08
Aug

Wrap – Week Ended 08/06/10

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Wrap comments will be incorporated in the Monday post along with a new WHX model, comments on what's left of earnings season, the Fed and more.

 

8 Responses to “Wrap – Week Ended 08/06/10”

  1. 1
    crysball Says:

    So what have politicians or we learned in 2,063 years ?

     

     

    "The  budget should be balanced, the Treasury should be refilled,

     public debt should be reduced, the arrogance of officialdom should

    be tempered and controlled, and the assistance to foreign lands

    should be curtailed lest Rome become  bankrupt.  People must again

    learn to work, instead of living on public assistance."

                                               –    Cicero  –  55 BC

  2. 2
    crysball Says:

    A Huge Iranian energy plant explosion coincides with bid on Ahmadinejad's life

     
    Mysterious explosions at  'PARDIS' a new Iranian petrochemicals plant

    A massive explosion killed at least five workers at the giant Pardis petrochemicals complex in southern Iran Wednesday, August 4, at around 12:30 – just about the time an explosive device was hurled at Iranian president Mahmoud Ahmadinejad as his heavily secured armored convoy drove through the northern Iranian city of Hamadan. This is reported by  Iranian sources.
    Ahmadinejad was unhurt although some of his bodyguards and bystanders were certainly injured. He made straight for Hamadan's central stadium and began delivering a speech that was broadcast live by state television.
    Assaluyeh, the site of the Pardis complex, is situated at the opposite end of Iran, on its southern Persian Gulf coast not far from the Bushehr nuclear reactor. Iranian officials admit that large sections of the complex were destroyed but attributed the blast to a ruptured gas pipe. intelligence sources report that the plant was hit by five explosive devices. 'PARDIS'  was new, personally inaugurated on July 28 by President Ahmadinejad, who described it as a miracle of Iranian hi-tech.
    Iranian spokesman were also trying to play down the attempt on the president's life by a bomber present in the large audience surrounding his convoy. At first they reported that the target was the journalists' minivan riding in his convoy. But their security services made haste to put the Hamadan and Pardis attacks together for a joint investigation. They suspect some enemy may have sought to prove it can simultaneously strike at two major targets in opposite ends of the country and get close to the president and also the Bushehr reactor.
    Assaluyeh the town is a particularly sensitive place, because it is the hub of the Pars Special Energy Economic Zone whose industries are fueled by the natural gas piped in from the giant South Pars field.
    Three days before the petrochemical complex was inaugurated, there was another mysterious explosion at a second energy plant, this one located on Kharg Island.
    Iran's security chiefs are beginning to suspect that one or more groups of covert saboteurs are at large on Iran's coast opposite the Strait of Hormuz and are gunning for the strategic industries and facilities located there.

    Hamadan's population is incidentally purely Iranian Shiite with none of the ethnic or religious minorities persecuted by the regime. It was built , several hundreds kilometers west of Tehran.

  3. 3
    Bob Says:

    Hi Z…… I was wondering if you had any thoughts on ECT, the ECA Marcellus Trust I.  It recently went public at $20, and typically trades in the 19's.  The quarterly distributions vary as the wells come in, but are suppose to average 10% ($2.00 annual) over the complete term.  In Annex A (about pg 42 of the attached) is a list of projected distributions through 2032.  The projected peak year is 2013 with projected target distributions of $3.59 per unit, or 18% at the $20 offer.  I would expect the potential for decent capital gains from now till then, along with the distribution.  The first distribution was announced Thursday at $0.272.  The target was 0.2267.  The distributions are capped at 20% over the projected distribution, with the balance returned to ECA until Trust expenses are covered.  Therefore the first distribution hit the incentive.
    I do own LINE, WHX as well as some preferreds for fixed income, but would like to continue to diversify. Thanks!
     

    http://www.faqs.org/sec-filings/100713/ECA-Marcellus-Trust-I_8-K/l40222exv3w1.htm

    Distribution Announcement:
     

    http://finance.yahoo.com/news/ECA-Marcellus-Trust-I-bw-3021111791.html?x=0&.v=1
     

  4. 4
    zman Says:

    Bob – I took a look at it when it came public, other than it being Marcellus, there was something that bugged me about it, will go back to my notes and put thoughts along with look at the distribution announcement in the Monday post.

  5. 5
    blackgold39 Says:

    Z – I am going to hold my BP AUG 45s till close to expiry, beyond the relief well action.  Stock should already have discounted the news, considering it is now fairly certain to work without a hitch.

  6. 6
    choices Says:

    #1-thanks-nothing ever changes-just read an article in The New Yorker about the broken Senate-it is indeed broken but people reached this conclusion decades ago and nothing has changed, just gotten worse.

  7. 7
    zman Says:

    Monday post still under construction.

    KOG on the tape with an offering. That is officially pretty dodgy of them since they were asked the question about the funding gap to their planned capex on Friday and responded that borrowing capacity and cash flow would do the trick. Going to go back and make sure I have that quote right, then decide how to address.

  8. 8
    zman Says:

    The Monday post is up.

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