Ann: Max Trust Market Update - Asset Sales , page-4

My info on Glitnir tells me that was a reasonable price we got on the sale. Market expectations are 25% recovery in the long run, so 17% now is fine.

I don't think it will be quite as quick as that daleg (although I too would not mind if it was quick as is your wish).

I still think there is some sort of play on the tax losses to be developed.

Also the need to sell the assets more quickly is a lot less urgent because on my projections the natural cashflows and maturities between now and June 30 2014 will see the remaining deferred interest paid off without having to sell any of these assets at a discount to NAV any more.

The less that can be sold at a discount, the more NAV we can realise, although as you rightly point out there may come a point where improvement is such so that it is not worth waiting for any more.

Anyway, at least we are not losing and are well ahead.