from:...

from: http://www.theaustralian.news.com.au/story/0,24897,25685496-7582,00.html

"THE Liberman clan-backed Global Aviation Holdings Fund looks set to be wound up.

At least one investor in the tightly held fund, which owns about 60 aircraft and was headed for a sharemarket float at one stage, is believed to have decided to submit an exit notice by this Friday's deadline, thereby triggering its liquidation.

Some investors are said to be less than impressed with the fund's performance as well as Greg Woolley's dual role as founding chairman of the fund's operating business, Global Aviation Asset Management, and as chief executive of the Libermans' LJCB Investment Group.

It's the wealthy Liberman family that stands to lose the most from a wind-up, given that it has injected about $US165m ($208m) into the $US280m fund. Other investors include the listed Keybridge Capital and Melbourne property tycoons Stewart Baron and Maurie Alter. "


This is probably the reason for the large provision for writedowns in the most recent announcements, as well as the Liberman family office leaving the register. Fingers crossed that the board and the banks have almost come to an agreement. KBC are also trying to get a currency hedge built into the loan agreement that will result in nicer looking financial statements in return for a higher cost of funds.