> Management fees in this case were $200 million

"Toys 'R' Us does say in its SEC filings that $47 million in transaction fees that it owed KKR, Bain and Vornado, have been waived. The advisory fees were also voluntarily reduced by the investment firms in recent years" [1].

(Toys 'R' Us did pay the PE consortium "$470 million in fees and interest" [2], but the vast bulk of that goes to the fund, i.e. the people who just lost a billion dollars.)

[1] https://www.forbes.com/sites/nathanvardi/2017/09/19/the-big-...

[2] https://www.bloomberg.com/news/articles/2017-09-19/bain-kkr-...

I'm assuming he was going from the OP article:

>Bain, KKR, and Vornado will have to write off their investment, of course. But they did suck around $200 million in fees out of Toys 'R' Us over the course of their ownership.

That's part of the "fees and interests" bit which is paid to the fund, not the general partnership. If it is paid to the general partnership, it interacts in a complicated way with the fund so as to ensure that if something like this happens, the GP reimburses (or through high water mark effects) pays the fund that money.

TL; DR Nobody on the Toys 'R' Us deal teams at these firms is happy about this, and all will find their lives in the industry a little bit harder going forward.

Indeed I was going from the article.

Pardon me, my bad.