EFTA01300081.pdf

From: Jeffre E stein cjeevacatlo matcom> To: Sent: 1/19/2009 4:32:21 PM Subject: Fwd: Fw: Turner Construction fyi Forwarded message From: Farkas, Andrew L. C > Date: Mon, Jan 19, 2009 at 8:56 AM Subject: Re: Fw: Turner Construction To: "[email protected]" <[email protected]> I told you so. dude! Anyway. in an additional development, I may have found something to buy that falls into your category. It's a 170' sloop (sailboat for the uninitiated) called kokomo. 2 yrs old. Built by what is arguably the finest yard in the world (for sailboats) called alloy out of new zealand. Original build price approx $62rnm. Offered 12 mos ago at $53mm. Price ultimately dropped to $28mm. I have offered $17.5mm. Owner in trouble AND just took deivery of a newer bigger version of same thing. I originally offered $23.5rrin and requested owner provided 3 year financing on $17.5mm price. I'm sending you brochure and history from broker under separate cover. From: Jeffrey Epstein To: Farkas, Andrew L. Sent: Mon Jan 19 08:25:41 2009 Subject Re: Fw: Turner Construction holy s On Mon, Jan 19, 2009 at 7:33 AM, Farkas, Andrew L. wrote: FyI From: Horrigan, Michael To: Farkas, Andrew L.; Garner, Charles; Garrison, Frank Sent: Mon Jan 19 00:41:10 2009 Subject: Turner Construction Turner construction is closing its Dubai operations — they are 75% owned by EMAAR so this is extraordinary SDNY_GM_00077070 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00000197 EFTAJX)187542 EFTA01300081 Dubai staff move to Abu Dhabi as contracts dry up by Igtasnalg This email address Is being protected from spam buts, you need Javasaipt enabled to view it on Sunday, 18 January 2009 pzoom DUBAI DEPARTURE: Turner Construction International has moved its staff to Abu Dhabi.(Getty Images) Staff from the regional operations of US firm Turner Construction International have been transferred to Abu Dhabi as construction contracts in Dubai dry up. The constnytion lining:twig firm Ins moved its team of engineers and project. construction aid design unixtlbrs from Dtbai. where it Ins Ind recent projects delayed or cancelled. to Abu Dlnbi where it Ins tu o ongoing projects. Martin Toogood. business developineni tinittwr a ith the firm in Dubai said. "Dubai is the uorse hit" Toogood told Arabian Business in an i le%%, "No one is doing anything in Dubai at the moment, so we're not even looking or asking. Everyone is saying 'wait a few months'. We've had a couple of jobs stopped or put on hold here so we sent the whole team down to Abu Dhabi where we have two jobs." He said going forward the firm was pinning its hopes on infrastructure and development projects backed by governments. In addition to two projects in Abu Dhabi, the firm is also managing construction of the $27 billion King Abdullah Economic City in Saudi Arabia, and is engaged in contracts in Qatar and Kuwait. "All those government-backed projects don't rely on developers' money, they rely on oil and gas and are carrying on," he said. "We shouldn't be looking at [private] development projects in places like Dubai now - we are looking more for government-backed projects, like universities and hospitals." He described business in the US and Europe as "pretty bad" and said Turner was moving staff from the US who weren't working on projects to the Gulf. As the Gulf feels the affects of the economic slowdown, private sector projects are drying up as investors and speculators beat a hasty retreat from the market. SDNY_GM_00077071 Confidential Treatment Requested by JPMorgan Chase JPM-SDNY-00000198 EFTA_00I 87543 EFTA01300082 Turner is the leading general builder in the US, ranking first or second in all major segments of the building construction field. In the Gulf, Turner specialises in management of construction schemes, employing around 500 people, with recent projects including the Bud Al Arab, Dubai International Financial Centre (DIFC), Kempinski Hotel on Palm Jumeirah in Dubai and Emirates Palace hotel in Abu Dhabi. DISCLAIMER This email and any files transmitted with it are confidential and contain privileged or copyright information. If you are not the intended recipient you must not copy, distribute or use this email or the information contained in it for any purpose other than to notify us of the receipt thereof. If you have received this message in error, please notify the sender immediately, and delete this email from your system. 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