Mesabi Trust 10-K 2010
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
For the transition period from to
Commission file number: 1-4488
(Exact name of registrant as specified in its charter)
(Registrants telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. No x Yes o
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. No x Yes o
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes o No o*
*The registrant has not yet been phased into the interactive data requirements.
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). No x Yes o
As of July 31, 2009, the aggregate market value of the Units of Beneficial Interest in the registrant held by non-affiliates of the registrant was $142,269,930* based on the closing sale price as reported on the New York Stock Exchange.
*Includes approximately $108,700 representing the market value, as of July 31, 2009, of 10,000 Units of Beneficial Interest the beneficial ownership of which is disclaimed by affiliates (see Item 12 herein).
DOCUMENTS INCORPORATED BY REFERENCE
ITEM 1. BUSINESS.
(a) General Development of Business.
The information under the headings Trustees Discussion and Analysis of Financial Condition and Results of Operations, The Trust Estate, Leasehold Royalties, and Land Trust and Fee Royalties beginning on pages 11, 20, 25 and 28, respectively, of the Annual Report of the Trustees of Mesabi Trust for the fiscal year ended January 31, 2010 (the Annual Report) is incorporated herein by reference.
(b) Financial Information About Segments.
Substantially all of the revenue, operating profits and assets of Mesabi Trust (Mesabi Trust or the Trust) relate to one business segmentiron ore mining. The information under the heading Selected Financial Data set forth on page 10 of the Annual Report is incorporated herein by reference.
(c) Narrative Description of Business.
The information under the headings Trustees Discussion and Analysis of Financial Condition and Results of Operations, The Trust Estate, and Leasehold Royalties beginning on pages 11, 20 and 25, respectively, of the Annual Report is incorporated herein by reference.
(d) Financial Information About Geographical Areas.
All of the Trusts revenues and assets are derived from the Trust Estate. The information under the heading Selected Financial Data set forth on page 10 of the Annual Report is incorporated herein by reference.
(e) Availability of Reports on Registrants Website.
The information on the cover page of the Annual Report, set forth on page 1 thereof, is incorporated herein by reference.
ITEM 1A. RISK FACTORS.
The information under the heading Risk Factors set forth on pages 3 through 8 of the Annual Report is incorporated herein by reference.
ITEM 1B. UNRESOLVED STAFF COMMENTS.
ITEM 2. PROPERTIES.
The information under the heading The Trust Estate beginning on page 20 of the Annual Report is incorporated herein by reference.
ITEM 3. LEGAL PROCEEDINGS.
ITEM 4. RESERVED.
ITEM 5. MARKET FOR REGISTRANTS COMMON EQUITY, RELATED UNITHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.
The information under the headings Unallocated Reserve and Certificates of Beneficial Interest set forth on pages 29 and 30, respectively, of the Annual Report is incorporated herein by reference.
ITEM 6. SELECTED FINANCIAL DATA.
The information under the heading Selected Financial Data set forth on page 10 of the Annual Report is incorporated herein by reference.
ITEM 7. TRUSTEES DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
The information under the headings Trustees Discussion and Analysis of Financial Condition and Results of Operations, Leasehold Royalties, Trust Expenses, and Unallocated Reserve beginning on pages 11, 25, 28 and 29, respectively, of the Annual Report is incorporated herein by reference.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.
The financial statements, including the independent auditors reports thereon, filed as a part of this report, are presented on pages F-3 through F-16 and are incorporated herein by reference.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.
ITEM 9A. CONTROLS AND PROCEDURES.
Evaluation of Disclosure Controls and Procedures. The Trust maintains a system of disclosure controls and procedures designed to ensure that information required to be disclosed by Mesabi Trust in the reports that it furnishes or files under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the rules and regulations of the Securities and Exchange Commission. Due to the pass-through nature of the Trust, the Trusts disclosure controls and
procedures include controls and procedures designed to ensure that information required to be disclosed by Mesabi Trust is accumulated and communicated by Cliffs Natural Resources Inc. (Cliffs) and its wholly-owned subsidiary, Northshore Mining Company (Northshore). In order to help ensure the accuracy and completeness of the information required to be disclosed in the Trusts periodic and annual reports, the Trust employs certified public accountants, geological consultants, and attorneys. These outside professionals advise the Trust in its review and compilation of the information in this Form 10-K and the other periodic reports filed by the Trust with the SEC.
