Worse case scenario is either a dividend cut or a new sale to support the dividend. A cut might be better if either was necessary, even a 20% cut would leave yield at 12%, tax free until you sell.
I grabbed some more at $14.50 today.
It looks like they moved all the bad news into this quarter, and guided down so much that they will almost have to beat. The stock will be down 2-3 bucks for a few days, then slowly start to rise. Next quarters outlook and numbers need to be above guidance for this to work.
I have been waiting for another pullback to 25, but I think tax selling is about done and we may have seen the lows for a while, unless there is a distribution cut or an offering. I will probably start adding at these prices. I have lost money in CLMT in 2013, but overall I am doing well.
Ex dividend, other refiners have had poor reports, so it is down. I missed the last drop to 27, but that looks like a floor. If it hits it again, I will buy.
Another negative swipe at Linn this week, in the form of a letter to the editor from Hedgeye., basically stating that they are right about the cash flow issue, and the poorly informed retail investors do not have the expertise to understand this.
They will do this every week until the vote takes place.
When I tried to see if I could short LNCO at Ameritrade, I was told there were no shares available to short
Somebody is pushing this down to the point where the merger may be in jeopardy, in which case they will push it down more. I bought some October calls since this will be settled one way or another by then, and I sold my stock.