Subject: Goals Before Labor Day
From: "Eric Schwerin" <[email-masked]>
To: "Hunter Biden" <[email-masked]>
Date: Tue, 24 Aug 2010 09:56:17 -0400

Did some thinking on the plane ride back as I was looking at the RS
Analytics Term Sheet and I think what we want to do between now and Labor
Day is come up with our plan on how to divide time and resources (and
whether to even dedicate resources) to the following:

Rosemont Seneca Analytics (in addition to resource allocation need to decide
on whether we create a new entity to hold RSP's ownership - I think we have
to)
Rosemont Seneca Advisory (both alternative investment and corporate)
Rosemont Realty (need to decide if it is worth our time to go to Santa Fe in
September)
Fund of Funds (should schedule a meeting with at least Arlene, Devon and MXL
to discuss and agree on plan going forward)
Other proprietary products

Until we do that I think we should hold off on including the percentage of
time dedicated by each person in the draft term sheet.  (I think those
percentages always get us into trouble anyway, because everyone has
different ideas of what "25%" of someone's time is.  Like we always said,
you could make one call and that could be worth 25% of someone else's time.

I know this is relatively obvious, but the Term Sheet for RS Analytics had
detailed %'s of time to be dedicated by various key RSP folks and I am not
100% sure we are on the same page as a Management Team as to what each
person's roles will be and if we are getting the most bang for the buck by
allocating a percentage of their time there. While you were in Denmark I got
a good sense of where some people's talents lie on both the RSP and Vide
side which was useful.  That said, I think we all agree RS Analytics is the
potential big money maker and we should each dedicate as much time as
possible and make it the highest priority, but I think over the next week
and a half you, Devon and I have to have a conversation about whether it is
taking time away from other more immediate money making opportunities. I
don't think we know yet if there is going to be money in the initial capital
infusion to compensate everyone for their time.  We may very well decide
that that is fine, but right now I think we aren't doing what we always said
we need to do - look at all the aspects of the business and decide what is
the best use of people's time.

Just some thoughts - we can discuss more when you are back.

-- 
Eric D. Schwerin
Rosemont Seneca Partners
(202) 333-1880
[email-masked]