Noranda Income Fund Unit T.NIF.UN

RE: O3 Results

[quest13]

The cash has been being used to pay down the short term revolver loan.

I feel that the new Trustees who have spoken with the former dissidents will have new financing in place before the end of the year that will not have the odious no distributions clause.

If that is in fact the case they will (or should) pay an actual distribution of available cash to us. I see the long debt being replaced by reasonable long term debt as well and thus I see good things happening as below.

The distribution should do two things

1- eliminate the need to make any distibution in species and thus we will have cash for the full amount that we will have to pay tax on (which is fair ball)

2 - get us into a situation where the market realizes that Xstrata will not be able to lowball offer in future and that the value of the units is higher than the market currently views it at.

I see us being happy campers before year end and I hope that I am right in my belief!!