Re assets on a wind-up. A note of caution - remember Timbercorp...

Re assets on a wind-up. A note of caution - remember Timbercorp Orchards secured debentures (TODHA) much recommended as a buy by those fine brains at Intelligent Investor on the basis that assets secured under these units far exceeded the share price? Well two year later, assets finally distress sold for a fraction of book price, further eroded by receivers'/liquidators' fees still mounting and no payout until at least 2012 after a legal battle against other claimants.