From: Jeffrey Epstein <jeevacation@gmail.com>
To: Jean Luc Brunel
Subject: Fwd: Current status
Date: Sun, 23 Feb 2014 14:51:36 +0000
I spoke to gianni, 1 , you need to begin and pay for an audit of karins, 2. at the end maybe give gianni your
shares in trust or merely make him your representavie. 3, he asked about funding for a new agencies, lets talk
about it.
Forwarded message
From: G Sera <I
Date: Sun, Feb 23, 2014 at 4:35 AM
Subject: Current status
To: Jeffrey Epstein <jeevacation@gmail.com>, Jean Luc Brunel
Dear Jeff and Jeanluc,
A quick summary of where we stand and a few considerations
SITUATION
-Ruth found a possible buyer for 2.3m (what a chance, exactly the valuation I gave the company one year ago
when she was asking, as per the document provided also to you, "no less than 3,3m")
COMPLICATIONS
-The possible buyer did not provide a binding offer
-We still have not received the 2013 p&I
-Ruth has apparently heard that JL mentioned to other agencies that Karin is going bust. When confronted with
the idea that Ruth might have to sell to JL she pretty much said "over my dead body". JL please correct me if this
is not accurate.
-A lawyer should confirm if Ruth has the right to refuse the right of first refusal after she communicates to JL she
intends to sell officially
-Without JL involved in the company, Karin is doomed to close sooner or later, as the trend shows
CONSIDERATIONS
-Whatever the next steps will be, we should get the official 2013 accounting and understand if it's true that Ruth
can refuse to sell to JL after she officially sent a letter she is selling for a specific amount
-One option is to convince Ruth to sell to JL. Now that the buyer seems out of the picture it might be hard
-A second option is to ask Ruth for 1 or 1,1 m for JL shares. I would have to see the 2013 numbers before, but it
would seem a very good valuation at those prices
-A third option is to do what discussed last year. With a few % points Fabio and myself can coordinate a legal
strong-arm to exploit the imperfections that are today in Karin and we might convince Ruth to leave
-A fourth option is to open a new agency, take the best people that are in Karin, show them how efficient
modeling is done and when they close buy back the brand
As always I am available 24/7 for any comment/question
Thank you
GS
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