Thank you Rewind.My main concern is just that most of the assets...

Thank you Rewind.
My main concern is just that most of the assets have effectively first mortgages or "contingent commitments", which have to be paid on sale before there are proceeds to clear the senior debt.
In case of wind power the "contingent commitment" component was evidently only $65M, with $165M going to senior debt.
(I feel the notice of 17 June was not really clear, and gave some the impression that all $230M was clearing senior debt. Not so it is "corporate senior debt and contingent
commitments".)

I fear that from now on most sales will have much higher "contingent commitments" components, so the residual funds from sale will be much smaller.

Letter states by 31 July, senior debt should be down to $675M.
Target of $400 million by September 2009. (Letter 30 May).
So that is another $275M net proceeds.
$275M itself isn't much. Trouble is "contingent commitments" associated with sales will, I expect, mean at least $1Billion of assets will need to be sold, at very close to book value. Mng will be earning their chocy bickies if they succeed.

I hold AFGHA not AFG