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Crosstex Energy, Inc. Message Board

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  • rrb1981 rrb1981 Nov 8, 2005 7:25 AM Flag

    Yorktown decline about due

    Yorktown still owns a total of around 3,700,000 shares of XTXI. I suspect that the principals of Yorktown also own a great deal of shares that they elected to hold on their own after they were disbursed.

    The last Yorktown disbursements have come in this patter:

    11/30/2004 727475
    01/25/2005 699704
    03/11/2005 718726
    05/20/2005 727000
    08/16/2005 727000

    So, one would think indeed that we are in for another dumping. I wonder if the announcement of the increasing dividend ($3.00 in 06) makes any difference. I doubt it changes their minds, but at least it might create a bit more demand to soften the blow as they unload the remaining 3.7 million shares.

    My wish/hope is that XTXI management pulls off some sort of stock buy-back. Would love to see them buy back maybe 2 million shares. That would allow them to put that cash to work and also leverage up a bit.

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    • I am interested in adding to XTXI but am fearful of doing so in advance of a Yorktown announcement of new sales, which I expected to see last week. Maybe we all would be better off if they just announced a timetable for selling/distributing the remaining shares and we knew what to expect from here forward?

    • Found out on the SEC website that Yorktown did make a distribution on 11/10 of about 727,500 shares. This leaves them with about 3,000,000 shares. Note the slight decline right after the distribution and then the secondary one that started in early December that we are climbing out of now. If the Yorktown distributees are done selling, this could be the start of a nice run up. That is, until the next divs are paid, when I expect they will distribute again and create another buying opportunity for the rest of us.

      • 1 Reply to ex_delhi
      • Good work ex_delhi

        I am surprised that XTXI did not make an announcement about the distribution, or if they did, it does not appear to have been picked up by any of the wires.

        Yes, it appears that Yorktown IV and Yorktown V own a smidgen under 3 million XTXI shares. That is now down to about 25% of the float. That makes the recent decline a bit more understandable. I guess if they keep up the pace, we can expect 4 more of these dumpings, scheduled about every 3 months. I will be happy once they are done. Tired of seeing them held back for something this trivial. I hope the increasing dividend attracts some more demand to soak up the additional shares that will be hitting the market.

    • You are right, they should buy back some stock. They could lever up w/ debt to do so. It would be a very smart move.

      My hope wish, besides a buyback, is that Yorktown dumps the stock down to $40 again. So there.

      I thought they were cool on N LIG but very geared up about add-on or follow-on opportunities from El Paso.


      • 1 Reply to kokohapmton
      • Yes, North LIG project seems to be moving slower than expected, however, they did seem excited about the "half a dozen" expansion projects that the El Paso deal will bring. Also were more descriptive on Barnett Shale expansion in early 07.

        Sounds like they are still making progress on the North LIG deal but moving slower. No more news on the South La. deal, and Arkoma is growing but not big enough yet to build a big straw.

        Yes, I would love to see a buyback that put some leverage into the company. Sounds like the treating business is still growing. Much ado has been made about the non-cash charge for the hedges. When will people understand that it is a non-cash charge....

        Also sounded like they are on the prowl for acquisitions despite just closing this one. I believe they could pull off another deal of this size if they had the opportunity.

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