Noranda Income Fund Unit NNDIF

WTF is wrong here?

[ZincDink1]

You look at the balance sheet, and the net assets is 152 M$ of which I would consider about 50 M$ to be almost like cash if assets were liquidated today. The plant value of 118 M$ is just a tad on the low side - by about 900 M$ replacement cost, 500 M$ probable valuation, and typical 250 M$ from historical valuations...even though they have invested 10's of millions in recent upgrades.

Yet, here we are, less than 60 M$ can buy a 1 billion dollar asset, which you could use 50 M$ on hand to pay for it...only 10 M$ out of pocket expense.

Granted, GC has been freely using shareholder value to update the plant and pocket a few million on the side, but surely they can't bankrupt us like Trafigura did to Nyrstar? If you wnat to make GC look like saints, compare them to Trafigura.

Typically when stocks fall into the wastebasket, management scoops up shares for themselves or for the company to hold, yet NIF just seems happy to let the Market value fall.