because in 2014 TFS gave guidance that they would increase...

because in 2014 TFS gave guidance that they would increase plantation sales year on year. The only way they could meet that guidance was by selling them with a guaranteed return. Out of the 1700ha of plantations they sold that year, they sold ~590ha to Frank and others with a guaranteed return and ~400ha to Davidson Kempner - who are a distressed debt investor. That's nearly 60% of plantation sales in 2014 that were basically fake.