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R. Leonard, C.S.R., Inc. Certified Shorthand Reporters 818.995.2449 SHEET 30 PAGE 117 PAGE 119 1 IMPOSSIBLE. 09:45:13 1 A I DO NOT RECALL THE FIRST TIME. 09:45:13 2 Q WHY DID THE FUNDS AVAILABLE FROM WELLS FARGO 09:45:13 2 Q OTHER THAN YOU, BIG ANYONE ELSE FROM - WERE 3 MAKE THAT VIRTUALLY IMPOSSIBLE? 3 YOU AWARE THAT ANYONE ELSE FROM SINATRA COOK HAD 09:45:13 4 A BECAUSE IN 201D WE WERE 50 PERCENT OCCUPIED AND 4 DISCUSSIONS WITH MR. DALESANDRO ABOUT OBTAINING 5 THE PERCEIVED VALUE WAS PROBABLY LOWER THAN WHAT WAS 5 FINANCING FOR SINATRA COOK? 6 OWED TO THE LENDER. 09:45:13 6 A I RECOLLECT THAT KAMBIZ KAMDAR ASKED ME FOR 09:15:13 7 Q AND DID YOU DISCUSS WITH OTHERS AT SINATRA COOK 7 INFORMATION BECAUSE HE HAD SOMEBODY THAT WAS MAYBE 8 RETAINING MR. DALESANDRO? B INTERESTED IN FINANCING AND HAD THE BROKER THAT WOULD 09:15:13 9 MR. BISNO: OBJECTION TO THE EXTENT THAT ANSWERING 9 HAVE BEEN HIRED PRODUCED SOMETHING AND COULD HE HAVE 10 THE QUESTION WOULD CAUSE YOU TO REVEAL ATTORNEY -CLIENT 10 THAT INFORMATION, AND I RECALL SENDING HIM THAI 11 COMMUNICATION OR CAUSE YOU TO REVEAL COMMUNICATION WITH 11 TNFOTIATION. AND HE ASKED NE IF IT WAS OKAY EITHER TO 12 YOUR SPOUSE. 12 CONTACT THE BROKER OR TO GIVE INFORMATION TO A NEW D9:45:13 13 THE WITNESS: IT WAS AGREED INTERNALLY AMONG THE 13 FINANCIER, AND I RECALL SAYING IT WAS FIME, 14 THREE PARTNERS, ME ONE OF THEM, THAT WE MIGHT AS WELL 09:45:13 14 Q DID MR, KAMDAR EVER TELL YOU HE SPOKE WITH 15 MAKE A RUN AT TAKING OUT WELLS FARGO IF THAT ENVIRONMENT 15 MR. DALESANDRO? 16 BECAUSE WE HAD BEEN HEARING FROM ADVISORS, ATTORNEYS 09:45:13 16 A I DON'T RECALL THAT, NO. 17 THAT WELLS AND OTHER BANES WERE LOOKING AT DISCOUNTED 09:45:13 17 Q DO YOU RECALL EVER DISCUSSING 41ITH 1B PAYOFFS. WE REALIZED WE HAD A VERY SHORT WINDOW BECAUSE 18 MR. GILFENBAIN RETAINING MR. DALESANDRO? 19 SOMETIME IN AUGUST OR SEPTEMBER THEY FILED AN NOD AND 09:45:13 19 A YES. 20 THAT WOULD RESULT IN A 150-DAY FORECLOSURE PROCEEDING. 09:45:13 20 Q WHEN DID YOU HAVE DISCUSSIONS WITH 21 SO WE KNEW WE WOULD GO OUT TO CAPITAL WITH SOME BROKERS, 21 MR, GILFENBAIN ABOUT RETAINING MR. DALESANDRO? 22 SEE HOW MUCH THEY COULD COME UP WITH AND THEN PRESENT IT 09:45:13 22 A ROUGHLY, AUGUST/SEPTEMBER, 2010• 23 TO WELLS. 09:45:13 23 Q WAS THAT IN PERSON? 09:15:13 24 I THINK WE WOUND UP PRESENTING AN OFFER IN THE 09:45:13 24 A NO. 25 MID -THIRTIES AND THEY WERE OWED $51 MILLION AND THEY 09:45:13 25 Q OVER THE PHONE? 