1Bacchus,While I agree with your sentiment regarding the quality...

1Bacchus,

While I agree with your sentiment regarding the quality of the people providing the finance in this vehicle, can I make a suggestion aimed at clarifying how such people might be thinking.

In my mind, I consider them to be the equivalent of seed capitalists - of the highest order. In essence, these people are providing the capital to build a company and at some point they are going to want to monetise these unlisted shares. (They hold the shares - not Pensador as you suggested in your post. Pensador holds the cash).

As a long time seed capital provider, I can tell you that the end game is always about bringing this unlisted entity to market in order to realise the full value of your investment. The normal method of achieving this is through an IPO (or back-door listing as appropriate).

In the case of Pensador, the realisation of value will be achieved when CVI invokes its claw-back provisions and the Pensador shareholders end up with shares in a listed company which they can sell as and when they see fit.

The corollary to this is that the fund providers for Pensador will be more than happy to do whatever is necessary to increase the value of CVI, since this is ultimately increasing the value of their Pensador shares.

Cheers

Badfish