Hunter...

I spoke with Louise on executing MGU.  She wants us all to sign the dash that I provided you yesterday and then I can sign the contract.

Of course the conversation went to value and I described the arrangement as such 1) Original mark to Russell of $2 MM - I described that the value would either a) fall out of the structure or b) you and I would determine another manner and 2) trading and origination would share the go forward value in the transaction as 60/40 unless you were required to create $2MM and then you would be covered on the monthly cost annuity first and then a sharing of 60% to you 40% to origination.  I emphasized the exercise of tracking this transaction against structure to determine the merits of our current analysis/internal process.

Attached is the dash for you to review and then call me with 1) your changes or 2) your approval.

Thanx,
Laura