[{"sender": null, "recipients": [], "timestamp": "Fri, Jan 29, 2016 at 2:39 PM", "subject": null, "body": "on the returns. a cashflow that is misleading helped prepare financial statements ( april ) Oversight on new\ngrats- first at 22 and then at 19 that were done without my consultation and were \"resolved\" soley as a result\nof my last minute intervention. . 600 million in after tax savings was just accomplished. (BTW- for some\nreason you left the 30 million outstanding that I had said should only be done\" if” that was my additional\n\nfee. and not used for non biz purposes and not art.\n\nSorry but .,\n\nin June and then again Sept, we both agreed to a 50% of phaidon payout first projected at 20 . but less when\nartspace and debt taken out, - then only after weeks, when you delayed any detailed discussion of money\nwanting to give the issue a thoughtful response ( which I fully understand ) . you unilaterally changed our\nagreement.. 5m would be reserved for the future ? . and out of the remaining 15m ,? 1 would receive only a\nthird. (note: I'm confident that both the debt , and the art space investment will also lead to a write- off of\nanother 30 m. plus ) In my dining room ,you were surprised when I said that i require most people to pay\ntheir advisory fee up front so that I am assured that I will be properly compensated for my work when\nstrategies are implemented . you may recall that you appeared offended and said \" are you suggesting that 1\nwould go back on my word \" I said no , of course not ! you are my closest of friends ,but my experience is\nthat when amounts get large, people tend to get unhappy when it actually comes time for them to pay.\n\nI include below the email i sent to you on April 15, the day i was examining your returns It laid out my\nunderstanding of the compensation agreed for a transaction of the magnitude to the penny of the one just\ncompleted.ic 600m When it appeared that the transcation would and could go foward I was the first to point\nout that our agreement would cost you too much money, therefore\n\nmore details\n\nFrom day one I proposed to discount our agreement toa 50-60 million range. An extremely fair price for\nall the transactions just completed . including Phaidon. - I was never told that this was out of range. in\nfact, alternative methods of payment .ie my plane, or an -in-kind payment were discussed (\n\nie including keeping the 30m portion of the fee outstanding till March ) ,I provided , only because you\nspecifically requested a detailed step by step execution plan and reviewed all documents that 1 was given\naccess to. ( Phaidon was never forthcoming ) in order to make my many corrections . ( as i said more needed\non phaidon ). Iwas then told that Alans involvement warranted a discount. Even in the best of light ,\nthough it is beyond question that not one time in the three years of his retainer has he ever proposed a\nunique idea. (including any way to deal with the use issue on debras death ,or even the most basic review of\nyour largest asset by far , the BRH agreement. ) O.K. - lets say he made a contribution to the plan and stretch\nreality beyond the pale and say it was 50 %. though no one could posit such a large amount unless they were\nwearing a clown suit. , the payment and our formula of 37 percent associated with the deal was known . It\nhad both sent in writing and spoken about on the phone numerous times , a detailed execution plan was\nprovided . then and only then, after the entire transaction was laid out for the group to follow You told\n\nme that after a number of conversations with brad karp that a total of only 20m would be paid , (and even that\nwas more than you originally contemplated ) for both transactions . Leon I feel It was remarkably unfair. Did\nbrad even knew of our prior agreements.? ?, I would ask that you I and Brad karp sit together if you think it\nwould be helpful. . I would like to send him this email, with your consent of course. Ifthe transactions were\nnever consummated , i would not be owed a dime, however , the expected fee was known up front. , the\ndetailed step by step plan was followed and overseen by me, the amount that I had requested before the\ntransaction had even begun, had already been heavily discounted, out of friendship, . I believe the decision re\nonly paying 20m has frankly , left me felling quite uneasy. and colors the view about the Athene or\nRothschild transaction.\n\nyou've agreed that"}]