Text extracted via OCR from the original document. May contain errors from the scanning process.
From:
jeffrey E. <jeevacation@gmail.com>
Sent:
Wednesday, February 3, 2016 7:35 PM
To:
Brad Wechsler
Subject:
Fwd:
please take this in the spirit in which it is meant. =C2 you have a problem. you need qualtity people.
<=iv>
Forwarded message
F=om: jeffrey E. <jeevacation@gmail.com><=r>Date: Wed, Feb 3, 2016 at 7:07 AM
Subject:
Drafts in my world DO NOT mean =nconsistencies. , overlooked items. bad formulas. =areless inputs, . drafts in
finance are simply preliminary num=ers subject to revision when ac=uals can be inputted.
i received reviewed w=at
was called updated cashflow (you shouldnt have to review three to fo=r times after almost 7 months.) , that is still
filled =ith errors not updates. FYI If you recall In=july you asked my choice of first priority. I said=l strongly suggest
you put the team that you and Leon hired. o= getting the airplane right. this would tell all ,and quickly.=C2
Cash flow statement
1) April 2016 - 25,790,000 of investment cash inflows - Lone Cascade , was it submitted as I think 30 days
notice=requi red
I thought there was=10% audit hold back / other hold backs did anyone check? that means = 2.5 million dollar
adjustment ? !
2) Art Sales - did anyone=ask Leon?
3) Boat Charter income - why no charter in Jan - =pril 2016 and Oct - Dec 2016
4) Art advisory and insurance - per schedule 2 - do we pay per month.=C2 220k per month this is not an income
statement . it is for timi=g of cash flows.
5) Miami construction of 170,000 per month do we have real numbers? =AO - footnote should mention total costs paid
to date and total expected costs
6) Townhouse construction of 800,000 per month same -=footnote should mention total costs paid to date and total
expected costs
7) incr=asing art loan by 25 bp???? Inconsistent treatment .
=A08 )Plane operating expenses - using 2015 figures based on what premise? did=20 anyone check maintenance
required in 2016 not in 2015 or reverse =span style="white-space:pre-wrap"> a) plane analysis is missing total hours
flown / cost per hour / fuel consumption and cost per gallon / charter hours / Apollo hours / domestic vs international /
part 91 vs 135
-> all this information has already been prepare= by management company
Plane Principal and interest footnote assumes 25=basis point increase in each quarter yet first 6 months are flat at 160k
per month then next 5 months at 170k per month
-> dec 2016 cost of 150k per month after 8,000,000 pay down prior mo=th
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-> seems high
=AO -> principal payment of =,000,000 based on WHAT ? we talked about Leon asking to put it on l=an?
THE bank DOES NOT lend 100 percent of value . this typ= of error is basic. I no footnotes. and no excise tax or sales
tax noted? =A0
9)Boat operating expenses - using 2015 figures=based on what premise? is there required maintenance in 2016 not in
2015 or reverse <=r>
10) apollo salary? Leon said some fees are in esc=ow. ?
11) Professional fees of 1,560,000 what is breakdown of accounting vs legal?Leon needs to see all consultant fees.
breakdown, and fees owe= etc.
12) Residential non labor excluding insurance and Residential Labor - ea=h house should represent a cost which includes
capital improvements, operating exp, labor, insurance, etc..
13) Personal Leisure - says used 2015 full year estimates - are these the same =stimates from 2014, ? we are in January
2016
14) MS Misc Disbursements - 4,800,000 of cash f=ow? did anyone check with Leon.
15) Overall pre=entation
a) t=tle of sources missing from top line
=AO
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