Friday, March 23, 2018 1:30:21 PM
Adding things up as I explained in a post on the DK board earlier this morning, I'm of the belief that anything that can happen in this market may well do just that, and sooner than we'd like. My overriding concern is that of protecting my ability to reorganize when the market takes a serious tumble for the worse. It will happen, I'm absolutely positive. And now is the perfect time to be prepared and it calls for preparing.
Thus it is that I just sold 300 DKL out of my former 700 units position. I lost a little on this trade but that's not propelling me, not in the least. What I'm seeing is that I no longer have any trust in the integrity of DK's management team. They didn't hesitate to screw us ALD@W unitholders out of our last two distributions prior to the February 7th completion of the merger with ALON USA.
And now as I move into more and more cash, I'm selling off assets in order to be in position to take advantage of any partial market collapse coming our way. As explained in the post at the DK board, I typically will maintain about $20,000 in dry powder in a checking account working in tandem with my Ameritrade brokerage account. It's an ACH-enabled account---meaning that I can process electronic cash transfers free of charge by authorizing either the brokerage or the bank to effect any desired transaction. ACH= Automatic Clearing House.
As of this moment I'm holding $150,000 in cash in the checking account. I've never maintained that high a level of cash readiness before, not in nearly a quarter century of depending upon the stock market for my sustenance.
In selling off part of my DKL positions, I'm setting cash aside as already stated. More notable than that, however, is my not trusting DK to act in my best interests. For that reason I'm no longer prepared to stand with the company.
Earlier on, I sensed ALDW assets would be dropped down into DKL. DK has very recently affirmed that this would be the case. But as I think about it, I'm realizing that DKL will never be anything more than an opportunity for management to enrich itself through the usual corporate means. It will probably occur on the back of holding DKL responsible for more than true drop-down values, thus---once again---enabling DK (the parent) to pimp with DKL both the bait and the victim. And for this reason I'm leaning towards vacating all things "DK" in their completeness.
This is not a company I can respect. Values are everything for me in my world. When I find I can't be comfortable in my skin and in the environments I inhabit, it's time for me to change my skin or my environment.
DKL is definitely not the company I'd earlier envisaged. And I don't believe it can rise to a higher standard as it's led by the same folks who never saw fit to publicly address responsibility for the issue of ALDW's final two distributions.
This is dirty business even for this retired Investor Relations VP.
My best to all here! I wish I had a happier message but it is what it is.
Recent DKL News
- Delek Logistics Partners, LP Increases Quarterly Cash Distribution to $1.07 per Common Limited Partner Unit • Business Wire • 04/25/2024 10:13:00 PM
- Delek Logistics Partners, LP Announces Pricing of Offering of $200 Million of Additional 8.625% Senior Notes Due 2029 • Business Wire • 04/12/2024 10:09:00 PM
- Delek Logistics Partners, LP Announces Proposed Offering of $200 Million of Additional 8.625% Senior Notes Due 2029 • Business Wire • 04/12/2024 01:14:00 PM
- Delek Logistics Partners, LP Announces Closing of Public Offering of Common Units and Full Exercise of Underwriters' Option to Purchase Additional Units • PR Newswire (US) • 03/12/2024 09:12:00 PM
- Delek Logistics Partners, LP and Delek Logistics Finance Corp. Announce Results of Tender Offer for Any and All of their Outstanding 6.75% Senior Notes due 2025 • PR Newswire (US) • 03/11/2024 09:27:00 PM
- Form 424B2 - Prospectus [Rule 424(b)(2)] • Edgar (US Regulatory) • 03/11/2024 04:33:10 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 03/08/2024 12:48:53 PM
- Delek Logistics Partners, LP Announces Pricing of Public Offering of Common Units • PR Newswire (US) • 03/08/2024 03:54:00 AM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 03/07/2024 09:38:40 PM
- Delek Logistics Partners, LP Announces Proposed Public Offering of Common Units • PR Newswire (US) • 03/07/2024 09:07:00 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 03/07/2024 09:01:42 PM
- Delek Logistics Partners, LP 2023 K-1 Tax Packages Available on Website • PR Newswire (US) • 03/06/2024 10:29:00 PM
- Delek Logistics Partners, LP Announces Pricing of Upsized Offering of $650 Million of Senior Notes • PR Newswire (US) • 02/29/2024 12:36:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/28/2024 01:58:53 PM
- Delek Logistics Partners, LP and Delek Logistics Finance Corp. Announce Tender Offer for Any and All of their Outstanding 6.75% Senior Notes due 2025 • PR Newswire (US) • 02/28/2024 01:49:00 PM
- Delek Logistics Partners, LP Announces Proposed Offering of $550 Million of Senior Notes • PR Newswire (US) • 02/28/2024 01:42:00 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 02/28/2024 01:24:15 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/27/2024 03:00:03 PM
- Delek Logistics Reports Fourth Quarter 2023 Results and 2024 Capital Program • PR Newswire (US) • 02/27/2024 12:30:00 PM
- Delek US Holdings Reports Fourth Quarter 2023 Results and 2024 Capital Program • PR Newswire (US) • 02/27/2024 12:00:00 PM
- Delek US Holdings Increases Regular Quarterly Dividend • PR Newswire (US) • 02/20/2024 11:14:00 PM
- Delek US Holdings' Big Spring Refinery Selected by the Department of Energy for Carbon Capture Project • PR Newswire (US) • 02/02/2024 06:37:00 PM
- Delek US Holdings to Host Fourth Quarter 2023 Conference Call on February 27th • PR Newswire (US) • 01/26/2024 04:12:00 PM
- Delek Logistics Partners, LP to Host Fourth Quarter 2023 Conference Call on February 27th • PR Newswire (US) • 01/26/2024 04:03:00 PM
- Delek Logistics Partners, LP Increases Quarterly Cash Distribution to $1.055 per Common Limited Partner Unit • PR Newswire (US) • 01/24/2024 09:30:00 PM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM