Hey nomad, now that you've gotten off on BBEP unit holders misery and despair shouldn't you slither back under your rock until the oil market crashes again? Aye Goofy?
In a way it's too bad BK didn't happen a year ago. As a result BBEP sucked in a whole bunch of new investors - both unit holders and note holders. Mostly based on Mgt's overly optimistic and mis-leading comments with each subsequent earnings release.
You and other note holders should be in contact with the "advisor" for the unsecured note holders. Allay your concerns and secure your place at the negotiating table. Posting them on this message board is now a waste of your time.
What Pac initially said about PSEC:
" Company in violation of 1:1 leverage and unable to pay cash dividends. Stock price target of $2.75 per share."
And then within 24 hrs of making this statement he changed his mind and said "Buy". How does one do that in good conscience? Think he has a bit of a credibility problem?
Zoo weren't you also predicting that interest payments would be made to note holders?
Unit holders are done. That part you ultimately got correct. But who is the optimist now?
Cheap is 100% correct. Most of the blame lies with Washburn and the BBEP BOD. The Saudi's and fracking growth are secondary and contributing factors. Washburn and his highly leveraged buy of QRE was based on a World of $100 oil. You don't manage your company for ideal market conditions - forever. You always look at the worst case. And although no one could have predicted sub $30 oil BBEP's break-even without hedges was much higher than was reasonable. Without the QRE buy BBEP would have been fine right now. But Washburn wanted to build his empire and the unit holders paid the price for his mis-guided gamble.
BBEP Mgt also said they did not believe banks would re-determine lower than it's current and outstanding $1.2B borrowing. You don't make that statement unless you are certain.
He's 87 you know he's slipping mentally. Has been for sometime. I take anything he says with a grain of sand - no a drop of oil.
You're elevating this knucklehead's status by explaining anything to him. He doesn't deserve an explanation because he's a Troll. Always has been always will be. Ignore him
If BBEP is playing a bluff game they're holding a very weak hand right now. They're in survival mode so you make as many sensible asset sales as you can at the best price you can get in a weak market.
That's why I always read the transcript. Notice regarding the question of return of capital by Christopher Nolan Taube grudgingly says "a component would be".
Taube is being wishy washy. "In isolation" my rear end.
From the CC Transcript:
Okay, inside doesn’t clarify the answer for me does it include return of capital?
If you look at the current quarter in isolation, a component would be.
Yeah OK. But he doesn't post on this board. Pacman does. Pacman, taubeonthecob and imdumbandblindand85 are all the same person.
Pac and Taube (same person) there has been some questionable underwriting to be sure. Some of the 6% in non-accruals will be recovered in time. Only 5% of portfolio is in energy so any losses are quite limited there. With a 34% discount to NAV the stock seems fairly priced. Your call for sub $6? Anything is possible.
Bear the report was disappointing to me. NAV dropped from $10.01 to $9.80. Only a 2.1% drop which was within my expectation. The NII of $0.26 did not cover the dividend and included a reduction in incentive fees as well as some share buyback (1.43M shares @ $6.71 avg). So there was a return of capital component that made up the difference.
I have some concern about non-accruals representing some 6.2% of portfolio at fair value. Including
4 energy investments which represent 5% of the portfolio. There are PIK's not included in these non-accruals as well. On balance a disappointment to me. I don't see them covering the dividend in the near term and the possibility of a dividend cut is real in the next Q or 2.
No you had it right the first time. It's "bonzo6". "Whatever your name is" shows a lack of respect. If you want respect in return then show some.
Medley has been a bad investment for me also. I'm hoping for NII that covers the dividend and a small NAV decline. But then again I haven't been right about MCC as an investment thus far. We'll know shortly.