117 119 PAGE 118 PAGE 120 1 SAID BELL, NO, AND WE REALIZE➢ THAT THERE WAS FO WAY 09:45:13 1 A CORRECT. 2 POSSIBLE TO GET A SUM OF MONEY TOGETHER IN LIGHT OF 09:45:13 2 Q WAS ANYONE ELSE ON THE LINE? 3 WHAT -- WHO WE WERE DEALING WITH AT WELLS IN ORDER TO 09:45:13 3 A I DON'T RECALL. 4 TAKE OUT WELLS AT A DISCOUNT. 09:45:13 4 Q WHERE WERE YOU WHEN YOU MADE THIS PHONE CALL? 09:45:13 5 WE HAD ENGAGED AT THE BEGINNING OF THE YEAR 09:45:13 5 A I'M NOT REFERRING TO ONE PHONE CALL. I114 6 GEORGE SMITH, WE HAD ENGAGED A GUY NAMED ALLAY FRIEDMAN, 6 REFERRING TO PERHAPS SEVERAL PHONE CALLS IN WHICH 7 WE HAD ENGAGED MICHAEL HACRMAN, AND I THINK SEAN WAS THE 7 MR. GILFENBAIN TOLD MR "YOU BETTER FIGURE OUT HOW TO GET 8 LAST IN THE GROUP THAT WE TOOK A STAB AT TO SEE IF 8 US OUT OF THIS WITH WELLS FARGO AND YOU BETTER FIND A 9 SOMEBODY COULD COME UP WITH A SUM OF MONEY TO TAKE OUT 9 NEW LOAN WHILE THE MARKET ALLOWS US TO PERHAPS BUY THIS 10 WELLS. 10 AT A DISCOUNTED PAYOFF." 09:15:13 11 WE REALIZED -- WE SOON BEGAN TO REALIZE THAT 09: 45:13 11 AND I RECALL MR. GILFENBAIN IMPLORING ME, HE 12 THE STATE OF THE PROJECT AND THE STATE OF THE MARKET WAS 12 WAS -- HE'S A BIT OF A SCREAMER AND I REMEMBER HIM 13 NOT GOING TO LINE UP TO DO THAT AND WE WERE GOING TO 13 SCREAMING "DON'T RELY ON WELLS TO EXTEND OUR LOAN. YOU 14 HAVE TO DO A NEW LOAN WITH WELLS FARGO, WHICH WE DID, 14 BETTER HAVE ANOTHER OPTION•° 15 AND WE WORKED ON FOR WELL OVER A YEAR. 09:45:13 15 AND I HAD EXPLAINED TO MR. GILFENBAIN WE HAD 09:15:13 16 Q BY MR. RUBINER: AND WHEN DID YOU FIRST DISCUSS 16 TRIED ALREADY WITH THREE. HE SAID 'TRY AGAIN. MARKETS 17 EMPLOYING MR. DALESANDRO? 17 CHANGE. FIND SOMEBODY WHO COULD TAP INTO A NEW LENDER." 09:15:13 18 A MUST HAVE BEEN SOMETIME AROUND THE END OF 18 AND THAT WAS THE IMPETUS OF HIRING SEAN. I 19 SUMMER, 2010. 19 NEVER BELIEVED HE COULD GET AN AMOUNT TO TAKE OJT THE 09:45:13 20 Q AND HAD MR. DALESANDRO ALREADY BEEN 20 BANK. 21 UNSUCCESSFUL WITH ROYAL CANYON? 09:45:13 21 Q DID MR. -- DID YOU EVER DISCUSS MR. DALESANDRO 09:15:13 22 A I DON'T THINK SO, I THINK THEY OVERLAPPED. I 22 WITH MR. GILFENBAIN? 23 DON'T THINK IT BLEW UP YET, 09:45:13 23 A YES. 09:15:13 24 Q DO YOU RECALL THE FIRST TIME YOU DISCUSSED THE 09:45:13 24 Q WHEN? 25 PALM DESERT PROJECT WITH MR. DALESANDRO? 09:45:13 25 A AUGUST/SEPTEMBER, 2C10. 1181 1201 Dalesandro vs. Ogulnick Deposition of Ryan Andrew Ogulnick, Vol. August 13, 2012