I believe the stamp duty alone on the 3 purchases cost $20...

I believe the stamp duty alone on the 3 purchases cost $20 million. (About 14c of TOT NTA). And unlike other tax paid it doesn't come back as franking credits. This figure was kept pretty quiet in the TOT presentations/reports.

If TOT had been wound up after the IAP exit shareholders (including TGP) could have made roughly ~$1.20 (including franking credits).

Obviously hindsight is 20/20 but greater transparency during such drawdown periods is preferable and proactively pursuing shareholder interests. Let's see what happens going forward.

While TOT may well hit a share price / rate cycle point it is great value, my main hesitancy now is the illiquidity discount on top. I was holding it during the last two market crashes and that was a painful experience with no way of getting out at acceptable value.