As part of their evaluation of Mesabi Trusts disclosure controls and procedures, the Trustees rely on quarterly shipment and royalty calculations provided by Northshore and Cliffs. Because Northshore has declined to provide a written certification attesting to whether Northshore has established disclosure controls and procedures and internal controls sufficient to enable it to verify that the information furnished to the Trustees is accurate and complete, the Trustees also rely on (a) an annual certification from Northshore and Northshores parent, Cliffs Natural Resources Inc., certifying as to the accuracy of the royalty calculations, and (b) the related due diligence review performed by the Trusts accountants. In addition, Mesabi Trusts consultants review the schedule of leasehold royalties payable and shipping and sales reports provided by Northshore against production and shipment reports prepared by Eveleth Fee Office, Inc., an independent consultant to Mesabi Trust (Eveleth Fee Office). Eveleth Fee Office gathers production and shipping information from Northshore and prepares monthly production and shipment reports for the Trustees. Furthermore, as part of its engagement by Mesabi Trust, Eveleth Fee Office also attends Northshores calibration and testing of its crude ore scales and boat loader scales which are conducted on a periodic basis.
As of the end of the period covered by this report, the Trustees carried out an evaluation of Mesabi Trusts disclosure controls and procedures. The Trustees have concluded that such disclosure controls and procedures are effective.
Trustees Report on Internal Control over Financial Reporting. The Trustees Report on Internal Control over Financial Reporting is set forth on page F-2 of the Annual Report. The attestation reports of the Trusts current and former independent registered public accounting firms on their assessment of the Trusts internal control over financial reporting are set forth on pages F-3 and F-4 of the Annual Report.
Changes in Internal Control over Financial Reporting. To the knowledge of the Trustees, there has been no change in the Trusts internal control over financial reporting that occurred during the Trusts last fiscal quarter that has materially affected, or is likely to materially affect, the Trusts internal control over financial reporting. The Trustees note for purposes of clarification that they have no authority over, and make no statement concerning, the internal controls of Northshore.
ITEM 9B. OTHER INFORMATION.
At the special meeting of the Trusts Unitholders held on December 17, 2009 (the Special Meeting), the Unitholders appointed Robert C. Berglund to serve as successor Trustee of the Trust, replacing David J. Hoffman. Of the 11,294,759 Units voting in person or by proxy at the Special Meeting, on this proposal, 11,096,581 Units (or 84.58% of the Units outstanding) voted for Mr. Berglund, with 198,178 Units (or 1.51%) withholding votes. Because the appointment of Mr. Berglund was determined to be a routine matter, and therefore subject to discretionary voting under NYSE Rule 452, there were no broker non-votes with respect to this proposal.
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.
The Agreement of Trust dated July 18, 1961 (the Agreement of Trust) provides for a Corporate Trustee and four Individual Trustees (collectively, the Trustees). The Trust does not have, nor does the Agreement of Trust provide for officers, a board of directors or an audit committee. Generally, the Trustees continue in office until their resignation or removal. Any Trustee may be removed at any time, with or without cause, by the holders of two-thirds in interest of the Certificates of Beneficial Interest in the Trust (the Trust Certificates) then outstanding. In the case of an Individual Trustee, a successor is appointed if the Individual Trustee dies, becomes incapable of acting or is adjudged bankrupt or insolvent. In the case of the Corporate Trustee, a successor is appointed if a receiver of the Corporate Trustee or of its property is appointed, or if any public officer takes charge or control of the Corporate Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation. Successor Trustees can only be appointed by the holders of a majority in interest of the Trust Certificates then outstanding. Because such appointments are not made on a regular or periodic basis, the Trust does not have a standing nominating committee or a policy in place for the recommendation and nomination of successor Trustees.
