Compare what certificate holders receive under the current waterfall in admin mode (hurdle first, then the current split, on a portfolio that loses value over the holding period) against the proposed no-hurdle split with active management on the full proceeds. Everything is per €1 paid in.
Admin mode: r·M is distributed, investors take all of it up to the hurdle H, then sold of the rest. Proposed: snew·M. With r = 1 − leakage, the break-even above the hurdle is M* = H·(1 − sold) / (snew − r·sold); if snew ≥ r the proposed deal is at least as good at every multiple.