Washer

Bart M. Schwartz

Dear Platinum Partners Stakeholders and Interested Parties:

Assuming that my application to resign will be effective soon, I wanted to communicate with you. First, I have posted the SEC’s latest submission to the Court which was filed late yesterday. It restates what was previously said, which I have already responded to in my letter to the Court previously unsealed by Chief Judge Irizarry.  The SEC does add a new wrinkle, taking up the position of PPVA regarding the proceeds of the redemption of Navidea notes. The proceeds were divided as agreed to and PPVA’s newly raised complaint, apparently accepted by the SEC, is inconsistent with the documentary evidence and with prior statements made by the Cayman Liquidators. Moreover, the SEC team was kept apprised of PPVA’s litigation threats against PPCO and specifically advised that the Navidea issue was resolved in favor of PPCO after demonstrating to PPVA that they were mistaken. Click here for a slide from the PowerPoint presented to the SEC dated March 20, 2017.

However, the SEC’s now apparent acceptance of this PPVA claim is further support for my decision to seek my resignation as it further demonstrates that my relationship with the SEC team handling this matter is irretrievably broken. I am confident that I have acted in good faith and always attempted to implement the Order of the Chief Judge.

 Very truly yours,

 Bart M. Schwartz as Receiver