Ann: Max Trust Asset Sale Update , page-3

Im interested to get a few opinions. But looking at the latest asset sale. I think that its a sign of things to come.( a good sign). The trust has only sold a couple of assets so far, but from June 2011 onwards it has the ability to sell assets for 95% or more of face value. If you compare the fair values in the accounts to the face values in the June 2010 quarterly update there are quite a few assets where the difference between fair and face value is minor ie under 5%. If the trustee is doing his job, he will present value the full cost of holding each asset to its maturity ( including the deferred margin) compare that to the asset present value income and finally to the market value of the asset. If the presnt value loss is greater than the discount from face value to sell the assets ( assuming no more than 5% discount) then he should sell the assets to mitigate our losses.

If you look at whats already been sold ( Gosford and Mobius AMT) add to that the assets that mature this calander year, the assets that will fully amortise this calander year( ie weighted average life dec report) and finally the assets that have a fair value close to face value, you get$200 to $250 million by December. Ie the majority of the debt could be repaid by christmas.( excluding the deferred margin) I think Im reading this correctly . I dont think refinacing is on the cards, but more asset sales.

Just my opionion Im interest in other opinions.