Yes, Jim, you are right about the extra percentage of cash going to XTXI. I left it out to keep it simple since it still did not allow XTXI to catch up from a dividend/distribution perspective.
I agree that some funds cannot hold XTEX and the issue of add'l tax implications of XTEX distributions.
Another item is that it appears that the management is only allowed to own XTXI stock and issued XTXI stock as a form of compensation. Of course, by owning XTXI, you technically own XTEX based on what we already know.
I am still trying to ascertain what makes the corporation (XTXI) more valuable. It may have to do with the fact that XTEX is completely run by XTXI as the management has total control of operations, deciding future distributions, acquiring/dispursing assets, and ultimately the sale of company and how stock sale price would be determined. Obviously, it is in the interest of management to have a high value for XTXI since those are the shares that they hold.