Noranda Income Fund Unit T.NIF.UN

RE:RE:RE:RE:RE:RE:RE:Someone knows ...

[Bigbird9999]

I am also long and sitting 

Q3 earnings were $15 million on $20 million of cash provided by operating activities.  All of the cash flow was used to pay down the ABL debt from $133 million to $111 million.  Q4 will be a bit better say $17 million on $22 million of cash provided by operations.  So 2019 should end up with about $10 - $15 million earnings (same as last year) with the ABL debt reduced to $90 million.  2020  will generate cash from operations at a rate of $15 - $20 million per quarter ($60 - $80 million for the year 2020).  They can't hide it but they will say they need to reduce debt, increase reserves and spend capital to treat more crappy concentrate from Glencore.  If they apply all of the cash generated to the debt it will be zero at the end of the year 

I don't know what we can do to ensure that they don't keep all of the cash for these activities but my gut says that they will have a tough time to justify retaining more than half of the cash generated so they will have to distribute the other half ($30 to $40 million)  which translates to a $1 distribution.  

This is the value that people are beginning to see.
BB