The strength of GMG allowed the shareholders to release value from the business in the form of dividends and preference share redemptions.
At most of the funds, the pace of share redemptions has been modest -- and money continues to flow into the worst performer.
In at least three of the seven bankruptcies, however, companies appear to have been made more vulnerable by debt taken on to return money to Bain and its investors in the form of dividends or share redemptions.
"The combined value of our cash balance and investment fund increased from £197.4 million to £225.8 million, reflecting dividends and preference share redemptions from Trader Media Group (TMG), partially offset by cash outflow to fund GNM's operating losses.
More to the point, investment trusts tend to spew out far less capital gains tax to shareholders because, unlike mutual funds, trusts aren't forced to sell stocks due to share redemptions.
The U.S. is now rolling out new regulations that will allow MMMFs to delay share redemptions by their investors if the funds are invested in private sector assets--to help prevent runs and asset fire sales during periods of negative investor sentiment.
Most ETFs entirely escape the obligation to pay out capital gains because they do not buy and sell shares of stock; rather, brokerage firms respond to the demand for the ETF by assembling baskets of component stocks and swapping them for newly minted ETF shares; redemptions work in reverse fashion.
In any case, the parallel did ascribe to Mary and to her obedience an active share in the redemption of the human race: all men had died in Adam, but Eve had participated in the sin that brought this on; all men were saved in Christ, but Mary had participated in the life that made this possible.
When they divorce, Jim has Funbook buy out Jane's shares (a stock redemption, for the company buys back its own shares).
He has a Nevada-based company through which he owned his Wynn shares before their redemption, and it also has an equity interest in the Philippine gambling operation.
