EMAIL DETAILS

No comment from me Seb
Thanks
Jimmy

On Tuesday, December 22, 2015, Seb Momtazi <seb@dodsondiversified.com>
wrote:

> Anyone else? otherwise i'm just going to go ahead and send at 12:30pm.
>
> On Tue, Dec 22, 2015 at 12:06 PM, Michael Leonard <mleonard@thorntonai.com
> <javascript:_e(%7B%7D,'cvml','mleonard@thorntonai.com');>> wrote:
>
>> I see it. It looks better that way. Giving the actual figures makes more
>> sense rather than approximate percentages.
>>
>> I have no comments on my end. Well done.
>>
>> Best,
>> Mike
>>
>> On Tue, Dec 22, 2015 at 11:59 AM, Seb Momtazi <seb@dodsondiversified.com
>> <javascript:_e(%7B%7D,'cvml','seb@dodsondiversified.com');>> wrote:
>>
>>> The first page of attachement a) has the net fees
>>>
>>> On Tue, Dec 22, 2015 at 11:58 AM, Michael Leonard <
>>> mleonard@thorntonai.com
>>> <javascript:_e(%7B%7D,'cvml','mleonard@thorntonai.com');>> wrote:
>>>
>>>> Sebastian,
>>>>
>>>> I didn't see the updated net fees to BAM sheet in the first or second
>>>> attachment. Will that be included in the first attachment?
>>>>
>>>> Best,
>>>> Mike
>>>>
>>>> On Tue, Dec 22, 2015 at 11:30 AM, Seb Momtazi <
>>>> seb@dodsondiversified.com
>>>> <javascript:_e(%7B%7D,'cvml','seb@dodsondiversified.com');>> wrote:
>>>>
>>>>> OK guys. Thank you for all your inputs. Below are the two documents I
>>>>> propose to send to the chain with ming and henry on as per usual with the
>>>>> following text. Please take a last look at the docs and approve along with
>>>>> the text.
>>>>>
>>>>> -------------------------------------------------------------------------------------
>>>>>
>>>>> Ming,
>>>>>
>>>>> Thank you for your time earlier today. As promised, we are following
>>>>> up with two document packages to answer your diligence questions and to
>>>>> provide background on our bridge financing. Attached you will find:
>>>>>
>>>>> a)
>>>>>
>>>>> - Updated AUM and fees, with net fees to BAM included. December
>>>>> has been another strong month which has seen inflows of $75.4 million.
>>>>> - A list of comparable transactions in 2015
>>>>> - Memoranda on JJR capital and the financing
>>>>> - One page fact sheets on two of the members of BAM Holdings LLC
>>>>>
>>>>>
>>>>> b)
>>>>>
>>>>>
>>>>> - The convertible bridge loan note
>>>>> - The operating agreement that would come into effect upon JJR's
>>>>> conversion
>>>>>
>>>>>
>>>>> Let's aim to have a call on Monday to discuss. We will provide the
>>>>> term sheet shortly.
>>>>>
>>>>> Very best,
>>>>>
>>>>> Sebastian
>>>>>
>>>>> On Tue, Dec 22, 2015 at 8:56 AM, Seb Momtazi <
>>>>> seb@dodsondiversified.com
>>>>> <javascript:_e(%7B%7D,'cvml','seb@dodsondiversified.com');>> wrote:
>>>>>
>>>>>> This would be the entire package to go after the call
>>>>>>
>>>>>> On Tue, Dec 22, 2015 at 8:23 AM, Seb Momtazi <
>>>>>> seb@dodsondiversified.com
>>>>>> <javascript:_e(%7B%7D,'cvml','seb@dodsondiversified.com');>> wrote:
>>>>>>
>>>>>>> Let's all do an internal follow up immediately following on the (646)
>>>>>>> 878-9257 number
>>>>>>>
>>>>>>>
>>>>>>> On Monday, December 21, 2015, Seb Momtazi <seb@dodsondiversified.com
>>>>>>> <javascript:_e(%7B%7D,'cvml','seb@dodsondiversified.com');>> wrote:
>>>>>>>
>>>>>>>> (646) 878-9257
>>>>>>>>
>>>>>>>> Dev will dial in Ming
>>>>>>>>
>>>>>>>> On Monday, December 21, 2015, James Bulger <jbulger@thorntonai.com>
>>>>>>>> wrote:
>>>>>>>>
>>>>>>>>> I agree this is a better classification thanks for getting more
>>>>>>>>> detailed Sebastian. Talk to you all in the morning
>>>>>>>>> Jimmy
>>>>>>>>>
>>>>>>>>> On Monday, December 21, 2015, Michael Leonard <
>>>>>>>>> mleonard@thorntonai.com> wrote:
>>>>>>>>>
>>>>>>>>>> Seb,
>>>>>>>>>>
>>>>>>>>>> This looks a lot better and contextualizing the whole transaction
>>>>>>>>>> as a bridge loan makes a lot more sense. It is good that we can follow up
>>>>>>>>>> the telephone conversation tomorrow with this diligence package so that
>>>>>>>>>> Ming has something to look at and then hand to Henry at some point.
