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MATTER OF GREAT NORTHERN IRON ORE PROP.

No. C7-87-1492.

419 N.W.2d 498 (1988)

In the Matter of the Trust Known as GREAT NORTHERN IRON ORE PROPERTIES.

Court of Appeals of Minnesota.

February 16, 1988.

Attorney(s) appearing for the Case

Harry T. Neimeyer, Stringer, Courtney & Rohleder, St. Paul, for appellant GNI Certificate Holders Committee.

Sue Ann Nelson, Doherty, Rumble & Butler, St. Paul, for respondent Trustees.

Frank J. Hammond, Briggs & Morgan, St. Paul, for respondent Burlington Northern, Inc.

Heard, considered and decided by HUSPENI, P.J., and PARKER and LOMMEN, JJ.

OPINION

PARKER, Judge.

On April 1, 1987, the trustees of the Trust Known as Great Northern Iron Ore Properties (hereinafter the Trust) petitioned the district court for approval of their annual report to certificate holders for the calendar year 1986. A hearing was set for June 17, 1987. At the hearing the Trust certificate holders committee contested the report, particularly the $8,348,634 variously described as "working capital" or "reserves," and asked...

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