It is unclear how quickly the wind-up will occur. There is a suggestion the Swap Leverage Provider will somehow delay the wind-up - can't see why they would do that in this hugely capital constrained environment, when they are getting full repayment!
The management fees would be a lot lover under a wind-up.
Agree with your point though - long delays dimish somewhat the appeal of a wind-up.
EBI
everest babcock & brown alternative inv trust