Noranda Income Fund Unit NNDIF

RE:RE:To Fix or Not to Fix

[ljp0101]

What a mess. There's zero chance CEZ shuts down. Questions are how the capex gets fund and how badly operations perform over the next two years. Think bankruptcy is unlikely given it could cause the SPA to get cancelled. Guessing they do some sort of highly dilutive financing where Glencore teams up with a politically linked entitity like Caisse de Depot. Given where the price is today, they could justify taking 80% of NIF for this (not agreeing with the valuation but Glencore will take what it can). Does anyone know if the trust prevents new unit issuance and what preemptive rights unitholders might have like having to approve unit issuance beyond a certain level or antidilution rights?