To: Jeffrey epstein (jeevacation@gmail.comfljeffrey epstein (jeevacation©gmailcom)];
jeevacation@gmail.com[jeevacation@gmaitcom]
From: Boris Nikolic
Sent: Fri 6/20/2014 10:10:51 PM
Subject: FW: FW: Operating Agreement of BNG1, LLC
Please see comments below
B
From: David Schwarz
Sent: Friday, June 20, 2014 11:17 PM
To: Hayes Nuss; Boris Nikolic
Subject: Re: FW: Operating Agreement of BNG1, LLC
On 6/17/14, 1:39 PM, Hayes Nuss wrote:
I've read it and it is as he described. It is pretty basic and not what I'm used to.
It is open ended with no investment period. But I don't think that is necessarily a
problem since I still think the Managing Member and Members are still aligned.
I'm uncomfortable with members providing debt - there is too much opportunity for
abuse with no controls for side deals that are not in the interests of other members.
There should be an advisory committee with some teeth.
I don't agree that a 0% management fee is necessary or expected by likely investors.
Investors should understand that Boris needs to pay the bills. The document is not
sufficiently detailed on what kinds of fund expenses Boris can charge through to
members.
EFTA_R1_00367354
EFTA01923109
I don't know that I understand what is meant by "no open solicitation". What is the line
there? Doesn't Boris have a target fund size and shouldn't he use all means to get
there? I do think it is good to have a small group of investors for your first fund but not
if it limits the number and type of deals that he expects to do in this fund.
These are just a few very quick impressions.
Co-locating with another VC fund is potentially a good move for him.
Hayes
EFTA_R1_00367355
EFTA01923110