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Penn West Cuts Distribution, But Does Management Have Any Credibility?

User 213076,
Murray Nunns has nothing to do with CNR. Are you thinking of Murray Edwards? Edwards is heavily involved with CNR and used to be with Penn West but isn't anymore.

On Mar 29 05:31 PM User 213076 wrote:

> PWE has a NAV of 25.00 a share according to Kurt Wolff. At this juncture
> it does not take an inside guy to figure out what is going on: a
> scenario where the long suffering shareholder, tired of dividend
> cuts and unit price slides, throws in the towel, Nunns and company
> buy up the cheap priced shares as much as possible and then sell
> to CNR, another Nunns company at or probably below the $25.00 US
> NAV, still pocketing a nice windfall in profits.
> Who are the unit holders most likely to sell? US investors. With
> a rising witholding comming on the Canadian side and a lower distribution
> and a tax hike from Obama, the US investor is the sucker of the year
> award here.
> One last distribution cut should do the job for Nunns and company
> along with a declaration of turning PWE into an explorco and not
> maintaining a trust.
> One final interesting clue: PWE is in the real estate business as
> an earlier SA article revealed. PWE has rented and long term leased
> space in a new construction project. The leased space exceeds by
> 600 thousand square feet the space PWE needs for its bloated 600
> person staff.
> Anyone see a new CNR headquarters in the offing here?
> Just another conspiracy theory of course.