The Trusts activities are limited to collecting income, paying expenses and liabilities, distributing net income to the holders of Trust Certificates (the Unitholders) after the payment of, or provision for, such expenses and liabilities, and protecting and conserving the assets held. Although the Trust is not required to designate an audit committee because of an exemption from Rule 10A-3 of the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder, the Trustees believe that they collectively perform the functions of an audit committee. The Trustees have not designated an audit committee financial expert. The Trustees have adopted a Code of Ethics that applies to the Trustees. A copy of the Code of Ethics is incorporated by reference in Exhibit 14 of this Form 10-K.
To carry out the Trustees duties under the Agreement of Trust, the Trustees meet on a quarterly basis to discuss information and circumstances relevant to the Trust. The Trustees also conduct telephone conferences from time to time between the quarterly meetings to address developments that require more timely attention. The Trust held four regular Trustee meetings and nine special meetings via teleconference in fiscal 2010. All of the Trustees who were then appointed were present at all of the meetings held in fiscal 2010.
In the third quarter of each year, the Trustees meeting is typically conducted in connection with the Trustees annual inspection trip in which they personally visit and tour Northshores mining operations and plant facilities located near Babbitt and in Silver Bay, Minnesota, respectively. During the inspection trip, the Trustees meet with and interview Northshore personnel with respect to Northshores current operations, changes in operations, mining plans, capital equipment and facilities.
Because Mesabi Trustees are appointed until they resign or are removed, at the time of nomination the Trustees believe that it is necessary for each Trustee to possess many qualities and skills. The present Trustees of Mesabi Trust principal occupations and directorships held with other public corporations during the past five years, or longer as material, their ages and the year first elected as a Trustee, are set forth below.
Robert C. Berglund
Year Appointed as Individual Trustee: 2009
Retired Mining Engineer, Cliffs Natural Resources, Inc.
Mr. Berglund has extensive experience in the mining industry. He retired from his position as Vice President and General Manager of Northshore Mining Company in 2003 after spending thirty-five years in mining production and operations management with Cliffs. Mr. Berglund joined Cliffs after graduating from Penn State University in 1968 with a B.S. in Mining Engineering. From 1976 until 2003, Mr. Berglund worked onsite at various mines owned and operated by Cliffs across North America.
James A. Ehrenberg
Year Appointed as Individual Trustee: 2006
Retired Vice President, U.S. Bank, N.A.
Mr. Ehrenberg has extensive experience serving as corporate trustee. Before retiring from his position as Senior Vice President of U.S. Bank, N.A. Mr. Ehrenberg spent nearly forty years in the Corporate Trust department of U.S. Bank, N.A. and its predecessor, First Trust Company of Saint Paul. From 1983 until April 2005, Mr. Ehrenberg was directly responsible for providing corporate trustee services to the Mesabi Land Trust of which Mesabi Trust is the sole trust certificate holder.
Richard G. Lareau
Year Appointed as Individual Trustee: 1990
Senior Partner, Oppenheimer Wolff & Donnelly LLP
Mr. Lareau is a senior partner in the law firm of Oppenheimer Wolff & Donnelly LLP with which firm he has been associated since 1956. Through his legal work, Mr. Lareau has represented numerous clients on a wide range of issues including, corporate, trust and real estate law. Over the course of his legal career, Mr. Lareau has also served as a director on the boards of numerous publicly-traded companies. During his service as a director on the boards of publicly-traded corporations, Mr. Lareau also served as a member, and frequently as chair, of board committees, including: audit, compensation, governance, nominating, and executive.
Norman F. Sprague III, M.D.
Year Appointed as Individual Trustee: 1981
Dr. Sprague, appointed as a Mesabi Trustee in 1981, is the longest serving member of the Mesabi Trustees. Dr. Sprague received a B.S. in Geology from the University of California, Santa Barbara and a M.D. from UCLA. Dr. Sprague also has investment experience as a general partner in two private investment partnerships. Dr. Spragues nearly thirty years experience as a Trustee makes him an important part of the institutional memory of the Mesabi Trust.
