Having just read through some of the trust constitution from...

Having just read through some of the trust constitution from 2007, there are a few points that would concern me as a bond holder.

Unlike the BEPPA's, trust income is non-cumulative. Furthermore, I did not find the section that deals with the issuers right to withold distributions....or more specifically what remedy bond holders have should the issuer miss or suspend distributions. If someone with more knowledge could please outline what remedy bond holders have?

Or can the issuer simply just say, we can't pay you at this time...and hold of indefinately?

At least with BEPPA because the missed payments were cumulative, there was some sense of urgency that the BEPPA holders would need to be satisfied ASAP.

Hence it seems bond holders have little more than an IOU on the back of a beer coaster no?

Thanks in advance.

Kiril.