Madison Pacific Properties Inc T.MPC

Tax case as expected.

[undervalue]

With the Scc ruling, the appeal was refused.
This is a 50 to 60 cents a share hit.
The court was generally unimpressed with management's and board testimony. 
It is a bit of a history lesson on how the company was formed.
Worth a read.
Long term, this is a rounding error.
I expect a couple properties will be sold to pay.

[undervalue]

While it is a shame that the company will have to pay some taxes. My impressions are they are the cost of us being in this business. The judge in the ruling gives a good history lesson on the company start. He believes the 2 families got together to try and save some taxes. Delcor and the very valuable Rona sites came later.  The witnesses, being the founders were described in unflattering