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  • The Next MLPs To Crash? Hedgeye Targets Another Pipeline MLP [View article]
    Oh, and the Chevron JV was just an outcome from the sale of the Marcellus assets. I think it was a way to come to agreement over pricing. Now that Chevron is going to divest the pipeline I think we'll see APL do the same (as risk greatly increases with Chevron no longer in essence guaranteeing volumes).
    Apr 21, 2014. 05:05 PM | 1 Like Like |Link to Comment
  • The Next MLPs To Crash? Hedgeye Targets Another Pipeline MLP [View article]
    Well they did overpay for Cardinal and have written down $50 million of that acquisition to date.

    When the purchased it I had done a back of the envelope and felt we had overpaid by 100-200 Million.

    But lets say I was right - they have written down a decent percentage of that - and the fact that NG pricing has improved since then should account for another chunk of the mistake.

    Both Atlas entities (APL and ARP) produce cash flow - that's not something you can just make up (unless they are saying outright fraud). There are certainly risks in the business - specific to APL is our dependency on SD and PXD drilling activity. But the idea that its all a scam is simply misplaced IMO.

    Unless this "research" shows some type of accounting mistakes or fraud, I'm not concerned. This firm seems to simply do the same dog and pony show to allow themselves to make money in the short term on the short side. The nice thing about ARP is that they now pay monthly distributions so those short will have to start covering payouts immediately.
    Apr 21, 2014. 05:02 PM | 2 Likes Like |Link to Comment
  • Keystone pipeline decision delayed again, likely until after November elections [View news story]
    I believe they have clearly stated they won't pass that bill and do not support it. That's hardly waiting.

    I don't necessarily agree with their position but they have been clear that the bill won't be passed.

    And since when is leadership comparing yourself to the failure of others???? Oh, its not. Which is exactly the problem with our current President. There aren't wars going on in this country against women or gays or college graduates with loans or minorities, etc. There is just an desire by politicians and bureaucrats to create the appearance of "need" and keep themselves in power.
    Apr 19, 2014. 05:29 PM | 3 Likes Like |Link to Comment
  • Keystone pipeline decision delayed again, likely until after November elections [View news story]
    If find the whole episode to be a sad reminder of how ineffective our government has become. Regardless of the decision - its long past the time for one to have been reached.

    I support in concept the pipeline. I don't support the use of eminent domain to achieve the passageway for the pipeline.

    We've had several NG pipeline explosions in the past few years - its obvious that our pipeline infrastructure is old and needs to be replaced. Where is any discussion about that?

    Canada is our closest ally. Should we really have hundreds of bureaucrats "studying" Canadian environmental policy???? Are we saying the Canadians are too stupid to decide for themselves how to use their land and resources??

    Instead the USA looks stupid and arrogant. I guess our sprawling bureaucracy now thinks they run the lives of everyone in the world - not just the USA. Sarcasm intended.
    Apr 19, 2014. 05:25 PM | 4 Likes Like |Link to Comment
  • Keystone pipeline decision delayed again, likely until after November elections [View news story]
    Jake, I believe that when Obama promised to cut the deficit in half it was at about $300 billion (that was in 2007-8 time period). His first year in office the deficit ballooned to 1.3 or 1.4 Trillion. Cutting that amount in half is a far cry from cutting 300 to 150.

    And yes, he didn't create the financial crisis and you can debate the steps taken during and after, but to say he's met his stated goal of deficit reduction is comparing apples and oranges. He has not come close to reaching 150 billion and his own budgets submitted to the Congress don't ever come near that number.
    Apr 19, 2014. 05:18 PM | 16 Likes Like |Link to Comment
  • Marcellus Shale: Through A Glass, Darkly [View article]
    I saw the low cloud today....... The sky is falling!!!!!

    We've got plenty of NG and if allowed can access even more via public lands and further technological advances.
    Apr 1, 2014. 02:37 AM | 4 Likes Like |Link to Comment
  • Prospect Capital's Dividend And Net Asset Value Sustainability Analysis (Post Fiscal Q2 2014 Earnings) - Part 1 [View article]
    Folks, its simple. They are bringing in enough cash to basically cover the payout.

    Worse case scenario over the next 3 years (short of global meltdown), is a 1 cent reduction in the distribution. That's worse case!

    First Tower seems to be working out well. They have make a lot of solid investments the past couple of years which will be paying them for at least the next two to three years. They get equity with most investments so that is longer term gain on top of the interest payments.

    Management is solid. Only real questionable move was not paying out gain from gas solutions (basically allowed management to collect fees they should not have collected IMO). The bank gives you 1% if your lucky. PSEC gives you 12% with a downside of what 10%??????

    Easy decision to own and hold PSEC for as long as management is in place.
    Mar 27, 2014. 04:42 AM | 4 Likes Like |Link to Comment
  • Prospect Capital: Meet NMMB Holdings [View article]
    I own PSEC. I'm generally pretty happy (thought gas solutions was a self serving move by management but otherwise have had no issues.

