I've just been reading over this and trying to make sense of it.
I don't really understand why management can't just cut the management fee and drop out the performance fees without having to establish a new entity (still wholly owned by 360) that we sign management rights over to?
I have to think it's got something to do with the new entity getting locked in for a minimum term of 10 years.
Amazingly under this new agreement they would be titled to a full 2 years of management fees if they were terminated "without cause" as the fund manager.
Even if they are terminated "with cause" they are still entitled to 6 months worth of forward fees.
I'm just not sure why they may be concerned about that considering the stranglehold they all ready have on the register?
TGP actually can't vote their 42.2% percent stake here so that means it's going to be decided by the remaining 58% of the register.
I'm going to try and do some more digging and see what I'm missing because this is seeming a bit strange.
TOT Price at posting:
39.5¢ Sentiment: Hold Disclosure: Held
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