GNI will cease to exist on April 6th, 2015, no "ifs", "ands", or "buts" about it. It's that simple, any remaining assets of GNI will be transferred to Glacier Park Company, a wholly owned subsidiary of ConocoPhillips at the time with current GNI shareholders receiving essentially nothing.
Fact: Great Northern Iron Ore Properties (GNI)is a conventional nonvoting trust, it owns and leases mineral and non-mineral lands on the Mesabi Iron Range in northeastern Minnesota. It owns mineral interests in approximately 12,033 acres on the Mesabi Iron Range Formation, including approximately 9,895 acres of leased and 2,138 acres of unleased mineral interests. The company was founded in 1906 and is based in Saint Paul, Minnesota.
Fact: In December 2005, ConocoPhillips announced plans to acquire Burlington Resources in a transaction valued at $35.6 billion. On March 31, 2006, ConocoPhillips completed the acquisition of Burlington Resources.