article: time to shut down city pac, page-4

Bafana,

Excellent post,

Winding up the fund in this environment is ludicrous. If you think you will get 80 cents in the dollar for half finished construction sites and development land you sorely mistaken. Just about every fund out there has now frozen redemptions so everyone is in the same book. There is no need for a small group of FMF investors to try and spoil the funds value because they need their cash now. The best position for FMF unit holders is for them to let Citypac wind down the fund in the natural course of business, which will *ONLY* happen if you give them time for their customers to complete their projects.

I still can’t believe anyone would think that liquidation of assets in this environment will provide anyone any value apart from the purchaser.

I doubt any PRO liquidation FMF holder can put forward how they expect to get any form of value from the sale of distressed assets at this time.