Subject: Follow ups
From: "James Bulger" <[email-masked]>
To: "Seb Momtazi" <[email-masked]>
Cc: "Michael Leonard" <[email-masked]>, "Devon Archer" <[email-masked]>, "Andrew Godfrey" <[email-masked]>, <[email-masked]>
Date: Mon, 21 Dec 2015 15:33:19 -0500

Not great but better for sure
Let's just be ready for the JJR discussion
Ming will question this JJR deal carefully as it has just been sprung on
him. For instance splitting off the Burnham Securities  business has been
in the works for 15 months but we just jumped in and executed it at a a
high cost to BAM since our last meeting Ming.
This call tomorrow will be important you guys have some sound reasons for
doing the JJR deal and they can be discussed.
By the way Sebastian did you just send me the outline earlier for the fuck
of it? You must have had this write up ready to go
Larry Liu might also cause some questions Henry will be very careful about
checking out that Chinamans reputation and background. How did you meet
him? And does he actively participate or is he silent for the most part?
Jimmy

On Monday, December 21, 2015, Seb Momtazi <[email-masked]
<javascript:_e(%7B%7D,'cvml',[email-masked]');>> wrote:

> Jim,
>
> Please try this.
>
> Best,
>
> Seb
>
> On Mon, Dec 21, 2015 at 2:37 PM, James Bulger <[email-masked]>
> wrote:
>
>> All
>> Why can't you explain the JJR deal in detail using while sentences? Why
>> an outline that is vague?
>> Why avoid the issue of valuation? I find that slide to be half ass
>>  I am trying to help you sell this to Harvest so keep this in mind
>> English is Mings second language therefore be clear and consice, also this
>> JJR investment is not to be treated so lightly that it only gets covered in
>> an outline. You have a different valuation, this was was never discussed
>> with Harvest in the past so let's be clear here with a few paragraph write
>> up in narrative form thus allowing Ming to understand and to show Henry
>> Those are my comments
>> Thanks
>> Jimmy
>>
>> On Monday, December 21, 2015, Seb Momtazi <[email-masked]>
>> wrote:
>>
>>> Team,
>>>
>>> Attached are the proposed follow up materials to be sent after the call.
>>>
>>> It's perhaps best to speak about the valuation considerations of the JJR
>>> capital investment over the phone. Similarly, we can point out that actual
>>> inflows into BAM were 75.4MM through december (although AUM is higher than
>>> what we last sent, it's not as high as 75.4mm because of the market
>>> performance)
>>>
>>> Please let me know comments. Mike, I attach in word so you can make
>>> direct edits
>>>
>>> thanks,
>>>
>>> seb
>>>
>>
>>
>> --
>> James J. Bulger
>> Chairman
>> Thornton Group LLC
>> 14 Beacon Street, Suite 804A
>> Boston, MA 02108
>> Office tel: 617.248.9440
>>
>
>

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