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Published: June 20, 2009
Oklahoman
Magellan selected
TULSA — Magellan Midstream Partners LP announced Friday that it has been chosen as the stalking horse bidder and will be seeking to acquire substantially all assets of bankrupt Longhorn Partners Pipeline LP. Longhorn will be submitting a bid of about $340 million, which will include $250 million for the 700-mile pipeline system and about $90 million for the fair market value of product in the pipeline system. A stalking horse bidder is the entity chosen to make the first bid from a pool of bidders. Once the stalking horse has made its bid, other potential buyers can submit theirs.
Cattle survey set to begin
The U.S. Department of Agriculture will conduct a nationwide cattle inventory during the first two weeks of July. Nearly...
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