Epstein Files Search

EFTA02702706Dataset 11

2016-04-282p602w

…reasonably consistent and a similar response would be prepared for each, a single response that is applicable to both inquiries is presented. We understand the IRS is seeking an explanation as to why Empire selected lack of control and marketability discounts that appear lower than benchmark information regarding lack of control and marketability discounts presented in Empire's valuation reports. Empire considered information presented by Mergerstat Review 2013, Mergerstat's 3'd Quarter Control Premium Study, Closed End Investments Companies…

https://www.justice.gov/epstein/files/DataSet%2011/EFTA02702706.pdf

EFTA00592519Dataset 9

2016-03-314p1,998w

…in Black Family Partners, L.P. The appraisal cited iviergerstat Review 2013 and stated that the control premiums in Mergerstat corresponded to a discount for lack of control of 27%. The appraisal then cited Mergerstat's Third Quarter 2013 Control Premium Study and stated that the control premiums corresponded to lack of control discounts of between 25% and 32.4%. The appraisal also cited Closed End Investment Funds and stated the average discounts to be 11.3%. Based on the…

https://www.justice.gov/epstein/files/DataSet%209/EFTA00592519.pdf

EFTA00619442Dataset 9

2016-05-103p814w

…both cases. We understand the IRS is seeking an explanation as to why Empire selected a lower, combined, lack of control and marketability discount of 15% rather than a higher one. Empire did consider, as a starting point in selecting an applicable discount, the information presented by the following: Mergerstat Review 2013, Mergerstat's Quarter Control Premium Study, Closed End Investments Companies, and the FMV Restricted Stock Study. The range from these studies for a "lack of control" discount, alone…

https://www.justice.gov/epstein/files/DataSet%209/EFTA00619442.pdf

EFTA02464401Dataset 11

2016-04-301p380w

Subject: REVIEW ALL OTHER APPRAISALS !!!

From: jeffrey E. <[email protected]>To: Jeffrey Epstein

…! para 1/ Since the IRS questions 3 and 4 =n the request are the same , we are providing this single response . 2. Empire=selected 15 % as the applicble discount rather than a higher number that m=ghthave been be derived from the benchmark ranges contai=ed in the Mergerstat Reviews. 3 as contain=d in the orignal valutation. Empire The range of disc=unt described in these studies for " lack of control &quo=; was 11.3 to 32.4 percent. and the range of discount…

https://www.justice.gov/epstein/files/DataSet%2011/EFTA02464401.pdf