Too many conflicts of interest. AGP is a pipe dream.
This baby is toast. Interest expense is eating up half, yes half, or Ebitda. Production is declining quarter over quarter due to decreased maintenance capital spending and they have very few assets that provide a decent IRR at current prices.
Cohen should have rolled the GP into ARP when they sold APL to Targa but he got greedy.
Turn out the lights, the party is over.
Cohen drove this baby right into the ground. I will be shocked if we don't see "going concern" status change at ATLS.
The real question is how long can they stave off bankruptcy?
It is Sunoco, not Sunocal. It's a drop-down, not a hand-me-down, and it was from ETP, not EEP.
EEP and MEP are affiliated and MEP is likely to implode and be cast astray from EEP.
The warning signs have been flashing for the past 2-3 years. Management booted Kolja Rockov out, if that didn't wake you up, nothing would.
The money should go to the creditors, not investors. That is the hierarchy of the capital structure. Even within the creditors, many of them must wait for the banks and senior secured holders.
Linn investors are going to get a big fat zero, and no amount of letters to a judge will change that.
Your world view is very flawed. Many on this board, myself included, were telling people to get out as far back as a year ago. People convince themselves that chasing yield is worth it. They convince themselves that they know more than the street.
Many MLPs and E&Ps with debt will survive, in fact, many will even thrive. ARP is poorly managed, has very poor leadership. Cohen is a senile old clown but make no mistake, I bet you a dollar he ends up holding assets post bankruptcy. He'll find a way to weasel control of the private drilling partnerships, Lightfoot etc.
MMLP management admitted that the contracts at Cardinal that are rolling off are being renewed at lower rates. The B of A analyst you mention also showed 2017 ebitda lower than 2016.
Where is MMLP growing? What plan do they have to appreciably grow ebitda and lower leverage?