Subject: Re: Follow ups
From: "Seb Momtazi" <[email-masked]>
To: "Michael Leonard" <[email-masked]>
Cc: "James Bulger" <[email-masked]>, "Devon Archer" <[email-masked]>, "Andrew Godfrey" <[email-masked]>, <[email-masked]>
Date: Tue, 22 Dec 2015 12:18:41 -0500

Anyone else? otherwise i'm just going to go ahead and send at 12:30pm.

On Tue, Dec 22, 2015 at 12:06 PM, Michael Leonard <[email-masked]>
wrote:

> I see it. It looks better that way. Giving the actual figures makes more
> sense rather than approximate percentages.
>
> I have no comments on my end. Well done.
>
> Best,
> Mike
>
> On Tue, Dec 22, 2015 at 11:59 AM, Seb Momtazi <[email-masked]>
> wrote:
>
>> The first page of attachement a) has the net fees
>>
>> 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: 781-454-9227