Breitburn Energy Partners LP fka BBEPQ

[MattySR]

Ayeee Larry long time no see. Hope all is well,

Thanks for the reply.

I'm a little worried about buying Breitburn due to the CODI issue.

Options seem the way to go, as I know I can get .5 call options expiring january 17, 2017 for 1 cent (1 dollar per contract), but those would probably expire worthless also as the BK will last well into next year, EC or not. If jan 2018 options existed that would be another story, but would probably be .05 instead of .01 cost. Regardless, court systems show time and time again that equity is always and consistently out of the money, even with proof of value. Shrug.

Bond prices for Breitburn have gone up massively recently. But that is due to many big players like ross trying to pick up breitburn for cheap. These guys know the court system will screw over equity and ignore value..pecking order etc etc.But still. 39 cents on the dollar, might be something to look into.

The EC argument seems STRONG, but knowing all bankruptcies I doubt it will get passed, that's just how the USA court system is. Favors the strong guys like the DIP lenders. (who of course had to let the court know they don't want an EC)

Might just continue to watch this one for another learning opportunity (: