Subject: Re: Follow ups
From: "James Bulger" <[email-masked]>
To: "Michael Leonard" <[email-masked]>
Cc: "Seb Momtazi" <[email-masked]>, "Devon Archer" <[email-masked]>, "Andrew Godfrey" <[email-masked]>, <[email-masked]>
Date: Mon, 21 Dec 2015 17:15:59 -0500

I agree this is a better classification thanks for getting more detailed
Sebastian. Talk to you all in the morning
Jimmy

On Monday, December 21, 2015, Michael Leonard <[email-masked]>
wrote:

> Seb,
>
> This looks a lot better and contextualizing the whole transaction as a
> bridge loan makes a lot more sense. It is good that we can follow up the
> telephone conversation tomorrow with this diligence package so that Ming
> has something to look at and then hand to Henry at some point.
>
> I have no comments or edits.
>
> Best,
> Mike
>
> On Mon, Dec 21, 2015 at 4:53 PM, Seb Momtazi <[email-masked]
> <javascript:_e(%7B%7D,'cvml',[email-masked]');>> wrote:
>
>> All,
>>
>> Please see attached for a recasted one pager that reflects JJR's
>> investment as convertible bridge financing.
>>
>> On Mon, Dec 21, 2015 at 3:46 PM, James Bulger <[email-masked]
>> <javascript:_e(%7B%7D,'cvml',[email-masked]');>> wrote:
>>
>>> Fast work thanks for putting it together
>>>
>>>
>>> On Monday, December 21, 2015, Seb Momtazi <[email-masked]
>>> <javascript:_e(%7B%7D,'cvml',[email-masked]');>> wrote:
>>>
>>>> Did not have this write up ready. Only the outline waiting for
>>>> comments. Wrote it out on receipt of your email.
>>>>
>>>> On Monday, December 21, 2015, James Bulger <[email-masked]>
>>>> wrote:
>>>>
>>>>> 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]>
>>>>> 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: 617.248.9440
>>>>>
>>>>
>>>
>>> --
>>> James J. Bulger
>>> Chairman
>>> Thornton Group LLC
>>> 14 Beacon Street, Suite 804A
>>> Boston, MA 02108
>>> Office tel: 617.248.9440
>>>
>>
>>
>
>
> --
> Michael R. Leonard
> Vice President, Operations Department
> Thornton Group LLC
> 14 Beacon Street, Suite 804A
> Boston, MA 02108
> Office: 617-248-9440
> Mobile: 781-454-9227
>

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