Ann: Max Trust Market Update - Asset Sales , page-3

The general plan was to sell the portfolio in 'buckets' of similar assets. That announcement today sold all of the residential and commercial mortgage backed securities (except for a NZ$ one that the Aust did not want).

No sale of the plane leases at all and only 1 financial security sold. There is a trading market for these securities so I expect they will sell soon enough.

Not that anything with a near maturity approaching will need to be sold. It can just mature and be repaid at par. May take a wee while but no need to waste money unnecessarily by selling at less than par.

I think the sale of the CDOs may be harder, but they are well written down already so hopefully this will not affect the NAV at all, but it may take a while.

Good to see that they have an open view to making distributions as they go along. 12 cents per unit is sitting there already but I think they will wait a little longer to see if anything else sells in the near future.

Now that the relationship with the lenders is about to finish, and there are also a lot less assets to be managed now, I wonder if a reduction in running costs is also on the cards.

Roll on distributions.