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

RE:RE:.....and now for something COMPLETELY different

[Frankie10]

Cannot sell Iris prefs without effectively selling Iris/Cominar. As ive mentioned many times... Iris is not profitable enough to carry the insane debt burden of the pref shares at whatever silly interest rate was assigned to them. As a result, equity has been slowly siphoned from the commons to the prefs. This is easily understood by simply looking at Artis' financials - over time the value of our pref position has increased as interest payments are made in-kind because Iris does not generate enough cash to cover interest - while Iris generates a net loss after adding back FV adjustments. IMHO the commons have been worth nil for years (call me ahead of the curve). The prefs on the other hand ARE Cominar as these can be converted to true equity in a reporg that would see the exiesting commons burned. This would leave a very healthy Iris holding company, with very little debt and 100% ownership of Cominar, which also has a manageable debt level (see Cominar financials).