Subject: Re: Follow ups
From: "Michael Leonard" <[email-masked]>
To: "Seb Momtazi" <[email-masked]>
Cc: "James Bulger" <[email-masked]>, "Devon Archer" <[email-masked]>, "Andrew Godfrey" <[email-masked]>, <[email-masked]>
Date: Tue, 22 Dec 2015 11:59:25 -0500

Sorry I just realized it is included in the spreadsheet. I retract my
previous email.

It looks ok to me.

Best,
Mike

On Tue, Dec 22, 2015 at 11:58 AM, Michael Leonard <[email-masked]>
wrote:

> Sebastian,
>
> I didn't see the updated net fees to BAM sheet in the first or second
> attachment. Will that be included in the first attachment?
>
> Best,
> Mike
>
> On Tue, Dec 22, 2015 at 11:30 AM, Seb Momtazi <[email-masked]>
> wrote:
>
>> OK guys. Thank you for all your inputs. Below are the two documents I
>> propose to send to the chain with ming and henry on as per usual with the
>> following text. Please take a last look at the docs and approve along with
>> the text.
>>
>> -------------------------------------------------------------------------------------
>>
>> Ming,
>>
>> Thank you for your time earlier today. As promised, we are following up
>> with two document packages to answer your diligence questions and to
>> provide background on our bridge financing. Attached you will find:
>>
>> a)
>>
>>    - Updated AUM and fees, with net fees to BAM included. December has
>>    been another strong month which has seen inflows of $75.4 million.
>>    - A list of comparable transactions in 2015
>>    - Memoranda on JJR capital and the financing
>>    - One page fact sheets on two of the members of BAM Holdings LLC
>>
>>
>> b)
>>
>>
>>    - The convertible bridge loan note
>>    - The operating agreement that would come into effect upon JJR's
>>    conversion
>>
>>
>> Let's aim to have a call on Monday to discuss. We will provide the term
>> sheet shortly.
>>
>> Very best,
>>
>> Sebastian
>>
>> On Tue, Dec 22, 2015 at 8:56 AM, Seb Momtazi <[email-masked]>
>> wrote:
>>
>>> 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
>>>>>>
>>>>>
>>>
>>
>
>
> --
> 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
>

-- 
Michael R. Leonard
Vice President, Operations Department
Thornton Group LLC
14 Beacon Street, Suite 804A
Boston, MA 02108
Office: 617-248-9440
Mobile: 781-454-922