From: jeffrey E. <[email protected]> Sent: Tuesday, February 23, 2016 11:42 PM To: Nathan Myhrvold Subject: Re: Fw: Core Club your guys are right On Wed, Feb 24, 2016 at 12:39 AM, From: </= Sent: Tuesday, February 23, =016 18:38 To: Nathan Myhrvold Subject: F=: Core Club Sent from my smartphone. From: Russ Stein < Sent: Tuesday, February 23, 2016 17:45 To: Nathan Myhrvold Subject: Core Club Hi Nathan, / FYI, we did a call today with=Jennie, her CFO, Dan, and their tax counsel at Denton's. > wrote: During the call it became app=rent to Jennie that her counsel had flipped the tax structure twice in wha= they sent us. They originally attempted to not have Cancellation of Indebtedness Income (CODI) which they then changed to a st=ucture that affirmatively attempted to force CODI. Her counsel also apolog=zed for not having informed us that he had flipped the structural approach=previously and the concern that that change had caused. During the call her counsel then also asked to bra=nstorm with us on a third structure he had thought of with a different COD= timing approach. Jennie recognized on her own =uring the call that her advisers kept changing the tax structure in a way =hat way that could expose you. EFTA_R1_01582801 EFTA02471271