The Trust believes that each of the Individual Trustees has a diversified background and extensive financial, business and industry specific expertise that make him an important resource in the oversight of the Trusts affairs. There are no family relationships among any of the Individual Trustees.
David J. Hoffman, who served as a Mesabi Trustee from 1977 until his successor was appointed at the Special Meeting of Trust Certificate Holders on December 17, 2009, retired from the Trust effective upon the appointment of Mr. Berglund.
ITEM 11. EXECUTIVE COMPENSATION.
Compensation Discussion and Analysis
The Trust does not have a board of directors, executive officers or any employees. The compensation paid to the Trustees is governed by the Amendment to the Agreement of Trust dated October 25, 1982, as amended (the Amendment). The Trust does not use any compensation consultants.
The Amendment does not provide for any stock awards, option awards, non-equity incentive plan compensation, change in pension value, nonqualified deferred compensation earnings or any other compensation. The Trust does not have severance agreements nor does it provide post-retirement benefits to the Trustees. Accordingly, all such tables have been omitted from this Annual Report on Form 10-K.
Pursuant to the Amendment, each Individual Trustee receives at least $20,000 in annual compensation for services as Trustee. Each year, annual Trustee compensation is adjusted up or down (but not below $20,000) in accordance with changes from the November 1981 level of 295.5 (the 1981 Escalation Level) in the All Commodities Producer Price Index (with 1967 = 100 as a base). The All Commodities Producer Price Index is published by the U.S. Department of Labor, Bureau of Labor Statistics. The adjustment is made at the end of each fiscal year and is calculated on the basis of the proportion between (a) the level of such index for the November preceding the end of such fiscal year, and (b) the 1981 Escalation Level. Any action to modify or otherwise vary the compensation of the Individual Trustees as provided by the Amendment must be approved by the affirmative vote of 66 2/3% of the outstanding units of beneficial interest. Messrs. Ehrenberg, Lareau and Sprague, the Individual Trustees who served for the entire fiscal year, each received $35,999 in fiscal 2010. Messrs. Berglund and Hoffman, the Individual Trustees who served for less than the entire fiscal year, received $17,499 and $27,496, respectively.
Under the Amendment, the Corporate Trustee receives annual compensation in an amount equal to the greater of (i) $20,000, or such other amount determined in accordance with the adjustments described in the preceding paragraph, or (ii) one quarter of one percent (1/4 of 1%) of the trust moneys, exclusive of proceeds of sale of any part of the Trust Estate (as such terms are defined in the Agreement of Trust), received by the Trustees and distributed to Unitholders.
Additionally, each year the Corporate Trustee receives $62,500 to cover clerical and administrative services to Mesabi Trust, other than services customarily performed by a registrar or transfer agent for which the Corporate Trustee is paid additional service fees. The Corporate Trustee earned $88,089 in cash compensation for the fiscal year ended January 31, 2010. The Corporate Trustee also received $9,974 for its services as registrar and transfer agent for the year ended January 31, 2010. The Corporate Trustee earned $98,063 in total compensation for the fiscal year ended January 31, 2010.
Under the Amendment, the Individual Trustees may, in extraordinary circumstances, pay additional compensation to the Corporate Trustee. The decision to pay such compensation must be unanimously approved by the Individual Trustees. The Corporate Trustee did not receive any compensation for extraordinary services with respect to the year ended January 31, 2010.
Trustees Compensation Report
The Trustees have not designated a compensation committee and are not required to do so by applicable law or regulation. The Trustees, as a group, have reviewed and discussed the Compensation Discussion and Analysis (CD&A) and based on such review and discussion have recommended that the CD&A be included in this Annual Report on Form 10-K.
Summary Compensation Table
The table below summarizes the total compensation earned by each of the Individual Trustees and the Corporate Trustee in the fiscal year ended January 31, 2010.
