Ann: Market Update, page-7

I suspect that the wind-up value will be a lot less than their NTA. This is the problem with illiquid assets, the NTA assumes that the assets will be held to exit. It will be difficult for BAF to exit just their share of unlisted private companies, real assets and property holdings/developments without incurring a substantial discount to NTA.

This is why the Wilson's arrangement would be so good for holders of BAF, the fund could get back to what it was originally set up to do, which is to find attractive alternative assets and invest in them rather than sitting on cash and doing buy-backs.