{
  "schema": "gah.source-manifest.v1",
  "slug": "levitection-signed-term-sheet-no-close",
  "title": "Levitection: The Signed Term Sheet That Never Closed",
  "published": "2026-09-30",
  "scope": "Source-bound reconstruction of the 2016 Levitection financing from negotiation authorization through proposed economics, signed term sheet, budget review, explicit decline and negative bank-close test.",
  "evidence_packages": [
    "/Volumes/homes/admin/GAH_US_RUN6_LEVITECTION_BIRD_DHS_MASTER.md",
    "/Volumes/homes/admin/GAH_US_RUN7_EPSTEIN_TECH_BANKING_MASTER.md"
  ],
  "sources": [
    {
      "id": "APRIL-PITCH",
      "class": "PRIMARY_EMAIL",
      "record": "EFTA01802733",
      "url": "/pdf-lite?id=EFTA01802733",
      "supports": "Barak proposes Udi negotiate better terms using the Reporty construct; Epstein or Darren and Barak to be updated.",
      "limit": "Investment discussion/negotiation request, not closing."
    },
    {
      "id": "APRIL-YES",
      "class": "PRIMARY_EMAIL_THREAD",
      "record": "EFTA00326339",
      "url": "/pdf-lite?id=EFTA00326339",
      "supports": "Preserves Epstein's 'Yes' response to the request to send Udi to negotiate.",
      "limit": "Authorization to negotiate, not authorization to fund a final transaction."
    },
    {
      "id": "JUNE-TS",
      "class": "PRIMARY_TERM_SHEET_MARKUP",
      "record": "EFTA00589112",
      "url": "/pdf-lite?id=EFTA00589112",
      "supports": "Proposed investor entity under Barak control; $1.02M initial + $680K deferred; 38.50% FD after both tranches; statement-of-intent status.",
      "limit": "June markup is not the exact signed July attachment."
    },
    {
      "id": "MAY-JUNE-REDLINE",
      "class": "PRIMARY_TERM_SHEET_REDLINE",
      "record": "EFTA00588982",
      "url": "/pdf-lite?id=EFTA00588982",
      "supports": "Earlier redline showing evolution of proposed economics and cap-table terms.",
      "limit": "Draft/redline, not final signed instrument."
    },
    {
      "id": "SIGNED-COVER",
      "class": "PRIMARY_EMAIL_WITH_SIGNED_ATTACHMENT_NAMES",
      "record": "EFTA00636238",
      "url": "/pdf-lite?id=EFTA00636238",
      "supports": "July 14 FWMK cover states signed term sheet attached and sent to Darren; Barak forwards to Epstein.",
      "limit": "Signed attachment bodies are not separately exposed as clean OCR EFTA text; exact signed terms should not be assumed identical to June markup."
    },
    {
      "id": "DECLINE",
      "class": "PRIMARY_EMAIL",
      "record": "EFTA02346720",
      "url": "/pdf-lite?id=EFTA02346720",
      "supports": "Aug. 13 Epstein budget review and explicit decision to decline further investment; Barak accepts.",
      "limit": "Explains decision not to proceed, not every prior negotiation detail."
    },
    {
      "id": "RUN7-BANK-NEGATIVE",
      "class": "GAH_BANK_CORPUS_NEGATIVE_TEST",
      "record": "GAH_US_RUN7_EPSTEIN_TECH_BANKING_MASTER.md",
      "supports": "Search of available Southern Trust technology-banking corpus found no Levitection-family funded transaction; Reporty positive control was recovered.",
      "limit": "Negative result is bounded by completeness of recovered banking corpus."
    }
  ],
  "proposed_terms": {
    "initial_investment": 1020000,
    "deferred_investment": 680000,
    "total_contemplated": 1700000,
    "fd_ownership_after_both_cash_tranches_pct": 38.5
  },
  "open_questions": [
    "The exact text of the July signed term-sheet attachments.",
    "Whether any definitive documents were drafted but are absent from the recovered corpus.",
    "Whether a non-Southern-Trust vehicle ever advanced funds outside the available bank records."
  ],
  "not_established": [
    "A funded Levitection investment by Epstein, Southern Trust or another Epstein-associated vehicle.",
    "The final identity of the unnamed Barak-controlled investor entity.",
    "Share ownership, board rights or warrants arising from a completed closing.",
    "Any causal connection from the unfunded 2016 proposal to later BIRD/DHS-related activity."
  ]
}