EFTA00861216.pdf

From: Brad Wechsler <aNa> To: Richard Joslin <a.a>, Jeffrey Epstein <jeevacation@gmail.com> Subject: Fw: BILLIONAIRE ITALIAN COUTURE - MIAMI AND LAS VEGAS - 2014 ACCTG RECORDS Date: Fri, 27 Mar 2015 23:10:15 +0000 See below: ??? Sent from my Verizon Wireless BlackBerry Original Message From: Thomas Turrin Date: Fri, 27 Mar 2015 22:28:14 To: Alberto Ballabi ; Joe Hanel - Cc: Mike Meilak ; Brad Wechsler Subject: RE: BILLIONAIRE ITALIAN COUTURE - MIAMI AND LAS VEGAS - 2014 ACCTG RECORDS Alberto and Joe, One of the questions we are required to ask in order to comply with US GAAP accounting concerns your future expectations of profitability. This question affects the recognition of US tax benefits for net operating losses. If there is little expectation of future profitability, your financial statements must provide for a valuation allowance to reduce the value of US tax benefits arising from operating losses. If management expects there to be a turn-around from losses to profits in the near future (one - three years), the corporation can recognize all or part of the US tax benefit from the losses. The questions are .... 1. What is management's expectation of future profitability of its US operations? What time frame does management expect a turnaround? 2. Will the owners of Billionaire Italian Couture (US) continue to finance the operating losses of the US operation? If so, for how long? We are available to discuss any questions you may have. Thank you for your assistance. Best regards, Tom THOMAS TURRIN, CPA Partner Raich Ende Malter & Co. LLP 1375 Broadway EFTA00861216 New York New York 10018 Email: Website: www.rem-co.com Original Message From: Alberto Ballabio [mailto: Sent: Wednesday, March 25, 2015 1:05 PM To: Thomas Turrin Subject: I: BILLIONAIRE ITALIAN COUTURE - MIAMI AND LAS VEGAS - 2014 ACCTG RECORDS Ciao Thomas, can I have an update about consolidatio reporting of Miami and Las Vegas? Thank in advance for your support, Alberto Messaggio originale----- Da: Thomas Turrin [mailto: Inviato: mercoledi 11 febbraio 2015 21:06 A: Joe Haffner Cc: Iraklis Karabassis; Alberto Ballabio; Mike Meilak Oggetto: RE: BILLIONAIRE ITALIAN COUTURE - MIAMI AND LAS VEGAS - 2014 ACCTG RECORDS Joe, Thank you...we will be in touch with any questions. Best, Tom THOMAS TURRIN, CPA Partner Raich Ende Matter & Co. LLP 1375 Broadway New York. New York 10018 Email: Website: www.rem-co.com EFTA00861217  Original Message From: Joe Haffner [mailto: Sent: Wednesday, February 11, 2015 1:37 PM To: Thomas Turrin Cc: Iraklis Karabassis; Alberto Ballabio; Mike Meilak Subject: RE: BILLIONAIRE ITALIAN COUTURE - MIAMI AND LAS VEGAS - 2014 ACCTG RECORDS Tom, Financials and workpapers for Las Vegas and Miami are attached. Let me know if you need any additional information. Thanks, Joe Haffner IK Retail Group, Inc. 3238 Prospect Street, NW Washin on DC 20007 Original Message From: Thomas Turrin [mailto: Sent: Saturday, February 07, 2015 12:03 PM To: Joe Haffner Cc: Iraklis Karabassis; Alberto Ballabio; Mike Meilak Subject: BILLIONAIRE ITALIAN COUTURE - MIAMI AND LAS VEGAS - 2014 ACCTG RECORDS Hi Joe, I know it's only Feb 7th....but I'm just checking in re: accounting records for 2014 - for Miami and Las Vegas. I know you have to get the tax return for Las Vegas completed as well. Keep us posted. Thank you, Tom THOMAS TURRIN, CPA Partner Raich Ende Malter & Co. LLP 1375 Broadway New York. New York 10018 Email: EFTA00861218 Website: www.rem-co.com Original Message From: Joe Haffner [mailto: Sent: Thursday, March 06, 2014 4:39 PM To: Thomas Turrin Cc: Dimitri D'Ambrosio; Iraklis Karabassis Subject: RE: Bic Las Vegas Tom, Billionaire Italian Couture USA, LLC (BIC LV) 2013 tax return is attached. Regards, Joe Haffner IK Retail Group, Inc. 3238 Prospect Street, NW Washin on DC 20007 Original Message From: Joe Haffner Sent: Thursday, February 27, 2014 6:45 PM To: 'Thomas Turrin'; Dimitri D'Ambrosio Cc: Valentina Mazzoleni; Fabrizio Maccazzola; Iraklis Karabassis; Luca Vitali; Marco Cottini; Alberto Ballabio; Mike Meilak; Margaret Peza Subject: RE: Bic Las Vegas Tom, Billionaire Italian Couture USA, LLC is the Las Vegas location. This entity is owned 50% by Iraklis Karabassis and 50% by BIC Holdings, Inc. Billionaire Miami, LLC is a single member LLC 100% owned by BIC Holdings. Because it is a single member LLC the activity will be reported on the BIC Holdings tax return - there will not be a separate tax return. I have attached financials and the major work paper schedules for both entities. I have also attached the Florida registration for BIC Miami. The tax return for BIC USA (Las Vegas) was prepared and forwarded to our outside CPA to review - I should have the final back early next week. Let me know if you need any additional information or schedules on either entity. Thanks, EFTA00861219 Joe Haffner IK Retail Group, Inc. 3238 Prospect Street, NW Washington. DC 20007 Original Message From: Thomas Turrin [mailto: Sent: Thursday, February 27, 2014 5:36 PM To: Dimitri D'Ambrosio Cc: Joe Haffner; Valentina Mazzoleni; Fabrizio Maccazzola; Iraklis Karabassis; Luca Vitali; Marco Cottini; Alberto Ballabio; Mike