Just to address any lingering confusion regarding yesterday's FERC Order Granting Rehearing ...
(Rehearing has been timely requested of the Commission order issued onApril 15, 2016, in this proceeding. Magnolia LNG, LLC and Kinder Morgan Louisiana Pipeline LLC, 155 FERC ¶ 61,033 (2016). In the absence of Commission action within 30 days from the date the rehearing request was filed, the request for rehearing (and any timely requests for rehearing filed subsequently)1 would be deemed denied. 18 C.F.R. § 385.713 (2015).
In order to afford additional time for consideration of the matters raised or to be raised, rehearing of the Commission’s order is hereby granted for the limited purpose of further consideration, and timely-filed rehearing requests will not be deemed denied by operation of law. Rehearing requests of the above-cited order filed in this proceeding will be addressed in a future order. As provided in 18 C.F.R. § 385.713(d), no answers to the rehearing requests will be entertained.)
A request of rehearing or appeal is a pleading by any party to a proceeding before the Commission petitioning the Commission to reconsider an order in that proceeding. There are statutory deadlines for filing requests for rehearing http://www.ferc.gov/resources/glossary.asp#R
FERC has in the past stated that such rehearings are not uncommon and are not proof of wrongdoing.
The commission often needs more time to consider rehearing requests and that if a rehearing request is submitted and not approved within 30 days the request is automatically denied. Approving a rehearing request grants FERC unlimited time in which they may reconsider the request.
Bottom line is that this is strictly a routine procedural order.
As I said previously, there is minimal concern for Sierra's predictable intervention which has led to this extension from management.
Meantime do you think for a second, management concern themselves with the gyrations of the share price? Do they heck!
They just get on with the task at hand.
And if the share price can rocket on a TO rumour, imagine what will happen when a company making announcement is released.
I would respectfully suggest what we saw last week is but a fraction of the price action we can expect on the news we all await ...
