Breitburn (BBEP) management up to its old tricks!
I can’t resist posting about this even if I sold my remaining units some three weeks ago. I knew it would happen. These guys are soooo predictable. As soon as the units begin trading at a reasonable price they announce a secondary offering. They just did it again last night. I sold because I was afraid they just couldn’t help themselves. And, yep, I was right. No wonder BBEP trades at a lower valuation and has a higher yield than other similar MLPs. Management is loath to let unit holders get any capital gains. They just want to grow the business so they can get MORE and MORE FEE INCOME for themselves. I did miss $0.50-$0.75 of upside on my trade, but I’m happy to be done with these guys.