True North Commercial REIT T.TNT.UN

Here's what I'd do . . . and what will probably happen

[Ponzihunter]

First of all, this company is in very good shape.  Over 90% leased averaging over 4 years.  They're mortgages are  prudently re-financed, and there are no cashflow issues of any kind.  But the market has the shares discounted by about 70% to book value.  First thing is to cut the dividend.  The $1.50 price immediately goes to about .80, just like HOT.UN did today.  They you let it languish there for a month or two, before announcing a 10:1 share consolidation.  The .80 price goes to $8.00 for a minute of two, but over the next few weeks, it sinks to $6.00 or less.  But instead of 90m shares outstaning, there's only 9m now.  So the executive group announces an all cash takeover for say, $7.50/share, and everybody has to give up their shares at about a 90% discount to what they originally paid.  So the new owners make out like bandits with their existing leases.  But, if these leases don't get renewed in 5 years, then they get all 3 levels of government to subsidize renovation expenses to turn these downtown choice office buildings into luxury condos.  And they make even more money.  This is how TSX companies operate people.  The OSC doesn't care if shareholders get screwed . . . so bend over; it all starts on November 13 . . . you heard it here first.