Energy Transfer Equity, L.P. (ETE) (“ETE” or the “Partnership”) today announced that it has terminated its merger agreement with The Williams Companies, Inc. (“Williams”) effective June 29, 2016.
Zacks has a little problem getting facts straight.
"Texas pipeline operator Energy Transfer Equity L.P. is no longer bound by its agreement to buy rival natural gas pipeline company Williams Companies Inc., according to the recent ruling by the Supreme Court of Delaware."
"Williams could put those funds to a better use for a lot of things"
Like hiring qualified lawyers to read any contracts before they're signed/
There's a reason why Cramer's Action Alert Portfolio under performs the S&P 500
"How high next week?"
I expect a few ETE longs will be getting high over the weekend. Only on quality booze of course.
I imagine you're drowning your sorrows, he Bill?
Or are you going to try to tell us how you loaded up on ETE when it was below $5 and held on??
"Court's opinion alluded to the on-going issue over the special rights issuance, which is being contested by a group of standard ETE limited partners. "
No sweetie, I'm talking about the suit brought against him for this special convertible that was made available to a select group of ETE shareholders.
Look at the topic heading for this thread and try to keep up.
Can't wait until Monday when David Faber and Jim Cramer babble incoherently about what it all means.
It's like throwing one banana to two monkeys and watching them deal with it.
It wasn't based on the validity of the tax opinion, but on whether or not the inability to issue a tax opinion was made in good faith.
Wasn't part of the so-called justification based on the need to have cash available to ensure ETP's credit rating (with or without the burden of the $6 billion needed for WMB??)? I agree that now that WMB has been cut loose there's no real or imagined justification for it only to be available to the privileged few.
KW could easily lose if it goes to court and would probably regain some of his previous popular reputation if we all could join in or something else replaced the unfavorable terms for the majority.
You can't use the funds generated by the sale of shares until they've settled, but if you've been sitting on sufficient cash, you can use that to buy back in.
Both KMI and ETE need to tend to their own organic growth. I doubt the market would be pleased if ETE jumped from one debacle to another.
"No money will change hands."
I think ETE still has to pay over $400 million to WMB.
Also, it's likely that WMB will appeal the ruling.