Ann: TIX Offer Institutional Acceptance Facility, page-8

smbtrade, good that you are reading both sides carefully. From the sidelines as a TIX holder, I am fascinated reading how both ANI and TIX are framing the situation. My view is that ANI is twisting things more, and TIX is very effectively highlighting ANI's possible deviations from reality.

Neither fund manager is perfect on the facts (TIX underplays the debt level issue), but ANI has much more explaining for its past performance and current portfolio risks. As I noted earlier, TIX has done an admirable job cleaning up one of the portfolios it acquired during the GFC (from Becton, which I read was in financial trouble and had to sell its portfolio at a solid discount.) So maybe if ANI's current portfolio has weaknesses, TIX can fix it up, too by selling 2nd tier properties and building WALE in retained properties.