EFTA02482533

From: jeffrey E. <jeevacation@gmail.com> Sent: Tuesday, November 3, 2015 4:58 PM To: Melanie Spinella Subject: Re: FW: Picasso update i spoke to heather, ild like to know where lar=y sent the money.? maya, advisor daughter? etc.=C2 . looks as if larry told them more money so they renegge= on the deal. it will be a very long process. =AO qataris are not mine, they are museum related. =nd unlikely to fold . On Tue, Nov 3, 2015 at 11:42 AM, Melanie Spinella < </=pan> </=pan> <mailto > wrote: From: Heather =ray [mailto mailto -> Sent: Monday, November 02, 2015 3:16 PM To: Melanie Spinella Subject: Picasso update Hi Melanie,<=> Will you please giv= his email to Leon when he is free? Thank you, Heather</=> Dear Leon, I am meeting with L=rry Gagosian's lawyer (Matthew Dontzin), Larry Kaye and Mari-Claud=a Jimenez (Larry Kaye's partner at Herrick) at 3:30 pm this aftern=on at Elysium to discuss the Picasso. We will update you after the meeting. I just received cop=es of the writ of seizure issued by the Paris court against Maya Widmaier-=icasso and the letter Guy Bennett's US lawyer sent to Larry Gagosi=n and Patty Lipshutz. These documents provide more detailed information about the chronology, which I've summari=ed below. (Please let me know if you would like me to send you EFTA_R1_01599298 EFTA02482533 copie= of the documents themselves.) Of course, this is Guy Bennett =99s rendering of the facts — we have not yet heard Ms. Picasso =80 s side of the story. Updated Timeline October 10, 2014=span style="font-size:12.0pt;line-height:105%">: =C2 Maya Widmaier-Picasso enlists Connery Pissarro Seydoux (CPS) to find a buyer for the Picasso. November 13, 2014: CPS enters into = sales contract with Pelham Europe Ltd. (Guy Bennett's company) to sell the sculpture to Guy's client (=heik Jassim bin Abdulaziz Al-Thani of Qatar) for 38 million Euros, payable=in three installments as follows: *=/span> =C2 1.9 million Euros =n December 1, 2014 *=/span> =C2 4.1 million Euros =n January 15, 2015, and *=/span> =C2 32 million Euros o= April 20, 2015 *=/span> =C2 December 1, 2014=span style="font-size:12.0ptline-height:105%">: Pelh=m pays the first installment of the purchase price to Ms. Picasso. January 15, 2015=span style="font-size:12.0pt;line-height:105%">: =C2• Pelham pays the second installment of the purchase price to Ms. Picasso. April 10, 2015: =C2 Maya Widmaier-Picasso's =E2 advisor" (I don't know if this is her lawyer or someone else and I don't have this person =99s name) writes a letter to CPS asking that the sale be cancelled due to = "mental disorder" suffered by Maya, and advises CPS that =he will not accept the final payment of the purchase price. Her advisor and CPS agree to put the sale on hold until April 30th =nd then again until May 5th so they can discuss her "me=tal disorder" and how it might affect the sale. [May 4, 2015: =AO Our contrac= with Gagosian is signed.] May 5, 2015: =AO Bennett writes a =etter to CPS giving formal notice that his client intends to move forward with the sale and will be paying the fi=al installment of the purchase price and wants to have the sculpture deliv=red to him promptly. (As far as I can tell, Bennett never sends the =inal installment of the purchase price. According to Gagosian's lawyer, Ms. Picasso refunded the first two=installment payments to Bennett.) May 13, 2015: =AO Bennett initiates court proce=dings in Geneva to force Ms. Picasso to sell the sculpture to his client. In aid of the Swiss=litigation, Bennett's lawyers convince a Paris court to issue a wr=t of seizure prohibiting Maya from removing the sculpture from France or s=lling it to another party while the Swiss court case is pending. Sometime after May 13, 2015, M=. Picasso sends the sculpture to MoMA in violation of the Paris court =80 s order. 2 EFTA_R1_01599299 EFTA02482534 October 19, 2015=span style="font-size:12.0ptline-height:105%">: =C2 Bennett's US lawyer (Eric Hass at Patterson Belknap) sends a letter to Larry Gagosian copying Patty Lipshitz at MoMA and notifying th=m of the writ of seizure and claiming that he is going to try to get a tem=orary restraining order to keep MoMA from releasing the work. November 4t= or 5th, 2015= There is a contempt hearing in Paris against Ms. Picass=. I should have more information about this hearing and the exact date after the meeting with Gagosian's lawyer. Best,=/span> Heather</=> Heather Gray<=u> Elysium Management =LC 445 Park Avenue<=u> Suite 1401 New York, NY 10022<=> <tel =C2 <=> This email and any files transmitted with it are confidential and intended =olely for the person or entity to whom they are addressed and may contain =onfidential and/or privileged material. Any review, retransmission, dissem=nation or other use of, or taking of any action in reliance upon this information by persons or entities oth=r than the intended recipient is prohibited. If you have received this ema=l in error please contact the sender and delete the material from any comp=ter. Apollo Global Management, LLC please =ote The information contained in this communication is confiden=ial, may be attorney-client privileged, may constitute inside informati=n, and is intended only for the use of the addressee. 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