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Hunter,

Welcome back.

I trust your judgment on this.

Long story short, I got the impression from Ambassador Al-Sabah that after getting the letter to Kuwait asap (I overnighted it directly to him and he received it Feb 3), the MD of KIA would get back to us if he wanted more info and that he would do it relatively quickly if he were interested.

We haven't heard back and to me that means KIA probably isn't interested -- KIA is pretty famous for being aggressive. Also, their business people are strong and if our proposal didn't make business sense to them or they're already committed in the US real estate space (they have about $90 billion invested in the US today, including real estate) then we simply didn't make the cut. So something may come of this but now I'm not too hopeful on KIA.

If that's the case then our only play in this Kuwait space is for us to follow up with Ambassador Al-Sabah as to whether his family or other private investors might be interested in investing in RR.

So, given your caution, here's my reevaluated thoughts:

A) at dinner, don't mention KIA to Al-Sabah -- he and his family don't get involved in KIAs direct operation so he can't help us there anymore and it could possibly offend him if we ask further.

B) Perhaps at dinner, you could wait for him to ask you about RR (he will, he's very well-mannered) and then you can speak glowingly about it and simply say we'd appreciate his help with any private investors in his country if he thought it appropriate. If he wants to help, he'll offer. So, to your point, we could take a less direct approach.

As for what Al-Sabah wants, Devon was going to ask someone to call him about his son and his university applications. If that has happened, I'm sure the Ambassador will look more kindly on our effort.

Long story short, I think you're right -- at dinner perhaps you could wait for al-Sabah to ask you about RR and then not mention KIA and just ask gently for help with the private investors.

Does this approach make sense to you?

Thanks.

Sam


Sent from my iPad

On Feb 15, 2011, at 9:13 PM, Hunter Biden <hbiden@rosemontseneca.com> wrote:

> Sam-
> Just got back. I dont know if there will be an approporiate moment to bring this up but ill try. Are you concerned that they havent gotten back to us yet? Didnt we just send letter about ten days ago?
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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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> On Feb 14, 2011, at 12:07 PM, Sam Natapoff wrote:
>
>> Hi Hunter,
>>
>> Welcome back. I hope Argentina was constructive and fun.
>>
>> I understand you're having dinner with Ambassador Al-Sabah soon. Since we haven't yet heard from KIA, could you ask him what he thinks the next step should be (or whether his family might be interested in investing)?
>>
>> Thanks.
>>
>> Sam
>>
>> Sent from my iPad
>=2