They are planning on doing an MLP for only the energy operations. To me that means all reporting resorts to FCX, not individual owners of FCX. My sense is the MLP conversion becomes a spin off from the balance sheet of FCX albeit I am not a financial accountant. The question will be to what extent they convert: the entire holdings or just the holdings in PXP which is generating mucho dollars in cash right now. Irony is if they had not gotten involved in this mess, the stock would be trading around 45. IMO, any MLP spinoff will not get the stock over 38 due to the massive debt.
Talk to your tax preparer.Owning an MLP requires you to file a form K-2 along with your taxes.I also bought LINE based on Cramer`s non-stop shillin! THEN I found out the tax implications and sold LINE in one day.I was buying for my IRA.I asked my tax preparer about it and he said that based on the number of shares I owned I probably would not owe any tax but I just did not want the hassle of more paperwork.What it will do to the stock price is anybody`s guess,depends on the dividends the MLP will payout?