Ann: Weekly NTA Update, page-5

Here is the difficulty - They get 1% of NTA as a fee. They never spend that amount on portfolio management so they get around $860K and on a small fund like this say 2 people @ $180 is $360K why would they merge...

They are appointed for 10 years normally so still have two years to go and have termination fees built-in. If they do anything they may ask for a $2.00m break fee and leave the stage. URB sold to TGP and Contact asset management ( the investment manager) took a fee of $2.5 Million.

I personally would like them to take 50% and invest conservatively and let that pay a return and take the rest and be true contrarians.