Re: Octaviar MFS Premium Income Fund PIF
What was required was another contender with the same calibre of presentation with a better alternative that was being proposed by WC. Unfortunately, that never happened so we had to gamble on the only RE that materialized.
I wish we had another choice, it is sad we didn't. Maybe we should have done more to find one, and I felt guilty for not trying to do more.
Now I realise why that alternative to challenge WC for the rights to be an RE to our fund was never going to happen. That is because our fund was so badly compromised. It was and still is a basket case.
It will take a lot for it to be anywhere near the fund that we thought we had our money invested in. I am not making excuses for WC, but it it is a huge mess. They no doubt knew that, and so did anyone else that may have done due diligence.
Now looking back on my decision to go with WC, I am not regretful. I feel that based on how bad the state of the fund is, trying to liquidate the fund, even over a 2 year period would yield a very poor result in the current market downturn.
To be honest I think that even JH would be astounded at how difficult the situation is now. I just hope she doesn't quit it, I know others including the MFS previous board would have.
At the end of the day, we are just investors who are involved in an investment vehicle that crashed, and is now barely alive in intensive care. I hope we can live on, but it really is now a day to day proposition.
I hope 2009 will be better than this miserable old year!!!
I bear no grudges to people that in the past I had a differing point of view, and apologise to those that I may have offended at any stage of defending what I thought was (and still believe is for at least myself) the best way of going forward and protecting my investment and maximising my future return ,when there are more favourable market conditions.