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Crosstex Energy, L.P. Message Board

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  • smorefi60 smorefi60 Jan 7, 2010 8:08 AM Flag

    Valuation question

    I'm curious as to why you think the lenders have any interest in how XTEX divides the distributions. They're only interested in the amount of the distributions, not how they are shared. The lenders have, and have used, the power to prevent distributions, since paying distributions would have put their principal at risk. They have no power to interfere with the partnership agreement, and I'm not sure than even a majority (as opposed to a unanimous) vote could change that contract. We all bought XTEX units with an understanding of the partnership and distribution arrangement. You're making the assumption that the general partner isn't bound by the terms of the partnership contract, when in fact a legal contract is binding on all parties. That's why they call it a contract--look up the meaning of the word. Am I missing something?

 
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