EFTA02517112

From: Richard Kahn < Sent: Wednesday, November 19, 2014 2:58 PM To: Jeffrey E. Subject: Bruce Galloway He is =elusional !! Account Value as 9:45am is =440,745 Cash in Account: =,378,903 equity positions remaining: = option positions remaining with value: 3 Richard Kahn HBRK Associates =nc. 575 Lexington Avenue 4th Floor New York, NY 10022 Begin forwarded =essage: From: Bruce =alloway < Date: November 18, 2014 at 8:24:09 PM EST To: =Richard Kahn" < Subject: JEE >= Richard, I know it's water under the bridge, =ut this whole situation is very upsetting. Jee had not cut me off in =eptember which was a horrific short-term phenomenon, I probably would =ave made a killing in the last 2 months if I was able to reload some of =he positions. If you noticed I was long in a big way American Airlines, =nited Airlines, and JetBlue. I was also long in a big way Yahoo. I was =etting on the Alibaba deal and lower gasoline prices. I was also short =ors and also short Kate Spade which worked out huge. The airlines are =p all 15 points and the shorts are down 15 points. These positions =robably would have made us a million and a half dollars possibly two =illion in the options. But anyway it's water under the bridge ,we got =moked in September and we weren't adequately hedged „unfortunately =iming was bad. Hope we can revisit this in the future. It's kind of sad =ecause I had some really good ideas and good concepts. A lot of the =icro caps haven't worked out. They have been an underperforming class =or years. That's why I took an aggressive option decision because I =new that even know my choices were good that they weren't primed for =he market, the micro caps. But anyway hope to revisit the situation in =he future best Bruce EFTA_R1_01652248 EFTA02517112 Sent from my HTC on =-Mobile 4G LTE 2 EFTA_R1_01652249 EFTA02517113