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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: william liao who wrote (58)9/27/1997 12:01:00 PM
From: jhild   of 91
 
The Limited Call basically says "tough". That's the price. I guess the theory is that as a sophisticated investor, you understand the risks, and the conditions of issuance, and have paid accordingly.

Practice says that if they really try to get a lowball number past that there would be some suit that would have to get settled more than likely at a more reasonable price, though not necessarily.

Since they would have to beneficially own 75% and they currently have 65% as quoted earlier then they need to increase their position by 10%. Unfortunately if they are doing it now they are able to do so at quite a reasonable price. Their next dividend is coming at the end of next month. That may have a beneficial effect on stock price.

If they are talking down the stock, and trying to manipulate it in that fashion then there is probably a very good case to be made against them.

They would be well served by not trying to be too greedy if that is their intention.

TNH and subsequently, TRA's capital structure is fairly interesting if you haven't noticed. There is ownership by a few layers of holding companies, going back through a company called Minarco, which is controlled by AngloAmerican and Debeers in South Africa.
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