The Class A units of a trust (the "Trust") are redeemable for the lesser of X% of their market price [over an unspecified period] and X% of the closing market price on the redemption date, with the Trust having the right to pay the redemption price (no later than the last day of the month following the month in which the units are tendered for redemption) by distributing notes of a wholly-owned subsidiary trust. Class B units of the Trust, the distributions on which are subordinated to distributions on the Class A units until EBITDA of the Trust has achieved a stipulated level (the "Stated Target"), are redeemable on similar terms to the Class A units except that during the period that distributions are subordinated, the redemption price is reduced to reflect any shortfall in EBITDA from the Stated Target and, given that the level of EBITDA will not be known at the time of redemption, the Class B units will be redeemed for an interest-bearing note (a "Class B Redemption Note") whose principal amount is not determined until the EBITDA for that fiscal period is determined, with the Class B Redemption Note thereupon becoming redeemable for cash or notes of the subsidiary trust.
Ruling that the Trust will qualify as a unit trust.