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Crosstex Energy, L.P. Message Board

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  • davidbdc2001 davidbdc2001 Jan 9, 2010 8:28 PM Flag

    Preferred getting 10% yield!

    I'd agree with your sentiment if this had made a substantial dent in our overall debt.....if this had eliminated 33% of our debt then I'd be inclined to trust management was making the best decision.......but 30% dilution for 12% of debt??? Very poor deal. I'd rather wait another year for distributions and work our way out.

    The other negative here is that the partner is the Blackstone group. They don't give a damn about this business in the long term. Their interest is in doing whatever is needed to get the stock price up 50 or 100% in two years and taking their profits. That means they have a very different agenda than most holders of the company, plus I don't know of any real expertise Blackstone has in the pipeline/NG area.

    And to be clear, despite the cratering of the stock price I don't have a negative view of the management team. They can't stop hurricanes and the timing of the financial crisis on top of that got us into a jam.......this transaction is of their own making and I think its a very poor decision.

 
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