BUR, page-10

Morning Jimmy_C

Yes I ignored or failed to quantify the base fees ('weighted average management fee') which when applied to the GKC acquistion of USD $800m is certainly a material component to the acquisition cost, using or applying a X 15 multiple. Which leads to a very reasonable full price for the GKC acquisition, and less to to acquire the brains of the GKC top executive.

Burford explains the 'Partners Fund's' model (The Funds acquired from GKC ) as below;



I think that will be a help to the many IMF-Bentham investors who do not fully understand what the mechanism is to the new USA IMF Bentham 'Closed End Investment Funds' or the Fortress Investment Vehicles.

I expect there to be a substantial disclosure in IMF-Bentham's 2017 financials. Disclosure that is somewhat in delay, as the shareholders of IMF-Bentham have, by and large. been in the dark in what is a substantial operational change in course or tack in their Australian investment.

Am I correct in understanding that there is a parse in the settlement between fund investors who'd be entitled to, after management fees, to 77% (100 % - 23% as in the D above) of any return to the 23% that'll now be IMF-Bentham's?

As apposed to 100% in the current IMF-Bentham model, but with complete obligation to provide 100% of the capital too.

FIG:NYSE and FIIG Ltd. (Australia)

I noted in a post some time back that these two could be a basis for some confusion.

FIG:NYSE
Fortress Investment Group LLC
New York City, New York, United States
This is a company owned by SoftBank Group Corp:TYO

FIIG Securities Limited are a Brisbane, Australia Company.
They are the AU$ Debt & Fixed Income specialists who assists some very large borrowers to access both over the counter debt, and as well as listed debt. They assisted IMF-Bentham to structure their listed bond - IMF Bun Jun19 IMFHA:ASX A bond that has very strict caveats on further borrowing that IMF-Bentham is entitled to or permitted to accept.

FIIG Australia, have every reason to make sure, with some degree of chagrin, that IMF:Bentham dot every 'i' & cross every 't' in the structure of , and meeting of obligations prior, in the US Funding vehicles with FIG:NYSE