From: Richard Kahn

From: Richard Kahn To: "jeffrey E." <jeevacation®gmail.com> Subject: Bruce Galloway Date: Wed, 19 Nov 2014 14:57:38 +0000 He is delusional !! Account Value as 9:45am is 3,140,745 Cash in Account: 2,378,903 equity positions remaining: 7 option positions remaining with value: 3 Richard Kahn HBRK Associates Inc. New York NY 10022 tel l fax cel Begin forwarded message: From: Bruce Galloway Date: November 18, 2014 at 8:24:09 PM EST To: "Richard Kahn" Subject: JEE Richard, I know it's water under the bridge, but this whole situation is very upsetting. Jee had not cut me off in September which was a horrific short-term phenomenon, I probably would have made a killing in the last 2 months if I was able to reload some of the positions. If you noticed I was long in a big way American Airlines, United Airlines, and JetBlue. I was also long in a big way Yahoo. I was betting on the Alibaba deal and lower gasoline prices. I was also short Kors and also short Kate Spade which worked out huge. The airlines are up all 15 points and the shorts are down 15 points. These positions probably would have made us a million and a half dollars possibly two million in the options. But anyway it's water under the bridge ,we got smoked in September and we weren't adequately hedged „unfortunately timing was bad. Hope we can revisit this in the future. It's kind of sad because I had some really good ideas and good concepts. A lot of the micro caps haven't worked out. They have been an underperforming class for years. That's why I took an aggressive option decision because I knew that even know my choices were good that they weren't primed for the market, the micro caps. But anyway hope to revisit the situation in the future best Bruce Sent from my HTC on T-Mobile 4G LTE EFTA00868402 EFTA00868403