Quote:
Originally posted by Greedy,Greedy,Greedy
Not my next question at all.
My next question was what you valued the partnership interest at the day you started a new law firm?
Remember, these guys started the Company (or Fund, as the case may be), and they have a separate stream of income in the management fee to pay salary to all the service providers. The Company buys all the assets after the day they get their interest.
If your new law firm happened to buy a little office condo, would you expect to pay ordinary income when you sold it? Would it have affected the amount you took into income when you started the firm?
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How much would you pay to buy in to Blackstone?
I told you, the math is out of my range of ability. The concept is not. If you mean to suggest that the carry is worth zero because thee limiteds haven't paid in their capital yet, that's absurd. If you are sugggesting that a valuation expert couldn't look a the historic returns, the implied values from the Blacksotone IPO and the other IPOs being bandied about, and the size of the fund and come up with a value, you're either being disingenous or naive.
