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Will do. Been thinking exactly the same things. Had some conversations with Arlene on same - thing that makes me most happy/positive is I am entirely convinced I get it now and know how we best make money going forward and I am pretty sure you, me and Arlene are on largely the same page about it and Devon is getting there slowly but surely.

Eric D. Schwerin
eschwerin@rosemontseneca.com

Sent from my iPhone

On Aug 4, 2011, at 8:59 AM, Hunter Biden <hbiden@rosemontseneca.com> wrote:

> budget outlook- personal and business with cash on hand and expected expenses etc… Just want to get a read on where we are where we would like to be and what we need to do to get there. I'm getting down on RREAF. I cant believe they went under contract again for a building without taking care of ATL first-- which by the way WSJ ranked as one of the top ten worst economies in the country. And how is it that we are 3.8 short not 3 etc… Just very frustrating. And at the end of the day its not the end all be all anyway. On other fronts I feel like we are franchising out our brand which could be good but our franchisees seem to need us to come and do the cooking and cleaning and book keeping for them. Anyway, between all these ideas coming from people who want and need to be our "partners" and split fees- I have more faith in setting Arlene down a path of creating a fund of funds that we keep the lions share of- plus the fee model as Devon always says is just so much more efficient (mainly because you get the incentive fee on an annual basis- not all backloaded) and it appeals most to our base of potential investors.
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> Rosemont Seneca Partners
> R. Hunter Biden
> 1010 Wisconsin Av., NW
> Suite 705
> Washington, D.C. 20007
> 202-333-1880
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