On December 21, 2020 a
Exhibit,Appendix
was filed
involving a dispute between
Yasemin Tekiner,
Yasemin Tekiner
In Her Individual Capacity, As A Beneficiary And A Trustee Of The Yasemin Tekiner 2011 Descendants Trust And Derivatively As A Holder Of Equitable Interests In A Shareholder Or A Member Of The Company Defendants,
and
254-258 W. 35Th St. Llc,
Berrin Tekiner,
Billur Akipek
In Her Capacity As A Trustee Of The Yasemin Tekiner 2011 Descendants Trust,
Bremen House Inc.,
Bremen House Texas, Inc.,
German News Company, Inc.,
German News Texas, Inc.,
Gonca Tekiner,
Zeynep Tekiner,
for Commercial Division
in the District Court of New York County.
Preview
FILED: NEW YORK COUNTY CLERK 01/21/2021 11:26 PM INDEX NO. 657193/2020
NYSCEF DOC. NO. 40 RECEIVED NYSCEF: 01/21/2021
Exhibit C
FILED: NEW YORK COUNTY CLERK 01/21/2021 11:26 PM INDEX NO. 657193/2020
NYSCEF DOC. NO. 40 RECEIVED NYSCEF: 01/21/2021
From: Younger, Stephen P. (x2685)
Sent: Friday, December 4, 2020 6:07 PM
Subject: 12/4 Fulbright call
On December 4, I spoke with Phil Michaels and David Schwartz.
Phil started off by walking thru facts :
Phil did estate planning for Mom after Dad died - Mom sold interests in companies to grantor trusts for 3 daughters -
each trust owes mom $11m on note from the sale - Phil encouraged to pay off notes over time but not done - Mom has
right to remove Jasmine from trust committee - Mom and Jasmin had a blow-up in 2017 and she removed Jasmin but
she reinstated her when things blew over - they have looked at splitting up the assets but tax-wise it would be a disaster
- Jasmin gets paid a salary and a house by the company - the family is “not of the mind” to give Jasmin the requested
info - I asked them to put that in writing as it will look terrible to a judge to deny a treasurer/director financial info - they
said they would do so - I pointed out that Jasmin could be subject to liabilities for her roles yet lacks info - they said
Jasmin could resign which i rejected - David said we could offer to take less info - I said that was up to them to propose -
according to Phil, Jasmin knows what is going on with the biz and consented to the property sales - I replied that the
deal terms changed materially after her consent was given - the biz is under a lot of pressure and the finances are
“precarious” - Phil said they are insufficient proceeds to distribute out as the trusts owe Mom on their notes - he said
they plan to re-invest thru 1031 sales but have no imminent deals on the table - i noted that there are other RE assets
the companies still own - i asked Phil if he knew the value of them and he said he did not - he said all the assets have
gone down in value with the pandemic.
Sent from my iPad
1
Document Filed Date
January 21, 2021
Case Filing Date
December 21, 2020
Category
Commercial Division
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FILED: NEW YORK COUNTY CLERK 01/21/2021 11:26 PM INDEX NO. 657193/2020 NYSCEF DOC. NO. 40 RECEIVED NYSCEF: 01/21/2021 Exhibit C FILED: NEW YORK COUNTY CLERK 01/21/2021 11:26 PM INDEX NO. 657193/2020 NYSCEF DOC. NO. 40 RECEIVED NYSCEF: 01/21/2021 From: Younger, Stephen P. (x2685) Sent: Friday, December 4, 2020 6:07 PM Subject: 12/4 Fulbright call On December 4, I spoke with Phil Michaels and David Schwartz. Phil started off by walking thru facts : Phil did estate planning for Mom after Dad died - Mom sold interests in companies to grantor trusts for 3 daughters - each trust owes mom $11m on note from the sale - Phil encouraged to pay off notes over time but not done - Mom has right to remove Jasmine from trust committee - Mom and Jasmin had a blow-up in 2017 and she removed Jasmin but she reinstated her when things blew over - they have looked at splitting up the assets but tax-wise it would be a disaster - Jasmin gets paid a salary and a house by the company - the family is “not of the mind” to give Jasmin the requested info - I asked them to put that in writing as it will look terrible to a judge to deny a treasurer/director financial info - they said they would do so - I pointed out that Jasmin could be subject to liabilities for her roles yet lacks info - they said Jasmin could resign which i rejected - David said we could offer to take less info - I said that was up to them to propose - according to Phil, Jasmin knows what is going on with the biz and consented to the property sales - I replied that the deal terms changed materially after her consent was given - the biz is under a lot of pressure and the finances are “precarious” - Phil said they are insufficient proceeds to distribute out as the trusts owe Mom on their notes - he said they plan to re-invest thru 1031 sales but have no imminent deals on the table - i noted that there are other RE assets the companies still own - i asked Phil if he knew the value of them and he said he did not - he said all the assets have gone down in value with the pandemic. Sent from my iPad 1