    If I understand correctly. They made a loan for $23 million and have converted about half that loan to equity which was quickly written down to zero. IMO that's a non-performing loan. So I'm not thrilled to read how this was done.

    PSEC holds special meetings for shareholders to ask questions and this sounds like a good one for the next shareholder Q&A.

    As for the comments about this being Ponzi like - well that's complete nonsense. First Tower is a real business with lots of physical locations. Same for the other companies they have loaned money to (or taken partial ownership of).

    I can understand why the company wants to say they haven't written any non-performing loans over the past X number of years - but in this case it seems they are stretching the truth and this shareholder would prefer they simply say they've written Y number of non performing loans over the past five years.
    Mar 10, 2014. 01:01 AM | 3 Likes Like |Link to Comment
  • Eyes on Russell after BDCs tossed out of S&P indices [View news story]
    Let them drop them - let BCD's continue in obscurity - price drops enough I'll buy more and live better from the dividends.
    Feb 26, 2014. 08:15 PM | 4 Likes Like |Link to Comment
  • Amazon planning to deliver products using drones [View news story]
    They'll rain from the sky - but not due to technological failure - more like due to my gunshot blasts!!!!!

    This type of stuff is ridiculous. We've become so lazy and lethargic about everything that it isn't even funny. Walk to the damn grocery store and get some exercise!!!
    Dec 1, 2013. 09:18 PM | 4 Likes Like |Link to Comment
  • Commonwealth's Portnoy responds to defeat [View news story]
    We were a little late to the game?????

    What? He was very early! He realized he could steal from shareholders through the vehicle of a publicly traded company!! And he did it for years and year and years.

    The guy should be charged with fraud and he and Jr. should serve hard time!!!!!

    Throw the bums out!!!!!!!!!!!!!!!!!
    Nov 20, 2013. 04:10 AM | Likes Like |Link to Comment
  • Fly Leasing: A High Yielder To Buy Before Earnings [View article]
    Hi Bret - I like a lot of the suggestions but I'd urge caution on this one. They have a lot of debt and while that's the nature of this business to a certain extent, I don't see them as the leaders.

    While the dividend is decent, I think there are better opportunities going forward.

    Which of course means it will probably double in the next six months!
    Nov 4, 2013. 02:28 PM | 2 Likes Like |Link to Comment
  • I'm Not Investing In GOV Since The Thrill Of Victory Isn't Worth The Agony Of Defeat [View article]
    I don't mind losing money when things go bad - its my own fault for a bad decision.

    I do mind losing money when said money is simply flowing into the pockets of those that are supposedly PAID to look out for MY best interests.

    The HRPT - CWH debacle is fraud IMO and there is no basis for the idea that management was meeting their fiduciary duties. There is a perverse incentive to sell off depreciated real estate (on the books) that has actually appreciated in the market due to good tenants or location - and then simply buying anything to increase assets under management. You could say one or two of these type sales were "strategic" decisions or simply poor decisions - but when you've got years and years of them its systemically stealing from your shareholders.

    I cannot stress enough that investors should have NOTHING to do with RMR - I don't care what the dividend is - I don't care what changes they are promising - buyer beware!
    Nov 4, 2013. 02:25 PM | 1 Like Like |Link to Comment
  • I'm Not Investing In GOV Since The Thrill Of Victory Isn't Worth The Agony Of Defeat [View article]
    RMR = CROOKS!!!!!!!!!!!!!

    Never, ever, ever, ever give your money to RMR!

    Once they are kicked out of CWH, they will turn their attention to RMR as that will be the cash cow for them to milk for their own advantage.

    Here is their entire business plan. Buy properties - properties that appreciate in value are sold - so that they can buy higher value properties. It doesn't matter the quality - it doesn't matter the long term impact - it doesn't matter what is best for shareholders.

    Then they issue more shares to buy more properties - to increase assets under management! Doesn't matter the quality - doesn't matter the long term impact - it doesn't matter what is best for shareholders.

    Keep rinsing and repeating for years - the result is you've sold off your best properties - are left with mediocre - BUT have Lots more assets under management and pay huge fees to RMR!!

    Just take a looks at the history of CWH (previously HRPT) - look at how much was paid to RMR and how much shareholders have lost! - the Courtney's are crooks that have stolen so much from shareholders it isn't even funny.

    The only thing that matters to RMR is to increase assets under management. Jack up the fees to RMR - shareholders be damned.

    Stay far far far away from RMR - I speak from experience!
    Nov 4, 2013. 12:46 AM | 7 Likes Like |Link to Comment
  • Prospect Capital: Q1 2014 Expectations [View article]
    The CEO owns ton of stock - and much of it purchased in the open market - ie on his own dime.

    PSEC is in good shape and while the nature of the business is that you always have to be making good loans - and can thus change - I don't see a better BCD in terms of risk/reward.
    Nov 1, 2013. 08:01 PM | Likes Like |Link to Comment