Artis Real Estate Investment Pref Shs Series E T.AX.PR.E

RE:RE:RE:Earnings

[Frankie10]

Interesting. Devastating, if true, to those here who believe they own a third of Cominar. The pref holders own Cominar, yet we don't know with certainty who the pref holders are... ridiculous.

I see no path forward where the commons aren't wiped out by the prefs - simple restructuring once the prefs become redeemable -  convert prefs into commons so the interest bleeding stops, attribute zero to nominal value to existing commons (once equity is wiped out) so they are effectively diluted to nothing. Prefs/debt now own the business. Standard stuff.

I ran the numbers and we own a minimum of 18.5%. Calculated as follows:

By deducting Cominar total debt from Iris total debt, in order to identify Iris' debt on a non-consolidated basis (working with what I got) - of which Artis owns 18.5%. That assumes all the debt is preferred debt. This cannot be true as Artis has received no cash principal or interest payments, yet Cominar sells assets, pays a dividend to Iris, and Iris pays down debt - yet we see nothing. So I assume there is some third party non-pref debt that is being paid. Maybe you're right and I did the math wrong - it was very late and I was very tried when I ran the #s. I believe they pay down the third party debt and the prefs become equity and equity gets zero'd.

Would love to know how you arrived at 1/6 Artis; 5/6 Koch.