I tend to agree with you Judd. From the IEF perspective the...

I tend to agree with you Judd.
From the IEF perspective the following applies

Great management
Great properties
Reasonable valuation metrics

Problem issues are as you pointed out
The headroom is minimal
Inability to conduct a rights issue given the price
Some pain being felt by some operators

They have taken useful steps in cancelling the distribution to conserve cash. Unfortunately we wont know exactly how things are going until they produce the next report.

When things start to turn around their deal with the Panthers should pay some handsome dividends.

I dont think the bank will pull finance as their interest cover was ample if I remember correctly.
I am loaded up on IEF (in respect to the size of my portfolio) and as such dont really have room for any more. + a number of the parcels were bought at prices well above the current price.

I think worst case if they were broken up and sold off the investor would see circa 30c per unit?
(refer to the last NTA thread for the back of the fag calcs that I did)