The warrant was not transferable, meaning it would only be paid to beneficial shareholders, not to the brokerages to distribute to clients.

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Management and marketing skills are not transferable, the thinking goes, since the federal customer is a political animal that seldom behaves like an economic rational actor.

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Investors may purchase proprietary funds without appreciating portability restriction and the firms do not necessarily tell their clients that the assets of proprietary funds are not transferable.

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