I’m taking a break from the Pen & Pencil Club book talk series in August since they tell me everyone in Philly is “down the shore”. I’ve just returned from a road trip through Vermont, New Hampshire, and Maine. The Dig is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Hi, Great summer trip! IN case you are looking for accounting dirt.......(and it's totally cool if you're not, given that digging dirt is one of your full time jobs!...just ignore this... I'm only a dirty hobbyist! so...).......
I've been reading about the recent fight over Columbia Pipeline Partners MLP sale to Trans Canada for full cash payment. (it turned out the transaction was "dirty" and top executive sale procedure duplicitous from the inside, and from inception, as ruled by a Delaware judge, and printed in the court docs).
But there's a side issue: the MLP was spun off tax free, naturally!, from a large listed corporation (Nisource) rather uncomfortably close-in-time to the final outright cash sale of the entire MLP company itself (to huge Trans Canada corp). Given that the MLP's unique balance sheet came into being very recently, is the final cash sale to Trans Canada considered tax free too?
This case has been a very big oil sector and Delaware fireworks show given the big names involved.