Wow! What stock are you talking about? Not many stocks with better medium to longer term performance and outlook for sustained growth.
The fun continues with this MLP, which I think is a gem. I just added 200 shares at $15.75 to bring my holdings to 2300 shares. I plan to continue to dollar cost average in. Time will tell if I'm smart, or not, LOL. A 7.6% current yield plus solid business prospects (IMO, I guess) combined with management's guidance of continued low-double digit annual distribution growth is extremely attractive. I'm not too concerned about the spring/summer 2016 final IRS ruling regarding eligibility of WLKP (and many other MLPs) eligibility to continue as an MLP, given the 10-year grandfathering for existing MLPs. I'm a long term investor, but the minimum 10-years of MLP grandfathering after the final IRS rule goes into effect is enough for me to invest.
Why would there be ballots. You are a LIMITED PARTNER unitholder. You have zero say in the direction of the company. Do you understand MLP structure?
Be bitter if you like......but educate yourself. The GP has sole discetion in running the business. The limited partners are silent partners, if the GP chooses. The IPO prospectus and annual reports are full of warnings regarding potential conflicts of interest. The GP can allow LPs to vote.......if they choose to........but they don't have to.
The drop in the common and the preferreds today has to pertain to the announcement by the parent (TK) that the dividend is being cut severely. Technically, the health of the parent and the sibling companies do not necessarily move in the same direction, but in this case, I think both are in deep water (pun intended). One thing is clear, TOO's parent is currently crippled and perhaps that is why the preferreds are down big today.
To the best of my knowledge, TOO has not announced a common dividend cut yet. At this stage of the cycle, If TOO announces a common dividend cut, that would be a good thing for the preferreds. More money available to TOO to service debt and pay preferred dividends.
CORRECTION: TOO did announce a dividend cut. When I typed the message I had seen the announcement for TK but not the TOO announcement.
Dude! If you're trying to defend the Portnoy's you need to get some perspective. The shareholder's purchased solid assets. By way of Portnoy's theft (extreme payment to themselves) they managed to enrich themselves and shaft the shareholders. Don't evaluate in a vacuum. Look at any other decent REIT in the sector. The distributions consistently grew as did the share price. Also, look at management compensation. The Portnoy's paid themselves an extraordinary amount to shaft the shareholders. You simply don't get it. Do some research. Better yet, go for it with your strong buy and watch your buying power erode.
I'll bet your capital loss outruns your dividends over time. Your capital will do magic tricks.....POOF!