EFTA02491678

From: jeffrey E. <jeevacation@gmail.com> Sent: Sunday, August 16, 2015 12:33 PM To: Gianni Serazzi Subject: Re: all the agencies , now sell for roughly 50 - 60 pere=ent of revenue, used to be 100 -125%. no value adm=tteldy to contingent case recovery , which could/ should be out of t=e deal. ie you keep it . . where does the 80= go, ? if it is to factor receivables. . one thing =if it is to buy bookers. another, very aggressive , prior proj=ctions are a big neg factor. in valuations. very big. . = some months are off by hundreds of percent. . not good. . =AO I would like you to make a lot of money on your deal. =C2 so ownership, is not relevant getting the 800 back =AO with security woudl be the issue, Cr> On Sun, Aug 16, 2015 at 3:10 AM, Gianni Seraz=i < <mailto » wrote: I think your consideration is accurate. On top of it you should factor in -800k would go entirely into the company so that should be added as post mo=ey valuation -on top what is the value of new management (myself) coming in at zero sala=y? If we use market valuation that's quite an asset -I only count the cash once we have it, however we have a lawsuit going on =ith QVC the big client lost that stole our models internalizing them that =he lawyer says will pay minimum 300k and max 800k within 1 to 2 years -also please remember that it's written Ebitda but it's cash generation pure and simple Adding these aspects it brings you to the 4m post money valu=tion that I honestly believe to be a fair value if I were sitting on the o=her side of the table Thx On Aug 16, 2015 5:03 AM, "jeffrey E." =Itjeevacation@=mail.com <mailto:jeevacation@gmail.com> wrote: ive looked carefully at the bad projections and the c=rrent numbers only ebitda. it looks as if the valu= and comps only give it a 1.5--2.2 value .. =please note The information contained in this communication is =onfidential, may be attorney-client privileged, may constitute inside i=formation, and is intended only for the use of the addressee. It is the=property of JEE Unauthorized use, disclosure or copying of this EFTA_R1_01613906 EFTA02491678 c=mmunication or any part thereof is strictly prohibited and may be unlaw=ul. If you have received this communication in error, please notify us =mmediately by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacati=n@gmail.com> , and destroy t=is communication and all copies thereof, including all attachments. cop=right -all rights reserved 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. It is the propert= of JEE Unauthorized use, disclosure or copying of this communica=ion or any part thereof is strictly prohibited and may be unlawful. If =ou have received this communication in error, please notify us immediat=ly by return e-mail or by e-mail to jeevacation@gmail.com <mailto:jeevacation@gmail=com> , and destroy this comm=nication and all copies thereof, including all attachments. copyright -=11 rights reserved 2 EFTA_R1_01613907 EFTA02491679