EFTA02582970.pdf

From: Richard Joslin Sent: Frida , A ril 25, 2014 2:45 AM To: Jeffrey Epstein Subject: Re: Promised art This is exactly what i referred to as not a 100% / 0 effort. Works are joi=tly owned and there are requirements to properly insure by contract. From=accounting perspective I need to track down invoices, check what was paid,=and. compare to contracts or letters of intention. For example, in past, =nvoice did not indicate joint ownership but gift letter stated joint owner=hip. I figure I get all documentation and hand off to Ada to deal with es=ate issues. And given the mandate to be point person on art related item=, i lead the effort to gather facts and get complete our records so as to =ave global view of artworks. I must provide to Ada in her efforts. She re=ds for estate tax inclusion and understanding of any legal obligations etc= This should be a collaborative process. We work together and not separatel=. Ada can also lead this effort and I just need to be involved to tease o=t all issues germane to my efforts. > On Apr 24, 2014, at 9:17 PM, "Ada Clapp" < > wrote: > Rich-Elizabeth, > Let's discuss this with Larry on Monday. The list Elizabeth sent was a l=st she prepared for me before you joined the family office. It details th= provisions of the pledge agreements and joint purchase agreements between=Leon and the various museums. I have not yet reviewed it against the act=al documents so I would rather she not circulate it as her descriptions of=the provisions may not be accurate. > I would like to discuss this project with Larry (and of course, Eileen if=she wishes to be involved). It seems to me that these are legal documents=and require an assessment of Leon's obligation (and the obligation of Leon=s estate or Debra's estate) to give the works to the museums at some poin= in the future. We need to know which are legally binding on his estate, =n some cases, to obtain the completed paperwork and ensure that Leon compl=es with the terms of each agreement. There are also issues in connection =ith making fractional interest gifts of art that need to be looked into. =his project does not really have to do with numbers or inventorying the as=ets involved (you have already done that), so it does not seem to fall wit=in your job segmentation as Jeffrey described it today. > If Larry agrees that I should manage this project, I will certainly circu=ate the list once I have confirmed its accuracy. If Larry feels that this=is a project you should manage, then I am more than happy to give you the =ist Elizabeth created and let you review it against the legal documents yo=rself. > Let's try to pick a time with Larry on Monday. This is best discussed in=person rather than via email. > Thanks! > Ada Clapp > Elysium Management LLC > 445 Park Avenue > Suite 1401 EFTA_R1_01760997 EFTA02582970 > New York, New York 10022 > IRS Circular 230 Disclosure: Pursuant to IRS regulations, I inform you th=t any tax advice contained in this communication (including attachments) i= not intended or written to be used, and cannot be used, by any person or =ntity for the purposes of (i) avoiding tax related penalties imposed by an= governmental tax authority, or (ii) proposing, marketing or recommending =o another party any transaction or matter discussed herein. I advise you =o consult with an independent tax advisor on your particular tax circumsta=ces. > This communication and any attachment is for the intended recipient(s) on=y and may contain information that is privileged, confidential and/or prop=ietary. If you are not the intended recipient, you are hereby notified th=t further dissemination of this communication and its attachments is prohi=ited. Please delete all copies of this communication and its attachments =nd notify me immediately that you have received them in error. Thank you.= > Original Message > From: Richard Joslin > Sent: Thursday, April 24, 2014 7:47 PM > To: Ada Clapp; Elizabeth Damaskos > Cc: Eileen Alexanderson > Subject: RE: Promised art > Thanks Ada for the update > I am not familiar with the Jointly Owned/Promised Gift list ED pls stop=by in morning to discuss. I'd like to make sure we centralize information =istribution. Thanks > Original Message > From: Ada Clapp > Sent: Thursday, April 24, 2014 6:27 PM > To: Elizabeth Damaskos > Cc: Eileen Alexanderson; Richard Joslin > Subject: RE: Promised art > Thanks Elizabeth••my understanding from Rich J. is that we did not want t= rely on currency conversion (i.e., that it was incorrect to do so) but on=y on actual dollars paid. Copying him so he is aware. Thanks! > Original Message > From: Elizabeth Damaskos > Sent: Thursday, April 24, 2014 4:03 PM > To: Ada Clapp > Subject: RE: Promised art > Ada, > Yes, there are 22 items and Leon's interest totals $161,389,560. Please s=e attached the revised Jointly Owned/Promised Gift list with your edits as=well as the revised index. I am working on retrieving the Seascape documen=s. > Also, please note that while most of the prices paid on the excel sheet w=re/have been updated with actual price paid there are still two works for =hich we have relied on currency conversion. 2 EFTA_R1_01760998 EFTA02582971 > Best, > Elizabeth > Original Message > From: Ada Clapp [mailto l > Sent: Thursday, April 24, 2014 03:43 PM Eastern Standard Time > To: Damaskos, Elizabeth > Subject: Promised art > Hi Elizabeth, > Can you please check the latest list of art promised to museums to see wh=t the total value of Leon's interest is. I think it totals around $161 mi=lion. Can you please confirm that. How many pieces is it? 22? Thanks > Sent from my iPad > This message is intended only for the use of the Addressee and may contai= information that is privileged and confidential. If you are not the inte=ded recipient, you are hereby notified that any dissemination of this comm=nication is strictly prohibited. If you have received this communication =n error, please erase all copies of the message and its attachments and no=ify us immediately. <?xml version=.0" encoding=TF-8"?> <!DOCTYPE plist PUBLIC "-//Apple//DTD PLIST 1.0//EN" "http://www.apple.com/DTDs/Propertylist-1.0.dtd"> <plist version=.0"> <dict> <key>conversation-id</key> <integer>2885SS</integer> <key>date-last-viewed</key> <integer>0</integer> <key>date-received</key> <integer>1398393924</integer> <key>flags</key> <integer>859O195713</integer> <key>gmail-label-ids</key> <array> <integer>6</integer> <integer>2</integer> </array> <key>remote-id</key> <string>405237</string> </diet> </plist> 3 EFTA_R1_01760999 EFTA02582972