Tortoise in Barron's

DESPITE THE FLURRY, these deals aren’t an indictment of MLPs in general and don’t make sense for that many companies. “It’s a unique situation for a limited number of MLPs that are very mature,” says Matt Sallee, a portfolio manager at Tortoise Capital Advisors, an energy-investing specialist.
Individual investors may have reason to be disgruntled, especially those who bought the MLPs for high income and don’t care that much about underlying growth. It’s not just that payouts will shrink; this transaction essentially ends up being a sale of the individual’s units—which can have huge tax consequences. Says Sallee: “It’s not a free lunch by any stretch.”
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