>>>>>>>>>>
>>>>>>>>>> I have no comments or edits.
>>>>>>>>>>
>>>>>>>>>> Best,
>>>>>>>>>> Mike
>>>>>>>>>>
>>>>>>>>>> On Mon, Dec 21, 2015 at 4:53 PM, Seb Momtazi <
>>>>>>>>>> seb@dodsondiversified.com> wrote:
>>>>>>>>>>
>>>>>>>>>>> All,
>>>>>>>>>>>
>>>>>>>>>>> Please see attached for a recasted one pager that reflects JJR's
>>>>>>>>>>> investment as convertible bridge financing.
>>>>>>>>>>>
>>>>>>>>>>> On Mon, Dec 21, 2015 at 3:46 PM, James Bulger <
>>>>>>>>>>> jbulger@thorntonai.com> wrote:
>>>>>>>>>>>
>>>>>>>>>>>> Fast work thanks for putting it together
>>>>>>>>>>>>
>>>>>>>>>>>>
>>>>>>>>>>>> On Monday, December 21, 2015, Seb Momtazi <
>>>>>>>>>>>> seb@dodsondiversified.com> wrote:
>>>>>>>>>>>>
>>>>>>>>>>>>> Did not have this write up ready. Only the outline waiting for
>>>>>>>>>>>>> comments. Wrote it out on receipt of your email.
>>>>>>>>>>>>>
>>>>>>>>>>>>> On Monday, December 21, 2015, James Bulger <
>>>>>>>>>>>>> jbulger@thorntonai.com> wrote:
>>>>>>>>>>>>>
>>>>>>>>>>>>>> Not great but better for sure
>>>>>>>>>>>>>> Let's just be ready for the JJR discussion
>>>>>>>>>>>>>> Ming will question this JJR deal carefully as it has just
>>>>>>>>>>>>>> been sprung on him. For instance splitting off the Burnham Securities
>>>>>>>>>>>>>> business has been in the works for 15 months but we just jumped in and
>>>>>>>>>>>>>> executed it at a a high cost to BAM since our last meeting Ming.
>>>>>>>>>>>>>> This call tomorrow will be important you guys have
>>>>>>>>>>>>>> some sound reasons for doing the JJR deal and they can be discussed.
>>>>>>>>>>>>>> By the way Sebastian did you just send me the outline earlier
>>>>>>>>>>>>>> for the fuck of it? You must have had this write up ready to go
>>>>>>>>>>>>>> Larry Liu might also cause some questions Henry will be very
>>>>>>>>>>>>>> careful about checking out that Chinamans reputation and background. How
>>>>>>>>>>>>>> did you meet him? And does he actively participate or is he silent for the
>>>>>>>>>>>>>> most part?
>>>>>>>>>>>>>> Jimmy
>>>>>>>>>>>>>>
>>>>>>>>>>>>>> On Monday, December 21, 2015, Seb Momtazi <
>>>>>>>>>>>>>> seb@dodsondiversified.com> wrote:
>>>>>>>>>>>>>>
>>>>>>>>>>>>>>> Jim,
>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>> Please try this.
>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>> Best,
>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>> Seb
>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>> On Mon, Dec 21, 2015 at 2:37 PM, James Bulger <
>>>>>>>>>>>>>>> jbulger@thorntonai.com> wrote:
>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>> All
>>>>>>>>>>>>>>>> Why can't you explain the JJR deal in detail using while
>>>>>>>>>>>>>>>> sentences? Why an outline that is vague?
