He just said that he sold his shares because of the accounting irregularities. Hasn't this situation existed and been discussed for a long time and all along he was pumping it. I think he needs to take his meds.
Sentiment: Strong Buy
Not the biggest fan, but he's playing defense. Essentially this investigation has opened a big unknown. If SEC decided to say more damaging things, it can really hurt the stock. I was shocked at how much damage an informal SEC review is causing.
He didn't sell "all" LINE shares. I subscribe to Action Alerts and he held 2,400 in the trust and sold 1,400. He says he is holding the rest because of the yield and his belief in the company. He must stick to discipline because his trust is used as an educational tool for people, so he sold some to make the point of selling when SEC gets involved, but he did not unload all shares like I have seen him do with some other investments over time. FYI
He did say he regrets unloading them because his charitable trust forbid having stocks under SEC examination. Says the price is real cheap and hope the SEC can clear up the matter. To each their own. I buy because I see value, high and steady income stream, good forward potential. Until the SEC conclude what they are doing, I'll keep collecting the money.
Folks, This is a free country and Cramer is probably right for his position to sell because he has a general rule to sell any stock under SEC investigation. It is not an unreasonable policy. Many will sell for the same reason and those of us who are long may yet regret it if the SEC investigation does in fact reveal serious problems. OTOH it is a fabulous but risky opportunity to get some shares of a great company on the cheap. "You pays yer money and you takes yer chances". Quit whining and #$%$ about Cramer. In the short run who cares if the price gyrates wildly as long as they keep paying those distributions and the merger goes through eventually. GLL
Sentiment: Strong Buy
He DID indicate that his non profit guidelines don't allow him to hold stocks that have accounting/SEC issues... and that he still likes Linn. This announcement of the SEC bit made him have to sell. I bet he gets back in AFTER all the dust settles and issues resolved. That's just my bet.
Umm...when a POS rag like Barrons and some unknown hedge fund state accounting issues are at hand, you tend to ignore this noise. BUT, when the mother of all regulators like the SEC starts sniffing at accounting issues, you sell, becasue that is usually the beginning of some real "stuff." If it comes out clean, it's a buy all the way to $40, but who knows if "clean" is how it comes out. Time will tell, and this sucks.