From: Paul Barrett Sent: Wednesday, October 31, 2018 4:16 PM To: Cc: Richard Kahn Subject: LSC Bonds Hi Jeffrey We own $2.65MM of the LSC Communications 8.75% 2023 =onds. We paid $105.25 back in Jan 2017. • Bonds trading up 10 points this morning on a takeover. Currently at 1=7.00. • I think we sell. If the deal does not close we =re back down at 97-98. If it closes there is probably 2-3 points of additi=nal upside. • We can take the proceeds and find a similar bond that=does not have the binary risk to it. Paul Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor,=New York, NY 10019 (c) <=p> EFTA_R1_01825219 EFTA02619857