From: Richard Joslin Sent: Friday, January...1 M To: jeffrey E. Subject: explanation needed Attachments: DRAFT RUPPEL REPORT.pdf Ruppel is working to prepare a report to Brad next w=ek. This is informal working draft —Hence my caveat on the pho=e. Id prefer that he se the report next week. Phil met with EA and myself yesterday - He wan=ed to provide color from what Regan team were telling him. I'd=like to tell you one quote over the phone. He has to work thro=gh the numbers he has compiled and update the model. He is also working toward a break-even model. Recent feedback =rom Simon & Shuster is that order quantities for first 15 titles are w=y lower than preliminary projections. Judith not yet aware :=11; she is on the Coast pursuing an author. She will get news next week. Hence the caveat of sensitivity on this report Lets talk by phone re sugar coating risk<=p> Richard Joslin CFO Elysium Management LLC 445 Park Ave Ste. 1401 New York, NY 10022 (w) (c) (f) 1 EFTA_R1_02148617 EFTA02715790