The head of the line is the unmet redemption
The Capital Markets Board assigned İşbank and Ziraat Bank to sell assets and pay investors in 131 funds in liquidation. İşbank sets the pace on the six affected Tera Portföy funds; Ziraat Bank does so for A1 Capital, Atlas, Bulls, Hedef, Pardus and Pusula. The banks will time sales to investors' interests, market depth and liquidity.[1]
An unfulfilled TEFAS redemption is booked as a fund debt and paid first from sale proceeds. Other unit holders receive cash in proportion to their holdings, at intervals the banks set. Two investors in the same fund therefore do not see the same cash on the same day: the unmet redemption stands ahead of the waiting unit.[1]
90 per cent of the market, and the quarantined slice
Treasury and Finance Minister Mehmet Şimşek said on 18 September there was no widespread systemic risk, that 90 per cent of the market was functioning normally and that the troubled segment had been quarantined. An average sentence does work here too: the functioning 90 per cent hides the unit still in the cash line. Justice Minister Akın Gürlek said four suspects had been remanded after an SPK criminal complaint and 51 people were barred from leaving the country; that legal edge is separate from the cash edge, which sits with the banks' sales.[1]
Holdings must be reconciled within two business days of the rules taking effect, and debts and receivables within 10 business days of the decision. Liquidation must close by the first business day after three months from the announcement unless the SPK extends the clock. Three months is a household horizon: rent and the grocery ticket do not wait on that calendar. If an extension comes, the waiting unit's cash date slips again.[1]
A wage line sits in another court
The same day, Wendy's operator Meritage Hospitality Group filed a voluntary Chapter 11 petition in the Western District of Michigan. It tied uninterrupted wages and benefits for about 9,000 team members to court approval of first-day motions. The fund unit waits on SPK procedure; the paycheque waits on a court order. Both lines write who receives cash, and in what order.[1], [2]
The signal to watch is the first cash distribution the banks post on the Public Disclosure Platform and whether the SPK extends the three-month span. A distribution reaches units after unmet redemptions, and without an extension the timetable closes on the first business day after three months from the announcement. An extension would slip the waiting unit's cash date again.[1]