Meilak; Margaret Peza Subject: RE: Bic Las Vegas Dimitri, The "bic Iv 12-31-13 financials" appears to be the financial statements of Billionaire Italian Couture USA, LLC (not Las Vegas). Please send us the 12-31-13 financials for BIC Las Vegas - I did not find the Las Vegas financial statements in the other emails. With respect to Las Vegas and Miami - does BIC HOLDINGS, INC. own more than a 50% interest in the new locations? If so, Under US accounting principles, we will need to present the financial statements of Holdings Inc. on a consolidated basis. Also, we have not received copies of the LLC tax returns for USA LLC, Miami and Las Vegas. Please send copies of the tax returns of the above three entities when available. I appreciate your assistance in getting us needed information. Best regards, Tom THOMAS TURRIN, CPA Partner Raich Ende Malter & Co. LLP 1375 Broadway New York New York 10018 Email: Website: www.rem-co.com EFTA00861220  Original Message From: Dimitri D'Ambrosio [mailto: Sent: Friday, February 21, 2014 6:02 PM To: Thomas Turrin Cc: Joe Haffner; Valentina Mazzoleni; Fabrizio Maccazzola; Iraklis Karabassis; Luca Vitali; Marco Cottini; Alberto Ballabio Subject: Re: Bic Las Vegas Hi Tom Yes, we should follow the same process as last years, Joe will fill the tax return and forward a copy to us and you so that you can proceed with the preparation of the FS Of Bic Holding Thanks Dimitri Inviato da iPhone II giomo 21/feb/2014, alle ore 23:22, "Thomas Turrin" < <rnailto:a> ha scritto: Dear Dimitri, Based on the emails below, will Joe be forwarding 12/31/13 financial statements for BIC Miami and BIC Las Vegas.and also the partnership (LLC) tax returns? Thanks, Tom THOMAS TURRIN, CPA Partner Raich Ende Maker & Co. LLP 1375 Broadway New York New York 10018 Email: mailto:a Website: www.rem-co.com<http://www.rem-co.com> From: Dimitri D'Ambrosio [mailto: EFTA00861221 Sent: Tuesday, February 18, 2014 5:12 AM To: Joe Haffner Cc: Valentina Mazzoleni; Fabrizio Maccazzola; Iraklis Karabassis; Luca Vitali; Marco Cottini; Thomas Turrin Subject: R: Bic Las Vegas Importance: High Dear Joe, could you please send us the updated 2013 Financial Statement of BIC LV and BIC Miami together with a detailed list of the intercompany invoices towards BIC Italy? We would like to proceed with the reconciliation so that we can validate the numbers and you can pass the FS to Tom Turrin. Thanks Dimitri P.S. In sending us the updated version, please consider what communicated in my previous email about the reconciliation between BIC Miami and BIC LV. Thanks Dimitri Da: Joe Haffner [mailto: Inviato: giovedi 16 gennaio 2014 19:35 A: Dimitri D'Ambrosio Cc: Valentina Mazzoleni; Fabrizio Maccazzola; Iraklis Karabassis Oggetto: RE: Bic Las Vegas Dear Dimitri, I have attached a draft of the Las Vegas financials. I am waiting on an invoice from Ilaria to finalize this. There may be an adjust to inventory and cost of goods when I get that invoice as I have estimated amounts. In regards to Miami - I can forward a very rough draft later today. The major open items are an invoice due from Ilaria and the fixed assets for the build out of the store. Can you forward me a listing of invoices paid by Italy for this location? Also, do you have the final cost and invoices for the store fixtures - and were these paid by Italy? Thanks, Joe Haffner IK Retail Group, Inc. 3238 Prospect Street, NW Washin on, DC 20007 mailto: From: Dimitri D'Ambrosio [mailto: Sent: Thursday, January 16, 2014 12:08 PM To: Joe Haffner Cc: Valentina Mazzoleni; Fabrizio Maccazzola Subject: I: Bic Las Vegas EFTA00861222 Importance: High Dear Joe, following my email below, do you think it will be possible to receive the report for BIC Las Vegas and BIC Miami by this evening? We have to provide to the Management some pre-closing data and we would really appreciate to have even a first draft of these reports Looking forward to hearing from you soon, Rgds Dimitri Da: Dimitri D'Ambrosio Inviato: martedi 7 gennaio 2014 09:23 A: 'Joe Haffner' Cc: Fabrizio Maccazzola Oggetto: R: Bic Las Vegas Clao Joe, Happy New Year! Hope this email finds you well. Could you please send to me and Fabrizio, once it will be available, the financial statement of December of BIC USA LLC? Thank you very much Dimitri Da: Fabrizio Maccazzola Inviato: martedi 7 gennaio 2014 09:15 A: Dimitri D'Ambrosio Oggetto: Bic Las Vegas Buongiomo Dimitri, hai per caso ricevuto la chiusura di dicembre di Las Vegas? Mi servirebbe it saldo cassa per un report. Ciao e grazie mille Fabrizio <rem-newlogo_sm29.png> <primeglobal_color blktext_tagline4823.jpg> <2013_ipatop100(2)18be.jpg> CONFIDENTIALITY STATEMENT: The information contained in this electronic communication, including any and all attachments and enclosures, may be privileged and is strictly confidential, intended solely for the use of the person(s) identified above to receive this communication. If you are not the person(s) identified above to receive this communication, you are hereby notified that you may not disclose print, copy, disseminate, or otherwise use the information contained herein. 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