i don't mind the sarcasm but would like to see more forward looking discourse like where should a mlp with 60% dist coverage trade, what is likelihood of secondary unit offering, yadda yadda....i think that is more important for longs and shorts than looking in the mirror....although i do have to agree the non-cash based compensation seems pretty steep given their performance
But a lot could be forgiven if they put their money where ours is. Now. Not back in the good old days where they knew there was going to be months of hype and anticipation. They got a ton of free EVEP. Show us it's worth buying too.
As for discourse--so much still depends on what sells and when. less than $300 mill in sales this year (soon), then a secondary is likely. But remember those that bought the last one back in the old days at $67.95 probably aren't too eager to pony up more. this offering being $25 or more lower than the last one isn't a selling point.
If they sell more than that, they can likely avoid a secondary. Even a bit more might give them enough breathing room for a note offering and a small bolt on acquisition to tighten up the coverage a bit.
But this is the bind they left us--EVERYTHING revolves around this stupid sale. 18 months frozen in place harvesting depleting/declinig assets
Yes they are sarcastic. I am a corporate lawyer and have counseled many people about the role of corporate insiders. I also have served on the Boards of a number of companies. What EVEP management said last year about the Utica properties and sales process are things that in "Corporate Insiders- 101" you are taught never to say. Whether what they did is legally actionable I leave to the litigators (I am not one) but it certainly was incredibly stupid and it cost shareholders tens , if not hundreds, of millions of dollars.