This is the reason why the sp isn't 40 cents now . IIF do have...

This is the reason why the sp isn't 40 cents now . IIF do have some serious work to do still before June, but I do feel alot of the major shareprice damage has been done already by fund stock liquidation .
I don't think they will sell as much property as you say is necessary, and I hope they don't have to liquidate below average 15% NTA discount . Rudd Bank will take the heat off if it gets through, but primarily IF will survive if is able to negotiate a way through the current covenants and leverage thresholds.
Ultimately I think it will be a case of GMG and IIF merging but untl then IIF need to hope that Grant Tornton consultancy sees the business as viable and worth refinancing .