Noranda Income Fund Unit T.NIF.UN

RE:RE:RE:RE:RE:Share Price

[ljp0101]

I think at least one of the two large shareholders would take dissent if they offered 2/share today. Heck, I have enough shares for this to probably be worth my while and fair value is 4/share on NIF's own numbers after the writedown (that I suspect use some conservative assumptions). Glencore might succeed in privatizing but need to factor all their costs. And it's not worthwhile for them if they have to pay fair value and it's a huge hassle.

Problem with the independent directors is they are yes rubber stamps without commodity common sense. They would have consultant reports saying everything they approve is a good idea to cover themselves. And these are probably the same people creating the market update in earnings reports, which is always pretty understated. Discovery wouldn't extend up to Glencore, only what the IDs did.