From: Jeffrey Epstein <[email protected]> To: "Fenn, Patrick" Subject: Re: Planning Date: Sat, 01 Jun 2013 11:25:36 +0000 understood , I think they all should. what happens to the tra payment stream. On Sat, Jun 1, 2013 at 7:14 AM, Fenn, Patrick < > wrote: seperate from the termination clause, we don't have to do all of the outstanding, do we? PBF: we don't but negative basis will remain to the extent the outstanding remains outstanding. can each boy opt in or out'/? PBF: I will look at further but I think each could opt in or out -- effect of the fresh preferred investment would be same as though the borrowing never happened as to the individual. Anyone of the 3 that does not participate would still have first tier debt allocation. I'll confirm later. But lack of pro rata participation in new BRH preferred introduces non-tax issues at BRH. From: Jeffrey Epstein (mailtoleevacSgmail.com] Sent: Friday, May 31, 2013 10:39 PM To: Fenn, Patrick Subject: Re: Planning seperate from the termination clause, we don't have to do all of the outstanding, do we? can each boy opt in or out?? On Fri, May 31, 2013 at 10:03 PM, Fenn, Patrick < > wrote: Jeffrey, I have asked one of my partners to review this but he has not been able to do so as yet. I am sending to you as a draft with that in mind. I can update over the weekend for his comments. I would suggest running it by Brian Knudson at EY as well but will wait for your reaction before doing so. Best regards Patrick B. Fenn EFTA00962027