MASTER LIMITED PARTNERSHIPS

Friday, July 18, 2008

I think we are seeing bear raids going on in some of these MLPS today. Atlas Pipeline Partners (APL) was down nearly 2 when the company came out and affirmed guidance. Also seeing big drops in Exterran Partners (EXLP) down nearly 2 dollars on no news. Hiland Holdings (HPGP) is down 3 and change on no news. Yesterday's horror show Semagroup Partners (SGLP) is down 3 and change and trading in the mid 7's.

God its ugly. The mlp index is down a fraction but it is masking some real horrors.

6 comments:

Anonymous said...: SGLP: insider trading can't be any more obvious. Betcha no SEC action on it, what do you think?; 7/18/2008 1:43 PM
joewxman said...: digusting that they stayed quiet all day yesteday while the stock collapsed. They should have halted trading.; 7/18/2008 2:13 PM
Anonymous said...: Roy Jacobs & Associates Announces Investigation of SemGroup Energy Partners, L.P. for Possible Securities Law Violations
3:10 p.m. 07/18/2008 Provided By PrimeNewswire

NEW YORK, Jul 18, 2008 (PrimeNewswire via COMTEX) -- Roy Jacobs & Associates announces it is investigating possible securities law violations affecting the public shareholders of SemGroup Energy Partners, L.P. ("SGLP" or the "Company") (SGLP) . From the sale of at least 6 million units at $23.90 per unit on or about February 20, 2008 in an offering (the "Offering") through July 16, 2008 the stock traded at high levels, but plummeted in price on July 17, 2008.

For further information, please contact Roy L. Jacobs, Esq. toll-free at 1-800-347-1236 or by email to rjacobs@jacobsclasslaw.com.

On July 17, 2008, after the bad news had already otherwise become known to the market, it was announced that the Company's parent, SemGroup, L.P. (the "Parent") was experiencing "liquidity issues" and was exploring various alternatives, including the filing for Bankruptcy protection. The Company was previously spun off from the Parent, but remains materially dependant on the Parent. The Parent owns and controls the Company's General Partner, and provides the Company with employees to run its operations. Simultaneously with the closing of the Offering, the Company purchased the Parent's asphalt operations for $378 million, using the proceeds from the Offering and a credit line to effect that transaction. The Parent is the Company's only significant customer.

Nothing was disclosed from the time of the Offering until the close of trading on July 17, 2008 about the Parent's financial health or liquidity problems. Indeed, the Parent materially benefited from the Offering by its receipt of the $378 million purchase price for the asphalt assets sold to the Company.

Upon revelation of this adverse news, the price of the Company's units dropped over 61%, wiping out millions in shareholder value. This drop continued on July 18, 2008.

If you purchased SGLP units during the period from February 20, 2008 through July 17, 2008 in the Offering or in the open market and are interested in discussing your rights free of charge, please contact Roy L. Jacobs. Mr. Jacobs will be glad to personally speak with you.; 7/18/2008 3:37 PM
Anonymous said...: Does'nt it appear from news releases that Edward Kosnik was appointed "independent director to the director of the board" on July 08 2008 and issued 5000 shs SGLP.......then filled the next day, July 09,2008 with the SEC that he sold 5000shs SGLP?; 7/18/2008 3:45 PM
Anonymous said...: ....at 24.10 per sh.; 7/18/2008 3:46 PM
Anonymous said...: Doesn't surprise me that some lawyer has his hand out, but how about a little action from the SEC? As taxpayers, we've already paid for it once. Why pay a lawyer to do the SEC's job?; 7/18/2008 6:03 PM