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Lets discuss all of this Mike Leonard has been at the BHR offices all week
he gets home tomorow night. He has sat with the team to get a clear
picture of what the hell is going on over there so I can fill that in a bit

The set up with HZ is a simple type of project where we might get stuf done
and fees paid rapidly which will really help
I agree in letting J know remember Henry and Andy are the real drivers of J
Henry has the ability to get deals done and J listens to him. Andy is
running the Giuxin LP process now and Henry is running the BOC LP process
right now for J
Lets talk at noon tomorrow all good points you raise

On Thursday, June 19, 2014, Hunter Biden <hbiden@rosemontseneca.com> wrote:

> One of the things we need to figure out is what RS entity. The BD is the
> most obvious- makes the most sense from a business perspective, but I don't
> know what FINRA says about foreign ownership. The other implied message I
> got from M's email is- BHR is going no where from HZ's perspective. We (US)
> have no capital and JL can't get over the goal line with his LPs, and
> organizationally it's still a mess (at least from an LP point of view).
> Moving to a direct relationship with HZ is a decision that we have to
> include JL in- simply out of loyalty.
> I've always said the fund structure is for suckers. Direct deals with
> ready willing and able backers could be our bread and butter. But there are
> a lot of factors to weigh here.
>
> RHB
> 202.333.1880
>
> On Jun 19, 2014, at 4:21 PM, James Bulger <jbulger@thorntonai.com
> <javascript:_e(%7B%7D,'cvml','jbulger@thorntonai.com');>> wrote:
>
> Noon it is I will call your office at noon folks
> Thanks
> Jimmy
>
> On Thursday, June 19, 2014, Katie Dodge <kdodge@rosemontseneca.com
> <javascript:_e(%7B%7D,'cvml','kdodge@rosemontseneca.com');>> wrote:
>
>> Hi Jimmy -
>> Could we say noon instead?
>> Hunter - you have a 10AM call and an 11:30 with Mike (rescheduled from
>> today).
>>
>>
>> On Thu, Jun 19, 2014 at 3:55 PM, Hunter Biden <hbiden@rosemontseneca.com>
>> wrote:
>>
>>> 11:30? cc'd Katie- if that time doesn't work- whole day is open.
>>> R. Hunter Biden
>>> Rosemont Seneca Partners
>>> Washington D.C.
>>> 202-333-1880
>>>
>>>
>>>
>>> On Jun 19, 2014, at 1:57 PM, James Bulger <jbulger@thorntonai.com>
>>> wrote:
>>>
>>> Today's hectic anytime tomorrow wide open what time works for you?
>>>
>>> On Thursday, June 19, 2014, Hunter Biden <hbiden@rosemontseneca.com>
>>> wrote:
>>>
>>>> Let's discuss today or tomorrow. You tell me.
>>>>
>>>> RHB
>>>> 202.333.1880
>>>>
>>>> On Jun 19, 2014, at 5:04 AM, James Bulger <jbulger@thorntonai.com>
>>>> wrote:
>>>>
>>>> Hunter
>>>> Michael Lin sent this email to me on June 3rd as a follow up to the
>>>> lunch meeting we all had with Henry during our last visit to Beijing.
>>>> Would you be available for a quick call with me around 11:00am today?
>>>> Thanks
>>>> Jimmy
>>>>
>>>> ---------- Forwarded message ----------
>>>> From: *Michael Lin* <michael.c.l.lin@gmail.com>
>>>> Date: Tuesday, June 3, 2014
>>>> Subject: HZ
>>>> To: Bulger James <jbulger123@gmail.com>
>>>>
>>>>
>>>> HZ and I met again to discuss HB's request in Beijing.
>>>>
>>>> HZ, a practical manager with very respectable strategic mindset, while
>>>> not saying no to HB's sitting on the board of one of his 3 directly
>>>> controlled entries under his Group and his sitting on the board of RS or
>>>> any one of RS's controlled entities, he prefers to do it in an even more
>>>> solid, meaningful, organized and long-term beneficial win-win way.
>>>>
>>>> He told me the above using his usual soft and polite tone and I could
>>>> feel pretty confidently that he was sending me the signal: “Yes, I can and
>>>> am seriously consider to do it but let's not do it in a superficial way.
>>>> Let's do it MY way. If we really do it, let's really co work closely to see
>>>> business come to fruition under the right cooperation structure."
>>>>
>>>> HZ went: “I could feel that you lads are not really full of cash like
>>>> we do. I can feel it from our recent BHR cooperation. That said, you guys
>>>> do have respectable overseas network and Michael you are a good execution
>>>> and guanxi guy... I like you guys' projects... especially the natural gas
>>>> stuff and all the other high profile stuffs and the like... So, let's
>>>> create a scenario where you don't need to worry the initial operational
>>>> expenses but focus on getting deals done with you helping me...This is
>>>> going to be different from our BHR cooperation... Let's establish a new JV
>>>> between my Group or one of my Group's controlled entities and RS or one of
>>>> RS's entities to do financial advisory/investment banking business. HB can
>>>> sit on its board and so do I... Doing so, honestly speaking, is better than
>>>> what HB proposed because we will really be "of the same entity" and working
>>>> "under the same roof" whole-heartedly for those deals and you gents can
>>>> continue to leverage my Group's brand name to do overseas business for us
>>>> together as well as my Group's and my personal real network to talk to
>>>> people in China. This is much more real than just I sitting on RS board and
>>>> HB sitting on my board, which is sort of loose... I understand you are
>>>> going to ask me about the JV capital thing. What I mean to propose is the
>>>> following and I think it's going to be beneficial to both RS and our JV
>>>> without you lads' actually having to inject a dime into the JV like in BHR
>>>> and you need to help clearly explain to HB so that he'll understand... I
>>>> can consider to get my Group or one of the 3 entities directly controlled
>>>> by my Group to invest maybe a few million USD cash into RS and at the same
>>>> time RS should invest “part” of that money into and form our discussed new
>>>> JV to start kicking off the operations... I want to do it in a legit and
>>>> legally OK way... I don't know exactly how much my Group should invest for
>>>> now but I do know it has everything to do with how much RS is valued, how
>>>> much % of ownership we should own at RS and how much money we need to fund
>>>> the new JV, at least for its initial year or years... You talk to HB and
>>>> get back to me. I hope you gents will understand this is a better way of
>>>> cooperation for you as at least you gents need not put a cent into the new
>>>> JV..."
>>>>
>>>> I think his way both perfectly answers HB's request and addresses our
>>>> money and funding issue.
>>>>
>>>> Now, as our next step we need to answer HZ 1) how much is RS or any one
>>>> of RS entities valued for HZ to invest? and 2) How much do we forecast we
>>>> need for the new JV to kick off its operations for its initial year or
>>>> years?
>>>>
>>>> Let's leave the answer of how much ownership % of RS to HZ to later
>>>> discuss with us and decide once the valuation of RS is figured out.
>>>>
>>>> A conference call among you HB DA and I to discuss and for me to
>>>> explain and answer queries regarding the above is advised.
>>>>
>>>> Thanks.
>>>>
>>>>
>>>> 发自我的 iPhone
>>>>
>>>>
>>>> --
>>>> 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
>>>
>>>
>>>
>>
>>
>> --
>> *Katie Dodge*
>> Executive Assistant/ Office Manager
>> *Rosemont Seneca Partners*
>> *1010 Wisconsin Ave., NW, #705*
>> *Washington, DC 20007*
>> *202-333-1880*
>>
>
>
> --
> 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: 617.248.944