From: Joe Avantario Sent: Wednesday, September 7, 20161:55 PM To: Jeffrey E. Cc: Brad Wechsler Subject: Questions In 2015: Regan Arts received $5.1mm Phaidon Press received $4mm not including $3MM to Ph=idon LLC at year end Artspace received $2.8mm &nbs=; The net worth covenant in the plane loan is $550MM.<=:p> 1 EFTA_R1_00103031 EFTA01782880