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BBEPP - BreitBurn Energy Partners, L.P.

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BreitBurn Energy Partners, L.P. (BBEP) had issued preferred units called BreitBurn Energy Partners, L.P. 8.25% Series A Cumulative Redeemable Perpetual Preferred Units (BBEPP). These preferred units were listed and traded on NASDAQ until the company's bankruptcy in 2016.

As a preferred unit holder, investors were entitled to receive a fixed dividend payment of 8.25% of the $25 liquidation preference per unit annually, payable quarterly in cash. These preferred units were cumulative, meaning that if the company was unable to pay the dividend, it would accrue and be paid before any common unit distributions were made.

Following the bankruptcy filing of BreitBurn Energy Partners, the BBEPP units were delisted from NASDAQ and ceased trading. As part of the bankruptcy proceedings, the preferred unit holders received a relatively small payout, as the company's assets were sold to Lime Rock Resources, a private equity firm. The payout received by BBEPP holders was less than the liquidation preference of $25 per unit.


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