RE: what the hell happened today?I would say the 1st part of my prediction is starting to come through. See the 2nd quarter release:
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"Interest expense totaled $9.4 million in the second quarter, compared to $5.0 million in the same period last year. The change was primarily due to increased credit margins and underlying interest rates, higher average debt levels and the stronger Canadian dollar"
"Accordingly, adjusted earnings in the second quarter of 2010 were
.9 million, compared to adjusted earnings of $7.2 million last year. That was equivalent to earnings of
.02 (basic and diluted) per unit, compared to
.18 (basic and diluted) last year. The change was mainly due to higher interest costs related to the February refinancing,"
"The Fund's net debt to EBITDA ratio at June 30, 2010 was 3.7 to 1, compared to 3.2 to 1 at the same time last year"
"Terms of the refinancing effectively preclude the Fund from paying distributions through February 2014"
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Those were the highlights I saw. Add to that what wasn't said about the fact that $100 Million worth of convertible debentures, coming due in July 2011, have no other way to be financed, as per the terms of their last financing, but to be satisified with stock. That's at least another 50 million shares, more than what's outstanding already.
That's what happened today, in my opinion.