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Subject:
To: Melanie Spinella <[REDACTED]>
Radical but my preferred idea. . START from total scratch. there is absolutely nothing worth
keeping in your family office except for heather , nothing at all . I remember when i bought my first
house in order to renovate and jack robertson said forget it. knock it down start again, I could n't
believe it. but he was right. Like your tax returns that were done in triplicate. TOM RICH ALAN. .
tom and rich were not really useful in the end. Alan was the only smart one. you should in my
opinion Start a brand new office. hire cfo. bring joe over. heather and samantha, run parallel
for 6 months and close down the mess of elysium forever. leave your kids a functioning operation
professionally constructed and managed. NOT BY ME!!!
LAst nov i laid out priorities IT , being the first nothing as of today. in July I said focus on airplane
as a test . to examine procedure and proficiency, so far mostly a waste of resources time people
etc. Only last week told debra owns 49 percent of plane. no IT to speak of. bens house
unaccounted for. tax returns very very sloppy, . boat still argued as third home. . pilots bonuses? ,
structure unkown by all. cash sitlling at the same time loans outstanding.
Phaidon , looks like close to breakeven in a few years. others totally unknown. Query , do you
really want this ? : I m not sure how you both want to have an investment office and have cash flow
being eaten by publishing and loans amounts outstanding increased by art. --interest rates will be
going up.- . your plane will cost 10 million to refinance - so will boat if sold next year-. art space and
regan , both needs more cash. with little return, taxes , art purchases . Part of radical solutition is to
sell publishing.altogether. (are the children really interested.) . restrucuture plane from scratch.
layers unncessary. simplify crazy structure s bank accounts trading accounts accounts payble. credit
cards. etc. The best way to wean yourself away from me is to have someone else do the whole thing
from scratch. . move brad to be the replacement for Richard. . he is nice but this is not what he does.
Him saying it is soooo fucked up to me , was only an echo of me sayint it to you. .

Subject:
To: Melanie Spinella <[REDACTED]>
as brad can attest , I spent time today with joslin, joe. etc. no question at all, a failed experiment. In
the words of a banker that made a call on your office. what happened? leon seems to have replaced
Eillenn with a team of Shleppers. ? I know you care little for what they may think , but the legacy you
leave your kids is just that. you only have 60 days of planning left for this year. numbers are all over the
place.
I recieved a nice call from Karp today, . He touted me as a great friend to you. I am happy to be just
that. . He said it was important for me to tell you what others won't. Keep heather , fire EVERYONE
else.

Date: Mon, Oct 26, 2015 at 1:10 PM
Subject: CONSTRUCTIVE?
To: Brad Wechsler <[REDACTED]>, Melanie Spinella <[REDACTED]>
1 cash flow projections for 16. . draft ok. i will be easy. i need rought projection. 2. phaidon chart
laid out now with who signs in sale of shares vs enitities. ? ie managing memebrs. . 2 . 3 new
trusts. Apo-o , dynasty, ( does leon want to put in new restrictions per child ). - publishing interests. .
3 llc, for investments 4 names insured? guarnatees? art loans. outstanding. sales or use tax owed? 4,
comparison of execu jet vs jet aviation. . 5. the bank loan on the jet is going to come due. does leon
prefer to extend f they would ( he is a guarantor. ? ) or will he need to pay 10 million cash to renew,
that wiill determine new structure of plane. getting rid of rance, wells fargo, john hannon, lisa gratizaino
etc. . 5. boat restructure . 6 grats - if leon decie to have another. 7 accountning for children, .

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