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 08:56:20 -0500

This would be the entire package to go after the call

On Tue, Dec 22, 2015 at 8:23 AM, Seb Momtazi <[email-masked]>
wrote:

> 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]>
>> 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
>>>
>