Subject: Re: Response to Jonathan
From: "James Bulger" <[email-masked]>
To: "Devon Archer" <[email-masked]>
Cc: "James Bulger" <[email-masked]>, "Hunter Biden" <[email-masked]>, "Michael Leonard" <[email-masked]>
Date: Fri, 8 Mar 2013 20:27:13 -0500

Devon
No problem you give the draft a go and we will have the call on Tuesday am
EST.  lets shoot for sending the reply back to Jonathan on Tuesday after
our call.
Hope you are haveing a good trip Devon! Jet lag must be confusing as hell
on Luke
Thanks
Jimmy

On Friday, March 8, 2013, Devon Archer wrote:

> Jimmy,
> Thanks kindly for moving this forward. This is a good draft with the right
> tone.   Let me take a crack at it and I'll get back to you in the next 24
> hours.  I'll be on a flight back to nyc Monday am and headed straight into
> dinner that evening.  Let's plan for Tuesday am for the call.
> Best,
>
> Devon Archer
> 646 436 3745
>
> On Mar 8, 2013, at 9:26 PM, James Bulger <[email-masked]<javascript:;>>
> wrote:
>
> > Devon and Hunter:
> >
> > Attached is my first crack at a response for Devon to send to Jonathan.
> It is inspired by the comment that Heinz made to Devon which is "we don't
> have anything to prove, if anything the Chinese should prove why they are
> worthy of being partners with us!"
> >
> > I have to admit when I first saw that he was proposing 10-15% I was not
> thrilled. I thought we were going to major players in getting this fund off
> the ground and as such we deserved a much higher cut than 10-15%. On the
> other hand, if all Jonathan needs from us is to sit on the investment
> committee then it might not be a bad deal. The point is that we need to
> figure out what our role and that will determine what size a cut is fair.
> >
> > For example, if we were to be very active partners in this fund I think
> I would RST to have a share in the 30-40% range. If our involvement is
> simply to sit on the sidelines and be the "white face" then I'm personally
> close to 15%. What I am not willing to do is to make this RST's new
> full-time job for 15%.
> >
> > My gut tells me that Jonathan is going to need our help in an active way
> rather than a passive way. Considering what Jonathan is trying to pull off
> that tends to be how these things work. So let's start to get to the bottom
> of that with Jonathan.
> >
> > Please review this response and let's have a call about it on Monday
> morning. I don't want to choke the baby in the crib with an overly negative
> reaction to Jonathan's proposal but we need to figure out some things
> before we move forward.
> >
> > Best,
> > Jimmy
> >
> > --
> > James J. Bulger
> > Chairman
> > Thornton Group LLC
> > 14 Beacon Street, Suite 804A
> > Boston, MA 02108
> > Office tel: 617.248.9440
> > <Respone to J 3-8-13.docx>
>

-- 
James J. Bulger
Chairman
Thornton Group LLC
14 Beacon Street, Suite 804A
Boston, MA 02108
Office tel: 617.248.944