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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: E_K_S who wrote (69298)	12/11/2021 5:18:05 PM
From: Area51	Read Replies (1) \| Respond to of 78450

Interesting picture. But a little dated perhaps?:.Owning greater than 50% would represent more of a danger from Icahn related interests. From the latest 10Q for UAN <<As of September 30, 2021, public common unitholders held approximately 64% of the Partnership’s outstanding limited partner interests; CVR Services, LLC (“CVR Services”), a wholly-owned subsidiary of CVR Energy, held approximately 36% of the Partnership’s outstanding limited partner interests;>>

To: E_K_S who wrote (69298)	12/11/2021 5:53:33 PM
From: Elroy	1 Recommendation Recommended By Spekulatius Read Replies (1) \| Respond to of 78450

Your source is a Motley Fool article from 2016? Since then CVRR refinery has been rolled up into CVI. The structure of the companies described is different now than the chart in your article. Here's UAN's 2020 10k investors.cvrpartners.com According to that 2020 10K document (p100) CVS, which is owned by CVI Energy, owns 36.4% of UAN units. Common Units Beneficially Owned (1) Name of Beneficial Owner Number Percent CVR Services, LLC (2) 3,892,000 36.4 % According to that same 10k Icahn controls CVI Energy through his 71% ownership stake. The concerns you raise are dealt with here - "The directors and officers of our general partner have fiduciary duties to manage our general partner in a manner beneficial to CVR Services, its owner, and the stockholders of CVR Energy, its indirect parent. At the same time, our general partner has a contractual duty under our partnership agreement to manage us in a manner that is in our best interests. Whenever a conflict arises between our general partner, on the one hand, and CVR Services or any other public unitholder, on the other, our general partner will resolve that conflict. Our partnership agreement contains provisions that replace default fiduciary duties with contractual corporate governance standards as set forth therein." What is your concern with Icahn's involvement in ownership and control of CVI, CVI being a 36% shareholder in UAN? What terrible thing might he do? When this question is asked, there is never a clear answer provided. What might Icahn do that is likely to damage UAN unit holders? And how will he do that given our general partner has a contractual duty under our partnership agreement to manage us in a manner that is in our best interests.? --- You have to ask yourself if Icahn's interest are the same as the unit holder's interests and/or does he have a much larger plan in the works? When he acquired CVI in 2012 In 2012 UAN was enjoying massive profits, a high valuation and distributing very large amount of cash. Since then the fertilizer market has crashed, and now it has recently rebounded again. I don't think Icahn had any "much larger plan" in 2012 which incorporated that turn of events.