Nut Tree Capital Management and Caspian Capital Send Letter Highlighting Grossly Conflicted Conflicts Committee of the Martin Midstream GP LLC Board of Directors
Nut Tree Capital Management and Caspian Capital have sent a letter to the Conflicts Committee of Martin Midstream GP , highlighting conflicts of interest in the potential acquisition of Martin Midstream Partners L.P. (NASDAQ: MMLP). They reiterated their $4.00 per common unit offer, representing a 31% premium over Martin Resource Management 's (MRMC) offer. The letter expresses concern over the Conflicts Committee's refusal to engage with their proposal without MRMC's support.
Nut Tree and Caspian are urging that any transaction with MRMC be subject to approval by a majority of unaffiliated common unit holders. They question the Conflicts Committee's impartiality, given its long-standing relationships with MRMC's leadership. The investors encourage all unaffiliated MMLP common unit holders to voice their opinions on the Partnership's future to the General Partner's Board and management.
Nut Tree Capital Management e Caspian Capital hanno inviato una lettera al Comitato per i Conflitti di Martin Midstream GP, evidenziando conflitti di interesse nella potenziale acquisizione di Martin Midstream Partners L.P. (NASDAQ: MMLP). Hanno ribadito la loro offerta di $4,00 per unità comune, che rappresenta un premio del 31% rispetto all'offerta di Martin Resource Management (MRMC). Nella lettera si esprime preoccupazione per il rifiuto del Comitato per i Conflitti di impegnarsi con la loro proposta senza il supporto di MRMC.
Nut Tree e Caspian stanno esortando affinché qualsiasi transazione con MRMC sia soggetta all'approvazione di una maggioranza degli azionisti non affiliati. Mettono in discussione l'imparzialità del Comitato per i Conflitti, date le sue consolidate relazioni con la leadership di MRMC. Gli investitori incoraggiano tutti gli azionisti non affiliati delle unità comuni MMLP a far sentire la propria opinione sul futuro della Partnership al Consiglio e alla direzione del Partner Generale.
Nut Tree Capital Management y Caspian Capital han enviado una carta al Comité de Conflictos de Martin Midstream GP, destacando conflictos de interés en la potencial adquisición de Martin Midstream Partners L.P. (NASDAQ: MMLP). Reiteraron su oferta de $4.00 por unidad común, lo que representa un premium del 31% sobre la oferta de Martin Resource Management (MRMC). La carta expresa preocupación por el rechazo del Comité de Conflictos a comprometerse con su propuesta sin el apoyo de MRMC.
Nut Tree y Caspian están instando a que cualquier transacción con MRMC esté sujeta a la aprobación de una mayoría de tenedores de unidades comunes no afiliados. Cuestionan la imparcialidad del Comité de Conflictos, dada su larga relación con el liderazgo de MRMC. Los inversores alientan a todos los tenedores de unidades comunes de MMLP no afiliados a expresar sus opiniones sobre el futuro de la Sociedad al Consejo y dirección del Socio General.
너트 트리 캐피탈 매니지먼트와 카스피안 캐피탈이 마틴 미드스트림 GP의 갈등 위원회에 편지를 보내, 마틴 미드스트림 파트너스 L.P. (NASDAQ: MMLP) 인수를 두고 이해 상충을 강조했습니다. 그들은 마틴 리소스 매니지먼트(MRMC)의 제안보다 31% 프리미엄을 나타내는 주당 $4.00 제안을 재확인했습니다. 이 편지는 MRMC의 지원 없이 그들의 제안에 응하지 않겠다는 갈등 위원회의 거부에 대한 우려를 표명합니다.
너트 트리와 카스피안은 MRMC와의 거래가 비계열 일반 주주들의 과반수 승인을 받아야 한다고 촉구하고 있습니다. 그들은 MRMC의 리더십과의 오랜 관계를 고려할 때 갈등 위원회의 공정성을 의문시합니다. 투자자들은 모든 비계열 MMLP 일반 주주들이 일반 파트너의 이사회와 경영진에게 파트너십의 미래에 대한 의견을 제시할 것을 권장합니다.
Nut Tree Capital Management et Caspian Capital ont envoyé une lettre au Comité des Conflits de Martin Midstream GP, soulignant les conflits d'intérêts dans l'éventuelle acquisition de Martin Midstream Partners L.P. (NASDAQ: MMLP). Ils ont réaffirmé leur offre de 4,00 $ par unité ordinaire, représentant une prime de 31% par rapport à l'offre de Martin Resource Management (MRMC). La lettre exprime des inquiétudes concernant le refus du Comité des Conflits de s'engager avec leur proposition sans le soutien de MRMC.
Nut Tree et Caspian appellent à ce que toute transaction avec MRMC soit soumise à l'approbation d'une majorité des détenteurs d'unités ordinaires non affiliés. Ils remettent en question l'impartialité du Comité des Conflits, compte tenu de ses relations de longue date avec la direction de MRMC. Les investisseurs encouragent tous les détenteurs d'unités ordinaires MMLP non affiliés à faire entendre leur opinion sur l'avenir du partenariat auprès du Conseil d'administration et de la direction du Partenaire Général.
