Epstein Secrets

of Facts 2 A. Mr. Zwirn's Personal Background 2 B. DBZ Background 2 I. DBZ's Investment Strategy 3 2. Mr. Zwirn's Role at DBZ 3 3. Mr. Dubin's Involvement with DBZ 4 4. DBZ's Lock-Ups 4 C. Mr. Epstein's Relationship with Mr. Dubin 6 D. FTC's Investments in the Fund 7 E. Account

ers. In 2000, Michael Dell's investment firm hired Mr. Zwim to start and serve as the portfolio manager of its Special Opportunities Group. In 2001, Glenn Dubin, the co-founder of Highbridge Capital Management ("Highbridge"), recruited Mr. Zwim to serve as a managing director and the senior portfolio manage

ounting improprieties that had been discovered at DBZ to Mr. Epstein, following the script that had been prepared for the second round of calls. Ms. Hubsher again sat in on the call. Mr. Epstein pressed Mr. Zwim on why he had not disclosed the information during the prior call. As set forth in the scrip

nd no reason why Mr. Zwirn would have entertained such an agreement. According to Mr. Epstein, in phone calls with Mr. Zwirn and, separately, with Glenn Dubin, the source of Mr. Epstein's original introduction to Mr. Zwirn and a co- owner of the Fund's General Partner through an entity called Dubin & Swieca

all the money he had in the Fund. These communications allegedly culminated in a November 13 conference call among Mr. Epstein, Mr. Zwirn, and Mr. Dubin, in which Mr. Zwirn, worried that a complete withdrawal by Mr. Epstein would precipitate a "run on the bank," allegedly promised Mr. Epstein that t

aining liquidity."); Exhibit T at Dep. Tr. 145:7-8 (Lee: "Every investor at each tranche had a two- year lock-up."); Exhibit U at Dep. Tr. 55:17-20 (Hubsher: "The withdrawals generally apply to each tranche as it's invested, and each tranche . .. has its own withdrawal rights based on the subscription d

From: Zwim, Dan Sent: Monday, November 13, 2006 12:56 PM To: Dubin, Glenn Subject: FW: Financial Trust Attachments: Financial Trust- 11.13.06.xls note we've made him $47,000,000 in gains in now 50 consecutive up m

November 13, 2006 12:42 PM To: Zwim, Dan; Lee, David Subject: FW: Financial Trust From: Howe, Cara Sent: Monday, November 13, 2006 12:40 PM To: Hubsher, Else Subject: Financial Trust 111 Howe Zwirn & Co Fifth Avenue 151 This e-mail message is intended only for the named recipient(s) above. It ma

n Capital Partners, a company controlled by Msrs Dubin and Swieca and in which you had a small interest

011 5:39:28 PM EST 3) It's possible he was calling to tell you that FTC was sending in a redemption request for $80m? o. At 5:41pm, you told Ms. Hubsher to redo the redemption schedule to adjust each piece for the growth that we created for it? (X-42) p. Why did you need that? q. In any event yo

From: Dubin, Glenn Sent: Wednesday, February 14, 2007 11:29 AM To: J. Epstein Subject: RE: Financial Trust i understand. you should ptd in a redemption and m

r 13, 2006 12:56 PM To: 'Dubin, Glenn' Subject FW: Financial Trust note we've made him 547,000,000 in gains in now 50 consecutive up months From: Hubsher, Elise Sent: Monday, November 13, 2006 12:42 PM To: Zwim, Dan; Lee, David Subject FW: Financial Trust EFTA_R1_00019249 EFTA01735468 From: Howe

From: J. Epstein [[email protected]] Sent: Wednesday, February 14, 2007 11:22 AM To: Dubin, Glenn Subject: Re: Financial Trust this is why I want out.. THe e-mail to whcih he refers was sent months ago, there were many conflicting conver

13, 2006 12:56 PM To: 'Dubin, Glenn' Subject: FW: Financial Trust note we've made him 547,000,000 in gains in now 50 consecutive up months From: Hubsher, Elise Sent: Monday, November 13, 2006 12:42 PM To: Zwim, Dan; Lee, David Subject FW: Financial Trust From: Howe, Cara Sent: Monday, November 13

From: Zwim, Dan Sent: Monday, November 13, 2006 12:56 PM To: Dubin, Glenn Subject: FW: Financial Trust Attachments: Financial Trust - 11.13.06.xls note we've made him 547,000.000 in gains in now 50 consecutive up

ct: FW: Financial Trust Attachments: Financial Trust - 11.13.06.xls note we've made him 547,000.000 in gains in now 50 consecutive up months From: Hubsher, Elise Sent: Monday, November 13, 2006 12:42 PM To: Zwim, Dan; Lee, David Subject: FW: Financial Trust From: Howe, Cam Sent: Monday, November 13

From: Dubin, Glenn <M=IMMI> Sent: Wednesday, February 14, 2007 9.54 AM To: Zwirn, Dan *c==l1> Subject: RE: Financial Trust please call both jeffrey and har

13, 2006 12:56 PM To: 'Dubin, Glenn' Subject: FW: Financial Trust note we've made him $47,000,000 in gains in now 50 consecutive up months From: Hubsher, Else Sent: Monday, November 13, 2006 12:42 PM To: Zwirn, Dan; Lee, David Subject: FW: Financial Trust From: Howe, Cara Sent: Monday, November 1

From: Dubin, Glenn Sent: Wednesday, February 14, 2007 11:29 AM To: J. Epstein Subject: RE: Financial Trust i understand. you should put in a redemption and m

r 13, 2006 12:56 PM To: 'Dubin, Glenn' Subject FW: Financial Trust note we've made him $47,000,000 in gains in now 50 consecutive up months From: Hubsher, Elise Sent Monday, November 13, 2006 12:42 PM To: Zwlm, Dan; Lee, David Subject FW: Financial Trust EFTA00286398

From: Sent: Wednesday, February 14, 2007 9:18 AM To: Dubin, Glenn Cc: Lee, David Subject: FW: Financial Trust Attach: Financial Trust - 1 1.13.06.xls Zwim, Dan S> This is what I sent to you. We had a

13, 2006 12:56 PM To: 'Dubin, Glenn' Subject: FW: Financial Trust note we've made him $47,000,000 in gains in now 50 consecutive up months From: Hubsher, Elise Sent: Monday, November 13, 2006 12:42 PM To: Zwim, Dan; Lee, David Subject: FW: Financial Trust From: Howe, Cara Sent: Monday, November 1