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Non-Tech : Is Terra Nitrogen Co. L.P. a good buy? (TNH)
TNH 83.960.0%Apr 2 5:00 PM EST
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To: Tom from BC who wrote (55)9/27/1997 1:03:00 AM
From: jhild   of 91
 
This is taken from the 10-K filed Mar 7, 1997. It describes the limited call right that TRA has.

Limited Call Right

If at any time less than 25% of the issued and Outstanding Units of any class (Senior Preference or Common) are held by non-affiliates of the General Partner, the Partnership may call, or assign to the General Partner or its affiliates its right to acquire all such Outstanding Units held by non-affiliated persons. TNCLP shall give at least 30 but not more than 60 days notice of its decision to purchase the Outstanding Units. The purchase price per unit will be the greater of (1) the average of the previous twenty trading days closing prices as of the date five days before the purchase is announced or (2) the highest price paid by the General Partner or any of its affiliates for any unit within the 90 days preceding the date the purchase is announced.
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