This will lose at least another 1/3 of its value. As cheap as it looks
it could easily get a lot cheaper real fast.
You can now kiss the purchase of BRY good bye.
Why aren't the insider buying at this great price? Ask yourself that.
I do not believe that LINE will cut the dividend, but if they did it will not lose 1/3 of its value. Go back and look at other MLPs that did cut their dividends in 2009 like BBEP and you will understand this better. The selling is in reaction to the SEC informal inquiry and to a hit piece in Forbes which made it sound as if LINE's puts (which virtually all oil and gas companies have) were some kind of complex synthetic derivative. HedgEye is very well connected and is putting its connections to good use, with 2 Barron#$%$ pieces, plus the one in Forbes and the SEC, both carefully timed for the holiday weekend.
There is a massive stampede out of the stock and Line ended near the low today, but at this rate selling should dry up fairly soon. Linn Energy is not going to $15.
Yes, after today's continued selloff with no real support, I would say the BRY deal is 90% off. It would AMAZING if this thing pulled through and we're back into the high $30's sometime this year. I would LOVE to buy back in, but if this company is truly troubled, I would have to abstain.