Ummm....you might want to do some more DD.

1. Yes their management is crap. As long as Cohen is associated they'll be discounted for that.

2. They have been selling assets.

3. APL already did a capital raise - we know we got screwed.

4. Marcellus is going to be developed by Williams and they aren't going to want to wait to get return for their investment - they've already started.

I'm much more concerned that it appears AHD has fallen into a 2 for 1 setup with APL and we won't get any type of premium when they announce a ....."magic"....2 for one conversion to "simplify" the ownership structure. This right after they sold off APL units for $6.35 and probably sold them to themselves and their friends. Thats the thing to be worried about. APL looks like they will be able to pay distributions next year (maybe 2nd Q) and depending on the payout AHD would also. Of course, the Cohen clan will probably try to work their magic and we'll lose again.