leon DO NOT SEND, hand deliver.

Transaction complete !
this - in spite of your collection of Elysium misfits. !!!

With Brad out of the office and unable to run his usual interference , the level of his utter incompetence was
brought front and center, he may be a step up from Eileen, but if he is, then it is not certainly not by much, .
Though you and I have spent many many hours discussing the importance of details and mechanics. I was not
shown one document re phaidon,- not one.. Brad wanted to keep it private between he and his so called"
advisors " however as he was out of the office during the most important transaction of the year, I did get
to spend time with joslin Joe and john, - the situation in your office is wholly ludicrous - to summarize - the
list I provided to Brad last December - things I thought were a priority to get done after consulting with your
office still remains virtually undone.

IT, still desperately needed- reporting flawed cumbersome and inaccurate . all done by hand as one -off
exercises , - airplane: re structure, (my only suggested priority in june ) is really ,no further ahead, ,consultants
up the kazoo but nothing at all done.( the office was told that i cannot even see the proposals received without
brads specific authorization ) - brad has no idea even as to what questions to ask. he knows little of finance, is
run roughshod over by almost everyone in the office. he is a little man , using your power, to appear larger .
Eileen was self aware enough to know she was over her head , that is a huge difference. bad info is
rampant ie 3 million in deductions Im told are taken for art space but on closer examination it turns out
they cannot be used at all. (ZERO benefit ) though you will be told yes they were deducted on the return they
said that is the question they get asked ! " were they deducted "not -"is there a benefit" !! I asked for the
balance sheet and P and L for Regan arts , a basic first step in order to check your financials. "sorry we never
got one?" though 9.8 million invested, no p&l, nothing , a construction project run amok , no budget, the coo
fired after only 3 months. , no clue. I can add that artspace financials are also a total mess.

As your friend and in order toturn the page. I will try to be constructive

can you send me latest bank art loan docs. BRH agreement. TRA agreement , agreement amongst
shareholders. . , org chart for phaidon , art space and regan arts.. . , ownership only,. - list of
invetsments , ownership of l.a. house.structure, / list of art by highest gain. . -

I will organize. Copying Ada who has a lot of this.

Attached are:
1. Executed Version of AAP
2. Most Current Draft of AAP
3. Redline of 1 against 2
4. Summary of AAP from Vanessa Eng