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Smith has presented this merger as a done deal. I assume that he knows of what he speaks. I believe he owns 30% of MFCAF and has other investors on the line to vote for a merger.

The operating history of TTT is cloudy. I don't know the actual history, but I do know that I was scoping out and regrettably did not buy iron ore trusts in Minnesota during the US auto crisis. These companies were priced as zeros. The operating history of TTT is, I assume, similarly clouded by the question marks over the US auto manufacturing business but is otherwise sound.

While I mostly feel the same as you, I take some solace in the idea that Michael Smith has similar interests to mine. The argument has always been the MFCAF was the one to own because it was where Smith had the most equity capital on the line. I think that this deal may still not negate the belief. 

There are difficulties on the TTT side that do not exist on the MFCAF side. TTT is a newly listed NYSE stock. MFCAF is a pink sheet off-shore company. If -- in a year's time -- the TTT portion turns out to be worth double what it has been appraised at today not including whatever synergies might be derived from the merger, you might feel differently. I read somewhere that they have been marking up book value a ton. This may be fantasy, but I'd have to imagine that Smith isn't going to be throwing away his money here. Moreover, the mark-up may well be done conservatively. That is, perhaps the ten times mark up really should have been times twenty. I think that it pays to take a long term view of this deal and what it may suggest as to Smith's real view as to what TTT is worth. 

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