EFTA02380579

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From: Gianni Serazzi Sent: Sunday, August 16, 2015 12:49 PM To: jeffrey E. Subject: Re: I understand and I thank you for your consideration. The 800 will go to cover net working capital coming from growth and to get =ne final director for the print division. Of the other 3 directors one is =erforming really well and the other 2 I just brought them over to these po=itions in July. If just one of them makes it we will be at 600k profit. Ab=ut 150-200k need to go to Paris to bring in a strong team and finance net =orking capital. As per the forecast vs actual you see very clearly the deter=oration coming in the summer of 2014. Giancarlo started spending 2 days in=the agency, fired the director and then dealt with the problems of h=s mother. I am confident that I will put it again on the right track. Not =asy but we will become as strong as fashion. On Aug 16, 2015 2:33 PM, "jeffrey E." =lt;[email protected] <mailto:[email protected]> =rote: all the agencies , now sell for roughly 50 - 60 perecent of reven=e, used to be 100 -125%. no value admitteldy to co=tingent case recovery , which could/ should be out of the deal.Q=A0 ie you keep it . . where does the 800 go, =? if it is to factor receivables.. one thing if it is t= buy bookers. another, very aggressive , prior projections are=a big neg factor. in valuations. very big. . . some mont=s are off by hundreds of percent.. not good. . I =ould like you to make a lot of money on your deal. so ow=er