You are a clown. You obviously know nothing about MLPs and furthermore, you must know very little about EVEP. EVEP is one of the better run E&P MLPs. They kept their distribution through the dark days of '08/'09. Look at BBEP, EROC etc that had to cut the distribution. EVEP has had a steady stream of increase (albeit fractions of a penny per quarter but it is still an increase).
John Walker is a very astute manager and yes, he indirectly profits from the issuance of units via the incentive distribution rights, but you must know that those units have to be paid their distribution before he collects. If the company doesn't have the DCF, then issuing units is counterproductive and he not only doesn't gain, he risks damaging the very entity that is paying him those IDRs. You are very foolish if you really believe Walker and company are issuing units for short term gains and risk sacraficing the financial stability of EVEP long term. Very foolish indeed.
Actually, he does (although he isn't very clear about what he is saying to vote "NO" on.)
The proxy increases the incentive shares from 1.5 million to 4.5 million. This is not a vote to increase the total number of shares authorized by the company (and I looked to see how many that is but could not find it anywhere.)
These shares would be distributed over many years and likely would not have a significant - if any - affect on the current share price.
That said, I am not a big fan of these types of programs either but I guess it's the current way of compensating officers in any given company.
actually there is a vote at a special meeting Jan 20th 2011. the vote is to increase the incentive rewards shares to 4.5 million. seems like a lot of shares when you only have about 30 mil outstanding. I'm sure they would be given out over a multi-year period, but still....