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I'm in agreement. Let me know what forum / format you'd like to relay our positions from and what I should be delivering as a follow-up to yours and Abel's meeting.

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-----Original Message-----
From: Hunter Biden <hbiden@rosemontseneca.com>
Date: Sun, 18 Jul 2010 21:40:59
To: Eric Schwerin<eschwerin@rosemontseneca.com>
Cc: Devon Archer<darcher@rosemontseneca.com>
Subject: Re: MOU with Transatlantic

Hold firm on 60/4.
We invoice- the group that does the actual work invoices.
I won't pay a dime of legal expenses for Ormazabal.
No need for a discussion with me- if they don't agree I propose we end the relationship completely.

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On Jul 18, 2010, at 6:57 PM, Eric Schwerin <eschwerin@rosemontseneca.com> wrote:

> Think I told both of you about my meeting with Abel on the MOU and other things related to Transatlantic. Abel and I agreed we need to finalize the MOU ASAP so we can all be on the same page going forward.
>
> Some questions we need to decide amongst the three of us.
>
> 1) We proposed CAF be split 60/40 on BOTH the retainer and any future success fees/equity. Lorenzo and Abel think only the retainer should be split 60/40 and any incentive fees split 50/50. Of course I explained that we were giving up the chance for 75% of Talgo to take CAF so going to 60% was us going more than halfway and seemed fair. I also mentioned that we gave up $10K a month for Ormazabal. Abel countered that Talgo had no success fee so we aren't giving that up. I don't care strongly but I would like them to ultimately recognize what we are giving up to continue the relationship.
>
> 2) Who does the invoicing on each client. I proposed alternating, Abel proposed that the originator invoice.
>
> 3) Ormazabal - we came to an agreement on expenses. I don't know what the agreement is on legal fees. And also while it is not in the MOU I wonder whether we should have some understanding of the amount of work we will do on a day-to-day basis for Ormazabal so the expectations aren't out of whack.
>
> We can get on the phone in the next day or two to discuss, but I would like to get this finalized and behind us sooner rather than later (as I know both of you would too).
>
> Just wanted to put the issues on the table for you each to think about.
>
> Best,
>
> Eric
>
> --
> Eric D. Schwerin
> Rosemont Seneca Partners
> (202) 333-1880
> eschwerin@rosemontseneca.com
>