Subject: IPS Update
From: "Eric Schwerin" <[email-masked]>
To: "Hunter Biden" <[email-masked]>, <[email-masked]>, "Neil Callahan" <[email-masked]>, "Chris Heinz" <[email-masked]>
Date: Thu, 3 Jun 2010 17:17:11 -0400

Had a great meeting with Michael Andrews today.

1) The bullet points on the MOU draft were fine with Michael.  Although he wanted to put in there that we hope to negotiate a JV agreement within 60 days.  We'll keep the six month exclusivity, but aim for getting it done in sixty days.

2) They have already begun identifying their "JV Team" - it would likely be Michael, Thad, Ronny (one of the other founders) and two other analysts/PHDs.  They'd like to talk to Rob Mitchell about being part of that on their side as well.  Chris, Rob should call Thad to follow up directly about that.

3) Scheduling: They are working on a powerpoint of their own as to how they see the JV - don't get the sense it is radically different, but he said it was a little meatier on the product side and with some interactive examples.  In addition, we are sending them the draft MOU and they'd like to review it and sign it next week.  Chris, if you are around next week to come to DC, Michael suggested maybe you and I go over to their place and finalize the document.   We talked to Michael about you bringing Charlie Ledley down as well next week and he thought maybe it would confuse things and we should finalize the MOU next week and then bring Charlie down on the next trip.  

Generally though, Michael is still very excited and says Thad is as well.  Clearly they are energized and actively putting together the team.

FYI, they haven't settled on the name on their side yet, but it will likely be "Vide"  (Vee-day - Latin for "to see").  

I am going to make a couple of edits to the MOU and send it around for everyone to look at one last time.  If you don't have any comments I'll send it to Michael tomorrow.

Best,

Eric

Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
[email-masked]
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