EFTA00698717.txt

"From: Heather Gray To: Brad Wechsler , Jeffrey Epstein ([email protected]) Subject: Picasso agreement - question Date: Fri, 01 May 2015"

"Heather Gray Elysium Management LLC"

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

"Larry is concerned that we might assign to the Black kids or to a trust that has no assets"

"we have structured this agreement with the Buyer as either Narrows Holdings LLC or AP Narrows LP"

"given both of those entities the right to assign the agreement to any one among Leon, Debra, the kids, or family trusts"

"Leon provides a guarantee to the bank that is for the benefit of the trusts as partners in AP Narrows"

"Leon provides a guarantee to the bank that is for the benefit of the trusts as partners in AP Narrows"

"Gagosian has one final change to the Picasso agreement... Larry is concerned that we might assign to the Black kids"

"Narrows/AP Narrows (really, Leon's) agreeing to effectively guarantee payment by the assignee might be considered a gift"

"In the discussions with Alan about rearranging the bank loan once AP Narrows is operational, Alan agreed that there could be deemed to be a potential "