Subject: Re: Follow ups
From: "Seb Momtazi" <[email-masked]>
To: "James Bulger" <[email-masked]>
Cc: "Michael Leonard" <[email-masked]>, "Devon Archer" <[email-masked]>, "Andrew Godfrey" <[email-masked]>, <[email-masked]>
Date: Tue, 22 Dec 2015 08:23:52 -0500

Let's all do an internal follow up immediately following on the (646)
878-9257 number

On Monday, December 21, 2015, Seb Momtazi <[email-masked]> wrote:

> (646) 878-9257
>
> Dev will dial in Ming
>
> On Monday, December 21, 2015, James Bulger <[email-masked]
> <javascript:_e(%7B%7D,'cvml',[email-masked]');>> wrote:
>
>> 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]>
>>> 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]>
>>>> wrote:
>>>>
>>>>> Fast work thanks for putting it together
>>>>>
>>>>>
>>>>> On Monday, December 21, 2015, Seb Momtazi <[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: 617.248.9440
>>