I don't know what law they broke (if any at all). I don't know if they can keep doing whatever they are doing. I was just arguing against "legal to ... agree t

I don't know what law they broke (if any at all). I don't know if they can keep doing whatever they are doing. I was just arguing against "legal to ... agree to merge and start a fund?", because yes, it would be legal. You're saying they are one step of becoming something we all agree it's ok to do. But they haven't take this step. Again, I'm not saying they're doing something illegal. Just that you can't apply the "joint-venture/company" operating rules for them, because this is not what they are. Bringing "what if" conditions to a situation doesn't change it. You have to analyze for what it is. Sorry if it looked like I disagree with you about the legality. I just didn't think you had a strong backup for the questions.