EPSTEIN
page 8 / 310 . OCR, unverified
Relationship Team:
ISG: Andrew King
Trust/Custody:
DPM: Paul Bartilucci
WPS: Sam Petrucci
KCP: Matt Glassman
Deposits: Charlie Burrows
Lending: Laura Farischon/Joshua Frank
Other:
Client Profile
Relationship Name: Lindemann
Banker Team: Stewart Oldfield
GCIS Number
l
This relationship is with Adam Lindemann and George Lindemann Jr, sons of billionaire George Lindemann, a
serial entrepreneur who founded and sold a handful of businesses over the past half-century, most notably
his Metro Mobile company that was acquired by Bell Atlantic (now Verizon) for $2.5 billion in 1991 and
Southern Union Company which he sold to ETE for $5.7 billion in 2012. The Lindemann children (George Jr,
Adam, and Sloan Lindemann) all held ownership stakes in those businesses.
Adam Lindemann is a private investor and influential collector of contemporary art and design. In
partnership with designer Marc Newson, he re-launched Ikepod, a Swiss watch design company. He also
writes a monthly column on collecting for The New York Observer. He runs art galleries in NYC and LA
(Venus over NY/LA) and is married to Amalia Dayan, another gallery owner.
George Lindemann Jr. was an accomplished equestrian with Olympic hopes. He is now a well-known art
collector, investor, environmental advocate and philanthropist in Miami. He serves as the president of the
board of directors of the Bass Museum of Art. George runs a commercial property company in Miami and
invests in a lot of multi-family residential property with his father.
Adam and George had a previous relationship with the bank (via PCS) and both have legacy mortgages here.
That relationship ended in 2012 when the broker left DB. Stewart Oldfield worked with the Lindemann
family at Credit Suisse from 2008, helping with various complex credit facilities, and brought the
relationship back to Deutsche Bank in February 2015.
The family's primary banking relationship is with BAML, which has given them more than $lbn of loans
secured by art, real estate and shares of ETE. They also have a close relationship with UBS, where their CS
broker moved in 2016.
Opportunities and Challenges
Confidential
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
DB-SDNY-0062537
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We have had several opportunities to lend to Adam and George. Both brothers maintain leverage against
their shares of ETE. While we executed a small margin loan with George in 2015, it was taken out by UBS
when we made a margin call. We have also looked at a couple of mortgages for George (commercial and
residential) but have not been able to beat BAML on terms or pricing.
We have tried two or three times to lend money to Adam over the past few years, but also have not been
able to get anything done. There have been two major issues — first, he is extremely levered against his art,
real estate and ETE shares. When ETE fell from $20 to $4 in 2016, he was probably close to 100% LTV with
$500mm of debt. Second, BAML has controlled all of his borrowing and prevented us from really being able
to compete. Furthermore, despite Adam's asset-based wealth, he has little cash flow. The last loan we
looked at was a mortgage on the former Andy Warhol estate in Montauk, but we did not feel Adam qualified
for a mortgage based on limited demonstrable cash flow. He owns another Montauk property that he has
not been able to sell at a $40mm asking price.
Unless we can find a way to develop a meaningful lending relationship, I don't see opportunities for other
business from the two brothers.
Confidential
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e)
DB-SDNY-0062538
CONFIDENTIAL
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2018 Account Planning
RM contribution
Relationship Name: Safanad
Banker Team: Stewart Oldfield
GCIS Number: 00000550996
Relationship Team:
ISG:
DPM:
KCP: Matt Glassman
Lending: Laura Farischon
Client Profile
Trust/Custody:
WPS:
Deposits: Charlie Burrows
Other:
Safanad Limited, a global principal investment firm in Geneva, was founded by Mr. Kamal Bahamdan with
the backing of the Bahamdan Group. Now based in New York City and Dubai, the structure is described as a
hybrid of a family office, asset manager and endowment and invests in real estate, private equity and public
markets. Mr. Bahamdan is the main point of contact for this relationship as well as the main source of
wealth. Mr. Bahamdan was also Co-Founder and Managing Partner of BV Group Ventures, LLC. He
developed strategic alliances and joint venture, generated deal flow, and was deeply involved in direct and
fund investments. He was a Co-Founder of Al-Khabeer Merchant Finance Corporation. He was a Managing