Ann: Max Trust Market Update - Asset Sales , page-8

Well I hope so daleg but I just cannot see it. I don't want to see assets sold off too cheaply just to get a conclusion.

And with natural cashflows and maturities appearing to cover all of the outstanding deferred interest (and possibly more than is necessary) between now and June 2014, cannot see the need to sell off stuff down at 90% NAV, although it may be forced through by the deferred interest holders but they also cannot override the asset sale restrictions.

Look at the latest quarterly report and see how big the discount is on the two CDOs. It looks like the CDOs are a batch of individual CDOs in several company, a few of which have failed and most that will mature at the end of 2016 and early 2017. They are $17M below their face value and although some of this may be impaired, it represents 10 cents of NAV discount on its own. I think selling these off too soon would be a mistake.

Good discussion.