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Post-April 6, 2015 Financial Reports and Correspondence
Termination of the Trust of Great Northern Iron Ore Properties
The Trust’s Web site is expected to be available throughout the year 2017 for informational and historical purposes.
The terms of the Great Northern Iron Ore Properties Trust Agreement, created December 7, 1906, stated that the Trust shall continue for twenty years after the death of the last survivor of eighteen persons named in the Trust Agreement. The last survivor of these eighteen persons died on April 6, 1995. Accordingly, the Trust terminated twenty years from April 6, 1995, that being April 6, 2015.
The certificates of beneficial interest (“certificates” or “shares”) in the Trust ceased to trade on the New York Stock Exchange (“Exchange”) at the close of business on April 6, 2015, the Trust’s termination date. For information only, the closing price for the Trust’s certificates as of April 6, 2015, was $8.10 per share. The Exchange, on the Trust’s behalf, filed Form 25 with the Securities and Exchange Commission (“SEC”) shortly after the Trust’s termination date to delist the Trust’s certificates from the Exchange and deregister the Trust’s certificates under Section 12(b) of the Securities Exchange Act of 1934. Following this delisting and deregistration of the certificates, the Trust filed Form 15 with the SEC to suspend the Trust’s reporting obligations. Certificates as of the close of business on April 6, 2015, only represented the right to receive a final distribution payable to the certificate holders of record as of April 6, 2015.
The Trust was obligated to distribute ratably to the certificate holders of record as of April 6, 2015, the net monies remaining in the hands of the Trustees (i.e., all remaining cash on hand after paying or providing for all expenses and obligations allocable to the certificate holders incurred through the Trust’s termination and wind-down process), plus the balance in the Principal Charges account. Under the terms of the Trust Agreement, all other Trust property (most notably the Trust’s mineral properties and active leases) was conveyed and transferred to the reversioner (Glacier Park Iron Ore Properties LLC), without further payment or remuneration to the certificate holders, as of November 3, 2016.
Pursuant to an Order dated October 26, 2016, by the Ramsey County District Court (“Court”), the Court approved of an interim distribution to certificate holders of record as of April 6, 2015, in the amount of $6.71 per share, payable after the lapse of the appeal period, which distribution occurred on January 27, 2017. The Court has also requested another hearing that will occur on February 21, 2017. An additional distribution is expected to follow, pending further instructions and a subsequent order from the Court following the February 21, 2017 hearing. Thereafter, the Trustees will be discharged from their fiduciary duties and the Trust will be dissolved.
Please also refer to our Web site page labeled “Court Hearings, Misc. Releases, and Other Correspondence” for further information about the Court orders and proceedings pertaining to the Trust’s termination.