EFTA02716970

From: Brad Wechsler Sent: Sunday, December 14, 2014 9:07 PM To: reevacation@ mail.com' Cc: Subject: Phaidon Jeffrey-after our conversation today I took a look at Phaidon summary finan=ials (for the first time). Here's how I would re-state your observation(s)= 1. Do leon and the trustees know/understand that the $1.5mm net income proj=ction for 2015 disconnects from cash substantially, ie, 2. The cash projection from the operating business and modest cap-ex is neg=tive $4.4mm and 3. Maximum cash drawdown for 2015 looks like $6.25mm in january (mostly fro= changes in working capital). 4. Presentation seemed reasonably clear EXCEPT, in my package, you can't re=IIy have insight into 2016/17 cash flows. Basic question for leon and Ee's is "familiarity" with $4.4mm cash use. Ar= you and I in synch? This, of course, is based on "2015" which looks like =t ends in june of next year. Additional question is for Phaidon to develop=the future cash flows (which they may have already done?) so they can go t= trustees with a more developed cash flow projection and funding request. = www.imax.com IMA' is a registered trademark of IMAX Corporation. IMPORTANT NOTICE Information contained in this e-mail correspondence and any attachments is =onfidential information intended only for the use of the individual or ent=ty named above. Any reader of this message who is not the intended recipient of this corres=ondence is hereby notified that any dissemination, distribution, copying or communication of the contents of this correspondence is strictly prohibi=ed. If this e-mail was not addressed to you , please immediately notify us by phone in Canada at (905) 403-6500 (collect calls will be accepted) or by=email at webmaster@imax.com and delete and destroy this correspondence inadvertently sent to you. Thank you <?xml version=.0" encoding=TF-8"?> <IDOCTYPE plist PUBLIC "-//Apple//DTD PLIST 1.0//EN" "http://www.apple.com/DTDs/PropertyList-1.0.dtd"> <plist version=.0"> <dict> <key>date-last-viewed</key> <integer>0</integer> <key>date-received</key> <integer>1418591165</integer> <key>flags</key> <integer>8590195717</integer> <key>gmail-label-ids</key> <array> <integer>7</integer> <integer>27</integer> </array> <key>remote-id</key> <string>463796</string> </dict> </plist> EFTA_R1_02159095 EFTA02716970