Don't think that is true of sjsrhs. He writes stupid statements like that on just about all MLP and trust boards Don't think he ever invests in any of them. His stupid bearishness for all investments is even more foolish than your naive hopefulness about ECT and EROC. I believe it is sour grapes in that he missed the boat on investing in MLPs over recent years.
Of course, ECT is not 'worthless' when it pays a decent (albeit declining) distribution each quarter.