Picasso

Hi Jeffrey—I don't think there is any issue with the Picasso "Deux Femmes, hiver" (a/k/a "Deux Femmes") being sold.

The paralegal was a little confused. It appears that it was Picasso's "Les Deux Femmes" (a/k/a "Two Reclining Women") that was sold as, according to Diana, it is no longer in Leon's collection. "Deux Femmes, hiver" should not be on the Narrows Art list as it was purchased by one of the family trusts. The invoice is a little vague however and we are still confirming which Trust purchased it. We believe it was the 1992 Trust so that the painting is now owned by the LDB 2011 LLC.

Nice seeing you today.

Ada Clapp
Elysium Management LLC
445 Park Avenue
Suite 1401
New York, New York 10022
Direct Dial: 646-589-0303
Fax: 646-589-0330
Email:

IRS Circular 230 Disclosure: Pursuant to IRS regulations, I inform you that any tax advice contained in this communication (including attachments) is not intended or written to be used, and cannot be used, by any person or entity for the purposes of (i) avoiding tax related penalties imposed by any governmental tax authority, or (ii) proposing, marketing or recommending to another party any transaction or matter discussed herein. I advise you to consult with an independent tax advisor on your particular tax circumstances.

This communication and any attachment is for the intended redpient(s) only and may contain information that is privileged, confidential and/or proprietary. If you are not the intended recipient, you are hereby notified that further dissemination of this communication and its attachments is prohibited. Please delete all copies of this communication and its attachments and notify me immediately that you have received them in error. Thank you.

EFTA00982438