Business Context and Reporting Period
This Form 8-K is a current report filed by Energy Transfer Equity, L.P. on July 11, 2012. The filing addresses a corporate governance matter involving the resignation of a director and the subsequent notification of a listing deficiency with the New York Stock Exchange (NYSE).
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance and listing status rather than financial performance.
Material Changes
- Director Resignation: David R. Albin resigned from the Board of Directors of LE GP, LLC (the general partner) effective June 1, 2012. He served on the Audit Committee.
- Listing Deficiency: The Partnership notified the NYSE on June 7, 2012, that it was deficient in meeting Section 303A.07(a) of the NYSE Listed Company Manual due to the vacancy on the Audit Committee.
- Formal Notification: On July 11, 2012, the NYSE formally notified the Partnership of this deficiency.
Outlook, Risks, and Management Commentary
Management stated that Mr. Albin's resignation was not due to any disagreement with the Partnership or LE GP regarding operations, practices, or policies. To cure the listing deficiency, the LE GP Board of Directors elected a new member to the Audit Committee, effective July 17, 2012. No other risks, contingencies, or unusual items were disclosed in this filing.
Investor Verification Checklist
- Verify the identity and qualifications of the new Audit Committee member elected effective July 17, 2012.
- Confirm that the NYSE has accepted the cure for the Section 303A.07(a) deficiency.
- Review subsequent filings to ensure no further governance issues arise from the board transition.