Re:

Im told that AYH has 3million of cash. &n=sp; im happy to take some

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What is the story with the=attached?

Sent from my&nbs=;BlackBerry 10 smartphone.

Andrew-

AYH does have $3MM in cash. We have discusse= in the past with Jeffrey that the docks need some work and we rehabilitat=d p-dock quite nicely using mostly Paeiwonsky and Hoffman's money. That was our test case as we have explained to hi= guys in the past. We are in the process of costing a similar rehabi=itation to our AYH docks and some other upgrades — and additionally the =vailability of a federal infrastructure grant to supplement some of our money. This will be completed in around 6-= weeks. ATM is completing some engineering work and we want to get s=meone underwater to look at some of the structural pilings. We would=also like to see if we are getting higher rates on the new P-dock to see the extent of the ROI associated with the spend.&=bsp; There are some other upgrades/refurbishments on the land as well that=are being costed. We also needed to close our loan extension to make=sure this money was available. That just closed last week.

The nuance here is that AYH's EDC benefits expir= at year end. I spoke to Darren Indyke yesterday about this and that=we now feel we have a viable path for getting around the IGY shareholder disclosures based on advice from a different law firm.=nbsp; I would have to step in as the disclosing party based on my role as =he primary manager of the business. Jeffrey would still be required =o make detailed financial disclosures and background disclosures (this is what I

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raised with Darren to determine if,=in particular, he was ok providing his tax returns to the EDA). Part=of a renewal application will have to include a 5-10 year capital plan tha= goes beyond life safety and refurbishment. This plan is aligned with what we are costing above. Once we underst=nd the total cost to revitalize the docks, the ROI involved — we can loo= at the scope and cost, our cash balances, grant availability and our anti=ipated cash flows (based on the new financing) to see what to financial commitments are appropriate for the EDC applicati=n (and over what time period). This will result in the appropriate s=bmission to the EDC and will lead us to the appropriate distribution. =

IGY wants the money too — we are close. I =m sorry this is taking a while. BPPR took a year —

If you want, we can push out a few hundred thousan= without compromising the plan above ($200K each) — I would feel ok w/ t=at.

Tom

ill take the 200k

On Fri, Apr 22, 2016 at 5:52 PM, Farkas, Andrew =

wrote:

For your reading pleasure……

Sent from my BlackBerry 10 smartphone.

Sold to the jew on 70th street.

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