You a correct MM They already have control of the wood sale for...

You a correct MM
They already have control of the wood sale for the MIS investors. That is why they are managers. They are there to manage the wood through to harvest and auction the timber, to transparently achieve the best price possible for the growers.
The last lots were not auctioned as the prospectus suggests. It was sold by closed tender that was organised by TFS. From what I remember TFS was the highest bidder in that tender process, and purchased 100% of the wood offered in the tender.
You would think the best option for the MIS growers was to see the highest price achieved for their wood at an open auction, with full transparency. One feels this will not happen.
The growers do have a right to back up a truck as some would suggest but this would be very unlikely.
It will be interesting to see how many MIS growers choose to sell out. I my opinion they would be better off, after waiting so many years, to see the trees through to harvest and sold. Either way TFS are likely to buy them and they may achieve a higher return. If the wood is of such a quality that TFS want to buy it out, then surely the auction process would disclose the true value of the wood, and the grower would win as they should. Those that suggest the growers are looking for a loss for tax reasons are delusional. The growers have already utilised the tax deductibility through the tax ruling from the outset. Not sure why anyone would invest in an investment such as this to make a loss at its completion.