Maybe an extreme example will help. If AM shares go up to 100btc each, but the dividends stay at about .025 per week. Is a 5% mgmt fee still going to justify TAT.AM selling for 95btc? Of course not.
I agree with everything you said except this. YES a 5% management fee means TAT.AM is 95 BTC when AM is 100 BTC. Why not?
Think about it this way: Eventually all stocks go to zero, no company lasts forever. If you buy and hold AM for 100BTC you'll make X BTC in dividends over the life of the company. If you buy and hold TAT.AM for 100 BTC you will make 0.95 X over the life of the company.
Therefore TAT.AM is worth 95% of the regular AM shares.
So basically you'll ignore every other point you agree with in order to make one of the points untrue? Your explanation shows a disregard in accepted logic in order to leap to your conclusion. It also implies that TAT.AM can be worth less than zero, which is obviously impossible.
You are welcome to disagree or use your own valuation models, but the fact that you choose to do so, does not make your method absolutely better, or more accurate.