For those with eyes to see, the endgame is already written: 90% of DATs will collapse. > Shares slip below NAV > Arbitrageurs short the underlying, draining the blood think bear sterns 2007 > Legal quagmire trench wars drag on for years > Management is cast out by activists > Treasuries laid bare > A multi-year bear begins The only unknowns: > The catalyst that topples the first domino (likely macro) > Which DAT becomes the scapegoat sacrificed the rest is inexorable.