(1) Represents fees and disbursements paid to Deutsche Bank Trust Company Americas for its services as registrar and transfer agent of the Units.
(2) Pursuant to the Agreement of Trust, each Individual Trustee is paid compensation on a quarterly basis for service during each fiscal year. To the extent that an Individual Trustee serves during any quarter in a fiscal year, he receives compensation for service during the quarters of the fiscal year that such Individual Trustee was in office.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND TRUSTEES.
The following table sets forth information concerning each person known to Mesabi Trust to own beneficially more than 5% of the Trusts Units outstanding as of April 2, 2010. Such information has been obtained from Mesabi Trusts records and a review of statements of beneficial ownership filed with Mesabi Trust pursuant to Rule 13d-102 under the Securities Exchange Act of 1934, as amended, through April 2, 2010.
(1) According to a Schedule 13G dated February 13, 2009, First Dallas Holdings, Inc., which is a holding company and parent company of First Dallas Securities, Inc., Hodges Capital Management, Inc., Hodges Fund, and Hodges Small Cap Fund, has shared voting power with respect to 386,000 Units and shared dispositive power with respect to 725,150 Units. Dallas Holdings, Inc., First Dallas Securities, Inc., Hodges Capital Management, Inc., Hodges Fund, and Hodges Small Cap Fund are all identified as part of a group. First Dallas Securities, Inc., a broker dealer and investment adviser, has shared dispositive power with respect to 119,119 Units. Hodges Capital Management, Inc., an investment adviser, has shared voting power with respect to 375,000 Units and shared dispositive power with respect to 595,031 Units. Hodges Fund, an investment company, has shared voting power with respect to 375,000 Units and shared dispositive power with respect to 595,031 Units. Hodges Fund, an investment company, has shared voting power with respect to 375,000 Units and shared dispositive power with respect to 375,000 Units. Donald W. Hodges is a reporting person with respect to First Dallas Holdings, Inc.
The table below sets forth information as to the Units of Beneficial Interest in Mesabi Trust beneficially owned as of April 2, 2010 by the Trustees individually and as a group. Except as otherwise indicated and subject to applicable community property laws, each Trustee has sole voting and investment powers with respect to the securities listed. There were no Certificates of Beneficial Interest of Mesabi Trust owned or pledged by the Trustees as of January 31, 2010.
** Less than 1%
(1) Includes 10,000 Units owned by Mr. Lareaus wife, over which Mr. Lareau does not have any investment or voting power and as to which Mr. Lareau disclaims any beneficial ownership.
The Trust does not have any compensation plans under which securities of the Trust are authorized for issuance.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.
Mr. Richard G. Lareau, who became a Trustee on March 7, 1990, is a senior partner in the law firm of Oppenheimer Wolff & Donnelly LLP, of Minneapolis, Minnesota. That firm has been retained by Mesabi Trust since 1961 to act with respect to matters of Minnesota law, and was retained in 1991 by the Trustees other than Mr. Lareau to act as general legal counsel. Mesabi Trust paid Oppenheimer Wolff & Donnelly LLP (Oppenheimer) fees totaling $224,796 for legal services provided to the Trust during the fiscal year ended January 31, 2010 compared with fees totaling $219,329 for legal services provided to the Trust during fiscal year ended January 31, 2009. Please see the disclosure under the heading Trust Expenses beginning on page 28 of the Annual Report for additional information regarding the fees paid to Oppenheimer for the Trusts legal expenses.
Related Person Transaction Policy
During the fiscal year ended January 31, 2010, the Trustees met on a quarterly basis and reviewed and approved or ratified certain transactions that occurred during the prior fiscal quarter. In connection with their review of the Trusts transactions, the Trustees consider whether there have been any related person transactions. In determining whether to approve a related person transaction, the Trustees consider the following factors, in addition to any other factors they deem necessary or appropriate:
· whether the transaction is expressly permitted by the Trust indenture;
· whether the terms are fair to the Trust;
· whether the transaction is material to the Trust;
· the role of the related person in arranging the related person transaction;
· the structure of the related person transaction; and
· the interests of all related persons in the related person transaction.
