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Alan, I spoke with my attorney this morning and when pressed he said its fine as long as you are

comfortable with someone having control over your employee. I said no problem. The issue is sticker shock. I received the bill for the next quarters orc and guavatech services yesterday and it amounts to over 7k. This, in addition to gregs salary is my expense. So the question is again one of valuing an option. Do I stay on and help you manage your position for the possibility of getting paid 800k when you get to break even? Do I do this despite it not being in writing? So far the answer has been yes. I've spent 8 hour days being your eyes and ears in this turbulent mkt giving sound risk management advice, executing trades at fair prices, and modeling mkts as they are, not as the settlement committee would lead us to believe. I've been available to you for advice ( good or bad) on mkt direction. I've literally saved you hundreds of thousands of dollars on decisions. Example: you wanted to sell the z11 3000 calls because they "weren't doing us any good" and I suggested doing the Z12 2400/3000 1x2 to make the Z 11 3000s do some work for you, and because we had a good call count, we just need to make the calls work. Which they have. Had that trade not been done ( it bought vol too) stone would have been on you even more intensely to buy calls on the highs. And more losses would have been locked in. That is a million dollars right there. After you came to me saying stone was worried about your change in vol higher,I suggested last week rolling the v 2000s to the Z 2200s for 4.00. You passed. It went to eight and the very next day stone was on you saying they were worried about your change in vol again. As of yesterday it was worth 5 still after a 40 drop. In addition, while I'm sure you disagree, my own position made back more than the 800k lost. And while you cite the delta portion I would say, the opportunity cost of me not doing my thing in a market I was born to trade makes up for it. If you don't believe me, ask around what type of trader I am in a chaotic mkt. So in my humble opinion I've earned back well over 1MM from my position alone. Which puts me after my expenses at flat. Which means I'm out 800k to you. And you know how I feel about the short call position I was encouraged to put on and the difficulty I had in mitigating the risk. Nevertheless, I did and the position was eventually a home run. Call it lucky if you like. You insisted that stone was uncomfortable with my account and you were "saving" me from them liquidating me on a daily basis when in reality the account was under your risk. If that is true, then I've no interest in working with stone. You also play from the short side, I don't. So while you are comfortable coughing up millions of dollars for a short vega position, you view a long position as "eventually going to zero" and aren't really comfortable putting up more money on

what you deem will be eventual losses. That is a difference in trading styles. But antithetical to working together, especially when you are hedging my position with a short one in another account. That's a conflict. Moreover, you then encouraged me to sell more options. The aggregate position swung to short 300k vega from long 100k. My remaining long position became a hedge for yours. Not good for either of us. While I was selling calls in my position at your behest, you were adding to Z12 shorts? That is nuts. The work I've done additionally has been all for the possibility of a deal post your losses being recouped as alluded to above. So essentially if you don't make the money back, you probably won't work with me. If you do you may not either. "No promises" you said. Yet I stayed on out of duty and honor. Now I am faced with the cost of my "call" not just being my time and skills monitoring, modeling and executing for you, they have a financial value of 25k a quarter. I am paying for your connectivity. Plus the opportunity cost of not moving onto something else. Therefore the idea of making Greg POA is moot. It won't happen. I'm not paying for orc anymore and will be shutting it down. If you wish to keep your ilink as a marketmaker you will need to get something set up with orc, rts, or options city. There are much cheaper packages than the one I use that would be sufficient for you. But as I have said, marketmaker status is an asset in and of itself. So if you wish to retain that you'll need to get your own set up and move forward from there. And you'll need to make mkts. I'd be willing to help you find the most cost effective user friendly set up if you like. But I'm not permitting my employee to monitor an ilink for your benefit without appropriate remuneration, much less paying to protect your assets. As to remaining available now that the orc cost is out of the way, I continue to offer to monitor the OTC and floor mkts (thru greg) for you, so signing a "clerk" paper isn't an issue until an opportunity arises for me or when I decide to trade my own money post divorce. But to be clear, I've maximized my short dated option position to reduce the risk of your long dated position. I've correctly told you when to roll back (steep backwardation). I've reduced open interest dramatically while keeping your core short position which you "think will come back". This was not easy. Keeping your short vol while taking profits in my long call position and simultaneously not having stone freak out at adding upside risk. At its core it is investment banking level risk management. And I'm proud of the work I did for you. And would consider continuing to do it for you. But at the tail end of a divorce with serious concerns about my children's emotional welfare, I cannot jeopardize their financial welfare as well.

I refuse to bleed money for the, (non)-promise of working together IF you make your losses back. I need income to do that. The present value of the potential future opportunity is not worth paying for in the least.

I would need to be paid to stay on in any capacity. Chances are you won't do it. That is in part because I've reduced the complexity of the position to 1 trade. I'm not leaving you in a lurch, and I won't take it personal when you say no. But I was there for you when the tables were turned and you didn't know what to do. When you were stuttering from stress (as we all do under the gun) I made the calls and executed the trades that saved the situation and you relied on me. So my wallet is empty but my conscience is clear. Let me know how and if you want to proceed. I'm terminating the cisoptions contract for orc october 1 Sorry but the math says I'm an idiot if I pay for your risk management. I’d need money and a deal in writing. Sincerely, Vincent.