logical solution, but an ugly mess!, page-4

Good post. I would think that under Opt 2, since the shareholder mandate is a wind-up, the investements will be disposed as soon as reaonably possible. Of course, the RE / Manager has to act in the best interests of the unitholders, so should not dispose at very low prices. But I would not assume that they will hold to get full value either, if the assessment is that full value will not be achievable for some years.