EFTA00857176.txt

"Heather Gray Elysium Management LLC 445 Park Avenue Suite 1401 New York, New York 10022"

"To: jeffrey E. <[email protected]> Subject: RE: buyer of Picasso - question Date: Mon, 11 May 2015 14:38:55 +0000"

"From: Jeffrey E. [[email protected]] Sent: Monday, May 11, 2015 10:37 AM To: Heather Gray Subject: Re: buyer of Picasso - question"

"under the Bank of America loan/pledge documents, we are required to notify the bank if Narrows transfers/sells/assigns any of the art that it owns"

"We're going to need to pay the first installment of $23 million on the Picasso this Thursday, May 14th. ... I think we should have Narrows Holdings ma"

"Leon would have to affirmatively notify the bank that he wants to add the Picasso to the collateral list (and they would have to accept it as collater"

"pay from narrows. we doont have to decide until title tranfers."