From: John deJongh To: "Jeffrey E." <[email protected]> Subject: Re: USVI opportunities Date: Tue, 23 Dec 2014 17:07:25 +0000 I thought I had responded to your earlier email. AYH: if Andrew gives you info before that date let me know and I can start reviewing. I think a re-branded AYH can be the 'town center' of Red Hook given the options, traffic and mix of tenants. Let me know if there is interest in providing financing for the local conglomerate -- subs in downtown real estate, P&C insurance company, and wholesale distribution. Not sure they are interested in selling but they are not advancing and the pieces have opportunities. John On Thu, Dec 4, 2014 at 2:40 PM, jeffrey E. <[email protected]> wrote: ayh will take time, andrew will not focus until feb On Thu, Dec 4, 2014 at 12:53 PM, John deJongh > wrote: Good afternoon Jeffrey, Just a quick follow-up on our meeting last week. If you can get Andrew to 'give' on the amount of debt carried by AYH, then I think it is a worthwhile transaction and allows for some new debt to cover the years of deferred maintenance and capital needs. Right now it cannot handle the current debt, management fees and maintenace/capital needs. The approximately $13.2 million on the property is carrying the debt of other IGY entities (the 2007 acquisitions) and this provided the valuation and means to draw out the cash. As we discussed, I think the need is at a minimum $34 million to address the docks and upland and rebranding efforts. I think we can make this work to your benefit and meet EDC requirements. Let me know. The other opportunity represents a local conglomerate with companies in insurance, wholesale beverage distribution and real estate ownership & management; total receipts in the area of $60 million, with net income somewhere are around $3 million (net of depreciation). Each is a strong company in its niche, and there are related party transactions that result in management fees. Each compan