I thought the call was generally positive. They haven't seen as much cash flow improvement as I had hoped, but they did indicate that thus far in Q4 it has picked up. Their legacy hedges continue to hurt them and it is obvious that we're looking to mid 2010 before any distribution is initiated.

One HUGE concern is that it sounds like they may lose some of their percentage ownership in Marcellus due to capital constraints in their debt agreements. This would be a huge long term blow if they lost even more of this. Lets hope their contribution of 26 million will satisfy whatever the agreement is - it sounds like if they contribute less than 49% they will lose that percentage of ownership in the Laurel partnership?

So my own takeaway from the call is that things are incrementally better, maybe we see gains in the 4Q, earliest distribution is 3rd Q next year once hedges are done and they build up some cash over $50 MM.

At this level, no reason to sell.....no real reason to buy either. We will bounce around $5-$8 until 2Q next year and some type of distribution announcement.