Briefing Document: Analysis of Lucky Trigger Excerpts

Subject: Review of Key Themes and Information from Selected Document Excerpts

Overview:

This briefing document provides a summary of the main themes and important facts gleaned from the provided excerpts of the document titled “PDF – Lucky Trigger.pdf.” The excerpts primarily consist of email and text message exchanges between various individuals, including J.R.O., Nate H., Samir Jauhar, Dan Clivner, JRI (likely Jared Isaacman), J.D. Oder, II, Randy Iscovich, John Shutter, J. Angelo Stio III, J. Andreoli Jr., J.D.L., Brenner, Taylor Vaughn, J. Resnik, Mike Sommers, Randy Miskanic, Taylor Lavery, Jason Yeager, J. Darrell Street, and Lou Russo, among others. While some documents are noted as sealed or theoretical’d, the provided text offers significant insights into business dealings, internal communications, and personal interactions within a professional context, likely related to the payments industry.

Key Themes and Important Ideas:

1. Interpersonal Communication and Relationships:

• The excerpts heavily feature direct communication through text messages and emails, revealing the nature of relationships between the individuals.
• Terms like “fraternal bond” are used to describe close relationships, as confirmed by J. Andreoli Jr.’s deposition. He states that “fraternal bond” means “Like a brother,” and that he viewed Mr. Isaacman “as a brother.”
• Some exchanges indicate personal struggles and emotional responses, such as T. Isaacs’s text stating, “What happened today made today the single worst day of my life,” and J. Isaacman’s text about a “really big decision to make. So big it almost brings tears to my eyes.”
• The use of casual and sometimes coarse language (“For f— sake,” “shit sold or installed”) is present in internal communications.
• There are instances of seeking and offering help, as seen in J. Isaacman’s texts to “5581” regarding “Big problems with the instacartel” and needing help.

1. Business Dealings and Transactions:

• Discussions around potential acquisitions and engagement letters are present, such as the email string concerning “Project Bolt – Draft Engagement Letter” between Dan Clivner and Samir Jauhar of Evercore.
• Negotiations and terms of potential deals are mentioned, including discussions about “the tail” in an engagement letter and a “shorter tail than usual… given the high likelihood of a transaction and the strategic nature of the asset.”
• References to companies and entities within the payments space are frequent, including CardConnect, Shift4, First Data, Oracle, Creditcall, and 3Delta Systems.
• There are internal discussions about business performance, such as the email from J.D. Oder concerning “Oracle” and mentioning having “almost 100k in new shit we have not been paid on.”
• The concept of acquiring businesses or taking customers from competitors is discussed. Lou Russo asks Jared Isaacman if they are “taking shots at each other?” in reference to MOD Pizza potentially moving from First Data back to Shift4. Isaacman states he doesn’t care about a customer at Fiserv, but that if a customer has their software on it, “it’s our customer.”

1. Confidentiality and Sensitive Information:

• Many emails include disclaimers about confidentiality and privilege, emphasizing the sensitive nature of the communications.
• The presence of numerous sealed documents and redactions throughout the excerpts highlights the effort to keep certain information private within the legal process.
• Explicit discussions about avoiding written communication on sensitive topics are evident, such as J.D. Oder telling [Redacted] “Don’t text. Burner phone,” and J. Darrell Street stating, “He pushed mkultra project onto me. The rest I don’t want to put in writing”.

1. Internal Operations and Conflicts:

• Discussions about internal issues within a company (likely Shift4) are present, such as J.D. Oder’s text citing individuals who “make it a habit of taking accounts away from reps.”
• Mentions of potential revenue recognition issues at a “3 party which impact both the Q2 and Q3 numbers” suggest internal financial concerns.
• Text messages reveal frustrations with colleagues, including a statement about someone being “300lbs.. Lazy.. and a liar.”
• An employee (Andreoli) expresses frustration with “the stresses and the baseless dealing with corporate and data, dealing with legal and stuff, dealing with the baseless talking stuff, dealing with the bank and all of shit that they create all on their own” and considers quitting.

1. Suspicious or Cryptic Language:

• There are instances of potentially coded or cryptic language, such as the mention of “black edge” in connection with Exhibit Lists.
• The phrase “As above, so below” is used in a text message, which J.R. Andreoli states he “made up” to mean “everything was going fine,” despite questions about its origin or relation to Mr. Isaacman.
• References to “cracking their Masonic cipher now” and discussions about “Philosophical Society” as a “code word for B.” appear, suggesting potentially non-literal or veiled communication, though the “Masonic cipher” is later described as a joke in a deposition.
• A text message from J. Resnik includes a threat referencing the “Illuminati” and the intention to “destroying you your brother and shift4.”

1. Potential Misconduct and Legal Concerns:

• Testimony discusses the concept of “purposely inflated its monthly processing volume,” with mention of “ARTIFICIAL VOLUME” and documents related to this.
• A text exchange between J.D. Oder and [Redacted] includes “Got to get a burner phone,” suggesting an attempt to evade tracking or monitoring of communications.
• Discussions related to potential non-compete violations are mentioned in a conversation between JDO (J.D. Oder) and JS (John Shutter), where JS’s help in getting a customer “is in your contract. In your non-compete.”
• Jared Isaacman explicitly asks J.D. Oder to include information if individuals are involved in anything “off,” “like occult or some wierd cult.”

