From: Richard Kahn Sent: Tuesday, December 29, 2015 9:43 PM To: jeffrey E. Subject: King Street Capital Attachments: 2015-11.040.MTDEstimateLP.KingStreet.pdt Untitled attachment 00400.htm; Consolidated LP report - HSBC.pdt, Untitled attachment 00403.htm just spoke with king street and confirmed =heir redemption policy is as follows: 1) quarterly with 65 days notice - =herefore deadline for 3.31.2016 withdrawal is january 26, =016 2) can only redeem 25% per quarter - however =f we want to fully withdraw we must put in all at once or 25% will =eset with balance each quarter example: 11-30-2015 Haze balance is =7,586,581 =/span>25% —> 6,896,645 (would be paid 3-31-2016) = Balance in fund =nbsp;20,869,936 If we only =ut in 25% on 1-26-2016 then maximum amount we can take out on 6-30-2016 =s 20,869,936 x 25% or 5,172,484 Other =acts 11-30-2015 book value 27,586,581 =/span> 12-31-2014 tax basis (est) 24,200,000 capital gain on sale =/span>3,386,581 just reviewed =2-31-2014 JEE form 1040 and you have a 32,593,747 capital loss =arryfoward suspended =assive losses that will be freed up on sale are 4,105,105 (note there =ust be 100% disposition of King Street in 2016) i believe this will create a huge tax =dvantage capital gain will be negated by =apital loss carry forward so no tax effect passive =oss carry forward will all be treated as ordinary losses on schedule e =form 1040 line 17) which will be a dollar for dollar reduction of =GI (lets discuss ordinary vs EDC =eduction) httplithismatter.com/money/tax/passive-activity-rules.htmadiv> Richard Kahn HBRK Associates Inc. 575 Lexington =venue 4th Floor New York, NY 10022 EFTA_R1_01966735 EFTA02676051