5/11/05

J LB:

I've been working on your Financial Di s c l osure wi t h Frank Glu chows ki

We have talk ed endlessly regar ding the question of whether or not

to list the "partner sh ip" involvi ng t he ho r s e s .

Frank wan t e d you to be awa r e th at he i dons Lde r s t hi s (a lI g r e y" area, also

us ed the wo r d " murky f .
Right now, a nd s i n c e th e 0ery b eginning , we list Mount a i nView Farm
under question #5, nami ng you a s th e s o l e pro prietor, a nd the
description as "breedi ng a nd r a i s i ng o f t ho r ou ghbr e d ho rse s '.'

Since the~e has been no profit fro m thi s partn er sh ip at th i s p6i n t

in time, th er e is a n a r gu ment [0 be mad e t hat the partnership is
covered unde r Moun t a in Viet" Farm. Therei'!no t a sc hedu l e " c" on your
i nc ome t axe s s e pa r a t i n g the part ne r s hip exp enses from Mountain
Vi ew Fa r m.

If you're c omf o r t a b l e leaving i t l i ke t his for this year, let me know.

If you th i nk you need fur t he r disc u s s i on, a conve r sat ion with Ken Rid de t t
is ne c e s sary.

I f you list t he partnership s ep arate from the Farm, the

pa r t ne r s ha v e to be shown.

~aA-
Let me know - t hank you -----
------ p/

I've a t ta c he d t hi s t o l as t ye a r 's rep or t - it has my no t e s f or what

has to be c ha nge d t hi s yea r .

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