Im not as sure, the bigger issue is if the fund has the ability...

Im not as sure, the bigger issue is if the fund has the ability to actually wind up the assets - given the legal structures - combined with the circular ownership.

Let me explain:

1.  Ownership structure

The APW entity owns shares in funds run by AIMS, some with varying levels of ownership.   These funds are complicated and may not give the unit holders the right to wind up the actual assets.   Accrordingly if we were to wind up APW, we would be required to sell the units in these funds and there may not be a market for them.   I'm no lawyer, but this could be more complicated than people actually think - and the underlying reason for the discount to NTA.

2.  Circular Ownership

Last time I looked at this stock, the APW entity owns units in unlisted trust, lets use XYZ for example.   XYZ has been on the market purchasing APW shares.   So you value XYZ and it owns a property plus shares (APW).   On the day those shares are valued at $1.70 an uplift from say $1.60 so you go to the market and advise that the value of the units in XYZ have gone up 6%, yay, then the market picks that up and the share price of APW goes up 6% from $1.70 to $1.80, and the cycle starts again, etc....   But when the dust settles, all it really owns is a property, the rest is all window dressing.

I like the idea of winding it up, because its an absolute joke of a structure and needs to be cleaned up, but super worried about the real underlying values.