The fraud perpetrated by these con artists should result in the death penalty. This is WORSE than Enron. My god.
Line V on the summary statement reflects what you are pointing out. Anyway you slice it, this is why management was scrambling to try and get the MLP over to a regular corporate status; the tax burden they just swamped hapless unit holders with will blow up on management big time. They should have at least given a heads up to the unit holders prior to making the swap; give them a chance to get out and avoid the tax burden. To add the tax burden to folks who have already lost staggering amounts of $$ is just beyond comprehension.
Another energy company filed bankruptcy today and Linn Energy is expected to file next week, Linn will be a massive slap to the nuts for the sector. The amount of losses for grandpa and grandma on retirement incomes will give a double black eye to all these companies. Worse yet, LINE CEO had the sheer audacity to take a multi-million $$$ bonus as the bankruptcy approaches. This kind of corporate greed will keep investors away from energy for a long time.
In a related story; Linn CEO Mark Ellis awarded himself a hefty $10 million pre-bankruptcy bonus.....
This whole thing reeks of fraud. Yes I know I'm a broken record. But COME ON. This is the most blatant thing I've seen....way worse than Enron.
Yup. No way in hell they'd file DURING the exchange....although this management team is so incompetent I wouldn't put anything past their ability to produce another colossal fumble.
Management has made it clear they have zero intention of buying up debt or even paying existing interest payments on debt. In fact, the ONLY thing management is doing is lining their pockets with as much cash as they can steal. Jmho
As soon as they covert the MLP to LNCO. Does Ellis have armed guards? This guy will put Ebbers and Lay to shame. How does he even have the nads to go outdoors?