EFTA01001571.txt

"From: Brad Wechsler To: [email protected]... Jeffrey-as currently contemplated how will decisions abt art acquisition"

"alan and I have agreed 90 percent of new structure admin and mechanics"

"Leon's initial contribution to the new entity (let's call it Narrows III... will consist of only non-collateralized art"

"replace the guaranty and pledge of the art by Narrows I with his personal guaranty"

"go to BAC to tell them that Leon wants to distribute the collateralized art still in Narrows I"