RE: Phaidon Sale PRIVILEGED AND CONFIDENTIAL

B

You asked who sold what to whom. Here is a term sheet. Let me know if you can tell what's going on from this. EFS is rad.

J

To

Barry J. Cohen

I would like to see the tax letter that describes the loss. Document? The loan? Empire is being hired by exactly who.

B

To

Joseph Vinciguerra

Sent from my iPhone

J

To

jeffrey E.

Cc

Barry J. CohenBrad Wechsler

Jeffrey,

Barry asked me to respond directly to you. EY is finalizing a transaction deck that outlines each step of the transaction, as well as the tax analysis for each piece. I expect it to be ready later next week. I can send it to you once I have reviewed it. Empire was engaged by Elysium.

Please let me know if you would like me to walk you through the transaction or if you have specific questions.

Thank you.

Joe

Joseph M. Vinciguerra
Tax Director & Tax Counsel
Elysium Management LLC
445 Park Avenue Suite 1401, New York, NY 10022
Tel. (646) 589-0304