Nut Tree Capital Management und Caspian Capital haben einen Brief an den Konfliktausschuss von Martin Midstream GP gesendet und Interessenkonflikte im Zusammenhang mit der potenziellen Übernahme von Martin Midstream Partners L.P. (NASDAQ: MMLP) hervorgehoben. Sie bekräftigten ihr Angebot von $4,00 pro Stammanteil, was einen 31% Aufschlag auf das Angebot von Martin Resource Management (MRMC) darstellt. Der Brief äußert Bedenken über die Weigerung des Konfliktausschusses, sich mit ihrem Vorschlag ohne die Unterstützung von MRMC auseinanderzusetzen.
Nut Tree und Caspian fordern, dass jede Transaktion mit MRMC der Zustimmung einer Mehrheit der nicht verbundenen Stammanteilinhaber unterliegt. Sie hinterfragen die Unparteilichkeit des Konfliktausschusses, angesichts seiner langjährigen Beziehungen zur Führung von MRMC. Die Investoren fordern alle nicht verbundenen MMLP-Stammanteilinhaber dazu auf, ihre Meinungen zur Zukunft der Partnerschaft dem Vorstand und der Geschäftsführung des General Partners mitzuteilen.
- Nut Tree and Caspian offer a 31% premium over MRMC's bid at $4.00 per common unit
- The offer is fully-financed and all-cash
- Potential for increased offer if allowed to conduct confirmatory due diligence
- Conflicts of interest between MRMC, General Partner, and MMLP
- Conflicts Committee's refusal to engage with Nut Tree and Caspian's offer
- Potential lack of impartiality in the sale process due to long-standing relationships
Nut Tree and Caspian Reiterate
Nut Tree and Caspian Call for Any Transaction with MRMC be Subject to Approval of Majority of Unaffiliated Common Unit Holders
In the letter, Nut Tree and
The full text of the letter is below:
July 19, 2024
Martin Midstream GP LLC
4200 Stone Road
Attention: Byron Kelley, Chair of Conflicts Committee
Dear Members of the Conflicts Committee:
Nut Tree Capital Management LP ("Nut Tree") and Caspian Capital LP ("
It is our belief that the Conflicts Committee, which was formed to address conflicts of interest among Martin Resource Management Corporation ("MRMC"), the General Partner, and Martin Midstream Partners L.P. ("MMLP" or the "Partnership"), has brought into question its willingness to act in the best interests of MMLP common unit holders.
As you know, MRMC made an offer to purchase MMLP for
How else are we to explain the Conflicts Committee's insistence that it would not engage in any way with us unless MRMC, as the owner of the General Partner, were to support our competing proposal to purchase MMLP's common units for
Nut Tree and
This is easily remedied.
The Conflicts Committee knows full and well that the General Partner, MRMC, Mr. Martin and their affiliates control a significant portion of MMLP's common units and therefore will heavily influence the outcome of a vote on any transaction. If the Conflicts Committee is seeking to oversee a truly fair and impartial sale process, it should require that any transaction with MRMC be made subject to the approval of a majority of the unaffiliated common unit holders (i.e. excluding the units held by MRMC, the General Partner, Mr. Martin, or any of their affiliates), rather than merely a majority of the outstanding common unit holders. This simple fix, which should have been instituted in the first place, will allow MMLP common unit holders to have a true say on MRMC's highly conflicted offer and the future of their investment in MMLP.
We encourage all unaffiliated MMLP common unit holders to reach out to the General Partner's Board of Directors and management team to voice their opinions on the future of MMLP.
As stated, we reiterate our offer to purchase MMLP's common units for
We look forward to your prompt response.
Sincerely,
Nut Tree Capital Management, LP Jed Nussbaum Chief Investment Officer Scott Silver Principal | Caspian Capital LP
Partner Meagan Bennett Managing Director |
Latham & Watkins LLP and Olshan Frome Wolosky LLP are serving as legal counsel to Nut Tree and
About Caspian Capital LP
Caspian Capital LP, founded in 1997, is focused on performing, stressed, distressed corporate credit, and value equities.
About Nut Tree Capital Management LP
Nut Tree Capital, founded in 2015, implements a fundamentals-based strategy focused on distressed credit, stressed/event-driven credit and value equities. Nut Tree currently oversees
Media Contacts:
Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co.
(212) 257-4170
View original content:SOURCE Nut Tree Capital Management and Caspian Capital
FAQ
What is the current offer for MMLP common units by Nut Tree and Caspian?
Why are Nut Tree and Caspian concerned about the Conflicts Committee of MMLP?
What action are Nut Tree and Caspian requesting from the Conflicts Committee?
How long have the Conflicts Committee members served on the General Partner's Board with Ruben Martin, III?
