Please explain how they were bailed out, which my comment was in reference to?

Sounds like you have a problem with their fee structure - but not sure where the connection with a bailout is.

Separately, you do realize that (generalizing) hedge funds typically charge fees annually and have high water marks, which mean if the fund declines in value they give back fees that have been accrued for that year, and that they don’t charge incentive fees again until they’ve recouped investor losses?