From: Brad Wechsler cj To: ' " < mjeevacationgginail.com." <jeevacation(kgmail.com> CC: ' " < >, Subject: Re: Trust Investments-Fiduciary Duty Date: Tue, 20 Jan 2015 22:13:37 +0000 IT Ada-i have spoken to jeffrey and alan about this (and leon). There are mechanisms (eg, Memorandums of Intention and legal structures (LLC's owned by trusts, etc) that will facilitate all this. requests may (or may not) satisfy all trustees. _requests (with certain structural mechanisms) will, more likely, satisfy everyone. Since I would like to avoid a fire drill (and being "arbitraged" by different trustee desires) my suggestion to leon is will be that he funds OWL personally if he so desires--which of course he is free to ignore-- and we put in place a mechanism for VC investments that works for the family and the trustees on a slightly slower time schedule. I will speak to leon tomorrow. From: Ada Clapp [mailto: Sent: Tuesday, January 20, 2015 04:31 PM To: Brad Wechsler; Jeffrey E. <[email protected]> Cc: Eileen Alexanderson < Subject: Trust Investments-Fiduciary Duty HI Brad and Jeffrey, just called me to discuss his fiduciary duty in connection with the OWL investment and all investments generally. It is ...understanding that Leon's intention, as grantor of the various trusts, is for trust assets to be used for the benefit of his children, which includes helping them learn about investing. In that regard, he can see some basis for the Trustees investing in OWL, an investment that interests the three boys. However, he has mixed feelings about putting the trust funds in a venture capital investment because of the risk factor (understanding of course, that the investment could do very very well). The bottom line of call is that he would feel more comfortable as a Trustee making such investments if: 1. Leon provided the Trustees with a Memorandum of Intention reminding the Trustees of the reasons for which he created the trusts was and the purpo