To: Cecile de Jongh
From: Jeffrey Epstein
Sent: Fri 6/21/2013 5:11:53 PM
Good Afternoon Andrew,
Jeffrey asked me to relay the following to you:
It appears that there was an overpayment on the price by approx of $5 million as part of the
Sun/MOF purchase. In addition, there is at least a $180K from the error adjustment owed
with interest plus a return of leasing fees paid on leases that defaulted., after financial
review . There are $4.5M in fees that have been paid out over the past six years that have
allowed IGY to take almost 100% of its investment out of this investment. Additionally, this
was a non-arms-length transaction between you and Jeffrey which makes the level of these
fees fairly incongruous. As Jeffrey and I see this, there are three solutions to the AYH issue
which would settle the matter in a fair and equitable manner and they are as follows:
1. IGY returns his investment plus interest, and he becomes simply a tenant that
pays rent at fair market.
2. IGY agrees to renegotiate the Management Agreement as well as pay Jeffrey the
$2.5M for the overpayment on the purchase price, half of the acquisitons fee. of
$250K , the $180K error from six years ago plus interest and his share of the leasing
commissions that were erroneously earned on tenants who defaulted.
3. Since IGY has already taken out all its equity, it walks away, leaves Jeffrey with the
/million in cash, and he takes over ownership and management of the property.
Please let us know your thoughts on the proposed solutions.
With warm regards,
Cecile
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