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My gut says he'd be initially hesitant, if it wasn't discussed in the
initial negotiations. But, I think in this case especially, a real argument
can be made that there should be a bonus/finders fee. For one, ThirdPoint
joining gives him more clout with other big guys (Fortress, Farallon, etc).
As much as these guys like to be the first, they like strength in numbers
(SG says). Two, he'd be doing this work anyway, for Fortress and some
smaller folks. So ThirdPoint coming in is all gravy for him - not much more
effort needed. Third, if this goes well, ThirdPoint will no doubt be coming
back.

I think it would be good to nail down Angelos and figure out if we want to
do the asbestos work here. If the answer is yes, then I think we go to SG
and say, here's what we're bringing you (ThirdPoint and asbestos) and let's
revise that agreement Beau signed in January. It seems more prudent to me
to have this discussion once, and have more value that we're adding.

I also think it would be good for me to get a sense, Hunter, of your other
hedge fund friends. That way, we can also hand SG a document of where we
think more opportunities lie. I have a call with the bus. dev. team today
at 2:30 to discuss labor unions. I will also ask them where their
relationships are best in this area. Going in to that meeting with SG armed
with four or five additional firms/funds would make our case even stronger.

Beau and I will be in DC on Feb 23 (next Monday) for NAAG - maybe we can
spend a few minutes brainstorming and prepping for our conversation with SG.
/ja

On Wed, Feb 18, 2015 at 11:54 AM, Hunter Biden <hbiden@rosemontseneca.com>
wrote:

> Are you getting a sense of whether Stuart is amenable to factoring such
> cases Into a bonus structure for you guys?
>
> RHB
> 202.333.1880
>
> On Feb 18, 2015, at 11:47 AM, Joshua Alcorn <joshalcorn@gmail.com> wrote:
>
> Just had a good chat with Stuart. He's stoked. Sounds like ThirdPoint is
> getting in with $250m worth of shares which is about 1/3 of what Stuart
> thinks he'll be working with ($800m worth of shares). He also thinks the
> offer price is way low - I said they'd hope for 20% more, he said he thinks
> it's more like 35-40%.
> So, revised math:
> Call it 9m shares
> 298m is the value of the shares at 40% premium over the $83/share offer.
> So the firms 10% fee would be 29.8m!
>
> On Fri, Feb 13, 2015 at 4:17 PM, Hunter Biden <hbiden@rosemontseneca.com>
> wrote:
>
>> I sure as hell hope BB is getting a bonus.
>>
>> RHB
>> 202.333.1880
>>
>> On Feb 13, 2015, at 3:31 PM, Joshua Alcorn <joshalcorn@gmail.com> wrote:
>>
>> 20% premium on $83/share = $17. There will likely be 6 million shares
>> under Stuart's action, so the payout is $102 million. 10% fee = $10.2
>> million for the firm. Now, 20% over the offer of $83/share may be high, but
>> at the low end of $5 over the offer, G&E still gets $3 million.
>>
>> /ja
>> 302-598-1885 (cell)
>>
>> Sent from my iPhone, which is responsible for any typos.
>>
>> On Feb 13, 2015, at 2:55 PM, 261penn@gmail.com wrote:
>>
>> Great job!!
>>
>> *Confidentiality Notice*: This electronic message and any attachment(s)
>> are confidential and may be subject to the attorney/client privilege and/or
>> work product immunity. This e-mail is only for the use of the intended
>> recipient(s). If you have received this e-mail in error, please notify the
>> sender immediately by replying to this e-mail, then delete this message and
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>> shall not waive the attorney/client privilege or any other privilege.
>>
>> On Feb 13, 2015, at 10:11 AM, Joshua Alcorn <joshalcorn@gmail.com> wrote:
>>
>> The Biden team just brought its first client in!
>>
>> On Fri, Feb 13, 2015 at 9:32 AM, Hunter Biden <hbiden@rosemontseneca.com>
>> wrote:
>>
>>> Business opportunity- Josh is a law school classmate and general counsel
>>> to Third Point a very large multi-billion dollar and significant activist
>>> hedge fund that I do work with sometimes. Reach out to him please.
>>>
>>> RHB
>>> 202.333.1880
>>>
>>> Begin forwarded message:
>>>
>>> *From:* Josh Targoff <JTargoff@thirdpoint.com>
>>> *Date:* February 13, 2015 at 8:28:26 AM EST
>>> *To:* "hbiden@rosemontseneca.com" <hbiden@rosemontseneca.com>
>>> *Subject:* *Your brother*
>>>
>>> Great seeing you last night.
>>>
>>>
>>>
>>> Introduce me to your brother please. We have a situation in Delaware
>>> in which we will need to engage counsel (appraisal rights) so it would make
>>> sense to call his firm.
>>>
>>>
>>>
>>> *Josh Targoff*
>>>
>>> *Partner, Chief Operating Officer and General Counsel*
>>>
>>> *Third Point LLC*
>>>
>>> 390 Park Avenue | New York, NY | 10022
>>>
>>> Tel: 212.715.3403 | Fax: 212.318.3806
>>>
>>> <image001.png>
>>>
>>>
>>>
>>> "This communication may contain privileged or confidential information.
>>> If you are not the intended recipient(s), you are hereby notified that you
>>> have received this message in error and that any review, dissemination,
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>>> UK, this communication is directed to those persons who are market
>>> counterparties or intermediate customers (as defined in the rules of the
>>> Financial Conduct Authority).
>>>
>>> This is not an offer, or solicitation of any offer, to buy or sell any
>>> security, investment or other product."
>>>
>>>
>>
>>
>> --
>>
>> Joshua Alcorn
>> 302/598.1885 (cell)
>>
>>
>
>
> --
>
> Joshua Alcorn
> 302/598.1885 (cell)
>
>


--

Joshua Alcorn
302/598.1885 (cell