Ann: Internalisation of Investment Management Agreement, page-3

Finally !!! - BPAM have presided over a massive dilution in shareholder value and sucked fees out as BFC has lurched from disaster to disaster. Having to pay out $1.1m and issuing shares to exit the agreement is just adding "insult to injury" but no doubt there are contractual exit clauses in the agreement.

But wait - "BPAM have offered to voluntarily forfeit any performance fees which may accrue in the period prior to settlement" ....... such generosity - I wonder how they kept a strait face in the negotiation when they said.

At least (aside from the settlement) BFC has now stopped the cash drain to BPAM.