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Enbridge Energy Partners, L.P. Message Board

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  • mumbleypeg1 mumbleypeg1 Apr 22, 2011 2:12 PM Flag

    Distribution Question

    I believe bunnymoney is referring to IDR's as Incentive Distribution Rights which is $ going to the General Partner. I don't know what % the G.P. currently receives but it caps at 50% of Distributive Cash Flow or DCF. It is based on a longevity scale which increases the % with time. If I have it right. Although, it may have to do with share price increasing % of IDR, as bunny suggests. In either case, I'm sure they ain't going to reduce their piece of the pie!

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    • Yes, "incentive distribution rights" based on increasing distributions per share by the GP to the partners. When certain goals are met, such as $1/share, the GP gets to keep the originally agreed upon %.

      It would seem the distribution would be cut in half by the split and therefor the IDRs might be less. I have not yet been able to locate the partnership agreement with IDR info. I would guess somewhere in the fine print are exceptions that relate to splits and maybe other events.

 
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