results in big discounts. Book big accounting gains to pump up 'incentives'. Then do a change of control to vest out 'incentive' performance targets. Value of NRF only diminished by the accounting payouts.
It is triple dipping.
The possible good news is if the resulting combination eliminates the blatant conflict of interest and abuse. Then the massive discount to nav should close.
KMI is likely wildly undervalued. The only rational American energy future is a natural gas backbone.
Obama has intentionally damaged the American economy and our national security to lawlessly impede the rational adoption of American natural gas.
What is holding KMI back is not the massive cash flows. It is the Obama uncertainty caused by his lawlessness and irrationality. Driven by the most profound case of narcissism I have ever witnessed.
KMI turned out to be over levered when markets are risk intolerant. Due only to Obama's churlishness and wanton abuse of power. He does not have the authority to wield even as a President. So, Mr. Market is worried about credit contingency on the massive cash flows.
The KMI broad footprint system can not be replicated. American natural gas is not going anywhere, except to power our economy. It can be delayed if inept and corrupt Hilly is imposed by the neo-progressive zombie herd. But only for some sad time.
KMI is a crown jewel in a rational America. It is more than strong enough to be around for that day when Americans once again are can do Americans.
NRP is primarily a coal partnership. They diversified into materials which has been very successful. But unfortunately oil and gas too.
NRP levered with 9% debt to diversify So I believe management can acquire excellent coal assets on the cheap. Also pick up some fine fit materials diversification.
ARLPs excellent coverage and solid balance sheet could improve cash flow immediately. I have a feeling American natural gas is going to stay cheap far longer than most believe.
Unless of course America will vote to break out of this progressive slammed economy. Which is in question. Commodities crashes always turn on economic growth.
No, this information is computer driven. The computer likely will send you a bill. With penalties.
Natural gas is cleaner than wind mills or solar panels. Variability forces conventional assets to be run inefficiently. So natural gas is much cleaner than alternative political corruption.
So you prove you do not understand the subject. Competition is good. Capital investment creates jobs. Certainly allowing uniformed people such as yourself to destroy jobs, decrease competition and robust suplly stability is insane. Which is why New England in such cultural and economic decline. Real shame.
Think again boy. Look at the seasonal spot spikes for natural gas in New England. Up to $50 when the efficient market spot is $3. This reflects a very near failure to supply the grid. At peak storm critical demand.
During a big storm, all the alternative corruption must be shut down. There will be a grid failure in a big cold storm. Human beings will die. In the mean time, poor people will be burdened for the selfish humanity hating beliefs of 'environmentalists'.
The reality? Natural gas is cleaner than either wind mills or solar panels due to efficiency.
Neo-progressive state going to build a dam? The Brooklyn bridge is for sale too.
Hard to believe billions of capital investment is blocked in America. Where are the union guys?
See how Mr. Varney confuses Mad Who! But Mr. Varney admitted on national TV that he is indeed a time travel. We all know about space-time vortex. Anyway, It is Sherlock and Dr. Watson. Guess Mad Who was caught in the time vortex again.
How does Mr. Payne do it? Mad Who believe he took must often consult with good Dr. Carson.
Poor Mad Who. Just floating around on a dust spec. While Mr. Varney hangs out with all the cool kids.
If one where a vampire, where would one hide in plain sight? Could there be a more ideal place than the canyon of Wall Street? Which daily, Mr. Varney's collectivist guests claim is over run with blood suckers?
But let us take a step back in time. Trace the Varneyian history back into the brooding mists of time, itself. The first documented arrival of Mr. Varney; in England, was with the French Conquest. Soon after the last entries in the ancient Anglo-Saxon Chronicles was made. 'It is as if Christ and all his apostles had abandoned the land.' Followed almost immediately by the French Latin Doomsday Book.
Fast forward to 70s America. The arrival of Mr. Varney was concurrent with the hit daily chronical of Dark Shadows. Which featured a conflicted vampire. Who lived in a dark, brooding and wind swept New England coastal estate.
Now Mr. Varney reveals he owns a wind swept Cape Cod estate! Surronded by great man eating sharks. We also have the real threat of conquest by French fashion material nihilist politicians! Who will commission a new Doomsday Book for taxaion.
We all know the Victorian form includes a doctor. Whether Jekell and Hyde or Sherlock and Holms. It is simply the proper form.
Now Mr. Vareny recruits good Dr. Carson! All just random chance? We are deluded into believing Count Dracula was the orginal. When history clearly demonstrates Varney the Vampire predated that chronical by a full human life time! Could it possibly be for once in human history, the collectivists are correct? ..........
Ron^3 has always been a cheer leader for willful delusion.
Pershing and other custodians began reporting 990-T to avoid paying the UBTI tax bill.
I am not sure paying the tax from an IRA is a good idea. It could perhaps trigger early withdraw penalities.
As I have said, this stuff has been bouncing around with little attention paid. The IRS was not after ordinary Americans. So custondians really did not bother with their reporting.
You never put a tax shelter in a tax shelter. If you made the mistake of doing so, sell now. If your custodian did not generate a 990-T, it maybe a dog which sleeps. But if it was reported, it must be addressed.
The IRS agents are not after ordinary Americans and their IRAs. Unless they are Obama Progressives who did not approve of IRAs in the first place. Most agents are ordinary honorable Americans doing their jobs. But, like any other large organization managed by Progressives, there are petty ideologs allowed to run wild and/or lawless.
Ron^3 was of course the persona which spent months on this board recommending partnerships in IRAs. A nasty irrationalist with no integrity.
