, Columnist
Energy Transfer's No-Money-Down Offer
Deferring a dividend cut does nobody any favors.
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Necessity, mother of invention, has also spawned acrobatics when it comes to pipeline companies.
With equity markets largely closed off -- and in an effort, successful or not, to stave off cutting dividends -- companies including Kinder Morgan, Targa Resources, and Plains All American have resorted to selling convertible preferred stock, sometimes with extra tweaks such as payment-in-kind options.