here's another mindblowing factoid from icahn/cvi. they are speaking of "unit holders", not stock. i am uneducated about what this is, prolly a partnership good for 10? years.
//CVR Refining plans to use that margin to pay an estimated 19 percent yield to unit holders in 2013, a rate similar to that paid by Northern Tier Energy LP (NTI) and Alon USA Partners LP (ALDW), which were formed as refining MLPs in 2012, said Sam Margolin, a New York analyst with Dahlman Rose & Co.
Refining partnerships have to pay higher yields to attract traditional MLP investors who are accustomed to the stable payments from pipeline-related businesses that derive from long- term contracts for shipping fees, Margolin said.
“MLP investors are conservative,” he said yesterday in a telephone interview. “They don’t like a lot of variability in the dividend.”
MLPs don’t pay corporate income tax, leaving more cash for payments to holders. //
RBS Fined $612M by Regulators for Manipulating Libor
Icahn to Almost Double Money With $520 Million CVR Refining IPO
By Bradley Olson - Jan 16, 2013 12:00 AM ET
Carl Icahn, who failed to find a buyer for oil processor CVR Energy Inc. (CVI) after taking over the company last year, is poised to almost double his $2 billion investment with the initial public offering of the company’s refineries today.
CVR Refining LP (CVRR), which is seeking as much as $520 million in the IPO, would become at least the third refiner in the past year to sell its plants to the public and distribute operating profits to investors. CVR Refining, a master-limited partnership, is scheduled to offer 20 million units today for $24 to $26 each, the Sugar Land, Texas-based partnership said in a regulatory filing.
The IPO plan and an extended rally in the past year for refiners have fueled record gains for CVR Energy and for Icahn, who acquired 82 percent of CVR Energy when most of the company’s investors tendered their shares to him for $30 in May. The shares, which have more than doubled in the past year, rose 2.9 percent to $53.19 yesterday in New York.
The value of Icahn’s 82 percent holding in CVR Energy is now worth $3.79 billion, an 88 percent increase from the $2 billion he paid to acquire CVR shares last year, according to data compiled by Bloomberg. //
By the way, in case anyone missed it, insider buys can be seen , no charge, @ "insider-monitor. just add the dotcom. They just added some new ones purchased just yesterday. Pretty cool. I am adding them to my Yahoo portfolio, and will be checking them out tonight. Most interesting, significant one is RCMT.