The Trust maintains a written related person transaction approval policy, which sets forth the Trusts policies and procedures for the review, approval or ratification of any transaction required to be reported in Mesabi Trusts filings with the Securities and Exchange Commission. The policy applies to any financial transaction, arrangement or relationship or any series of similar transactions, arrangements or relationships in which Mesabi Trust is a participant and in which a related person has a direct or indirect interest.
Certain types of transactions, which would otherwise require review, are pre-approved by the Trustees in accordance with the policy. These types of transactions include, for example, (i) transactions, which when aggregated with the amount of all other transactions between the related person and the Trust, involve less than $120,000 in a fiscal year; (ii) transactions where the interest of the related person arises only by way of a directorship or minority stake in another organization that is a party to the transaction; (iii) transactions with a related person involving services as a bank depositary of funds, transfer agent, registrar, trustee under a trust indenture, or similar services; and (iv) a transaction that is specifically contemplated by provisions of the Trusts indenture.
Based on their review of the Trusts transactions during the fiscal year ended January 31, 2010, the Trustees concluded that there were no related person transactions required to be disclosed in this Annual Report on Form 10-K.
Pass-Through Royalty Trust Exemptions
Because of its legal structure and character as a pass-through royalty trust, the Trust is exempt from Rule 10A-3 of the Securities Exchange Act and the Corporate Governance Standards set forth in Section 303A of the New York Stock Exchanges Listed Company Manual.
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
On October 17, 2008, the Trust announced that Gordon, Hughes & Banks, LLP (GH&B), had resigned as the Trusts independent registered public accounting firm as a result of GH&B entering into an agreement with Eide Bailly, LLP (Eide Bailly), pursuant to which Eide Bailly acquired the operations of GH&B. Mesabi Trust engaged Wipfli LLP (Wipfli), on October 17, 2008, as its principal independent registered public accountant to audit Mesabi Trusts financial statements.
The aggregate fees paid for professional services rendered by GH&B for the audit of the Trusts annual financial statements, the Trustees assessment of internal control over financial reporting for fiscal 2008 and review of the financial statements included in the Trusts quarterly reports on Form 10-Q for fiscal 2009 were $41,866.
The aggregate fees paid during fiscal 2010 for professional services rendered by Wipfli for the audit of the Trusts annual financial statements, the audit of the Trustees assessment of internal control over financial reporting and review of the financial statements included in the Trusts quarterly reports on Form 10-Q were $52,660, which amount excludes fees incurred by the Trust for professional services rendered by Wipfli after January 31, 2010 and not yet billed to the Trust.
The aggregate fees paid during fiscal 2009 for professional services rendered by Wipfli for the audit of the Trusts annual financial statements, the audit of the Trustees assessment of internal control over financial reporting and review of the financial statements included in the Trusts quarterly reports on Form 10-Q were $4,877, which amount excludes fees incurred by the Trust for professional services rendered by Wipfli after January 31, 2009 and not yet billed to the Trust.
No fees were paid to Wipfli or GH&B for assurance and related services that were not reasonably related to the performance of the audit or review of the Trusts financial statements for fiscal 2010 or fiscal 2009.
No fees were paid to Wipfli or GH&B for tax compliance, tax advice and tax planning for Mesabi Trust for fiscal 2010 or fiscal 2009.
No other fees were paid to Wipfli or GH&B for services provided to Mesabi Trust, other than those described in item (a), for fiscal 2010 or fiscal 2009.
Before the independent auditor is engaged to perform audit and review services for the Trust, the Trustees approve the engagements.
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES.
(a) 1. Financial Statements:
The following Financial Statements are incorporated in this Report by reference from the following pages of the Annual Report:
(a) 3. Exhibits:
Pursuant to the requirements of Section 13 or 15(d) 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, thereunto duly authorized.
Dated: April 15, 2010
* There are no principal executive officers or principal financial officers of the registrant.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.