As a SUN owner I feel that at this time, considering all the good things SUN has done since they agreed to the deal to get bought, the stock would be at 55 or more by now. All that crap about how SUN was at 40 and getting 50 or the screwy combination of $ and ETP stock, which I feel will be less than $50, is a bonus is non sense. We would be at 55 or 60 by now. I say screw ETP. The stock is junk. I could care less about the div. I don't trade stock for the div. leave that for you bankers.
Harry - You say you do not care about the dividend on ETP. I wonder why not? It paid out $3.60 a year for the last 4 years or almost $15 per share! "Screwy combination" - hardly - the deal was a 50/50 mix of stock and cash. Ask for cash and you probably get mostly cash. The bonus is anything you get over about $44 which is where SUN would likely have moved w/o the deal. You also could have sold in May for over $50. Also SUN booked a profit of over $100M related to closing the PA refinery that will be reversed this quarter. Thus they earned about $1.20/share last Q.
$30's....that's a joke. They went from loses to profit after getting rid of that refinery. SUN is a $55 stock all day long. Your dead wrong jmelon. I'd sure as hell rather own SUN than ETP. What a dog.
All I know is that when ETP agreed to buy SUN it was near 50 and now after the market has hit the roof it's at 42. Why would I want a piece of this junk as payment for a really good company? I don't. I wouldn't buy this if I didn't own SUN so why would I want it now? I'll take a loss if I have to sell this junk to get out. Not happy either.
Zil - you could have sold just after the deal was announced for over $50. You made the choice to stay.
I suggest you sell you SUN now so you don't need to ever own ETP. I would suggest part of the problem with ETP buying SUN is people cannot figure out how ETP can use SUN to make it worth paying the $50. The retail stations do not fit the MLP setup. The refinery in PA is now a JV and is requiring about $500M of cash and a reversal of a $125M credit. No idea if good or bad as a company to own. Am glad to keep the jobs. Just know nothing of refinery business. The pipes are a good fit.