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Strategies & Market Trends : Value Investing

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To: Spekulatius who wrote (53404)	2/13/2014 2:42:46 PM
From: mopgcw	Read Replies (1) of 78740

RE: BWP -- it is very odd, especially since there is no news on Bluegrass. this from CS: What remains puzzling to us is why management and the Board chose to cut the distribution by 80% when Loews controls the GP and 53% of the LP units. We estimate that BWP could have saved ~$325 million by suspending and/or subordinating payouts to the GP and the units under the control of Loews vs. the $470mm/year with the cut, which could have saved major disruption to the price of the units not to mention the trust with investors. We can only speculate on the discussions that went on at the Board level but clearly the cut sends a more negative message in our view regarding the outlook. It could be interesting to watch this one unfold... L getting shares cheap?

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