Fwd: American Yacht Harbor
Good morning Andrew,
I hope all is well with you and your family. In reference to the acquisition of American Yacht Harbor, Jeffrey would like the following information:
The name of the person who led your team at Island Global Yachting Acquisition, LTD.
The contact information for the seller.
The seller's records that were presented to you and your team in your due diligence (i.e., previous years financial statements 2003-2005 and the first 9 months of 2006, receivables, rent rolls) and any other pertinent documents that were used in the evaluation of the purchase.
The list of the Marina Opportunity Fund partners.
The Banco Popular loan documents (i.e., note, mortgage, commitment letter etc..) to include the appraisal.
Any other information given to your team relative to the purchase of AYH.
With warm regards,
Cecile de Jongh
EFTA00636840
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Please communicate and work with Frank Garrison who is copied on this email.
Cecile—what is the best # where I can reach you?
Frank M. Garrison
Island Capital Group LLC
Nashville TN 37203
Hi Frank my office number is -
With warm regards,
Cecile
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Good morning Frank,
Please see the below email which was the first of many requests for the due diligence. As you will note, we asked for the due diligence from the very start so, with all due respect, I don't believe that the last request for same was unreasonable or part of a "fishing expedition". There was no indication, prior to Friday, July 12, 2013, that the due diligence information would not be forthcoming despite the numerous requests.
EFTA00636838
With warm regards,
Cecile
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"Nearly all men can stand adversity, but if you want to test a man's character, give him power" Abraham Lincoln
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Cecile,
Jeffrey's inquiries and IGY's provision of information commenced in early February 2013 and, thus, predates your involvement by almost 4 months. During that period, we provided a host of information and had numerous discussions with Jeffrey's representatives — all of which resulted in yet further requests for information and additional calls. There does not seem to be much appreciation for the burdens that these ongoing requests place on our organization, or an appreciation of the time that we have already spent, over the last 6 months, addressing these requests.
I know you have asked for additional information previously but the information requested and whether you previously asked for 2006 diligence materials is really not relevant to the issues at hand. The fact remains that IGY first purchased the AYH asset and, thereafter, Jeffrey sought an investment in AYH and paid IGY 50% of what IGY had invested (or incurred) to acquire his 50% interest. Whether Jeffrey now believes that the asset was overpriced at the time is beside the point and ten year old property operating information (your request seeks financials going back to 2003) is just not relevant to anything — even if we could find it. As I explained to you in a prior conversation, it is more than a bit difficult to find information that is now 7 years old.
Notwithstanding all of the foregoing, I am herewith providing to you 2 Investment Committee memoranda which outline the transaction(s) in question and provide background about relationships, etc. I hope that the provision of this additional information is sufficient to put an end to the information requests.
I should also note that given the posture that Jeffrey appears to have taken over the last 6 months, this e-mail and the attached information, just like prior communications provided regarding this matter, should be considered to be provided to you as part of settlement discussions and thus subject to the rules of evidence in terms of admissibility.
I reiterate our suggestion that in order to bring this to a close, we proceed to mediation consistent with my prior letter to you.
Frank
Frank M. Garrison
Island Ca coital Grou LLC
Nashville, TN 37203
I forgot to send this to you on Friday.
With warm regards,
Cecile
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"Nearly all men can stand adversity, but if you want to test a man's character, give him power." Abraham Lincoln
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Attachments: Sun_ICM_Attachment_B-Property_Descriptions_06.pdf; Sun_Resorts_ICM_(9-14-06).pdf; Sun ICM_Sept_2006_attachment_Financial.pdf; Sun_ICM_5_Jan_2007.pdf; SUN_ICM_Jan_2007_Attachment_A.pdf; SUN_ICM_Jan_2007_Attachment_B.pdf; SUN_ICM_Jan_2007_Attachment_C.pdf; SUN_ICM_Jan_2007_Attachment_D.pdf; SUN_ICM_Jan_2007_Attachment_E.pdf; SUN_ICM_Jan_2007_Attachment_F.pdf; SUN_ICM_Jan_2007_Attachment_G.pdf; SUN_ICM_Jan_2007_Attachment_H.pdf; SUN_ICM_Jan_2007_Attachment_1.pdf; SUN_ICM_Jan_2007_Attachment_J.pdf
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This is not a chart. The key information in the image is:
- Sender: Cecile de Jongh
- Date: July 22, 2013, 4:22:12 PM EDT
- Recipient: Richard Kahn
- Subject: Fw: American Yacht Harbor
I forgot to send this to you on Friday.
With warm regards,
Cecile
DISCLAIMER: The information contained in this e-mail may be privileged,confidential, and protected from disclosure. If you are not the intended recipient, you are hereby notified that any dissemination, distribution or duplication of this communication is strictly prohibited. If you have received this communication in error, please notify the sender immediately and delete all copies.
"Nearly all men can stand adversity, but if you want to test a man's character, give him power." Abraham Lincoln
Please consider the environment before printing this e-mail.