Noranda Income Fund Unit T.NIF.UN

RE:RE:RE:RE:RE:RE:RE:RE:Just walk away ...

[Bigbird9999]

Maybe I am just whistling in the dark but I believe that there is still a coupe of chapters left to read in this novel.  We do not know the terms of the "deal" that has been signed.  We have not seen the Q4 report and they cetrtainly could be using this opportunity to squeeze the union.  I might be wrong again, but I can't see too much downside from here. 

I don't think that they can convert the trust to a corporation without a vote and Glencore can't acquire more shares without making everyone an offer.  The book value is around $250 MM ($5 per share)  the salable inventory alone is about $3 per share. The replacement cost of a greenfield smelter of this size is around $750 million.

As TD has stated there is significant value remaining even in a shutdown scenario. The board has suspended the divident to build reserves for events which have not yet occurred.  We really need to see the terms of the "deal" to make an assessment of the situation going forward.  As others have pointed out, we are entitled to this information as it is material to our investment.  The Q4 conference call will be early March.  Hopefully the board will release details at that time.

Sticking around to read the final chapter. 

BB