Valuation of GNI

GNI is a royalty trust with a great yield, clean balance sheet and one big problem. Its going to be dissolved no later than April 6, 2015, 3.75 years from now. I wanted to see in today's high dividend loving (it seems people are blindly going into REITs and other trusts with high yields) what GNI is actually worth taking simply the expected payouts in a couple of different scenarios. The expected final payout is $8.22 and this year payouts totaled $5.25.

I assumed three different rates of royalty payments.

Bull scenario assumes royalty rates increase by 10% compounded annually. The final distribution would be $10 and this year would generate an two more payments totaling $8.
Bear scenario assumes royalty rates stay the same, the final distribution is $8.22 and the next two quarters would equal the first 6 months distribution ($5.25).
Super bull scenario assumes royalty rate compound annually at 15%, the final distribution is $16.44(just double whats currently expected), and the next two quarters will total 8.84 (1.15*12.25-5.25).

So all things being equal it appears I completely failed to understand the business or there is a lot of weird buying going on. Perhaps I need to be more aggressive in my assumptions but I think this represents a pretty good short opportunity where people haven't fully understood their investment. "A good yield? Well then a good addition to my portfolio."

Of note too is that over 1/2 of their pension funds are placed in ETF's indexed against the S&P 500. As the S&P 500 goes so does their pension plan. Any fall in a broad based index would increase total liabilities. They have numerous treasury bonds and corporate bonds. Should interest rates begin to rise it is likely the value will fall. Unless they plan on holding until the last possible minute, in this case April 6, 2015. No position.