. I apologize...I should clarify, base management fees will...

. I apologize...I should clarify, base management fees will still exist on current funds.
Base management fees run the business... just cover the expenses, ie do not generate profit.
Valad rely on performance fees from proits exceeding investor base returns. It is not Valads fault but there will be nil performance fees in the near future due to current economic crisis.
They also rely on growing funds under management, and there will be none of that in the near future either. Whilst ever there is a solvency risk around Valad, no investors will be giving them extra or new funds to manage.