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elliot_mllr

elliot_mllr
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  • MLP conference marred by notable no-shows, analyst says [View news story]
    Energy Transfer Partners has long had a strained relationship with the NAPTP and has often not appeared at its conferences in the past, although it did present last year.
    Elliot Miller
    May 27, 2015. 01:47 PM | 6 Likes Like |Link to Comment
  • A High Dividend Stock Yielding Over 8%, With 28% Dividend Growth And More Growth Ahead [View article]
    arthur:
    The low tax deferral for ships is because of the very long useful life of the vessels with the short term charters making up only a portion of the valuation for depreciation purposes.
    Elliot
    May 19, 2015. 08:53 AM | 1 Like Like |Link to Comment
  • A High Dividend Stock Yielding Over 8%, With 28% Dividend Growth And More Growth Ahead [View article]
    arthur:
    I don't currently own any shipping companies, although in the past I have owned tanker companies (including offshore production, storage and offtake vessels), dry bulk carriers and container shipping companies.
    Distributions from MLPs are generally 80% or more tax deferred (upstream MLPs, which are very volatile now and carry varying degrees of risk depending on leverage and hedging are often 100% tax deferred) and MLPs issue K-1s. Shipping companies have distributions which may be 20% or so tax deferred and issue 1099s. MLPs are generally not suitable for tax qualified retirement accounts as they can generate UBT, which is generally not an issue for shipping companies.
    I hope that this is helpful.
    Elliot
    May 18, 2015. 10:05 AM | 1 Like Like |Link to Comment
  • A High Dividend Stock Yielding Over 8%, With 28% Dividend Growth And More Growth Ahead [View article]
    What neither the author nor any Commentators refer to is the tax consequences of the distribution. If KNOP is typical of other members of this asset class it is structured as a Marshall Islands limited partnership which elects to be taxed as a corporation, or as a Marshall islands corporation. Either way it will pay no US income tax since its business is not effectively connected with the US. For US tax purposes its distributions will be partially sheltered by depreciation (only partially, since the ships' values are in part attributable to charters which have a five year life but take into account the fact that the vessels mainly have a much longer useful life), and to the extent not sheltered by depreciation will be a qualified dividend.
    Also missing from the discussion is (a) the future tax and political consequences to the company of being based in Scotland, and (b) the credit risk and political risk in having Brazilian charterers.
    Elliot Miller
    May 17, 2015. 11:15 AM | 4 Likes Like |Link to Comment
  • Hercules Technology Growth Capital: What Comes Next? [View article]
    BDC Buzz:

    I'm not certain if that comment includes the new compensation arrangements contemplated by the company.
    Elliot
    May 16, 2015. 03:52 PM | 1 Like Like |Link to Comment
  • Hercules Technology Growth Capital: What Comes Next? [View article]
    BDC Buzz:
    Thanks for the--as usual--helpful analysis. While HTGC's current results are of course disappointing, my view is that the excellent internal management deserves an opportunity to ascertain if its stated goals are achievable in the time frame contemplated and, if they are, the impact that the additional $1.3-$1.5 billion will have on the company's stock price.
    Elliot Miller
    May 14, 2015. 12:19 PM | 3 Likes Like |Link to Comment
  • Linn Energy - Get Paid To Wait [View article]
    Value Portfolio:
    I saw no reference in the article to the risk concerning reductions of Linn's borrowing base in future bank redeterminations. Banks normally determine the borrowing base at a significant discount from the spot and strip prices of a commodity, and these risks will persist. They are significant for any upstream company and Linn is no exception.
    Elliot Miller
    May 14, 2015. 11:57 AM | 2 Likes Like |Link to Comment
  • Linn Energy - Get Paid To Wait [View article]
    Commentators:
    The back and forth about price and value reminds me of Oscar Wilde's statement in The Importance of Being Earnest about knowing the price of everything and the value of nothing.
    Elliot Miller
    May 14, 2015. 11:51 AM | 8 Likes Like |Link to Comment
  • Fifth Street Finance: What Comes Next? [View article]
    BDC Buzz:
    I'm eagerly awaiting the HTGC article. Its peformance is probably being inhibited by the high quality of its conservative management. I would rather have its high quality conservative and patient management than aggressive growth.
    Elliot Miller
    May 13, 2015. 10:55 AM | 2 Likes Like |Link to Comment
  • Legacy Reserves And Southcross Energy: 2 High-Yielders To Avoid [View article]
    Mr. Stafford:
    The important point about the lack of IDRs is that the absence of IDRs lowers the company's cost of capital. This is a very significant point which should be emphasized. Assuming that investors know this is not the greatest response.
    Also, in connection with Southcross you should have mentioned the TexStar acquisition by its GP's holding company. That is now bearing fruit for SXE in that the first of many anticipated drop downs was announced today on terms accretive to SXE unit holders. Also announced today was a revision in SXE's credit arrangement favorable to the company. SXE's unit price has suffered mightily of late, unjustifiably based on the quarterly results. It has good support from 5 very good private equity firms (including GE) which finance its GP's parent.
    Elliot Miller
    May 8, 2015. 09:34 AM | 1 Like Like |Link to Comment
  • Just Happened: Martin Midstream Analyst Day [View article]
    As a holder of a very large position in MMLP units I attended the investor day conference. That was held in Houston on March 24th about six weeks ago, so this report is somewhat dated as well as incomplete. For one thing, the company's presentation emphasized that it has virtually no direct commodity exposure and in fact performs many functions which are adjuncts to refiners (which benefit from low commodity prices).
    Elliot Miller
    May 7, 2015. 04:40 PM | 3 Likes Like |Link to Comment
  • Natural Gas: Short-Term Bearish, Long-Term Bullish? [View article]
    I don't know how long term the author thinks ( some traders appear to think that 20 minutes is long term) but in 2016 NLG exports ill start to ramp up and by 2017-2018 the new Gulf Coast petrochemical plants will become operative and use significant amounts of gas.
    Elliot Miller
    May 7, 2015. 12:58 PM | 1 Like Like |Link to Comment
  • Natural Gas Prices Should Heat Up Soon [View article]
    Mr. Hanshaw:
    You are correct and, in fact, I was going to make the same point. However, the chemical plants are not coming onstream in a few months; they will not be fully operational until some time in 2017. Nonetheless it's worth the wait.
    Elliot Miller
    May 4, 2015. 03:33 PM | Likes Like |Link to Comment
  • Enviva Partners Offers 8.25% Yield With A Unique Set Of Biomass Assets [View article]
    Mr. McCammon:
    The dollar will likely decline somewhat (even if interest rates are gradually increased this year) after the Chinese yuan is added to the basket of IMF reserve currencies this fall.
    However, there is still the risk of European competition with quicker and cheaper transportation.
    Elliot Miller
    Apr 29, 2015. 03:29 PM | 2 Likes Like |Link to Comment
  • About Vanguard Natural Resources' New Acquisition [View article]
    Griffin Mungus:
    Don't all of the upstreams regularly disclose DCF and debt to EBITDA on their own?
    Elliot Miller
    Apr 29, 2015. 12:27 PM | 1 Like Like |Link to Comment
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