Atlas Cold Storage, one of North America's biggest frozen-storage businesses, based in Toronto, is mired in an accounting scandal and has halted payments to unit holders.
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Under the plan, existing unit holders will exchange their units for shares of either common stock or nonvoting 9.5 percent cumulative preferred stock in the new corporation.
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By converting into an income trust, Fording will redistribute a large percent of its cash flow back to unit holders, unlocking significant value in the company, analysts said.
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The statement further said unit holders will be required to hold the unit trusts for at least six months after which they will be able to sell them.
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Such an arrangement would add up to about $ 55, the sum analysts had figured was due the unit holders under a straightforward calculation of the deal price.
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However, Dayana said the unit holders will have to sell their unit trusts through the sales agents of the company-- National Finance Plc and SBC Warburg Premier Ltd.
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A statement released by the company said unit holders will be provided full details on the cash-flow position of the fund prior to the sale of unit trusts.
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He added that the system will also allow AUTB to operate a multi-fund environment including Islamic Funds, multi-currency, multi-tier agency marketing and enhanced insurance coverage for unit holders.
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Sullivan said Zell's new offer could create a division between Boll and his co-founder, J . Peter Ministrelli, who is no longer active in Chateau, and other unit holders.
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Under the plan, existing unit holders will exchange their units for shares of either common stock or nonvoting 9 . 5 percent cumulative preferred stock in the new corporation.
