P10 Industries Inc. (PX)

[Tim Eriksen]

Regarding the The Not-so-good:
1) P10 is not a shell company. They own the management contracts of RCP2 and RCP3.
2) They have clearly stated they are looking to acquire other PE firms if the price is attractive and to seed additional firms internally. They did one acquisition last year.
3) Nothing from RCP1 is in their financials. It is all RCP2 and RCP3 contracts excluding incentive fees. We know exactly what is attributable to P10. There is no non-controlling interest.