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A bit of light week-end reading. What do the initials VCT actually stand for?

Seems to me after a year of ongoing High Court battles where the Directors of so many VCTs have just thrown more than £1m of unrecoverable shareholder money at outrageously padded legal bills of Howard Kennedy llp (solicitors to 95% of all VCTs and independent decision of the High Court of overcharging and improper duplication of fee earners by more than one-third of amounts claimed and paid by the tame directors); a British Virgin Islands resident opportunist being paid to prevent Octopus Titan Directors having to be in front of the Court;  https://www.jtcgroup.com/people/anna-silver/  (You should see the documents I am prohibited from disclosing) and improper collusion by the Directors of all the VCTs with so many firms of Chartered Accountants to hide their otherwise statutorily discloseable hours and charge out rates (upto £1,500 per hour!), that the only possible conclusion is that the initials VCT demonstrably stand for: V ultures, C rooks and T hieves. VCT  direct...
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Proof of the false valuations perpetuated by VCT managers and their "secondary funds" run off the back of the VCT unjustifiable fees?

https://www.institutionalinvestor.com/article/investor-advocates-ask-fasb-reconsider-guidance-secondaries Who would buy a used car from any of the management companies run by the Directors of the AIC? 
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Will 2026 see the final denouement and elimination of all VCTs by HM Treasury?

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HM Treasury's "Call for Evidence" is open until 28 February.  https://assets.publishing.service.gov.uk/media/69317e5ecdec734f4dff424f/Tax_Entrepreneurship_CfE.pdf   It really is time to stop-the-rot of FCA Authorised Investment Managers ripping-off the whole of society.  Albion VCTs in the High Court in March and October Octopus Titan VCT first High Court hearing April  But where does one even start with the Gresham House VCTs and their truly abysmal investment performance (share price nearly 50% lower in last 5 years) after including  annual fees running at least 5 times the fees allowed on their other non-VCT funds which account for >25% of all monies. What a rip-off. The just published accounts really do prove the existence of the PONZI scheme/scam and that VCTs exist solely for Fees,Fees,Fees and new monies raised mainly to rip-off HMRC for a tiny few of the ultra-rich "rolliing-over" their investments every 5 years as shown in the WealthClub public...
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A seasonal present from the Directors of Pembroke VCT that proves the scam of false valuations solely for unjustifiable Investment Manager fees and to scam new investors in successive prospectus.

  A last post before the Festive Season... As Michael Lewis (author Liar's Poker & The Big Short) says - I paraphrase -  Investment Managers and Dealers are a cancer in modern society ... Well the  OCTOPUS ,  PEMBROKE  and (to a minimal extent)  PRAETURA  VCT managers certainly have some questions to answer in the simple and specimen case of  SEATFROG   https://seatfrog.com/  and company no: 11265801 Starting with the Company Law and related FCA filings at the National Storage Mechanism we find the following: SHAREHOLDINGS pre 18.07.26 issue @ £3.4755 OCTOPUS :         4,816,354 valued at £2.74 each PEMBROKE:      1,815,637 valued at £4.00 each PREATURA:      195,979 valued at £2.55 each So what did they all do in July 2025? OCTOPUS - nothing because it is part of a £10m deliberate underreporting of current values compared to new issue price to create a hidden sl...
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"When your fund turns $1 into 60c..."

Do read yesterday's Wall Street Journal "The Intelligent Investor" https://www.wsj.com/news/author/jason-zweig for a detailed explanation as to why NAV stands for "Not Actual Value" in funds that control redemptions and buy backs. Classic PONZI scheme for all VCTs. Redemptions only when new money raised. 
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Can you help? We have to start somewhere in this VCT swamp. CrowdFunder page has just been approved and gone live.

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  https://www.crowdfunder.co.uk/p/otv2 https://www.crowdfunder.co.uk/p/otv2
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As I prepare my submissions to HM Treasury....

Can anyone give me any good reason, ethical or logical, why any Investment Manager's annual fees are based on unrealised asset valuations that they alone determine? Surely they should be based on "hard" assets contributed by investors plus retained realised profits (cash at say 1/10th of investment cost based fee as there is nothing to do). Nothing should be payable for any unrealised net gains as there is simply no ongoing work after acquisition for which their Director's fees don't already compensate.  If we just look at Albion Capital Group they generate annual profits, without performance fees paid for years, for each of the members of more than £700,000.   There is simply no justification for such outrageous fee gouging for doing nothing that any 2-bit accountant couldn't administer. As for 2% for depositing cash in the bank... Question: How much could Albion charge if the US GP base salary of $75k were imposed - any more comes from performance?
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