I for one would like to thank you "iinvestoo" for the knowledge and wisdom that you bring to this and other message boards. There are many who could learn from the way you choose companies to invest in.
It is unfortunate that there are people in this world like "billyjoe" and "Wulff" who have an agenda(profit from shorting, revenge) and will use "terrorist" tactics to further their agenda. If good people do not defend the truth than evil can cause great harm.
Thanks again for the insight that tou have brought to this and other boards. I would wish you continued good luck in investing but I don't think that you need luck.
Anything important to worry about? I guess other than trying to impart the facts versus the rampant distortion that is going on here, which I guess you deem to be less than important?
If I am willing to spend my time doing so and in turn supporting the guy that runs the company in which you have an ownership you should be happy to let me do that, not question it??
I will go back now and look at my basis from 1997...is that important enough?
Who Cares? The stock is still bumping $40/share, I'm getting a great distribution; and my long-term capital gain is growing every day.
Don't you guys have anything important to worry about?
Well, not quite. The story you tell is a nice fable, but my college roommate worked there at the time and the notion that no one got fired is bull
Of course I'm short (at $38.81).
Lemme tell you a little story about Rich Kinder, from the book Power Failure. While Rich was COO of Enron, or the parent of Enron, he discovered massive fraud in the company's NY trading office. The traders had invented customers such as "M. Yass," as in "My Ass."
So what did Kinder do?
Nothing. The traders didn't even get fired. Look it up.
And do you really think Rich Kinder is pricing an offering under a shelf filed with the same SEC that you reference if he thought there was a more serious issue here? Do you think he has met with the SEC over the last 2 weeks? What do you think he knows? Certainly more than you or Carol Coale (that is a female, for the uninformed).
Are you short the stock? What is your financial position?
Is being a "small investor" an excuse for being ignorant of the facts of the case?
Let's take the SEC investigation. The SEC probably has a few terabytes of data to sift through from investigating Enron, Worldcom, Tyco, etc. And yet the agency launches an investigation regarding 2 cents of non-cash expense in a relatively small KMP transaction.
Now, any informed investor would want to know, why is the SEC doing this? Is that baseless rumor and speculation? Or is it sensible due diligence?
Well, lessee. What might the SEC be looking for? The issue the SEC is investigating concerns the allocation of expense between the GP and the LPs. So?
Well, the SEC may be looking into the allocation of assets between the GP and the LPs. As it stands now, the LP has all the assets and the GP gets half the cash flow. The GP liability is not on the LP balance sheet, however. That is a massive "contingent" liability (because it depends on meeting certain "contingencies," or cash flow targets)
that doesn't show up anywhere on the LP balance sheet. If the SEC concludes that, in fact, the LPs do not own all of the assets, but only half of the assets, then there will have to be a massive write-down.
And that could be very bad news for the stock.
Now, Mr. Small Investor, is that baseless speculation and rumor? Or is it a prudent evaluation of the risks for a company that is, after all, under SEC investigation?
I report, you decide.
From reading posts it appears that you are a big fan of rumor and speculation, and as that is your perogative, that is fine. However, there are many of us small investors who use these boards as a forum for information, intelligent non-biased conversation, and the bouncing of ideas. (I for one, learned about the UBTI impact of KMP shares on an IRA account and was able to move to KMR and prevent myself from writing a check to Uncle Sam.)
If you insist on climbing on a soap-box and preaching fear and end-of-the-world prophecies, please find another place to do it and let the rest of us use this board for its intended purpose.