Begin forwarded message: From: "Garrison, Frank" O» Date: June 7, 2013, 6:35:09 PM GM=-04:00 To: Cecile de Jongh Cc: "Garrison, Frank" <=>Subject: RE: AYH/BPPR Financing (August 2007) Bank appraisal<=b> Cecile, I will=have to look into some of the items you are inquiring about. In the interim=though, I can address a few items: .8,in=sp; I have attached hereto a ba=k statement noting various transfers that tie to the AYH closing statement i=cluding the $16,079,324 you have referenced. .8tn=sp; There was not a finder4k=99s fee of $250,000 paid by Jeffrey to anyone. Rather, there was a $250,000=acquisition fee paid by IGY to Island Capital for doing the acquisition work. This amount was paid to Island pursuant to agreemen= prior to Jeffrey's investment and was standard for acquisiti=ns negotiated by Island for the benefit of IGY. That $250,000 was inc=uded in the total costs of IGY Facilities in AYH. Therefore, 50% of that amount was included in the total amount Jeffrey paid to I=Y Facilities for his 50% interest in AYH. Note that IGY incurre= the $250,000 as an actual out of pocket cost and does not have the same sh=reholders as Island Capital. EFTA_R1_01954722 EFTA02674278  &n=sp; Interest was included in th= cost buildup (will have to check the exact amount). It represents interest=on the acquisition line of credit that IGY had with Banco Popular and which was drawn upon to fund the acquisition of AYH=in January 2007. The interest was paid by IGY to Banco Popular. &=bsp; Frank Frank M. Garrisonap> Island Capital Group LiCaspan> One American Center 3100 West End Ave Suite 1=30 Nashville. TN 37203 From: Cecile de=longh [mailto: Sent: Friday, June 07, 2013 4:5 To: Garrison, Frank Cc: Cecile de Jongh Subject: Re: AYH/BPPR Financing (August 2007) Bank appraisal</=> Go=d afternoon Frank, &n=sp; I r=viewed the appraisal there are some issues that I noted. &n=sp; 1.=The value is $4M less than the purchase price just six months prior. 1= there an appraisal that IGY used to support the sales price of $25M?&nbs=; You noted that you are not aware of any other appraisals but there must h=ve been something that led IGY to agree to pay $25M for the property. 2.=I now understand why the deed for the real (fee simple) property was such a= odd amount; it is based on a tax assessed value of exactly $6,186,939. The appraisal values the real property at $10.2M.<=p> 2 EFTA_R1_01954723 EFTA02674279  3.=The appraiser surmises that the buyer purchased property as "...part of a l=rger purchase of four marinas properties in the Caribbean. The seller was Sun Resorts, which owned the subject outright and vario=s interests in the other marinas. The sale price is slightly higher t=an our value estimate, which could be the result of allocated costs of the p=rtfolio sale." What value did IGY place on AYH at t=e time of purchase? Was this an allocation as part of the I=rger sale of the four properties? &n=sp; Je=frey has mentioned several times that there was a $250K + finders fee that h= was charged - who did that go to and why? He also has asked about the approximately $750K payment which we believe represented an=interest payment. Why? And, who did this get paid to? Lastly, i= there a canceled check from IGY-AYH to MOF VI Limited in the amount of $16,079,324 from the 1/18/07 closing?=nbsp;lf it was a wire, do you have a copy of the wire transfer? May we=have a copy of that check of wire transfer docs? &n=sp; I h=ve again asked Jeffrey for the 2006 emails between Andrew and himself and h= said that he is out of the country and will have to look for them. &n=sp; &n=sp; &n=sp; =ith warm regards, &n=sp; =ecile &n=sp; &n=sp; &n=sp; =ISCLAIMER: The information contained in this e-mail may be privileged,confi=ential, and protected from disclosure. If you are not the intended recipient, you are hereby notified that any dissemination, dis=ribution or duplication of this communication is strictly prohibited. If yo= have received this communication in error, please notify the sender immedi=tely and delete all copies. &n=sp; "N=arly all men can stand adversity, but if you want to test a man's character= give him power." — Abraham Lincoln &n=sp; ii Please consider the environment before printing this e-mail.<=pan style="font-size:14.0pt; font- family:"Arial","sans-ser=f"; color:black"> 3 EFTA_R1_01954724 EFTA02674280  &n=sp; &n=sp; &n=sp; &n=sp; Cecile: I am attaching the appraisal that was prepared for BPPR in connection with the term loan closed in August 2007. T=is was prepared for BPPR for purposes of making that loan and presum=bly satisfying whatever LTV requirement they were imposing. It was =not an appraisal done in connection with the acquisition (which closed in J=nuary of 2007) and I am unaware of any other appraisal. Also, Marc Levy was the lead on the acquisition of the property from the IGY side. Any visibility of the e-mails? Frank Frank M. Garrison Island Capital Group LLC One American Center 3100 West End Ave Suite 1230 Nashville, TN 37203 This message, and any attachments hereto, is confidential and intended exclu=ively for the use of the individual or entity to whom it is addressed. This=communication may contain information that is confidential, proprietary, pr=vileged, subject to a confidentiality and/or non-disclosure agreement, or otherwise exempt or protected from disc=osure (either by contract or under applicable law). If you are not the inte=ded recipient, you are hereby notified that printing, retaining, reproducin=, copying, disclosing, disseminating or using this message or any information contained herein (including any re=iance thereon) is strictly prohibited. If you have received this message in=error, please contact the sender immediately and destroy the message (inclu=ing any attachments) and any copies in their entirety, whether in electronic or hard copy format. Nothin= contained in this e-mail shall be considered a legally binding agreement, a=endment or modification of any agreement with Island Capital Group LLC or any of its affiliates, each of which requ=res a fully executed agreement to be received by Island Capital Group LLC or such affiliate. This message, and any attachments hereto, is confidential and intended exclu=ively for the use of the individual or entity to whom it is addressed. This=communication may contain information that is confidential, proprietary, pr=vileged, subject to a confidentiality and/or non-disclosure agreement, or otherwise exempt or protected from disc=osure (either by contract or under applicable law). If you are not the inte=ded recipient, you are hereby notified that printing, retaining, reproducin=, copying, disclosing, disseminating or using this message or any information contained herein (including any re=iance thereon) is strictly prohibited. If you have received this message in=error, 4 EFTA_R1_01954725 EFTA02674281 please contact the sender immediately and destroy the message (inclu=ing any attachments) and any copies in their entirety, whether in electronic or hard copy format. Nothin= contained in this e-mail shall be considered a legally binding agreement, a=endment or modification of any agreement with Island Capital Group LLC or a=y of its affiliates, each of which requires a fully executed agreement to be received by Island Capital G=oup LLC or such affiliate. =/html>= 5 EFTA_R1_01954726 EFTA02674282