I spoke to Sardar for about half an hour today at Andy Kilpatrick's party in Omaha. We discussed the compensation agreement. There will be a special AGM for the agreement where shareholders will be able to ask questions. I think all investors should make up their own mind on their ownership as information becomes available. I didn't hear anything that would change my opinion significantly, but he explained that there would be adjustments made before the incentive allocation is calculated for share issuances, buybacks, etc.
Our investing philsophy is we make investment decisions based on the financial statements alone. If management's conduct is favorable, then that is the icing on the cake. But if management's behavior is unfavorable, then that can have a material impact on how we feel about an investment. In this case, there are some winds starting to blow in the wrong direction. Cheers!