postponement of the closing on the Beach Street Residence, and information concerning any
proposed financing for the Apartment. Id.
Solomon states that Mr. Colacino "flatly and repeatedly" refused to respond to the
Board's requests for additional information and that she and Muss attempted to address the
Board's concerns in a side letter (the "Side Letter") to the Board.[FN2] On September 29, 2009, Muss [*4]sent a number of e-mails to Mr. Colacino requesting clarification in
regard to his financial information. In an e-mail from Muss to Mr. Colacino, date stamped
September 29, 2009, 3:37 p.m. (E-mail #2), Muss thanks Mr. Colacino for confirming that he
intends to use proceeds from the sale of the Beach Street Residence to finance the purchase of the
Apartment. In response to some of the requested clarifications, Mr. Colacino states in an e-mail
to Muss, date stamped September 29, 2009, 5:37 p.m. (E-mail #3), "Why are the micro details of
my cash management of such major concern here . I am being interrogated by you and [Solomon]
like there is some hidden agenda and frankly it is humiliating and unnecessary."
Mr. Colacino permitted Muss to submit the Side Letter to the Board. It appears that
the Side Letter was submitted on September 29, 2009, and was received by the Board on October
2, 2009. Spiegel states that she was not able to review this information until October 7, 2009,
when she returned to New York following a trip. Spiegel discussed the responses with others on
the Board and a majority wished to interview the Colacinos "despite doubts by certain members
of the Board as to [the Colacinos'] financial liquidity especially if the Beach Street [Residence]
did not close." Spiegel Aff. at 11.