RFF which is the unit trust listed on the asx doesn't earn...

RFF which is the unit trust listed on the asx doesn't earn management fees they pay them to RFM. This is a completely different structure to Bluesky which using Rural Funds Group as an example had RFM listed on the asx not the other way around. Now it seems that one of your and Bonitas main issues is that the valuations of the assets in RFF are overvalued and therefore 2 things are occurring
1 RFF is paying exorbitant management fees to RFM. These fees are included in the accounts every year and based on the cashflow statement don't appear to be overly onerous.
2 the overvaluation of assets has enabled RFF to setup a borrowing facility backed by the assets from NAB. This has certain covenants one of which is linked to asset valuation. Bonitas believe the assets are overvalued by at least 100%. This theory IMO doesn't wash. You have repeatedly tried to debunk RFF's assertion that assets are valued by an independent valuer and signed off by the auditors. As unlikely as it is that this method is completely inaccurate, I will admit that there is the slightest of possibilities. But what you haven't allowed for is that the NAB in its role as the lender would also obtain an independent valuation of the assets and it seems that they have a similar opinion to the auditors and the independent valuers commissioned by RFF. NAB really have no motivation to overvalue the assets and therefore I am more inclined to back their valuation. Clearly they don't see a problem with a contravention of covenants as they have increased the borrowing facility 3 times in the last 3 years.

Could all of RFF, independent valuers, the auditors and NAB all be so wrong? I doubt it.