I am in the same boat (holding the unsecured notes). I just don't see why you think a deal needs to be made with the Sr Debt. It looks like to me this is already done based on the SEC filings. Unsecured debt gets equity and preferred and unitholders should get nothing.
So do you take the time to proof read every message you type. Life's too short.
I hope noone believes what you write. You need to get educated better on the Ch 11 process.
One thing I don't understand is if an MLP files for Ch 11 and reorgs and emerges from BK as a C Corp then why would CODI apply to a unitholder going into BK (I guess it comes down to when the were considered a C Corp in the BK process).
The unsecured note holders get the new equity so when they come out of BK they should be the ones that make out if oil rebounds. Not to late to buy some of them on the cheap.
Not bad, except that ridiculous number of $120bbl. Common and preferreds are most likely worth nothing, but not sure how you can say there is no reason for the bonds to go up. At some point it will become clearer what oil price will make BBEP profitable after the unsecured debt is wiped out (much lower than $120bbl) and this will drive the bond prices based on the unsecured note holders becoming the new equity owners. The price of the unsecured notes has already gone up 50%+ since the BK filing.
If you think they are worth so much, then go buy the bonds now why they are trading .06 on the dollar. You will be a new equity holder in the company after they wipe out all the unsecured debt.
That amount was the break up fee they had to pay to let the ETE merger happen.
I agree with that amount. This reimburses WMB for the break up fee they had to pay to WPZ.
At a minimum, ETE owes WMB the $438M breakup fee they had to pay to WPZ to make the ETE merger happen.
Again, have you looked at the recent bond prices / credit rating upgrade and financials for MEMP or are you just throwing out #$%$. They aren't anywhere close to a BK situation and I don't believe they will buy back any of their debt at current prices and create CODI for the unitholders.
Also does the required mortgage percentage increase keep them from selling more assets to reduce the credit line debt?
They have $40M of the $50 now, right. They just need to make the $17.5M per month + another $10M. It's going to be tight and depend on gas and oil prices over the next 6 months.
I think everyone is shunning MLPs right now because they are worried that the companies may buy back debt and create CODI for the unitholders.