>>>>>>>>>>>>>>>> Why avoid the issue of valuation? I find that slide to be
>>>>>>>>>>>>>>>> half ass
>>>>>>>>>>>>>>>> I am trying to help you sell this to Harvest so keep this
>>>>>>>>>>>>>>>> in mind English is Mings second language therefore be clear and consice,
>>>>>>>>>>>>>>>> also this JJR investment is not to be treated so lightly that it only gets
>>>>>>>>>>>>>>>> covered in an outline. You have a different valuation, this was was never
>>>>>>>>>>>>>>>> discussed with Harvest in the past so let's be clear here with a few
>>>>>>>>>>>>>>>> paragraph write up in narrative form thus allowing Ming to understand
>>>>>>>>>>>>>>>> and to show Henry
>>>>>>>>>>>>>>>> Those are my comments
>>>>>>>>>>>>>>>> Thanks
>>>>>>>>>>>>>>>> Jimmy
>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>> On Monday, December 21, 2015, Seb Momtazi <
>>>>>>>>>>>>>>>> seb@dodsondiversified.com> wrote:
>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>> Team,
>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>> Attached are the proposed follow up materials to be sent
>>>>>>>>>>>>>>>>> after the call.
>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>> It's perhaps best to speak about the valuation
>>>>>>>>>>>>>>>>> considerations of the JJR capital investment over the phone. Similarly, we
>>>>>>>>>>>>>>>>> can point out that actual inflows into BAM were 75.4MM through december
>>>>>>>>>>>>>>>>> (although AUM is higher than what we last sent, it's not as high as 75.4mm
>>>>>>>>>>>>>>>>> because of the market performance)
>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>> Please let me know comments. Mike, I attach in word so you
>>>>>>>>>>>>>>>>> can make direct edits
>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>> thanks,
>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>> seb
>>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>>
>>>>>>>>>>>>>>>> --
>>>>>>>>>>>>>>>> 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
>>>>>>>>>>>>>>
>>>>>>>>>>>>>
>>>>>>>>>>>>
>>>>>>>>>>>> --
>>>>>>>>>>>> James J. Bulger
>>>>>>>>>>>> Chairman
>>>>>>>>>>>> Thornton Group LLC
>>>>>>>>>>>> 14 Beacon Street, Suite 804A
>>>>>>>>>>>> Boston, MA 02108
>>>>>>>>>>>> Office tel: 617.248.9440
>>>>>>>>>>>>
>>>>>>>>>>>
>>>>>>>>>>>
>>>>>>>>>>
>>>>>>>>>>
>>>>>>>>>> --
>>>>>>>>>> Michael R. Leonard
>>>>>>>>>> Vice President, Operations Department
>>>>>>>>>> Thornton Group LLC
>>>>>>>>>> 14 Beacon Street, Suite 804A
>>>>>>>>>> Boston, MA 02108
>>>>>>>>>> Office: 617-248-9440
>>>>>>>>>> Mobile: 781-454-9227
>>>>>>>>>>
>>>>>>>>>
>>>>>>>>>
>>>>>>>>> --
>>>>>>>>> James J. Bulger
>>>>>>>>> Chairman
>>>>>>>>> Thornton Group LLC
>>>>>>>>> 14 Beacon Street, Suite 804A
>>>>>>>>> Boston, MA 02108
>>>>>>>>> Office tel: 617.248.9440
>>>>>>>>>
>>>>>>>>
>>>>>>
>>>>>
>>>>
>>>>
>>>> --
>>>> Michael R. Leonard
>>>> Vice President, Operations Department
>>>> Thornton Group LLC
>>>> 14 Beacon Street, Suite 804A
>>>> Boston, MA 02108
>>>> Office: 617-248-9440
>>>> Mobile: 781-454-9227
>>>>
>>>
>>>
>>
>>
>> --
>> Michael R. Leonard
>> Vice President, Operations Department
>> Thornton Group LLC
>> 14 Beacon Street, Suite 804A
>> Boston, MA 02108
>> Office: 617-248-9440
>> Mobile: 781-454-9227
>>
>
>

--
James J. Bulger
Chairman
Thornton Group LLC
14 Beacon Street, Suite 804A
Boston, MA 02108
Office tel: 617.248.944