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elliot_mllr

elliot_mllr
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  • Plains All American Can Give You A 22% Yield On Cost Within 10 Years [View article]
    One problem emerged today in that the Canadian government is shutting down PAA's Alberta subsidiary for failure to comply with accounting rules and the results of prior audits. This is very disturbing as the epitome of lax management. As a unit holder I am disturbed by what appears to be serious mismanagement.
    Elliot
    Oct 1 06:14 PM | Likes Like |Link to Comment
  • Prospect Capital Vs. Hercules Technology [View article]
    Right. Actually, I knew that but for some reason had HTGC on my mind when I typed that.
    Sep 27 07:50 PM | Likes Like |Link to Comment
  • Prospect Capital Vs. Hercules Technology [View article]
    BDC Buzz:
    If PSEC continues to fail to cover dividends with recurring income and NAV continues to decline, I assume that the premium spread between the PSEC share price and its NAV will also constrict.
    Thanks for another thoughtful analysis.
    Elliot Miller
    Sep 26 05:32 PM | Likes Like |Link to Comment
  • Linn Energy's Latest Asset Swap With Exxon Mobil Should Cut Costs And Increase Payouts [View article]
    ephud:
    That's true on a cost of capital analysis but in terms of credit rating, paying down debt is more important to the company. There has been a buy back plan in effect for some time but my guess is that it won't be used until there is a significant reduction of debt.
    Elliot Miller
    Sep 25 08:55 AM | Likes Like |Link to Comment
  • FS Investment Corp.: BDC Risk Profiles [View article]
    BDC Buzz:
    Thanks for the informative and actionable article, as usual. I am especially impressed with your continuing contact with FSIC management and its accessability to you.
    Elliot Miller
    Sep 24 04:41 PM | Likes Like |Link to Comment
  • Linn Energy's Latest Asset Swap With Exxon Mobil Should Cut Costs And Increase Payouts [View article]
    Mr. White:
    I don't think that Linn's recent moves indicate that it is moving to increase its distribution. I think that it is moving to enhance DCF coverage and then use excess cash flow to pay down debt rather than increase distributions. That would be prudent and sensible.
    Elliot Miller
    Sep 23 10:48 AM | 8 Likes Like |Link to Comment
  • Linn Energy's Latest Asset Swap With Exxon Mobil Should Cut Costs And Increase Payouts [View article]
    Brucejfern:
    With respect, I don't think that investors are overpaying for LINE units. A 9.5% tax deferred yield with a more than 1x coverage is about right, given all of the facts and circumstances present.
    Elliot Miller
    Sep 23 10:45 AM | 13 Likes Like |Link to Comment
  • Linn Energy LLC's Acquisition Will Flow Right Through To Unitholders [View article]
    Casey Hoerth:
    I don't think that it is possible to determine winners and losers in this exchange. Exxon and Linn are vastly different companies with vastly different needs, and each has had its needs met here.
    Elliot Miller
    Sep 22 04:38 PM | 8 Likes Like |Link to Comment
  • Linn Energy LLC's Acquisition Will Flow Right Through To Unitholders [View article]
    Casey Hoerth:
    From discussions with Linn management at the NAPTP conference last May, I received the distinct impression that the accretion from these transactions will be used to reduce debt. Linn actually has a unit a buyback plan in effect, but it has not been utilized recently and I do not believe it will be in the near future.
    Elliot Miller
    Sep 22 04:36 PM | 6 Likes Like |Link to Comment
  • Linn Energy LLC's Acquisition Will Flow Right Through To Unitholders [View article]
    bluedreamdreamer:
    In fact, Linn will likely use the accretion to pay down debt, rather than increase distributions.
    Elliot Miller
    Sep 22 04:32 PM | 2 Likes Like |Link to Comment
  • Linn Energy Strikes A Deal With Exxon [View article]
    Mr. Alfonso:
    It is not clear from your aticle if the incremental $20-$30 million in cash flow is attributable to the $20-$30 million reduction in capex or whether there is both an additional $20--$30 million in cash flow from production plus an additional like amount resulting from the reduced capex. Can you please clarify your comments about that?
    Thanks.
    Elliot Miller
    Sep 22 11:11 AM | 3 Likes Like |Link to Comment
  • Linn Energy: The Asset Swap Is A Positive, But The Value Gap Remains Wide [View article]
    Mr. Zeitz, sorry about the typo in your name in my above comment.
    Elliot Miller
    Sep 22 10:48 AM | Likes Like |Link to Comment
  • Linn Energy: The Asset Swap Is A Positive, But The Value Gap Remains Wide [View article]
    Mr. Zeots:
    Certainly, value was created by removing the Berry assets from a taxable C corporation and placing them in a tax free pass through environment. The real issue is what value the market places on LINE's units, and it does exceed the PV 10 value. The market's evaluation may be based on the desirability of receiving a substantial tax deferred distribution.
    Elliot Miller
    Sep 22 10:47 AM | 1 Like Like |Link to Comment
  • Linn Energy: The Asset Swap Is A Positive, But The Value Gap Remains Wide [View article]
    Mr. Zeitz:
    It's not fair to compare US royalty trusts with MLPs, since (a) royalty trusts cannot legally acquire additional properties, whereas MLPs can and always do so; and (b) royalty trusts have finite lives and are liquidated after that life (as defined in the enabling documents) is reached, whereas MLPs go on ad infinitum, acquiring new properties as they go.
    Elliot Miller
    Sep 22 10:40 AM | 2 Likes Like |Link to Comment
  • Making Sense Of The Marcellus Shale's Midstream Madness [View article]
    The article is factually incorrect in stating that MWE does not have a general partner. Every limited partnership is required to have a general partner. MWE acquired its general partner, made it essentially a subsidiary and eliminated the IDRs.
    Elliot Miller
    Sep 21 11:14 AM | 2 Likes Like |Link to Comment
COMMENTS STATS
1,209 Comments
2,670 Likes