Ann: Max Trust Market Update - Asset Sales , page-7

I dont agree.

I dont think its worth trying to acheive this and wait for another year and be suject to the ups and downs of the market. the savings will be very minimal and the risks much greater. Simply the holding costs of keeping Max going alone would outweigh the benefits of possibly saving a bit of interest.and the noteholders would also know this and thats why they wont discount for and early payment.

As far as the CDO are concerned. I dont know if the echange rate will affect them. Sure they could go up and they could also go down over the next year. Again just my view but i want to see it finish and realised in the next few months. My bet it that they will move to realise assets after 20 June , when the face value % drps to 90% and clear the deffered margin and start returning capital to us. If they were really really organised they could finish the whole thing by 30 June and not start a new financial year