Subject: Re: O/t, Ackman to follow the Buffett model?
yes you are right. 1.5% fees

HHH will benefit from Pershing Square’s entire organizational team, resources, and bestin-class advisory and management capabilities through an evergreen services agreement,
subject to termination for cause with customary cure rights.6
In consideration for services
rendered, Pershing Square Holdco will receive a fee of 1.5 percent per annum of the
equity market capitalization of the Company, paid quarterly.

As I reflect on this further, the only asset the holding company (HoldCo) will initially possess is 100% ownership of a subsidiary. Essentially, the currently listed HHH will transition into its subsidiary and be renamed HHC.

However, the subsidiary isn't generating significant cash flow; in fact, it requires every bit of available funding for development purposes. This limits the holding company's opportunities to take any substantial action. It makes me question what value the holding company will provide over the next 2 to 5 years, beyond merely holding and managing the subsidiary's shares.

Damn!! just when I thought I made my decision - not quite. Will have to think more about it.