MASTER LIMITED PARTNERSHIPS

Wednesday, September 10, 2008

Now this is an insider buy! 140,000 shares worth. Somebody picks up a few shares at Teppco (TPP). And all Dan Duncan ever does is buy up shares in his namesake, Duncan Energy (DEP).

MLP index closes down a few ticks. in a tug of war day. Energy and commodity stocks did a dead cat bounce today. Martin Midstream (MMLP) closed down 4 and change as the biggest loser. Regency (RGNC) lost 2 and change. Coal MLPS were all up 1 point or more as the biggest winners.

3 comments:

Anonymous said...: We need to doji hammer!

HAMMERTIME; 9/10/2008 4:31 PM
joewxman said...: today looked like a morning star on the daily chart; 9/10/2008 5:51 PM
Anonymous said...: KILGORE, Texas, Sept 10, 2008 /PRNewswire-FirstCall via COMTEX/ -- Martin Midstream Partners L.P. (MMLP) . As disclosed in MMLP's Form 8-K filed with the Securities and Exchange Commission yesterday, Scott D. Martin and one of his affiliated partnerships filed suit in a Harris County, Texas district court against Martin Resource Management Corporation ("MRMC"), Ruben S. Martin, III, Robert Bondurant, Donald R. Neumeyer and Wesley Skelton, in their capacities as directors of MRMC (the "MRMC Director Defendants"), as well as 35 other officers and employees of MRMC (the "Other MRMC Defendants"). MRMC owns and controls 100% of MMLP's general partner, Martin Midstream GP LLC.

MMLP is not a party to the lawsuit and the lawsuit does not assert any claims (i) against MMLP, (ii) concerning MMLP's governance or operations or (iii) against the MRMC Director Defendants or Other MRMC Defendants with respect to their service to MMLP.

MMLP is in full compliance with all of its covenants under its existing credit facility and no event of default has occurred thereunder as a result of the filing of the lawsuit.

Ruben Martin, President and CEO of MMLP's general partner, said, "Martin Midstream Partners' assets and ongoing businesses have never been better. Both MMLP and MRMC are performing extremely well with record revenues and cash flows through this point of the 2008 fiscal year. The success of Martin Midstream Partners and MRMC is in large part due to every one of the employees named in the lawsuit who have faithfully served MRMC, on average, for over 12 years. Every claim against MRMC and these employees will be vigorously defended."

Martin Midstream Partners has been advised by MRMC management that they believe the lawsuit to be without merit. Further, MRMC management has advised MMLP of their intention to vigorously pursue any and all legal actions and remedies available in defense of MRMC, the Director Defendants and the Other MRMC Defendants.; 9/10/2008 6:15 PM