ledges with Leon. 9. It is assumed that on Leon's death (i) Ronald Lauder will purchase Leon's 50% interest in Friends Ventures LLC (which owns the Schwitters: Ja-Was?-Bild) for $12,500,000, and (ii) the Neue will purchase Leon's 50% interest in two Kirchner works (Berliner Strassenszene and Stehendes Madc

f time it takes Bank of America to open a new bank account for an entity. We had a major issue when we set up Friends Ventures LLC (which bought the Schwitters) because it took many, many days for the bank to open the account, so our payment to Christie's was very delayed. Alan Halperin drafted an agreemen

u to use for our discussion-see attached. I believe conversation was prompted by need to pay for a set of prints recently purchased ($14mil) and the Schwitters ($14mil), desire to subscribe to Credit Op III, plus he was about to make the Dartmouth pledge payment. I will next forward summary of current cash

9.8.14 Summary of Friends Ventures LLC Agreement.pdf Jeffrey, When I met with Leon, he wanted to have the following subs=antive changes made to the Schwitters agreement: •&nbs=; Leon and Ronald Lauder decided that Ronald will ha=e the first Possession Period. *&nbs.; Leon wanted each Possession Period t

3.14 draft.pdt Summary of Friends Ventures LLC Agreement.pdf Jeffrey, Attached is a draft of the proposed LLC agreement wi=h Ronald Lauder for the Schwitters and a summary of the agreement. l=also emailed both documents earlier this evening to Melanie for Leon'=s review. Please let me know if you have an

From: Melanie Spinella < Sent: Tuesday, July 15, 2014 8:23 PM To: jeffrey E. Subject: RE: Are you free to talk Schwitters? I just read it to Leon because I was on the phone with him and he got a good chucklel From: jeffrey E. [mailto:[email protected] Sent: Tuesd

tax On Wed, Aug 13, 2014 at 6:14 PM, H=ather Gray > wrote: Jeffrey, Attached is a draft of the proposed LLC agreement wi=h Ronald Lauder for the Schwitters and a summary of the agreement. l=also emailed both documents earlier this evening to Melanie for Leon =99s review. Please let me know if you have

Cc: Ada Clapp Subject: Schwitters - question from Lauder's people Jeffrey, Ronald Lauder wants to shorten the survivors =all right period in the Schwitters agreement to 3 months. The agreement currently provides that in the event o= the death of a member, the surviving member has 5 months to exercise h

From: Eileen Alexanderson Sent: Friday, October 3, 2014 11:30 PM To: jeffrey E. Subject: Re: et update Heather told me early next week on the Schwitters. JPM $10 mil i= not included. When speaking with Leon we agreed it would be awkward to ta=e back. BFP, after 10/6 deposit and COF call, will be $15.

Clapp <-> Sent: Wednesday, July 2, 2014 4:11 PM To: jeffrey E. Cc: Eileen Alexanderson Subject: RE: Re: Two questions: 1. Who gets to the Schwitters for first two year holding period—Ronald or Leon? 2. Who will be the purchaser-Leon or Narrows? I assume Leon as he is giving the right to purchase

y, August 14, 2014 3:26 PM To: jeffrey E. Subject: RE: Schwitters agreement and summary Correct, the LLC will pay use tax on the purchase of the Schwitters, not sales tax. I'll change it in the agreement. From: jeffrey E. [mailto:[email protected] Sent: Thursday, August 14, 2014 11:24 AM To: Heat