UBTI in an IRA was something no one paid much attention too. If you could exceed the $1,000 annual safe harbor, odds are you would not stuff an IRA with partnerships.
This changed when KMI did their restructuring. Large custodians like Pershing began report UBTI on IRAs.
Then came Obama's insane deal with the Supreme Aryan tyrant of the Persian people. Every up stream partnership is likely to die.
Unfortunately, now that it is being reported by custodians, IRS action will be automated. So as usual ordinary Americans will pay the bill. For a law which was never directed at them.
Unfrotuantely coverting to the c-corp LINE units is also a taxable event. But unlikely to trigger a UBTI event - on 'small holdings'. However, selling or converting is the only way to minimize the abuse now.
I have not been following the board. Watching something die. Which should not have.
I believe I will communing with my Catholics friends. Priest will likely to tell me I am not in proper condition for the Eucharist, The uncertainty seems to focus my faith. It can also be heart breaking.
Are you prepared?
The debt transaction is not a time line but an event. If you were an owner at the instant, it is unfortunately all yours.
I do not know for certain. In fact no one likely does. But a restructuring could well result in a big gain in UBTI.
So if you have LINE in an IRA, sell now. Forgiveness of debt is ordinary income.
Ellis generates a huge ubti with his give me sweetheart deal with some of the bond holders.
The investment question was always if LINE or coal could survive through the lawless Obama administration. The answer is sadly no. Most especially for the roughnecks and miners who are now out of their solid middle class jobs.
The only thing more disgraceful than Obama's frozen heart hubris, is Hilly's gleefully announcing our coal miners can go on welfare and retraining. Theoretically, for now more polluting and expensive wind mills/solar panels. Loading the grid with nescience political corruption without planning or engineering. Neo-progressive political power is built on irrationality. Which by definition will resulted in destructive policy agenda. As is already self evident with Hilly's promise of more lawlessness for wind mills.
I do understand why work for a living Americans are supporting Mr. Trump. But the time for Mr. Trump to adjust his presentation to reflect the Majesty and Power of our highest office is now. His traditional base of support are not rioters. But there could and perhaps should be mass peaceful protests if the 'elite' of both political power structures rig the game.
With the Providence of a vast surfeit of American produced natural gas, 4%,5% and 6%+ spurts of economic growth are more likely than not. Nor should we be closing down perfectly good coal plants by lawless agency.
Beside after the disgraceful behavior of Hoary Ramos at Univision and El corrupto Pres Fox, I am ready for an American to tell these two face liars off. In Spanish! Making it clear to fellow Americans it has nothing to do with race. It has to do the American philosophy and our way of life/fairness.
The racists are the Mexican Elite. Not Mr. Trump.
It would be even more exciting it the teams were allowed one cattle dog!
Poor cow would not have a chance in Australian football.
The Portuguese stop a changing bull all the time.
If American foot ball can have a bunch of soccer kickers, surely the Aussies can add a lead Portuguese bull stopper!
Naw, the Australians football blokes would be to tough on the beeve. Still as Mr. Varney proved, it is good tv! But we still should have Aussie rules soccer!
of the Republic nomination. The support and eager willingness to accept the council of Dr. Carson is likely the final piece.
Well Bear, weed impairs your Liberty. Two or three beers does not. Alcohol is out of the system in a day.
Weed hangs out in the brain for a month. So is cumulative unlike beers.
I have no problem with people growing a few plants for personal consumption. Sadly few collectivists are much worried about their intellectual capacity or potential. So little is lost.
But, to open it up to the industrial market place as a legal product is simply foolish. It certainty is not good to have a market encouraging consumption.
Opponents not enemies. Although I am not surprised neo-progressive performing dancing bear's peace pipe is filled with weed.
Clearly he has no regard for his personal liberty. I can only hope and pray he see reason and the Light.
Well neo-progressive performing bear.
If the choice is between a corrupt and treasonous HIlly or a child or clown?
A well meaning but simpleton socialist? America can learn from the failing totalitarian Soviet police state? Which explains Burnie's blind faith and inability to witness the failure of Europe and the welfare state.
Which is why the neo-progressive condition is so powerful. Which is why all you neo-progressives must have a time out.
I would disagree Gum. The once great cities yielded to the neo-progressive lie. Which simply added black face to their superficial diversity. Black face on the power to corrupt 'activist' government. Human nature is constant and not modified by pigment level.
Which is exactly why Fredrick Douglas and Booker T Washington looked to government only to insure space for individual and family opportunity. Also, taking any assistance from any source to insure opportunity to the best education possible for the children. The Black Universities were founded on the American Judeo-Christian ethic of spreading useful or gainful knowledge to the entire community.
Their is an excellent PBS review of the Black Panther experience on either Netflick or Amazon. What happens when youthful idealism is divorced from the American Judeo-Christian ethic. Then runs the constant human nature course.
It is one very nasty Alinsky, Cloward and Piven trap our fellow Americans have been caught in. It certainly does not help that we have allowed the corrupt statist teachers union put the schools into a state of dysfunction.Then send the brightest children to the failing academy for indoctrination to sustain the terrible collectivist social trap.
One long term solution is to allow engaged parents school choice. Including overtly sound religion instruction. Otherwise we will simply be placing the brightest children on the collectivist conveyor belt to the disability of victimhood academy.
I am not so sure I can be patient with even one more clergymen who tries to avoid study and contemplation with the His-Story myth. Never even bothering to read Douglas' writings on the Fourth of July or Constitution.
We Americans of good will can only help. A new leadership must arise in these communities. Look at the history of the last two generations and reject the false political short cut. Like the Hebrews wondering in the desert for 40 years.