MSB Mesabi Trust

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

 

FORM 8-K

 

Current Report

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

 

 

Date of Report (Date of earliest event reported):

October 19, 2015

 

MESABI TRUST

(Exact name of registrant as specified in its charter)

 

 

 

(904) 271-2520

(Registrant’s telephone number, including area code)

 

N/A

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 2.02          Results of Operations and Financial Condition.

 

On the evening of October 19, 2015, Mesabi Trust issued a press release announcing that the Trustees of Mesabi Trust were unable to consider the declaration of a distribution using anticipated royalty revenues earned during the quarter ended September 30, 2015; and that no distribution will be paid in November 2015. A copy of the press release is being furnished as Exhibit 99.1 to this Form 8-K.

 

Item 9.01          Financial Statements and Exhibits.

 

(d)                                             Exhibits

 

99.1                                    Press release, dated October 19, 2015.

 

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/ Jeffrey Schoenfeld
		Jeffrey Schoenfeld
		Vice President
		Deutsche Bank National Trust Company
		For Deutsche Bank Trust Company Americas
		Corporate Trustee of Mesabi Trust

 

Dated:   October 19, 2015

 

3

Exhibit 99.1

 

MESABI TRUST PRESS RELEASE

 

New York, New York

October 19, 2015

 

On October 16, 2015, the Trustees of Mesabi Trust (NYSE: MSB) were informed by Cliffs Natural Resources Inc. (“Cliffs”), the parent company of Northshore Mining Company (“Northshore”), that the quarterly royalty report for shipments of iron ore products from Silver Bay, Minnesota during Northshore’s  quarter ended  September 30, 2015 will not be provided to Mesabi Trust until the end of October 2015. Because NYSE rules  require 10 days advance notice of a record date for declarations of distributions, and the governing Agreement of Trust fixes a record date of October 30th,  the Trustees are unable to consider the declaration of a distribution using anticipated royalty revenues earned during the quarter ended September 30, 2015. Accordingly, no distribution will be paid in November 2015.

 

Under the original written royalty agreement between Northshore and Mesabi Trust, the quarterly royalty reports, and related quarterly royalty payments, for shipments of iron ore products payable to Mesabi Trust are due on the 30th day of the month following each calendar quarter end. Cliffs, on behalf of Northshore, historically has provided Mesabi Trust with Northshore’s quarterly royalty reports prior to the 15th day of the month following each calendar quarter end.

 

Neither Cliffs nor Northshore has advised Mesabi Trust whether or not it will furnish future quarterly royalty reports on a timeline that will permit the Trustees to consider declarations of distributions from royalty revenues anticipated to be received by the 30th day of the month following the calendar quarter end.

 

The Trustees of Mesabi Trust anticipate issuing a press release following their receipt and review of the quarterly royalty report in order to disclose royalty information.

 

Contact:	Mesabi Trust SHR Unit
	Deutsche Bank Trust Company Americas
	(904) 271-2520