Morguard Real Estate Investment 5 25 convertible unsecured subordinated debentures T.MRT.DB.A

RE:RE:RE:RE:RE:Short interest at the end of August

[babybunny]

MRC is smart to keep nibbling away and increasing their concentration of ownership a couple percent every year.  This is something other unitholders could keep pace with simply by re-investing their distributions, so it is not the least bit unfair to minority shareholders. 

I reckon MRC would have to offer at least twice the current unit price in order to match the third-party valuation that would have to accompany such a bid.  Why anger minority unitholders unncessarily when the patient approach is more certain and more profitable?  Of course at some point, once the MRC stake approaches, say, 90%, it will make sense to take out the few remaining unitholders (including me) with a generous offer. 

As for the shorts, they won't be buying any units back from me at fire-sale prices, that is for sure.  If the reddit folks hunting for vulnerable shorts ever got wind of MRT, they could have a field day!