Blog - SL-Advisors

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EUROPE’S ENERGY CRISIS IS KEEPING ENERGY PRICES AND INFLATION HIGH

America leads the world in oil and gas production. We believe midstream energy infrastructure offers predictable cash flows to investors..

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Another Activist Exposes a Weak Board with a Lousy CEO

August 20, 2014/1 Comment/in Wall Street Potholes/by Simon Lack

It’s an odd phenomenon that, although capitalism as a philosophy is built around the meritocracy of free markets, in the area of corporate governance the power of profit maximization has often failed to dump ineffective boards of directors and/or management in favor of more competent people. Boards are usually made up of invited friends, and sometimes […]

Valuing Kinder Morgan in its New Structure

August 14, 2014/0 Comments/in Midstream Energy Infrastructure/by Simon Lack

The Kinder Morgan transaction announced Sunday night represents a new paradigm for Master Limited Partnership (MLP) investors. Like any new paradigm, digesting its impact takes some time. Rich Kinder, CEO and largest owner of the eponymous firm that controls Kinder Morgan Partners (KMP) and El Paso (EPB) was one of the early users of the […]

The Tax Story Behind Kinder Morgan's Big Transaction

August 12, 2014/1 Comment/in Midstream Energy Infrastructure/by Simon Lack

On Sunday evening Rich Kinder, CEO of Kinder Morgan Inc (KMI) announced the transaction that many had been expecting as a response to the persistently low price of Kinder Morgan Partners (KMP) and El Paso (EPB), two MLPs in which KMI owns the General Partner (GP). The problem was that Kinder expects an increasing amount […]

The Trading Risk Confronting Some MLPs

August 11, 2014/0 Comments/in Midstream Energy Infrastructure/by Simon Lack

Barron’s has one of their by now regular articles on MLPs this weekend as they interview their “MLP Roundtable”. These write-ups are invariably constructive, and the most recent one is no exception. As well as noting the many opportunities offered to build out infrastructure in support of America’s shale boom, General Partners (GPs) received a […]

Another Crooked Untraded REIT

August 4, 2014/0 Comments/in Wall Street Potholes/by Simon Lack

Unlisted registered REITs (Real Estate Investment Trusts) have a well deserved reputation for enriching their sponsors more readily than their investors. A recent case in point is Strategic Realty Trust, Inc. (formerly TNP Strategic Realty Trust, Inc.), a REIT once run by Tony Thompson (who recently closed his broker-dealer and handed in his securities license). […]