you are right. you should look into murphys numbers. very hard to follow , somewhat goofy for phone tomorw On Tue, Dec 2, 2014 at 6:13 PM, Brad Wechsler < > wrote: I think there's unnecessary "complexity" in what ada is setting out. Assuming PG is owned by the trusts (my understanding) I would do the following: I. Get the projections from keith and his cfo and judith and her cfo. 2. Have rich j test them for cogency as a service to the trust. (We can bill the trusts for admin services if we want.) 3. Have rich "consolidate" them. 4. Make the ceo's, cfo's available to the trustees for "diligence" if the trustees so desire. (Rich, eileen and I can participate on an administrative basis.) 5. Assuming trustee sign-off, the t'ees can functionally dictate the terms of the loan (demand note or bullet) and again, the office can run admin interference for them with paul, weiss to facilitate execution of the note. Sound right to you or shld we discuss? Original Message From: Ada Clapp [mailto: Sent: Tuesday, December 02, 2014 03:00 PM To: Brad Wechsler; Eileen Alexanderson < Subject: Trust Loans to Phaidon Global Hi Eileen and Brad, I I understood from the Trustees meeting that we will need to move quickly to paper the loan to Phaidon Global should the Trustees agree to lend. I don't know Rich J.'s timing for getting the Trustees the information they requested (see his email below). However, in the interest of expediency, I wanted to discuss the process for getting the secured loan documentation that Richard Ressler requested in place. I am questioning the family office's role in assisting with the negotiation and preparation of the loan documentation. It seems to me that we cannot act on behalf of both the Trustees as Lender and Phaidon Global as borrower. With a new management team in place, I think it makes sense for Keith or Phaidon Global's general counsel to negotiate loan terms for Phaidon (particularly since the borrowed funds will be u