Nut Tree and Caspian File Definitive Proxy
Statement and Send Letter to Unitholders Urging them to Vote
"AGAINST" the Merger at MMLP's Special Meeting to be Held on
December 30, 2024
Nut Tree and Caspian Believe MMLP is Worth Far
More than the Per Unit Price in the Merger
Merger is Insider Led Deal Presenting Massive
Conflicts of Interest and MMLP Approval Was Based on Flawed and
Biased Financial Analysis in Nut Tree and Caspian's View
Nut Tree and Caspian Highlight MMLP's Bright
Future Prospects as a Publicly Traded Company, and Path to Superior
Value Creation for Unitholders
NEW
YORK, Dec. 2, 2024 /PRNewswire/ -- Nut Tree
Capital Management L.P. ("Nut Tree") and Caspian Capital L.P.
("Caspian"), which together with
their affiliates have combined exposure in Martin Midstream
Partners L.P. (NASDAQ: MMLP) ("MMLP" or the "Company") of
approximately 13.6% of the outstanding common units, have filed
definitive proxy materials with the Securities and Exchange
Commission ("SEC") opposing the sale of MMLP to Martin Midstream
Resource Corporation ("MRMC") for $4.02 per common unit (the "Merger") to be voted
on during the Company's upcoming meeting of unitholders scheduled
for Monday, December 30, 2024 at
10:00 AM Central time (the "Special
Meeting").
In connection with the filing of the definitive proxy materials,
Nut Tree and Caspian have mailed a
letter to MMLP's common unitholders urging them to vote "AGAINST"
the Merger at the Special Meeting. As discussed in the definitive
proxy materials and the letter, Nut Tree and Caspian oppose the Merger and believe
that:
- MMLP's common units are worth far more than the $4.02 per unit price offered in the Merger;
- The Company relied on a deeply flawed financial analysis used
to justify the Merger that ignored the future prospects for MMLP,
which stand to create additional value for unitholders; and
- The massive conflicts of interest in the Merger and its
negotiation process demand the highest degree of scrutiny and
skepticism from MMLP unitholders.
Nut Tree and Caspian stated:
"We are opposing this merger because we believe MMLP has a bright
future as a publicly traded company and is worth far more than the
$4.02 per unit being offered to
unitholders. Based on industry-standard valuation
methodologies, we believe this is an extremely inadequate price and
would unfairly transfer significant value that rightfully belongs
to MMLP unitholders to the Company's insiders, including the
ultimate control person of MRMC, Ruben
Martin, III. By voting AGAINST the proposed merger with
MRMC, MMLP unitholders have an opportunity to protect the value of
their investment."
The full text of the letter can be viewed here and is also
available at www.ProtectMMLPValue.com.
Advisors
Olshan Frome Wolosky LLP and Latham &
Watkins LLP are serving as legal counsel to Nut Tree and
Caspian.
About Caspian Capital LP
Caspian Capital LP's absolute
return strategy was founded in 1997 and is focused on performing,
stressed, distressed corporate credit, and value equities.
Caspian currently oversees
$4.6 billion in assets under
management.
About Nut Tree Capital Management LP
Nut Tree Capital,
founded in 2015, implements a fundamentals-based strategy focused
on distressed credit, stressed/event-driven credit and value
equities. Nut Tree currently oversees $4
billion in assets.
Contacts
For Investors:
John Ferguson/Joe Mills
Saratoga Proxy Consulting LLC
(212) 257-1311
info@saratogaproxy.com
For Media:
Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co.
(212) 257-4170
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SOURCE Nut Tree Capital Management and Caspian Capital