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Strategies & Market Trends : Value Investing

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To: jimthurman who wrote (41862)	3/23/2011 1:44:35 PM
From: E_K_S	Read Replies (2) of 78704

Hi jimthurman - Re: Penn Virginia Resource Partners(NYSE: PVR ) Magnum Hunter Resources Corpora (MHR-PD) I peeled off 50% of my IRA PVR shares and put the proceeds into the MHR preferred D 8% @ $50.00 par. This was in an IRA account and my plan is to generate income. I left a few shares of PVR in the IRA and still hold a full position of PVR in the taxable account. The MHRpD 8% at $50 par makes their distribution monthly like their preferred C. I hold both of these preferreds as well as the common shares. I expect the C series to be called away in December so my buy today of the D series also acts like a tracking position so I can watch how they trade (they have only been available for two days) The series D shares issued 400K shares at a discounted price of $47.00 (8.5% yield). Too bad I couldn't get in on the exclusive offering but I was able to still buy them at a discount to PAR for $49.30/share. PVR like CNX have very good assets which I believe are still undervalued. However, holding PVR in an IRA one could hit the UBTI limitations so it was easier to move part of the position into the MHRpD (w/ a higher dividend) and avoid any future tax issue. EKS

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