Mesabi Trust Files 8-K
Ticker: MSB · Form: 8-K · Filed: Sep 10, 2024 · CIK: 65172
Sentiment: neutral
Topics: sec-filing, 8-k, regulation-fd
TL;DR
MESABI TRUST FILED AN 8-K ON 9/10/24 FOR EVENTS ON 9/6/24 - REG FD & EXHIBITS.
AI Summary
Mesabi Trust filed an 8-K on September 10, 2024, reporting events as of September 6, 2024. The filing primarily concerns Regulation FD disclosures and financial statements and exhibits. No specific financial figures or material events were detailed in the provided text excerpt.
Why It Matters
This filing indicates Mesabi Trust is providing updates to the SEC, which could contain important information for investors regarding the company's financial status or other material developments.
Risk Assessment
Risk Level: low — The provided text is a standard SEC filing notification and does not contain specific financial data or disclose any significant risks.
Key Numbers
- 0001558370-24-012705 — Accession Number (Unique identifier for the filing)
- 20240906 — Report Date (Date of the earliest event reported)
- 20240910 — Filing Date (Date the report was filed with the SEC)
Key Players & Entities
- MESABI TRUST (company) — Registrant
- Deutsche Bank Trust Company Americas (company) — Agent for principal executive offices
- New York (location) — State of incorporation and principal executive offices
FAQ
What specific information is being disclosed under Regulation FD?
The provided text does not specify the details of the Regulation FD disclosure, only that it is part of the 8-K filing.
Are there any new financial statements included in this filing?
The filing indicates 'Financial Statements and Exhibits' are included, but the specific statements are not detailed in the provided excerpt.
What is the primary business of Mesabi Trust?
Mesabi Trust is identified as being in the 'MINERAL ROYALTY TRADERS' sector, SIC code 6795.
Where is Mesabi Trust incorporated and what is its fiscal year end?
Mesabi Trust is incorporated in New York and its fiscal year ends on January 31.
Who is acting as the agent for Mesabi Trust's principal executive offices?
Deutsche Bank Trust Company Americas is listed as the agent for the principal executive offices.
Filing Stats: 754 words · 3 min read · ~3 pages · Grade level 12.5 · Accepted 2024-09-10 17:18:18
Key Financial Figures
- $59,799,977 — rded the Trust damages in the amount of $59,799,977 for underpaid royalties in 2020, 2021 a
- $11,288,269 — lus pre-award interest in the amount of $11,288,269, calculated at the rate of 10% simple i
Filing Documents
- msb-20240906x8k.htm (8-K) — 40KB
- msb-20240906xex99d1.htm (EX-99.1) — 5KB
- 0001558370-24-012705.txt ( ) — 167KB
- msb-20240906.xsd (EX-101.SCH) — 3KB
- msb-20240906_lab.xml (EX-101.LAB) — 16KB
- msb-20240906_pre.xml (EX-101.PRE) — 11KB
- msb-20240906x8k_htm.xml (XML) — 5KB
01 Regulation FD
Item 7.01 Regulation FD. AAA Arbitration Final Award As previously reported, on October 14, 2022, Mesabi Trust initiated arbitration against Northshore Mining Company ("Northshore"), the lessee/operator of the leased lands, and its parent, Cleveland-Cliffs Inc. ("Cliffs"), with the American Arbitration Association ("AAA"). The Trust sought an award of damages relating to Cliffs' and Northshore's underpayment of royalties in 2020, 2021, and the first four months of 2022 by virtue of Cliffs' and Northshore's failure to use the highest priced arm's-length iron ore pellet sale from the preceding four quarters in pricing certain pellet shipments from 2020 through the first four months of 2022. The Trust also sought declaratory relief related to the Trust's entitlement to certain documentation and to the time when Cliffs' and Northshore's royalty obligations accrue. The evidentiary hearing was completed before a panel of three arbitrators in March 2024 under the commercial rules of the AAA. Post-hearing briefs were exchanged in May 2024. Post-hearing oral arguments and final submissions were concluded in June 2024. The Trust received the final award on September 6, 2024, which unanimously awarded the Trust damages in the amount of $59,799,977 for underpaid royalties in 2020, 2021 and the first four months of 2022, plus pre-award interest in the amount of $11,288,269, calculated at the rate of 10% simple interest per annum from the date of the initial demand through September 1, 2024, and continuing to accrue until paid. Pursuant to the award, Cliffs and Northshore must pay the Trust the amounts specified in the Award by no later than October 6, 2024. The Tribunal approved the parties' stipulated Consent Award approving the Trust's ongoing entitlement to certain documentation related to verifying royalty calculations. The Tribunal denied the Trust's request for declaratory relief regarding the time at which Cliffs' and Northshore's royalty obligations accrue .
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits . Exhibit No. Description 99.1 Press Release dated September 10, 2024 104 Cover Page Interactive Data File (formatted in Inline XBRL and included as Exhibit 101) In accordance with general instruction B.2 to Form 8-K, the information in this Form 8-K shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. MESABI TRUST By: /s/ Chris Niesz Chris Niesz Director Deutsche Bank Trust Company Americas, Corporate Trustee of Mesabi Trust Dated: September 10, 2024 3