results in big discounts. Book big accounting gains to pump up 'incentives'. Then do a change of control to vest out 'incentive' performance targets. Value of NRF only diminished by the accounting payouts.
It is triple dipping.
The possible good news is if the resulting combination eliminates the blatant conflict of interest and abuse. Then the massive discount to nav should close.
KMI is likely wildly undervalued. The only rational American energy future is a natural gas backbone.
Obama has intentionally damaged the American economy and our national security to lawlessly impede the rational adoption of American natural gas.
What is holding KMI back is not the massive cash flows. It is the Obama uncertainty caused by his lawlessness and irrationality. Driven by the most profound case of narcissism I have ever witnessed.
KMI turned out to be over levered when markets are risk intolerant. Due only to Obama's churlishness and wanton abuse of power. He does not have the authority to wield even as a President. So, Mr. Market is worried about credit contingency on the massive cash flows.
The KMI broad footprint system can not be replicated. American natural gas is not going anywhere, except to power our economy. It can be delayed if inept and corrupt Hilly is imposed by the neo-progressive zombie herd. But only for some sad time.
KMI is a crown jewel in a rational America. It is more than strong enough to be around for that day when Americans once again are can do Americans.