As stated below, since there is no formal inquiry there will be no formal conclusion EXCEPT the posability that the company discloses completion (they were never obligated to disclose the request in the first place) which might not happen except in a court deposition, OR they simply say the proxy for the BRY merger has been approved by the SEC -THERE IS NO WAY IN HELL THE SEC WOULD APPROVE THE S-4 IF THEY HAD NOT CONCLUDED ALL INQUIRIES!!!!!
I think you will hear from LINN - not the SEC, as others have stated just an inq not an investigation. Most likely at the upcoming CC you will hear that they have complied & SEC has not asked for anything further & they are still working on the Berry deal... meaning all is good :)
There is no investigation (simply an inquiry, meaning they asked LINE for some documents), hence there can be no acquittal since they have not been accused of anything (by the SEC). There is no requirement for the SEC to ever come back with any statement at all, which means we might still be wondering the conclusion two years from now.
The original press release regarding the SEC informal inquiry was made on July 1, but the SEC had been reviewing documents (S-4 specifically) regarding the merger before June. So it's conceivable that the inquiry had been ongoing privately and LINE only recently chose to disclose it publicly.
So if you consider the informal inquiry inclusive of the review of documents pertaining to the merger (which is what the press release states) then the "start date" of the inquiry could go as far back as May.
More likely, when the SEC came back with additional questions about the merger, the breadth of the questions prompted LINN to feel like the inquiry was expanding beyond just the merger. As such, given the investment community situation, they felt obligated to communicate it as an inquiry. It really doesn't matter though because IF the SEC clears LINN for the merger (even if they cause them to make some minor adjustments to disclosures or restatements of past financials that don't impact future distributions), the stock will react very favorably aided by short covering and the BRY deal will get done.
A very long time and good points.
However, it is reasonable to assume all of this was covered by the bry deal review. In fact one would expected the SEC to do a review of such an extensive hedge good as part of that work.
But this is something separate as it is 'informal' which means it can not be an element of the formal review.
Something Sinks in Denmark.
The SEC has no obligation to notify the Company when it has completed an informal inquiry. Typically, the company learns of an inquiry when it gets questions in the mail. It then responds with answers in the mail and waits. If no further questions are forthcoming after a few months, the company assumes it's over, but can't be certain so can't announce it. I am hopeful though that since the BRY deal is pending and the SEC must act on it that there will be a definitive end to the inquiry here. When that might be is anyone's guess.
Y'know, my father worked for the government (Federal), and worked hard. People have a prejudice about government workers gleaned mainly from bad experiences at the DMV, near as I can tell. I worked for a couple of large corporations, and comparing notes with my father, it wasn't all that different. Some of the sticking points were different, but overall, the problems in both mostly related to the inefficiencies that seem inevitable in any organization with more than a couple of administrative levels. Sorry for going off-topic -- couldn't help myself.