Ann: Net Tangible Asset Backing, page-24

I understand what you are saying, with the managers pretty much just buying off distressed sellers.

It definitely wouldn't go down well if you were a buyer at the float, and having to sell back to one of the managers for a hefty discount.

The dangers of closed funds...

I am not sure about wrapping the fund up though, and returning funds at NAV.

I think in the first instance they should implement an off market buyback at NAV up to a specified limit. This would at least give investors wishing to exit, given the disaster, a fair return for a portion of their holding.

I am positive this wont happen though. Their next step will be an on market buyback up to a specified limit using capital within the fund. Although not preferred, it would aid further with the huge discount.