Hi everyone, let me thank you in advance for your support on this.
I have a couple of questions in relation to the economics of the search and the voting rights of the Principals post-deal:

1) If the Principals manage to close a transaction before the search deadline, which results in saving some search capital budget, what traditionally happens to that amount of saved capital? Does it roll into the deal to minimize the required acquisition equity or there are other possibilities?

2) Post-deal, and considering the typical structure of double tranche of preferred equity for investors (Class A redeemable at 15% coupon + Class B participating non redeemable at 0% coupon) how much voting rights do the Principals keep? Asking this specifically to understand how much "freedom" will the Principals have in executing extra-ordinary finance transactions (without having to go back to up to 16 different investors to get the approval).

Once again many thanks in advance for you support!