MASTER LIMITED PARTNERSHIPS

Thursday, January 24, 2008

The earth must be spinning in reverse on its axis. Or there is something wrong with my screen as Linn Energy(LINE) is up 1.22. Must need medication.

1 comment:

Anonymous said...: Here's some more from jrad on LINE:
Stock sales by insiders 24-Jan-08 01:44 pm
I just started looking at LINE today, after having left the stock a few months ago when the Dominion deal was announced. So this topic may already be known (sorry, Yahoo). In December, 2007, LINE filed registration statements with the SEC to register 90 million units for sale by institutional holders and insiders (officers). I've printed out the selling unitholder lists and there doesn't seem to be any duplication in the numbers (altho there is duplication in the names).

The registration statements said the unit holders weren't necessarily going to sell all of the registered units, just that they wanted to be able to sell them.

Major unitholders who were listed as selling unitholders include:

Quantum Energy - registering all 5.5 million units they hold for sale

Michael Linn (!) - registering 3.7 million units, or about 90% of his units, for sale

Structured Finance Americas - registered 3.6 million units for sale

Royal Bank of Canada - registered 1.6 million units for sale

Credit Suisse - registered 4 million units for sale.

There's lots more and they add up to 90 million out of total units outstanding of 114 million.

Daily trading volume has averaged about 1 million since the registration statements were finalized.

I doubt that Michael Linn sold any units, since he hasn't filed a Form 4 with the SEC to disclose any sale. But clearly, the others have sold at least a portion of their newly registered shares. No wonder that the price has tanked.

Carlos; 1/24/2008 3:29 PM

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