Do you think they were pushed to dispose of them in view of these companies, which held the equitable rights, having a combined net worth of £ -116,984,000 as at 30th November 2012? This caused the whole Commercial First Group to have a net worth of £ -119,405,000. It is difficult to see how they were still able to trade. What is more the rating agencies could have raised concerns or downgraded their rating of the investment coupons, as they did a couple of years ago when the loan administrators HML, a subsidiary of Skipton Building Society, suffered a small reduction in their own credit rating but nothing like as dire as Commercial First's position.
I suppose it depends on who took the hit as Commercial First were not able to handle these losses.