From: Brad Wechsler Sent: Tuesday, December 2, 2014 11:14 PM To: reevacation mail.com' Cc: Subject: Fw: Trust Loans to Phaidon Global I think there's unnecessary "complexity" in what ada is setting out. Assumi=g PG is owned by the trusts (my understanding) I would do the following: 1. Get the projections from keith and his do and judith and her cfo. 2. Have rich j test them for cogency as a service to the trust. (We can bil= the trusts for admin services if we want.) 3. Have rich "consolidate" them. 4. Make the ceo's, cfo's available to the trustees for "diligence" if the t=ustees so desire. (Rich, eileen and I can participate on an administrative=basis.) S. Assuming trustee sign-off, the t'ees can functionally dictate the terms =f the loan (demand note or bullet) and again, the office can run admin int=rference for them with paul, weiss to facilitate execution of the note. Sound right to you or shld we discuss? Original Message From: Ada Clapp [mailto: Sent: Tuesday, December 02, 2014 03:00 PM To: Brad Wechsler; Eileen Alexanderson ■ Subject: Trust Loans to Phaidon Global Hi Eileen and Brad, I understood from the Trustees meeting that we will need to move quickly tarpaper the loan to Phaidon Global should the Trustees agree to lend. I don=t know Rich J.'s timing for getting the Trustees the information they requ=sted (see his email below). However, in the interest of expediency, I wan=ed to discuss the process for getting the secured loan documentation that =ichard Ressler requested in place. I am questioning the family office's role in assisting with the negotiation=and preparation of the loan documentation. It seems to me that we cannot =ct on behalf of both the Trustees as Lender and Phaidon Global as borrower= With a new management team in place, I think it makes sense for Keith or=Phaidon Global's general counsel to negotiate loan terms for Phaidon (part=cularly since the borrowed funds will be used to benefit Phaidon Press a