Great post! Love the analysis. An easier method to get liquidity from this vehicle would be to use dividends as management already owns 44% of FIH right? So from $250M of normalized earning they could pull some out and make it a dividend play. Basically anything except a 2-20 tax on investor. It is a bad idea when you run with other people's capital but insane when you already own 43% of it.
Great post! Love the analysis. An easier method to get liquidity from this vehicle would be to use dividends as management already owns 44% of FIH right? So from $250M of normalized earning they could pull some out and make it a dividend play. Basically anything except a 2-20 tax on investor. It is a bad idea when you run with other people's capital but insane when you already own 43% of it.