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I have spoken to both of you about this, but I wanted to figure out what we want to do re: John DeLoche on potential investment banking work and maybe you guys can discuss this weekend. I am less concerned about how to split the money if any money comes in - we can figure that out and there is a standard investment banking model for that. But more interested if we want to have John do the I-banking work through us. My gut is to tell him that he should go get licensed and initially hold his license some where else - purely from a timing perspective - as our BD won't be up and running until July at the earliest I don't think. And, we would need to open a San Francisco branch office which I don't think would immediately be operational in July and may delay it a little longer. By the end of the summer we should be in a better position to then tell John he could move his license to us.

Thoughts?


Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
eschwerin@rosemontseneca.com
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