KMI’s board of directors has approved a share and warrant repurchase program authorizing KMI to repurchase in the aggregate up to $250 million of its (i) Class P common stock or (ii) warrants to purchase shares of its Class P common stock, which are currently trading on the New York Stock Exchange. This $250 million repurchase program is in addition to the $350 million share and warrant repurchase program that the board approved in July of this year, of which approximately $16 million of capacity remains. In aggregate, KMI has repurchased approximately 158 million warrants, and approximately 348 million warrants currently remain outstanding.
I recall that APC has reserved funds for this outcome of the TRONOX case, but not how much. I think it is 2 or 3 billion dollars. Credit Suisse reported on the reserve in a report last summer, which I can't find at the moment
Just because Fidelity doesn't have shares available for shorting doesn't mean other brokers don't have shares available to short. In fact, you can bet that a lot of the decline since the bond sale is due to the buyers of the converts have shorted enough stock to lock in a hedged profit. That seems hard to do with a large dividend every month to deal with, but certainly not impossible. Buy the converts at 3% yield, short the stock and short enough options to cover the dividend payments. That's most likely how the converts got sold, and there's no reason to expect it to show up where you can see it on a retail screen.
On the conference calls, none of the analysts ever presses the Landys to return capital to shareholders via a dividend increase or share buybacks. While the current yield is quite nice, its been stuck in neutral a long time. The yield is high because the dividend doesn't increase, and investors know it is unlikely to go up significantly.