ITUP 26% ownership of Masala Capital Advisors
Associates/managers 41% of Masala Capital Advisors
I think this should be
ITUP 46% of Masala Capital Advisors
Associates/managers 21% of Masala Capital Advisors
Why?
1) your responsibility is towards the ITUP shareholders
2) the associates/managers are already getting paid by the hour
3) WM/Cow Capital and the other 4 SPAC's will be competing for SDIRA assets. It doesn't seem like a healthy situation if ITUP owns only 13% of Cow Capital (roughly half, after the merger). Now you have an incentive (as ITUP) to "keep" the SDIRA assets for the other 4 SPACS because ITUP will benefit much more from it.
I would probably object to this if I had been an ITUP shareholder. I am not because I am getting paid by the company, so it is not for me to complain (and put my 1% ownership at risk in the process).
Some additional questions (please) because I know that other shareholders will have them too.
1) Of that 13%, will half be distributed to the shareholders as a stock dividend? Because I thought you said that ITUP shareholders will gain Cow shares as well. Now you (ITUP) are down to 6.5%....
2) Does it follow that ITUP will hold on to all of the net assets it is currently holding on to? IOW, Masala Capital Advisors will get none of it (other than a few bucks for operations perhaps, to get it started). You can't... transfer assets to MCA since ITUP shareholders own only 26% of it. It's probably illegal too (perhaps something to consider) :-)
3) And I know Snow is wondering about this as well. What will remain for ITUP after MCA is absorbed by Cow. How much of the gold assets and the roughly $300M in earnings you booked a year ago, will remain for ITUP? This question becomes even more relevant now because, as I just said, you basically can't transfer those assets to MCA.....
Hmmmm.
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