Ann: Update to initial return to Shareholders, page-6

Your second paragraph appears to me the more logical. if CVF “wins” Altho they have reduced the management fee, they will take a higher management fee than if GVF “wins”. If GVF appoints it’s appointees, they will push for a lower management fee, and that will mean marginally more in your pocket.
Either way, I believe the fund will be wound up and funds returned to SH. IMHO, Miles has high principles, t and he is objecting to the way that the fund has been run without a fund manager being appointed, but management fees being taken out anyway.
One would think that if the fund had been run ethically and professionally over the last 12 months, then Miles and GVF would not have been able to pick up shares in CVF at such a discount.
Sitting in cash in one of the greatest opportunities in years, is not indicative of a good fund manager.... more like one who could be compared to a rabbit caught in the headlights not knowing which direction to move.
Altho I think we would all like our funds returned ASAP, sometime principles count. I guess if The CVF board win, you know where you are in the shorter (but poorer) term
For what it’s worth, I voted for MIles. PS.... I am also a SH of GVF.....