Nut Tree Capital Management and Caspian Capital Send Letter to Unitholders Reiterating Why Martin Midstream Partners L.P. Unitholders Should Vote "AGAINST" the Value Destructive Merger with Martin Resource Management Corp.

Rhea-AI Summary

Nut Tree Capital Management and Caspian Capital, holding approximately 13.6% of Martin Midstream Partners L.P. (MMLP) common units, have issued a letter urging unitholders to vote 'AGAINST' the proposed merger with Martin Midstream Resource (MRMC). The merger, valued at $4.02 per common unit, is scheduled for consideration at a unitholder meeting on December 30, 2024. The investors claim MMLP has made false and misleading statements to push through the merger, which they argue would enrich Ruben Martin and MRMC at the expense of other MMLP unitholders.

Positive

• None.

Negative

• Alleged false and misleading statements by MMLP management regarding merger
• Potential unfair deal price of $4.02 per unit according to major shareholders
• Claims of value destruction for common unitholders
• Concerns about management enrichment at expense of other unitholders

News Market Reaction – MMLP

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On the day this news was published, MMLP declined NaN%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Letter Highlights False and Misleading Statements Made by MMLP in Attempt to Push Through Merger Enriching Ruben Martin and MRMC at Expense of Other MMLP Unitholders

NEW YORK, Dec. 16, 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 sent a letter to MMLP's common unitholders urging them to vote "AGAINST" the sale of MMLP to Martin Midstream Resource Corporation ("MRMC") for $4.02 per common unit (the "Merger") at the Company's upcoming meeting of unitholders scheduled for Monday, December 30, 2024 at 10:00 AM Central time.

The full text of the letter can be found 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-send-letter-to-unitholders-reiterating-why-martin-midstream-partners-lp-unitholders-should-vote-against-the-value-destructive-merger-with-martin-resource-management-corp-302332485.html

SOURCE Nut Tree Capital Management and Caspian Capital

FAQ

What is the proposed merger price per unit for MMLP shareholders?

The proposed merger price is $4.02 per common unit for MMLP shareholders.

When is MMLP's unitholder meeting to vote on the MRMC merger?

The unitholder meeting is scheduled for Monday, December 30, 2024, at 10:00 AM Central time.

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

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

Why are Nut Tree and Caspian opposing the MMLP merger?

They oppose the merger claiming it would destroy unitholder value and enrich Ruben Martin and MRMC at the expense of other MMLP unitholders, citing false and misleading statements by MMLP.