Pro or con, I have not read a single SA article on LINE that didn't make me scratch my head. However, today's SA article re: LINE is the first one I have read that succinctly and seemingly accurately on all fronts lays out the current situation and the things one should know in considering an investment. The key assumption underlying the analysis if, of course, that the S-4/A language reflects accurately discussions between LINE and the SEC and will be made effective by the SEC without major further changes (a logical assumption in my view based on dealing with the SEC in the past).
Well, let's say it has me . . . scratching my head. I'm not sure how he's using the numbers. In fact, the basis for his forward looking analysis, "Supplemental Q2 2013 Financial and Operational Results", does not exist in the amended S4, the Q2 or the 8K, I still can't locate it. So, I'm not sure what starting point he's using, particularly for "scenario 3", where he uses the higher distribution number, as a result of the Berry merger, without apparently accounting for Berry's additional earnings metrics. You can't use the same cash flow base for "scenario 1" and "scenario 3", that makes no sense.
Hopefully some of that can be resolved in the comment discussion, assuming it doesn't devolve into name calling. I'm afraid I wasn't helpful in that regard, as I used the words "metrics that you're apparently making up yourself", which sounds confrontational. I meant to redact that, but my browser crashed as I was searching a pdf.
Linn Energy will certainly have a great deal of volitility near term but if patient, there is upside to an investment in this company. With or without the BRY merger. The SA article was an intelligent attempt to explain whats going on and what the future of Linn is. However, most people have already made up there minds and facts don't matter.