One of the things we need to figure out is what RS entity. The BD is the most obvious- makes the most sense from a business perspective, but I don't know what FINRA says about foreign ownership. The other implied message I got from M's email is- BHR is going no where from HZ's perspective. We (US) have no capital and JL can't get over the goal line with his LPs, and organizationally it's still a mess (at least from an LP point of view). 

Moving to a direct relationship with HZ is a decision that we have to include JL in- simply out of loyalty. 

I've always said the fund structure is for suckers. Direct deals with ready willing and able backers could be our bread and butter. But there are a lot of factors to weigh here.

RHB

202.333.1880

On Jun 19, 2014, at 4:21 PM, James Bulger <jbulger@thorntonai.com> wrote:

Noon it is I will call your office at noon folks 

Thanks

Jimmy

On Thursday, June 19, 2014, Katie Dodge <kdodge@rosemontseneca.com> wrote:

Hi Jimmy -

Could we say noon instead?

Hunter - you have a 10AM call and an 11:30 with Mike (rescheduled from today).

On Thu, Jun 19, 2014 at 3:55 PM, Hunter Biden <hbiden@rosemontseneca.com> wrote:

11:30? cc'd Katie- if that time doesn't work- whole day is open.

R. Hunter Biden

Rosemont Seneca Partners

Washington D.C.

202-333-1880

On Jun 19, 2014, at 1:57 PM, James Bulger <jbulger@thorntonai.com> wrote:

Today's hectic anytime tomorrow wide open what time works for you?

On Thursday, June 19, 2014, Hunter Biden <hbiden@rosemontseneca.com> wrote:

Let's discuss today or tomorrow. You tell me.

RHB

202.333.1880

On Jun 19, 2014, at 5:04 AM, James Bulger <jbulger@thorntonai.com> wrote:

Hunter

Michael Lin sent this email to me on June 3rd as a follow up to the lunch meeting we all had with Henry during our last visit to Beijing. 

Would you be available for a quick call with me around 11:00am today?

Thanks

Jimmy

---------- Forwarded message ----------
From: Michael Lin <michael.c.l.lin@gmail.com>
Date: Tuesday, June 3, 2014
Subject: HZ
To: Bulger James <jbulger123@gmail.com>


HZ and I met again to discuss HB's request in Beijing.

HZ, a practical manager with very respectable strategic mindset, while not saying no to HB's sitting on the board of one of his 3 directly controlled entries under his Group and his sitting on the board of RS or any one of RS's controlled entities, he prefers to do it in an even more solid, meaningful, organized and long-term beneficial win-win way.

He told me the above using his usual soft and polite tone and I could feel pretty confidently that he was sending me the signal: “Yes, I can and am seriously consider to do it but let's not do it in a superficial way. Let's do it MY way. If we really do it, let's really co work closely to see business come to fruition under the right cooperation structure."

HZ went: “I could feel that you lads are not really full of cash like we do. I can feel it from our recent BHR cooperation. That said, you guys do have respectable overseas network and Michael you are a good execution and guanxi guy... I like you guys' projects... especially the natural gas stuff and all the other high profile stuffs and the like... So, let's create a scenario where you don't need to worry the initial operational expenses but focus on getting deals done with you helping me...This is going to be different from our BHR cooperation... Let's establish a new JV between my Group or one of my Group's controlled entities and RS or one of RS's entities to do financial advisory/investment banking business. HB can sit on its board and so do I... Doing so, honestly speaking, is better than what HB proposed because we will really be "of the same entity" and working "under the same roof" whole-heartedly for those deals and you gents can continue to leverage my Group's brand name to do overseas business for us together as well as my Group's and my personal real network to talk to people in China. This is much more real than just I sitting on RS board and HB sitting on my board, which is sort of loose... I understand you are going to ask me about the JV capital thing. What I mean to propose is the following and I think it's going to be beneficial to both RS and our JV without you lads' actually having to inject a dime into the JV like in BHR and you need to help clearly explain to HB so that he'll understand... I can consider to get my Group or one of the 3 entities directly controlled by my Group to invest maybe a few million USD cash into RS and at the same time RS should invest “part” of that money into and form our discussed new JV to start kicking off the operations... I want to do it in a legit and legally OK way... I don't know exactly how much my Group should invest for now but I do know it has everything to do with how much RS is valued, how much % of ownership we should own at RS and how much money we need to fund the new JV, at least for its initial year or years... You talk to HB and get back to me. I hope you gents will understand this is a better way of cooperation for you as at least you gents need not put a cent into the new JV..."

I think his way both perfectly answers HB's request and addresses our money and funding issue.

Now, as our next step we need to answer HZ 1) how much is RS or any one of RS entities valued for HZ to invest? and 2) How much do we forecast we need for the new JV to kick off its operations for its initial year or years?

Let's leave the answer of how much ownership % of RS to HZ to later discuss with us and decide once the valuation of RS is figured out.

A conference call among you HB DA and I to discuss and for me to explain and answer queries regarding the above is advised.

Thanks.


发自我的 iPhone

--
James J. Bulger
Chairman
Thornton Group LLC
14 Beacon Street, Suite 804A
Boston, MA 02108
Office tel: 617.248.9440

--
James J. Bulger
Chairman
Thornton Group LLC
14 Beacon Street, Suite 804A
Boston, MA 02108
Office tel: 617.248.9440

--
Katie Dodge

Executive Assistant/ Office Manager

Rosemont Seneca Partners

1010 Wisconsin Ave., NW,  #705

Washington, DC  20007

202-333-1880

--
James J. Bulger
Chairman
Thornton Group LLC
14 Beacon Street, Suite 804A
Boston, MA 02108
Office tel: 617.248.9440