From: Brad Wechsler To: Jeffrey Epstein <jeevacation@gmail.com> CC: Richard Joslin Subject: Date: Tue, 03 Feb 2015 16:18:46 +0000 As u know the trusts are likely to assume 18mm of phaidon related debt and make available an additional 20- 24mm. Trustees prelim point of view was to put money in as debt at phaidon global (holding co) and then have dollars go to operating entities: phaidon press ($2mm) as debt; art space (7mm) as debt; and RA (11.5mm) as likely equity since that seemed consistent with Idb agreement with judith. Without making this too complicated I obviously wld like to maximize tax benefits for leon and/or the trusts now or in the future. Do you have a big picture point of view? Thx, b Sent from my Verizon Wireless BlackBerry EFTA00865116