PLEASE READ CAREFULLY, and hopefully in the spirit in which it was sent Our friendship is intact and solid, though, I must admit, it has taken a hit. Mark was here this morning; we talked Athene, Montauk Rothschild. Planes boats etc. Any of the proposed transactions are extremely complex. Intl, insurance, sec, corp income. And to do it properly would take a great deal of my personal time. I do not know how, and even, if I should proceed -. After months of hearing that you would have no problem paying a large fee- if only you could ascertain "value". The transaction just completed. Was just such a transaction. One of immense value to you and your family, .One in which you made over 600 million dollars -after tax. It was declared, bullet proof by your own attnys, and even if you choose to discount it for its future realization, it made no less than 300 million in today's real dollars. For some reason you decided to ignore our agreements, verbal written and emailed -and at the very last minute, after the deal was virtually complete. decided that it was only worth S million dollars. (Assuming phaidon -Richard happens. there is a 24 m savings - 12 mine. not even including artspace and the debt write- down that is sure to happen. IMPORTANT NOTE: : the phaidon transaction, as currently contemplated will not work. WILL NOT !!.. (BTW- in addition for some reason you left the 30 million outstanding that I had said should only happen if it was for my additional fee and not used for non- biz purposes and certainly not art. We can talk about this more tomorrow/. When we had our meeting in your home in Bedford. You asked me for my help. I told you multiple times that I thought it was a very bad idea, in that I greatly preferred to have no financial interactions. I don't have many friends and didn't want money in any way to interfere with our unique relationship. You said as that friend I had an obligation TO help. - You were right. Reminder, From 07 — 2013