I think the majority of the fund NAV upside is in the two CDOs...

I think the majority of the fund NAV upside is in the two CDOs trading at the big discount.

Hopefully (as far as I can see) the falling A$ will be a more helpful to them rather than a negative.

Now that the interest bearing debt is paid off and the fund could illustrate to the deferred interest holders that if they want to wait until June 2014 to see their money - then that is fine by the fund, that this may actually bring them back to the negotiating table to get it paid off at a discount to FV at June 2014 and then the sales process can begin.

There is no point selling it off if the deferred interest holders won't at least come to the party in the short term.