Yes....it is a buying opportunity for those who like MSB as a long-term investment. When all unitholders come to a full understanding of the reason for the timing difference (delay) in the distributions are because the Trustees simply do not have the numbers in time, the stock will settle back down.....I think. Because of a long-running precedent of CLF providing numbers before the middle of the month following their calendar quarters, people have come to "expect" timely dividends......myself included. We now have to realize that there may be a quarter delay in distributions. However, they still should be forthcoming.
The schedule has not changed, but Cliffs did not get royalty information to MSB in time for distribution. Accordingly, the second calendar quarter amounts are being distributed in November, versus August. Third calendar quarter will be announced and distributed in February.
1) According to the Trust Agreement, quarterly distribution dates are scheduled and fixed.
2) According to SEC rules, 10 days advance notice is required for distributions.
3) Advance notice can't be made without the royalty report from Cliffs (Northshore), so amounts are known.
4) If the royalty report is not received before the fifteenth of the month following the Cliff's calendar quarter, a distribution cannot be determined by MSB trustees in time for the required announcement.
5) When royalty reports are not received in time for a scheduled distribution announcement, shipment totals and payment amounts are deferred until the next scheduled distribution.
If Northshore is going to provide the royalty report together with the royalty payment at the end of the month, it appears that MSB distributions will be on a quarter lag.
This is how I see things now and going forward ......