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Jimmy,
Thanks kindly for moving this forward. This is a good draft with the right tone. Let me take a crack at it and I'll get back to you in the next 24 hours. I'll be on a flight back to nyc Monday am and headed straight into dinner that evening. Let's plan for Tuesday am for the call.
Best,

Devon Archer
646 436 3745

On Mar 8, 2013, at 9:26 PM, James Bulger <jbulger@thorntonai.com> wrote:

> Devon and Hunter:
>
> Attached is my first crack at a response for Devon to send to Jonathan. It is inspired by the comment that Heinz made to Devon which is "we don't have anything to prove, if anything the Chinese should prove why they are worthy of being partners with us!"
>
> I have to admit when I first saw that he was proposing 10-15% I was not thrilled. I thought we were going to major players in getting this fund off the ground and as such we deserved a much higher cut than 10-15%. On the other hand, if all Jonathan needs from us is to sit on the investment committee then it might not be a bad deal. The point is that we need to figure out what our role and that will determine what size a cut is fair.
>
> For example, if we were to be very active partners in this fund I think I would RST to have a share in the 30-40% range. If our involvement is simply to sit on the sidelines and be the "white face" then I'm personally close to 15%. What I am not willing to do is to make this RST's new full-time job for 15%.
>
> My gut tells me that Jonathan is going to need our help in an active way rather than a passive way. Considering what Jonathan is trying to pull off that tends to be how these things work. So let's start to get to the bottom of that with Jonathan.
>
> Please review this response and let's have a call about it on Monday morning. I don't want to choke the baby in the crib with an overly negative reaction to Jonathan's proposal but we need to figure out some things before we move forward.
>
> Best,
> Jimmy
>
> --
> James J. Bulger
> Chairman
> Thornton Group LLC
> 14 Beacon Street, Suite 804A
> Boston, MA 02108
> Office tel: 617.248.9440
> <Respone to J 3-8-13.docx>