target price > $5.10 - $5.75, page-48

unfortunately it doesn't have a business. it invests in real estate and businesses, and even if it currently earns management fees (and forget if they are actually paid for a moment) but when they sell that investment they stop earning management fees? can they reduce their costs by this reduction? Unlikely. can they hold these investments forever and earn fees ad infinitum? No, because all the investors in those sub-trusts want to exit at some stage. if they can't raise monies they are dead. its just a question of time.