The NAV should be at market to market so a realisation of assets...

The NAV should be at market to market so a realisation of assets should achieve nav. The Euro loans are in fact traded in Europe and have been priced at market prices. So I don't see why they would not be able to achieve the stated NAV as reported in the quarterly reports. If not June then September would be the end of this fund. ( unless they have some difficulty in achieving NAV on disposal of assets)

The opportunity cost of not having our 40cents to invest elsewhere would out weigh holding the assets until maturity and paying the running costs of keeping MAX going

As for a tax loss play , that would be great but I would expect it to be difficult to achieve. We would most definitely fail the ownership test and would need to pass the same business test. Is it still possible or has it become possible to run such a corporate arbitrage interest margin business. who would fund such a business these days. Love to see it happen,and get us an extra few cents but don't expect it to happen. I think the substantial holders have got in simply for the same reason we all did, The came a lot later , but when there was a lot more certainty of a specified return.