, Columnist
Energy Transfer's Blind Dates
The seeming end of the Williams deal doesn't mean all's well.
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The good news for Energy Transfer Equity's investors is that their units are no longer the playthings of the oil market nor, perhaps, are they bound to hook up with Williams Cos. On the other hand, beyond cashing out altogether, they remain tied to Energy Transfer's Chairman, Kelcy Warren.
The plot twists of Energy Transfer's proposed, and now much regretted, takeover of Williams are so numerous at this point that a recap is in order. Having struck the deal less than seven months ago, it has surely dawned on Energy Transfer that it overpaid and the $6 billion cash element would trash its credit rating. So it has since: