Why not deal directly?, page-9

Dumas - "Sure NAOS are not going to manage a Micro portfolio at 20 bps!"
If conditions are not met ( which presumably includes no performance fees), NAOS pays away $6.7m to CGA over 4 years for managing CTN portfolio. Thats the minimum payment. Effectively, NAOS is managing the CTN portfolio for 0.2 to 0.3 % pa. and are happy to do that.
CTN Board, cut out the middleman. Save $6.7 m to $12.5m for your own shareholders.
Hang CGA out to dry.
Oops thats not possible as NaOS has a conflicted investment in CGA. Yoda recalls seeing various NAOS operatives at the last CTN EGM. The mind wonders. Thinking....thinking...