If the GPT sale does occur you would imagine that the AAZPB...

If the GPT sale does occur you would imagine that the AAZPB would be redeemed even though it is not a requirement under the PDS.

ALZ would be awash with cash that would be returned to investors via a capital distribution. The fact that AAZPB are incurring an interest margin of 4.80% would be a big incentive to pay them down prior to paying the capital distribution.

Why would you leave an above market interest burden on a smaller entity with lumpy developer cash flow when you are fully capable of paying it out? There is no logical reason why you would.