Latest News on LINN Energy

Recovery of Investment Losses in LINN Energy

Did you invest in LINN Energy at the recommendation of your broker and lose money?  If so, The White Law Group may be able to help you by filing a FINRA arbitration claim against the brokerage firm that sold you the investment.

An independent oil and natural gas company, LINN Energy LLC (OTCMKTS:LINEQ) acquires and develops oil and natural gas properties in the United States. Its properties are located in the Hugoton Basin, the Rockies, California, east Texas and north Louisiana, the Mid-Continent, Michigan/Illinois, the Permian Basin, and south Texas.

LINN Energy is an upstream MLP in the energy patch that was given too much access to easy debt when oil prices were much higher and expected to rise. The company filed for Chapter 11 protection a year ago, and has mostly waited for cancellation of shares.

According to a LINN Energy filing with the bankruptcy court on Oct 7, there was a material definitive agreement stipulating that all existing equity interests of the company will be extinguished without recovery.

Update on LINN Energy

According to various reports this week, LINN Energy, Inc. has announced that it has signed a definitive agreement to sell its interest in properties located in the San Joaquin basin, Calif., to an undisclosed buyer for a contract price of $263 million, subject to closing adjustments.

This sale represents the first executed agreement of the Company’s non-core divestiture program. LINN continues to market the previously announced non-core asset sales and there remains significant interest in each of those packages. Year-to-date, the Company has announced sale agreements with contract prices totaling $844.5 million with net proceeds expected to be used to reduce outstanding borrowings under the Company’s revolving credit facility and term loan. Pro-forma for these transactions, the Company expects to have less than $50 million in total debt outstanding.

The White Law Group continues to investigate the liability that brokerage firms and financial advisors may have for recommending high risk MLPs, like LINN Energy to their clients.

Brokerage firms that recommend energy investments are required to perform adequate due diligence on the investments to ensure a reasonable likelihood of success. They must evaluate whether the investments are suitable in light of their client’s age, net worth, investment experience, risk tolerance, and investment objectives. Firms that fail to perform adequate due diligence, or that make unsuitable recommendations, can be held responsible for losses in a FINRA arbitration claim.

Recovery of Investment losses

If you suffered losses investing in LINN Energy and would like to discuss your litigation options, please call The White Law Group at (888) 637-5510 for a free consultation.

The White Law Group is a national securities arbitration, securities fraud, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida. The firm represents investors throughout the country in FINRA arbitration claims against their brokerage firm.

For more information on The White Law Group, visit www.whitesecuritieslaw.com.