tgmk54

Just wanted to note that the above referenced right hand column of page 29 in the MD&A shows the 1/1/2010 balance sheet, not the 1/1/2011 balance sheet. Since equity increased by 37.9M in 2010, it might be more appropriate to assume equity of 321.5M (283.6M + 37.9M), resulting in BV of $2.45/share and FBK currently trading at 59% of book. Also, in the MD&A it was not clear to me whether the 1/1/2010 valuation was based on cash flows as of 12/31/09 or on the improved 2010 cash flows levels.

Yes, good news. Expect that Scottrade will also convert in due course. Interesting that the process took two weeks to occur.

Hi Oracle -- I use Scottrade here in the US. My Scottrade broker called his trading desk this morning and was told that the old SFKUF pink sheet listing has been delisted. He said that this could happen for two reasons: that the exchange that traded it elected to delist it; or, due to SEC mandate. Scottrade will sometimes drop the ability to trade a pink sheet listing over the internet, and require it to be a broker-assisted trade, if they feel that their customers will get a better price going directly to the primary exchange (Toronto in this case). But I was told that Scottrade did not take this action. The stock was delisted. Accordingly, it now costs four times as much per trade ($28 vs. $7). Since the stock is somewhat thinnly traded, especially on the pink sheets, if took many trades to acquire a position. Before talking to Scottrade, I had talked to CFO Patsie Ducharme yesterday. She was quite assessible, interested and concerned but was not aware of any issue regarding the pink sheet listing. I left her a message this morning with the above new information. Would be interested to here from others who may know more.

Posted today on the Yahoo Finance message board for SFK-UN.TO: Buyout rumor mill 23-Apr-10 01:31 am From the New England private equity rumor mill: a a major investment firm from Boston is in discussion with SFK's management regarding a tender offer to purchase a majority stake in the trust once it converts to a corporation. Apparently the long-term prospects of pulp demand have grown feet! sbp322

NASDAQ today reported FFH's short positon at 287,866 shares as of 2/27, down from 294,496 as of 2/13. FFH's share price collapsed US$80 during this 9-business day period from a $325.81 close on 2/13 to a $246.00 close on 2/27 despite a good 4th quarter report on the 2/19. Although I have no expertise in this area, it appears that the price drop was not due to short selling. Maybe these numbers support those who felt the drop was due to the extensive unwinding of the CDS postions. If it was due largely to a general emotional sell-off of all market shares I wonder if we might see an equally strong upward price move should some confidence return, as happened these past two days. At least I hope the days of the bear attacks may finally be over. Any insights would be appreciated.