I'm interested in how corporate earnings can be packaged and/or sold BEFORE the management gets its hands on them.

The entire Canadian Capital market has gone down this road - through the "Income Trust" phenomenon - which demonstrates quite how attractive such a "pre-distributive" model is to investors, particularly pension funds.

My thesis is that a "Capital Partnership" - ie the selling of proportional shares (through a partnership between "Capital User" and Investor in LLP or LLC vehicles) in revenues or production - is possibly an optimal asset class.

And of course, the valuation of such "Equity Shares" - as I call them for want of anything better - is entirely in line with the approach you set out with such clarity.

"The future is already here -- it's just not very evenly distributed" William Gibson