Tuesday, June 27

Today we’ve seen FTRPR finally fall in line with our assessment of PV for the preferred shares. Until now it’s been trading at a premium considering that it has gone ex-dividend on the upcoming distribution. The main reason behind this could simply be the extremely low volume of this issue – most of the people holding it now intend to hold to expiration and have little interest in divesting now. With that assumption in place it makes sense that it would continue to trade at a premium to real value.

On Friday after the distribution we’re expecting a marked drop in price, and we’ll be monitoring that drop to see if it’s worth acquiring new shares. Based on increasing uncertainty in the future price of the underlying shares our margin of safety as increased somewhat since the last time we acquired shares, but the model has been updated and we are monitoring the situation.

Our new accounting system is nearly in place, and we expect the updated reports to circulated from the beginning of next week.

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