Nut Tree Capital Management and Caspian Capital Release Presentation Highlighting Why Martin Midstream Partners L.P. Unitholders Should Vote "AGAINST" Value Destructive Merger with Martin Resource Management Corp.

Rhea-AI Summary

Nut Tree Capital Management and Caspian Capital, holding a combined 13.6% stake in Martin Midstream Partners (MMLP), have released a presentation urging unitholders to vote 'AGAINST' the proposed merger with Martin Resource Management (MRMC). The investors argue that MRMC's offering price of $4.02 per common unit significantly undervalues MMLP.

The presentation highlights three main concerns: the inadequate merger consideration, flawed valuation methodologies, and significant conflicts of interest that could benefit company insiders at unitholders' expense. The investors suggest that remaining a publicly traded MLP would provide better value for unitholders, pointing to potential future distributions if MMLP stays independent.

Positive

• Potential for significant future distributions if MMLP remains independent
• Strong unitholder opposition to potentially undervalued merger offer (13.6% stake holders against)

Negative

• Alleged conflicts of interest in merger process favoring insiders
• Potential undervaluation at $4.02 per unit merger price
• Concerns about flawed valuation methodologies in merger analysis

Presentation Details Why MRMC's Proposed Merger Significantly Undervalues MMLP, the Deeply Flawed Valuation Methodologies and Financial Analysis Used to Justify the Inadequate Merger Consideration, and the Major Conflicts of Interest that Threaten to Enrich Company Insiders at Expense of Unitholders

Remaining as a Publicly Traded MLP Provides a Path to Superior Value for MMLP Unitholders

We Believe Unitholders Stand to Benefit from Imminent and Significant Future Distributions if MMLP Remains Independent

Nut Tree and Caspian Urge Unitholders to Vote "AGAINST" MMLP's Merger with MRMC

View the Presentation at www.ProtectMMLPValue.com

NEW YORK, Dec. 10, 2024 /PRNewswire/ -- Nut Tree Capital Management L.P. ("Nut Tree") and Caspian Capital L.P. ("Caspian"), which together with their affiliates have combined exposure in Martin Midstream Partners L.P. (NASDAQ: MMLP) ("MMLP" or the "Company") of approximately 13.6% of the outstanding common units, today released an investor presentation highlighting reasons why unitholders should vote "AGAINST" the deeply flawed merger of MMLP with Martin Resource Management Corporation ("MRMC").

The presentation contains a detailed explanation regarding how MRMC's $4.02 per common unit price significantly undervalues the Company, the major conflicts pervading the insider-led deal and leading to a flawed process, and MMLP's bright future prospects in remaining as a publicly traded MLP.

Nut Tree and Caspian encourage all MMLP unitholders to review the presentation which can be viewed here and is also available at www.ProtectMMLPValue.com.

Advisors
Olshan Frome Wolosky LLP and Latham & Watkins LLP are serving as legal counsel to Nut Tree and Caspian.

About Caspian Capital LP
Caspian Capital LP's absolute return strategy was founded in 1997 and is focused on performing, stressed, distressed corporate credit, and value equities. Caspian currently oversees $4.6 billion in assets under management.

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 $4 billion in assets.

Contacts
For Investors:
John Ferguson/Joe Mills
Saratoga Proxy Consulting LLC
(212) 257-1311/ (888) 368-0379
info@saratogaproxy.com 

For Media:
Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co.
(212) 257-4170

 

View original content:https://www.prnewswire.com/news-releases/nut-tree-capital-management-and-caspian-capital-release-presentation-highlighting-why-martin-midstream-partners-lp-unitholders-should-vote-against-value-destructive-merger-with-martin-resource-management-corp-302327476.html

SOURCE Nut Tree Capital Management and Caspian Capital

FAQ

What is the proposed merger price for MMLP units by MRMC?

MRMC is proposing to acquire MMLP units at $4.02 per common unit.

What percentage of MMLP units do Nut Tree and Caspian collectively own?

Nut Tree and Caspian together hold approximately 13.6% of MMLP's outstanding common units.

Why are Nut Tree and Caspian opposing MMLP's merger with MRMC?

They argue the merger significantly undervalues MMLP, uses flawed valuation methodologies, and involves conflicts of interest that could benefit insiders at unitholders' expense.

Where can MMLP unitholders view the investor presentation against the merger?

Unitholders can view the presentation at www.ProtectMMLPValue.com