He's probably sharpening his pencil, readying another story in...

He's probably sharpening his pencil, readying another story in the event CIY can't meet their CBA deadlines. If CIY meet their deadlines, pay the announced dividend and then resume redemptions - he has no story. He has confessed that he is a market bear and has now taken swipes based on the last two financial results CIY have released (firstly at the Australian last year and now at SMH).

I suspect if CIY didn't quite have such a headline grabbing dividend yield they would've flown under his radar.

It's also interesting to note what is going on with MFS' PIF. He speculated that CIY was shown the door for a low-ball offer and that MFS had the upper hand. It now looks like CIY did, as they diplomatically stated, walk away from an inferior product that no longer can be redeemed, pay a distribution and looking sorrier by the day.

It gives me no pleasure to see what's happening at MFS - it tarnishes the whole industry and creates further bad sentiment. The situation will either create fabulous opportunities for CIY, or help bring CIY down too.

CIY, quite simply, have to meet their deadlines to get the right headlines and the right vibe.