management team puts shareholders first, page-5

Not really on point for this forum and my opinion only but:

MCW, US is a mess but there are plenty of willing buyers of their Australian assets if they need to re-balance the books (as they did couple of months ago).

CMW - will get smacked on values and probably take a haircut on accounting profit but generally lean organisation with stable tennants and should continue to deliver distributions - however the banks will cut them no slack on any interest rate re-negotiations. Can build its management portfolio (including at the expense of others) without having to focus all efforts on survival.

I would look at the debt profile of each fund. It is likely anything which originates via Suncorp, ING,SG, BOSI and virtually anything else foreign is at risk of being called in as values breach covenants rather than rolled and no-one else really wants to pick it up on remotely commercial terms in the current market, meaning distressed sale only way out.

I think most directors are putting up their hands early when the banks come knocking, so most of the bad news in this round should be washed out by audit reporting time.