They managed to raise cash quickly in past years for buy backs...

They managed to raise cash quickly in past years for buy backs to fend off hedge fund agitators and maintain management fees. Holdings are not huge compared to the big funds so liquidating shareholdings at market should be straight forward over 6-12 months. Even selling every shareholding in a month isn't going to be at 25% discount to market especially for the likes of NCM.

Its a hard choice for the responsible entity, a $4.5m immediate termination payout for selling out at 20-30% below asset value or maybe 1 or 2mill over the final year or two as the asset base reduces as the fund is wound up. I think champagne on the beach in St Tropez sounds good, shareholders sorry you'll have to make do with a stubby down at the local pub.