Picasso - second payment

Dear Jeffrey,

The second payment on the Picasso Buste de Femme =Marie Therese) in the amount of $34.5 million is due to Gagosian Gallery on Tuesday, J=ne 30th.

I recommend that we handle this payment the same way=we did the first payment — that is, have Leon draw the entire $34.5 =illion from the Bank of America line, transfer the funds to Narrows Holdin=s LLC, and then have Narrows make the payment to Gagosian.

Okay with you?

Thanks,

Heather