But if I understood correctly most of the money is held by havelock (can somebody confirm that?).
Also twentyseventy has an interest to let the derivative run as long as possible, because he gets a comission of 1%.
That's correct, Havelock current manually confirms all withdrawals from fund accounts. Since there shouldn't be any reason to withdraw coins from BDD, the likelihood of this being approved is fairly low.
And if I remember correctly, that 1% is actually 0.4% (Havelock fees) and 0.6% (his commission).
The 1% NAV/U premium that buyers of EXCH pay is not going to twentyseventys pocket. It is added to the funds NAV, very slightly increasing the value of B.SELL whenever EXCH is bought.
Twentyseventy apparently worked out a deal with Havelock for his income. We don't know what it is, but I suspect something like getting a part of all trade fees earned by Havelock on BDD-trades.
The 1% fee on top of the Period Beginning NAV/U goes to Havelock (.4% for the exchange fee, like any share sale on the site) and to the fund's capital itself (.6%) adding to the Net Asset Value of the shareholders.
Regarding the funds: they are all kept on Havelock. Withdrawals from Havelock Fund Managers' accounts have to be approved by Havelock. I've actually got them doing manual transfers from EXCH to SELL/MINE, so there's no longer any reason for me to have to perform a withdrawal at all. This isn't to say that there is no counter-party risk to shareholders, but since I don't have direct control of the BTC nor withdrawal ability, it's greatly decreased. Rannasha is in the right ballpark when it comes to the benefit of my managing the fund.