(no subject)

I previously sent you the note that I wrote over a year ago to lay out what I would and wouldn't do, my responsibilities, and those that were not. Things I thought were needed so that you wouldn't find yourself in the place where you currently find yourself.

With regard to the more pressing issue, I am uncertain of just how to proceed. I am torn, as my very strong inclination is not to be involved at all. It is extremely time-consuming, delicate, fraught with many pitfalls, many that will make you very upset and a major pain in the ass. I wrote you months ago that the quality of the people involved needs to be upgraded. (Lucky for me these last issues arose way before the beginning of my involvement.) I am also aware, however, of my overarching friendship obligations of, okay, given all the complexities, who else can do it? Your family office needs a daddy. Children with good intentions are running around, sniping, nitpicking with little direction. As a stopgap measure, I am suggesting we put in Larry Delson to take charge. Everyone would report to him, Eileen included. He would, however, work for me. This is not, by a long shot, my first choice as I prefer only being responsible and standing behind my own personal work (i.e., the word DONE will no longer be transmitted to reflect status stated by others).

With no commitment on my part whatsoever to do it. So far, I have failed in my attempt to think through the problem creatively. My organization's handling of the more complex issues I believe you might find very costly, very! (However, many structures available, some risk sharing, maybe risk caps, etc.) but would require my teams doing the work, not yours. Ada should be only a trust, grat administrator. Not sure what role you prefer for Eileen as you hired her initially to oversee investments. Whether Ric, your controller, stays or not, is not urgent. Having Tom report to a new person is. Coordination with Suydam Kathy Gregory, I would suggest limiting to one person. The increasing public profile needs to be taken into consideration.

talk later..c

Eileen did not report to Delson, she continued to provide bad info to you (cash flows, etc.) and me. No one was hired to run YOUR office until two months ago. Eileen followed your instructions, not mine. In fact, she continued to ignore mine saying "but Leon". You would become frustrated when I pointed out each instance. My team was not hired to do the contracting as opposed to architecture, you kept your own team with Eileen at the head. Instructions were given, detailed but ignored by your people. Example: JPMorgan account still not in use? In your calculation from where you were to where you are, you made a hell of a deal -- negotiating down the original amount requested, based on our friendship and suggesting Carlyn was partially my fault. (Though I had never been asked to follow up, just provide you the name of the most highly recommended.) Suggesting that Tom was now the last word on tax characterization frankly is a bit much. However, that is in the past. In order to move forward.

I only have my time to sell, allocate, enjoy. I have answered every call Brad, Joslin, Ada, or you have made since December. Reviewed docs over and over, inserted myself strongly when I thought it dangerous not to. I made serious dollar and time concessions last year. I am willing to continue to do so, but not willing to work for free. I did not press though you found yourself in dire circumstances and in fact due to the seriousness of those very circumstances took extra care not to.

Choose to ignore. Repeated ignored not my liability. JPM, accounts, BRH, clean up/error after error. Months calls. Delayed.