Lure of yield - aggressive accounting, overpayment of distributions, asset value inflation, and an unjustifiably high multiple create substantial downside risks for this YieldCo, in our view.
Correct, Stephen. I did not value the entities. Investors might want to discount the positions given 1) that they are clearly troubled/impaired and 2) the profoundly inadequate disclosure at BIP (IMO), which would seem to indicate that all is well.
Correct, Stephen. I did not value the entities. Investors might want to discount the positions given 1) that they are clearly troubled/impaired and 2) the profoundly inadequate disclosure at BIP (IMO), which would seem to indicate that all is well.
I think the Troubled Investments table on page 26 is not showing what you intended. In each of the entries, your value equals the carrying value?