EFTA02704568.pdf

From: Richard Kahn < Sent: Monday, June 9, 2014 5:52 PM To: jeffrey E. Subject: Highbridge Capital Corp Attachments: SHBRK Scann14060913190.pdf, Untitled attachment 00013.htm Currently, as of May 31 2014, you have two =eparate investments in Highbridge Capital Corp with the following =alances: Southern Financial: =/span> 20,472,425 Haze Trust: =/span> 37,903,950 Total Invested in Highbridge: =nbsp; 58,376,375 Upon reviewing page 1 of =ttached PDF (monthly & annual investment returns) I was concerned =hat the past 4 years have not been their typical strong =erformance. 2014 2.92% ytd thru May =1st 2013 7.08% 2012 =.77% 2011 (5.12%) 2010 =.99% Upon further review of quarterly =erification summaries (pages 2-5 of attached) i was concerned that the =ithdrawals payable as a % of total assets from the master fund has been =ncreasing for the past 4 =uarters: 3/31/2014 10.9% 12/31/2013 =/span> 8.5% 9/30/2013 =/span> 6.6% 6/30/2013 =/span> 4.5% Jeanne and I called our =ontact at Highbridge (Barbara Donahue) who said that the withdrawals =re higher than normal and may be a result of new PM's =ired. I also verified that redemption process which is as =ollows: Feb, May, Aug & November of each year with 45 days =ritten notice. Note: 1) FTC =nbsp;invested $25,044,521 on 1/11/2001 and pulled out $25,000,000 =n 2/28/2006 2) Haze invested $10,041,666 on =/20/1999 and no money has been pulled =ut Please =dvise Richard Kahn HBRK Associates =nc. 575 Lexington Avenue 4th Floor New York, NY 10022 EFTA_R1_02091754 EFTA02704568 Begin forwarded message: From: Subject: =/b>Message from =MBT_C253 Date: =/b>June 9, 2014 at =:19:17 PM EDT To: qb Reply-To: In=lar> 2 EFTA_R1_02091755 EFTA02704569