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  • Vantage Drilling - The Jackup Emerald Driller Spuds First Wildcat For Ophir In Thailand [View article]
    Hi FT. You said [re: lack of stockholder communication]

    "It also creates a material disadvantage compared to the bondholders who are negotiating now and probably "trade" the stock somehow."

    This situation is created by the characteristics of the capital structure and the amount of time a company in liquidation or reorganization must spend on where the money will end up. It is not in stockholder pockets. I hope no one is stuck in this roach motel.
    Oct 23, 2015. 09:30 AM | 1 Like Like |Link to Comment
  • Emerson Electric A Risky Play For Dividend Investors [View article]
    aterosin, assuming your intention is to capture the capital loss but retain the investment, the IRS would disallow the tactic as a "wash sale."

    regreq, that would be one way of recognizing reality. Of course, reality doesn't care if you recognize it or not. Europe is still there even if one doesn't believe it is until they themselves go there.
    Oct 22, 2015. 11:11 AM | Likes Like |Link to Comment
  • Linn Energy Debt Is Oversold: Long Senior Unsecured Because It Is Likely Below Recovery Value [View article]
    That's interesting, DIA. While I'm not as conversant in the fixed income space as in equities, I've heard the term primarily used WRT the absence of subordination protection for holders of all types of unsecured debt. There are obvious effects occurring right now in the high yield energy market.
    Oct 20, 2015. 11:03 AM | Likes Like |Link to Comment
  • What Stone Energy's Shut-In Says About Marcellus Breakeven Prices [View article]
    Unfortunately, people who have a thesis which is threatened by the fact that shut-ins are real seem to be blind to data that demonstrate this trend.
    Oct 19, 2015. 12:57 AM | Likes Like |Link to Comment
  • Johnson & Johnson: Their Frustration Is Your Long-Term Gain [View article]
    There is one really good comp for JNJ: it's NVS. Almost every aspect of the business including size, revenue, markets, etc. is similar. Most of all, they would both similarly benefit from a strategic refocus by spinning off divisions into consumer products, devices, and bio-pharma.
    Oct 18, 2015. 09:04 PM | Likes Like |Link to Comment
  • Merck Offers Solid Yield, Capital Appreciation [View article]
    How can the investment case be considered without any mention of Grazoprevir / Elbasvir? No comments either?
    Oct 18, 2015. 06:36 PM | Likes Like |Link to Comment
  • Linn Energy Debt Is Oversold: Long Senior Unsecured Because It Is Likely Below Recovery Value [View article]
    Hi Flip. You might also explain some ways that further subordination of the unsecureds is possible (you do that well).

    Any bet on the subject bonds would be best if hedged with a contra bet - difficult to do when the borrow is so costly, and when puts don't really have the necessary time frame at a reliable cost.
    Oct 17, 2015. 08:38 PM | 1 Like Like |Link to Comment
  • A Review Of Master Limited Partnerships [View article]
    Arthur, more than half of the pipelines constructed in the US were completed prior to 1970 - more than 75% prior to 1990. Therefore, the subscription type contract you cite has a chance of already having expired. A blanket statement about minimum volumes is not useful without a detailed review of the contracts with any particular system. As far as I know, such data is not published in any useful way. We have only reassuring statements like, "x percent of our volume is fee based" and the like. In reality, actual take or pay minimums may be insufficient to maintain debt payments. For instance, the KMI contracts with minimum volume commitment represent only 65% of cash flow.

    IMO, this reality is behind the price action in these so-called "toll taker" companies. Distributions (and/or distributions growth) are increasingly at risk in a low commodity price environment.
    Oct 17, 2015. 11:12 AM | Likes Like |Link to Comment
  • Kinder Morgan - Here's Proof Of Why You Would Never Want To Be A Panic Seller [View article]
    Tone, this is exemplary of one way that comedy and tragedy can be simultaneous.
    Oct 16, 2015. 01:21 PM | 2 Likes Like |Link to Comment
  • Kinder Morgan - Here's Proof Of Why You Would Never Want To Be A Panic Seller [View article]
    rmyurick, when it's panic selling everyone (it seems) is selling. You can tell panic from extreme volume - something we have not yet seen in pipelines or even the oil sector.

    BTW, sometimes panic is justified in cases where a paradigm has changed.
    Oct 15, 2015. 10:45 AM | 1 Like Like |Link to Comment
  • Johnson & Johnson: Unimpressive Buyback [View article]
    Why should the buy back be impressive? Nothing else about the company currently deserves that adjective except perhaps its size.
    Oct 13, 2015. 08:43 PM | 1 Like Like |Link to Comment
  • Kinder Morgan - Here's Proof Of Why You Would Never Want To Be A Panic Seller [View article]
    Kind of early to call a buy on KMI. This bounce could have been predicted, but timing the trade is a problem. Interested parties will likely get another chance to buy if (more likely when) the recent lows are retested.

    I sold 90% of my position above $40. I'm a complacency seller and a panic buyer. So far there has been no panic (panic produces 4x-6x average daily volume). Check SDRL at the end of Nov 2014 or BWP in Feb 2014 for a tutorial. Also check the period since if you want to see what happens when disillusionment sets in.
    Oct 13, 2015. 01:54 PM | 3 Likes Like |Link to Comment
  • Wishing I Could Restart My Energy Portfolio With These Dividend Stocks [View article]
    The problem is that mixing the MLPs with the C Corp general partners results in apples to oranges comparison on the selected metrics.

    Also, if one is considering Chinese companies on the integrated oil list, then the Russian companies should probably also be included. I think the political/economic risks are similarly elevated.
    Oct 12, 2015. 11:52 AM | Likes Like |Link to Comment
  • Top 5 Dividend Growth Stocks For The Zombie Apocalypse [View article]
    CWM, I think that the usual DGI articles and comment streams are actually SIGNS of the arrival of the zombie apocalypse. Congratulations for producing one that stands out among the horde.
    Oct 10, 2015. 11:08 AM | 5 Likes Like |Link to Comment
  • BKLN: Higher Yields Without The Duration Risk [View article]
    Thanks for the compliment. The way they report (i.e. just credit rating and duration - rather than by business sector), it's not easy to figure out.
    Oct 9, 2015. 10:10 PM | 1 Like Like |Link to Comment