MESABI TRUST
For the period ended Jan 31, 2025. Filed Apr 24, 2025.
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FY2025 · Filed Apr 24, 2025
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EX-13 · Trust Expenses
TRUST EXPENSES
Total Trust Expenses
Total Trust expenses for the fiscal year ended January 31, 2025 were $5,321,408, representing an increase of $1,442,715, or 37.2%, from the $3,878,693 of total Trust expenses in fiscal 2024. The increase in Trust expenses from fiscal 2025 to fiscal 2024 was due primarily to an increase in legal fees and other expenses discussed further in the “Trust Legal Expenses” section below.
Trust Legal Expenses
Mesabi Trust paid Fox Rothschild LLP $3,851,378 for legal services provided to the Trust during the fiscal year ended January 31, 2025. Comparatively, Mesabi Trust paid Fox Rothschild LLP $2,572,380 for legal services provided to the Trust during fiscal year ended January 31, 2024.
In each of the last two fiscal years, Fox Rothschild LLP represented the Trust and assisted the Trustees in arbitration proceedings involving royalties, as well as the preparation and filing of the Trust’s current, periodic and annual reports with the SEC, a variety of governance and corporate trust law matters, iron ore royalty matters and securities law and NYSE compliance matters.
The total amount of Fox Rothschild’s legal fees for services rendered during fiscal 2025 increased approximately $1,278,998, or 49.7% as compared to fiscal 2024. The increase in legal fees in fiscal 2025, as compared to fiscal 2024, resulted primarily from the increased legal services provided to the Trust and Trustees during fiscal 2025 during which Fox Rothschild represented Mesabi Trust in the arbitration proceeding which commenced on October 14, 2022 and which resulted in a unanimous final award decision received by the Trust on September 6, 2024. The AAA final award included a payment of $71,185,029 by Cliffs and Northshore received by the Trust on October 4, 2024. See “*AAA Arbitration Final Award and Payment”*under “Legal Proceedings” in Part I, Item 1 of this Mesabi Trust Annual Report on Form 10-K for the Fiscal Year Ended January 31, 2025.
Total Trust expenses by category for fiscal 2025 and 2024 are set forth in the table below.
| · · · · · · · | |||||
|---|---|---|---|---|---|
| · · Fiscal Year ended January 31, · | |||||
| · 2025 · 2024 | |||||
| Compensation of Trustees | | $256,654 | | $257,064 | |
| Corporate Trustee’s Administrative Fees | | 62,500 | | 62,500 | |
| Professional fees and expenses | | | | | |
| Legal | | 3,851,378 | | 2,572,380 | |
| Accounting and auditing | | 238,644 | | 247,443 | |
| Mining consultant and field representatives | | 46,985 | | 42,925 | |
| Insurance | | 276,652 | | 280,855 | |
| Annual stock exchange fee | | 80,020 | | 80,575 | |
| Transfer agent’s and registrar’s fees | | 4,471 | | 4,693 | |
| Other Trust Expenses | | 504,104 | (1) | 330,258 | (1) |
| | | $5,321,408 | | $3,878,693 | |
(1)“Other Trust Expenses” for the fiscal years ended January 31, 2025 and 2024 included additional consulting fees and costs incurred by the Trust in connection with study, review and analysis of iron ore royalties and markets, as well as ongoing arbitration costs.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.