If you're long upstream MLPs, this last week has been hard. For unitholders of Linn Energy (LINE), the largest and best of them, it's been devastating. Upon announcement of the SEC "informally inquiring" on Linn's merger with Berry Petroleum and their accounting practices, shares of Linn and all other upstream MLPs have been hit. Linn is cumulatively down by over 35%. BreitBurn is down about 16%. And Vanguard Natural Resources (NASDAQ:VNR) is down by over 11%.
Linn is a legitimately profitable business and I personally don't think the SEC will find anything wrong unless management is lying. And I just don't see them doing that. ...
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