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Douglas E. Johnston

 
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  • CES 2014 Reinforces Bull Run In Corning [View article]
    and there is the recent SCP transaction which looked smart to us:

    http://seekingalpha.co...
    Jan 16 02:15 PM | Likes Like |Link to Comment
  • The Natural Gas Storage Glut Is Over [View article]
    on the storage chart, when comparing to the 5-year average, you have to consider what is falling out of the basket. The 2008 data, when storage was tighter, is falling out, leading to a higher average and lower apparent number for today....
    Jan 16 01:51 PM | 1 Like Like |Link to Comment
  • Why Not Consider This Undervalued And Underfollowed 8.4% Yielder? [View article]
    an appropriate entry point to me
    Jan 16 01:47 PM | 1 Like Like |Link to Comment
  • Why Not Consider This Undervalued And Underfollowed 8.4% Yielder? [View article]
    bwp is only covering ~75% of distribution..and its more of a secular issue (NG contract renewals in ET/LA are not in demand) than a short-term phenomena making potential dividend "realignment" more of a real possibility. Bluegrass is also not a life-saver at this point....IMHO $20 is a real possibility.
    Jan 15 03:57 PM | 3 Likes Like |Link to Comment
  • Oil & Gas Royalty Trusts - Opportunities Or Value Traps? [View article]
    i.e., retail got ripped off
    Jan 3 02:59 PM | Likes Like |Link to Comment
  • Oil & Gas Royalty Trusts - Opportunities Or Value Traps? [View article]
    i agree - these newer royalty trusts are (mostly) garbaje' It is unfortunate that CHK and SD have given this sector a bad name...i would not buy them until their drill programs/subs are done and distributions really drop - then they might become a buy - might

    Like DMLP for reasons cited and if NY ever decides to allow fracing - whoosh....NDRO is an interesting one as there is some upside reserves but results to date are not particularly soothing (it has a PE sponsor)
    Jan 3 02:57 PM | Likes Like |Link to Comment
  • EXCO Resources: Growth To Resume In 2015 [View article]
    auto44 - can u share with us your estimate for what their plays' acreage values are?
    Jan 3 02:41 PM | Likes Like |Link to Comment
  • Fifth Street Finance: More Insider Buying Bodes Well For This 11% Yielder [View article]
    6 figures? try 7+
    Jan 3 02:39 PM | 2 Likes Like |Link to Comment
  • Fifth Street Finance: More Insider Buying Bodes Well For This 11% Yielder [View article]
    Three articles on FSC in less than a month's time?

    seriously
    Jan 3 02:37 PM | Likes Like |Link to Comment
  • Fifth Street Finance: More Insider Buying Bodes Well For This 11% Yielder [View article]
    Crimsonbey - thanks for this great comment. Like you, I have issues with the management fees especially since they do not cover their dividend:

    http://seekingalpha.co...
    Jan 3 02:36 PM | Likes Like |Link to Comment
  • KKR: 4 Reasons To Buy After The KFN Acquisition [View article]
    so 2014 distribution will go up to $1.46 which for KFN shareholders is equivalent to $1.46*.51 = 74.5c....KFN shareholders are currently getting 88c with increases on the horizon. KKR also states that total distributable earnings will go to $1.96 (2% accretion) from $1.92. For KFN shareholders that is ~$1/share....KFN should easily have that given O&G depreciation. KFN book value is clearly understated by at least $1/share....one thing for sure, KKR shareholders should applaud this deal
    Dec 27 02:41 PM | Likes Like |Link to Comment
  • Teekay Tankers Ltd. - An Alternative Analysis [View article]
    Kind of fun to revisit these articles one year later. I dare say both Skip and I were right on this one.....
    Dec 26 11:33 AM | Likes Like |Link to Comment
  • KKR Financial: Use The Subsidiary To Get A Discount On The Parent [View article]
    There are a number of question regarding this merger. How will the fee arrangement work now? Will KFN have to pay into the carry-pool? If you work through the numbers, KKR on its own has to earn total distributable cash flow at least 7x better than KFN to make this accretive to KFN shareholders. Looking through the numbers, it does not look like this is the case. Especially, since KFN will hit a sweet spot of earnings growth at end '14 to early '15 while KKR PE fees are maturing....i do not think this is a great deal for KFN shareholders so maybe the spread is there for a reason...
    Dec 23 03:23 PM | Likes Like |Link to Comment
  • KKR Financial: Use The Subsidiary To Get A Discount On The Parent [View article]
    i agree eric - TXU bonds are a good example - they are marked at 70c ish on their balance sheet but represent ~350mn of secured top-tier debt that will do very well in a BK....KKR lost all its equity in TXU so would love to get KFNs senior position....
    Dec 23 03:19 PM | Likes Like |Link to Comment
  • KKR Financial: Use The Subsidiary To Get A Discount On The Parent [View article]
    doesn't the spread exist because of some probability the deal will not be consummated? Also, one can't really arb it as KKR shares a quite hard to borrow so the repo wipes the spread out.
    Dec 23 03:18 PM | Likes Like |Link to Comment
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