Since our last post on the tertiary activity in Biometric assets, we have been involved with a surprising amount of additional tertiary activity - ranging from two portfolios with a combined 1.6 billion of face and a combined 300+ cases, right through to the specialist, highly selective 20 MM portfolio with an average age of 86 years. As predicted in our previous post, one of the big portfolios in that it is made up of Beneficial Interest cases only. In all situations, the portfolios have been shown by 'non-auctioneers', via the usual broking channels. Clearly, the motivation to sell varies: we suspect negative cash flow issues in one case, and the inability to deal with negative cash flow issues for very old ages in small portfolios in another case. There is a business to deal with tails of established portfolios.