Subject: FW: ECS Cashflow
From: [email-masked]
To: [email-masked]
Date: Mon, 12 Nov 2001 13:31:19 -0800 (PST)

-----Original Message-----
From: 	Donovan, Bill  
Sent:	Tuesday, October 30, 2001 4:49 PM
To:	McMahon, Jeffrey
Cc:	Kean, Steven J.
Subject:	FW: ECS Cashflow

Jeff - 

Here is cash flow on new building, as requested.  Some notes:  

The $218.7 mill. Base Building and Trading Floor Tenant Improvements (i.e. 2nd floor Cafeteria, Trading floors 3-6, 7th floor Executive, and Computer floors 8 and 9) is work in progress, over 80% complete and paid to date.  Not much we can do here except suffer the anger of contractor and hold retainage as long as possible ($14 mill. payment in May '02).  We are contractually obligated to make draw payments on the 5th of each month ($4.785 mill. to be paid next week).

Presently we are gearing up spend ($28 mill.) on Tower Tenant Improvements (interiors of floors 10 thru 40).  This is deferrable, either partially or in full, if we re-think our strategy on who, when, how many move to new tower.

I'll be out of office rest of week but reachable.  Thanks - Bill 

  -----Original Message-----
From: 	Akhave, Billie  
Sent:	Tuesday, October 30, 2001 3:16 PM
To:	Donovan, Bill
Subject:	ECS Cashflow

Please see attached.