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Talked to Michael for awhile this afternoon. He won’t have something for us until sometime next week - he’s too swamped. But he wanted to get a better understanding of the structure and current agreement so he could draft better and I walked him through it all again. He thinks, and I agree, that he’s better off just editing the crap out of the current agreement rather than start from scratch. He thinks it will speed the process along and regardless we are going to need one agreement that ultimately changes the ownership of the RSP 50% from RSP to other individuals/entities (Skaneateles, Devon, etc.) and this agreement starts out doing that. That’s update - we need to decide if we are going to push things and try and get our 1Q distribution in advance of these agreements being settled - but I see this taking a couple more weeks at least (particularly because there will be another delay on their end when they send it to their lawyers).

Finally, I assume that our fund, RSTP, is paying Gunderson for its time to draft this agreement. We should get the fund to pay for Michael’s time too then. Right? Or make sure John/Will/Neil are paying for Gunderson’s time out of their own pocket.


Eric D. Schwerin
Rosemont Seneca Partners, LLC
1010 Wisconsin Ave., NW
Suite 705
Washington, DC 20007
(202) 333-1880
eschwerin@rosemontseneca.com <x-msg://59/eschwerin@obblaw.com>
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