Don't forget that the performance fee gets taken out of...

Don't forget that the performance fee gets taken out of operating profit / loss. That means that even if the company does start producing a profit, the performance fee will likely wipe it out leaving nothing for the shareholders. It's the worst structure ever. The only way a shareholder can make money is if someone buys a segment for more than it's valued in the balance sheet, and dairy is pretty much the only hope there.