RE:RE:RE:Heads upGanyman....guess I was a bit too technical in my post...my apologies
Basically, it would seem, based on Obscure's analysis that Middlefield's approach to writing options while never enough to cover the difference between the money coming in from ENB dividends and what ENS pays out (the differntial was in and around 3%) but they were able to cover the difference through overnight offerings. Now, there appears to be evidence that that for various reasons (I suspect the big rally in the SP for ENB) that Middelfield lost money on their options strategy. This resulted in Middlefield needed to establish the ATM and use it to sell ENS shares to get the necessary cash. By having to sell ENS shares through the ATM they put enough selling pressure in a relatively illiquid market to create the current situation of a huge discount to NAV.
This essentially places Middlefield between a rock and a hatd place since they cannot use overnight offerings to balance their books and have to rely on the ATM. Frankly, given the size of the ATM as outlined in the prospectus, I suspect that Middelfield expects to be using the ATM for the foreable future. The way out, in part is for them to get better returns from their options strategy (as per my post) but this of course depends a lot on what happens to the ENB stock price.