Welcome to the discussion dmosmann. We are now a gang of four on...

Welcome to the discussion dmosmann. We are now a gang of four on this string (including htran).

To keep the show and tell theme going, my average entry is around 17. Not complaining about that at all. Especially after I got a similar outcome on the MFN notes prior to this investment.

I think technically the NAV will be really hard pressed to get to 50 cents as even at full face value that would almost be the max it could be, and that would be assuming that the CDOs which are valued at a big discount to face value making up some large inroads into those discounts, and that is unlikely because some of the components of those CDOs have already failed.

Still, my long term view of 40 cents NAV is out the window now and anything less than 45 cents would be a poor outcome. The ongoing income, now that there is no interest being incurred, does all go into paying off the deferred interest liability and therefore adding on to the NAV, so that does help and may assist in a crawl towards 50 cents.

I don't mind waiting until June 2014 for something over 45 cents. Equally a short term sell off and wind up would also be good.

Again it will depend if they can hatch a plan to utilise the tax losses as to whether this finishes early or whether they keep on going.

Still interesting to see the sell side getting chomped up in decent volumes. I would expect a further SSH notice shortly if it is the same people.