From: Melanie Spinella To: jeffrey E.' <[email protected]> Subject: FW: Picasso Date: Fri, 30 Oct 2015 17:51:02 +0000 fee From: Heather Gray [mailto: Sent: Friday, October 30, 2015 12:54 PM To: Melanie Spinella Cc: Brad Wechsler Subject: Picasso PRIVILEGED AND CONFIDENTIAL — ATTORNEY WORK PRODUCT Dear Leon, I spoke with Matthew Dontzin, Larry Gagosian's lawyer. According to Matthew: Sometime in 2014, Maya Picasso entered into a contract with Guy Bennett's company, Pelham Holdings, to sell the Picasso for 33 or 38 million Euros - there are some discrepancies in the documents as to the amount. Guy was acting on behalf of the Qataris. Guy paid a deposit to Maya Picasso. It is not clear how much money was paid, but it was not the full purchase price. The contract between Guy and Maya said that title to the Picasso would not pass to Guy until payment was received in full, so the Picasso family is claiming that Guy never received title to the work. After the contract was signed and the deposit paid, Maya's family (her son and her daughter, Diana) found out about the contract and felt like Guy had taken advantage of Maya. According to Larry's lawyer, Maya has serious mental infirmities. There are apparently doctors' letters testifying to her lack of competency, but she has not been officially declared incompetent or had a guardian or conservator appointed for her by a judge. The Picasso family "rescinded the contract and returned the money to Guy." Larry's lawyer does not know (or did not share with me) exactly how the Picasso family rescinded the contract, but Guy apparently did not feel that the deal was off because he entered into some type of mediation with the Picasso family regarding the work and ultimately brought a legal proceeding against them in a court in Geneva, Switzerland. The Geneva court proceeding is on-going. Larry's US lawyer believes that the Geneva court will only award Guy money damages if he wins the case; i.e., the cou