1. Technical and Operational Details:

• Discussions about specific technical aspects of payment processing are mentioned, such as the description of Shift4’s Token ID software and how it “grab[s]” sensitive data from credit card terminals. This is noted as being “CardConnect’s patented technology.”
• References to integrating different systems and addressing technical issues are present, including discussions about UTG integration and Level II and Level III pricing issues with lodging merchants.

Important Facts and Details:

• Exhibit Lists (Docket 116-9, 116-10, 116-12) indicate searches for the term “Black Edge” in text messages.
• Nate H. informs J.R.O. that “Rock is getting acquired by someone else” in an email on August 16, 2019.
• An email from Dan Clivner to Samir Jauhar is titled “Project Bolt – Draft Engagement Letter.”
• A text exchange on July 27, 2018, shows J.R.R. expressing frustration about “Oracle,” stating they have “almost 100k in new shit we have not been paid on” and considers walking away and wants “the final ask on this for the bribe.”
• Text messages from June 13, 2017, discuss individuals “taking accounts away from reps.”
• Deposition excerpts confirm that Shift4 “FREQUENTLY” inflated its monthly processing volume, and there are documents and text messages showing this.
• Text messages between J.D. Oder and [Redacted] from October 25, 2019, include the phrases “Meet downstairs,” “Don’t text,” and “Burner phone.”
• A text message exchange from May 27, 2020, involves JRI (Jared Isaacman) forwarding an invoice with a question about monthly gateway fees.
• An email from J.D. Oder II on June 23, 2017, questions whether a party is “paying attention to the fact that they say we breached vs. reality.”
• Text messages between Brenner and J. Isaacman and Taylor Vaughn discuss arranging a conversation and refer to “FTV that actually means Franklynn.”
• A text exchange from September 25, 2017, between JS and JI (J. Isaacman) includes JI saying “I don’t want to get anyone upset” and “But you can delete that last message now”.
• A deposition excerpt from J. Angelo Stio III references a text message from Sam Minkoff asking for a copy of “project ocean” and joking about Stio having “the sugar daddy money now and retired to an island.”
• Text messages between J.R. Isaacson and J. Andreoli on February 6, 2019, include J.R. Isaacson stating, “I’m such a dumb ass,” “So sorry,” and “I have all of their toys in my possession. I plan on going nuclear on friday.”
• An email dated September 11, 2017, from J. Isaacman to Randy (copied to Taylor) about 3Delta Systems includes the statement, “We’re going to pull them all out and we’re going to make an enemy of them.” Isaacman states the “underworld is pretty small and you piss off the wrong people, many others turn” away.
• A text exchange on April 25, 2018, between J. Isaacman and M. Russo includes Isaacman saying, “For f s sake. I don’t have time for this Mike. You can use our software but not distribute it. How many times do I have to say it.” He then asks, “Does Shift4 intend to do anything more than use the Card Connect software internally,” to which there is no response.
• A deposition excerpt mentions J. Draper’s strong email calling business dealings “amateurish and disgusting,” specifically referencing “executives at Card Connect.”
• Text messages from June 21, 2016, mention hearing about “the tunnel.”
• A text message from J. David Oder in August 2017 indicates he doesn’t recall what “it” meant in a prior conversation about Jared doing “it down the shore.”
• Text messages on May 9, 2018, include “Owl + pyramid + 33.”
• A deposition excerpt discusses the use of “1644” to represent Shift4 and Nate (Hirshberg) talking about “Kabbalah” and believing in “Gematria” and applying it to the letters and numbers of Shift4.
• J.D. Oder describes his comment about “cracking their Masonic cipher now” as a “joke.”
• A text message from J. Andreoli Jr. on April 21, 2019, states, “I have had it… I am going to quit.” and lists grievances. J. Isaacman responds, “I understand. It’s probably 2 years overdue.”
• An email from J. David Oder on August 29, 2016, includes a “to do list” with items like “Call BofA/First Data and give them 30 day notice,” “Talk to legal on how we deal with the fallout from First Data,” and “Finalize the deal with TSYS.”
• A text message from June 15, 2021, discusses potential “kickers for sales reps if they close a Shift4Shop deal.”
• A text message from J. Isaacman on November 2, 2017, states, “I have a really big decision to make. So big it almost brings tears to my eyes”.
• A text exchange on January 15, 2019, refers to “philosophical society” as a “code word for B.” and J.I.D. stating “He will do whatever I tell him to do.” in reference to B.

Limitations:

It is important to note that this briefing is based solely on the provided excerpts. The sealed documents and redacted sections likely contain additional relevant information that is not accessible. The context surrounding certain communications, particularly the cryptic or potentially coded language, may be missing or limited. Therefore, this briefing represents an analysis based on the available text.

Conclusion:

The provided excerpts offer a fragmented but insightful view into the internal workings, relationships, and business strategies of the individuals and companies involved. The communications reveal a mix of professional dealings, personal interactions, and potentially concerning activities related to competition, internal conflicts, and perhaps the manipulation of business metrics. The frequent use of text messages highlights the informal nature of much of the communication, even on sensitive topics. The presence of sealed and theoretical’d documents underscores the confidential and likely litigious nature of the context from which these excerpts are drawn.