I have to believe that given KMI's debt position and need to raise capital, SO is probably buying this for a good price. They can sell stock at all-time high and buy good-quality assets from a motivated seller, makes all the sense in the world.
the way it works in the USA is that WMB needs to prove that they WERE lying, not the other way around. The unfortunate fact seems to be that there is no actual *evidence* to that effect or it would have come out by now.
You're basically agreeing with me... WMB is the one suing ETE, not the other way around, it just makes it that much more easy for ETE to counter with the argument that WMB -- in contrast to their public statements -- wasn't fully committed to the merger either.
Otherwise, of course this is positive for WMB, today's drop is certainly a buying opportunity, I would have thought it would gap up on news like this. Be very interesting to see who they nominate to fill out the board and what actions they take both before and after that.
On the other hand, it doesn't bode well for their damages lawsuit against ETE... it exposes the fact that all WMB's announcements "unanimously" supporting the merger were complete fabrications -- makes it very easy for ETE to argue that the "bad faith" went both ways and for a judge to simply dismiss the whole thing, now that the deal has been cancelled anyway.