Business Context and Reporting Period
This Form 8-K Current Report was filed by Energy Transfer Equity, L.P. on November 9, 2010. The filing addresses a corporate governance event involving the departure of a director from the general partner of the Partnership.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is limited to a disclosure regarding board composition and does not contain financial performance data.
Material Changes
On November 9, 2010, Ralph S. Cunningham resigned from the Board of Directors of LE GP, LLC, the general partner of Energy Transfer Equity, L.P., effective immediately. The resignation was not due to any disagreement with the Partnership or LE GP regarding operations, practices, or policies.
Outlook, Risks, and Management Commentary
Dr. Cunningham serves as a Director and the President and CEO of EPE Holdings, LLC, the general partner of Enterprise GP Holdings, L.P. (EPE). EPE owns approximately 17.5% of the Partnership's outstanding common units and holds a non-controlling membership interest in LE GP. Because EPE has no contractual right to appoint a director to the LE GP board, no replacement for Dr. Cunningham is currently expected to be named.
Investor Verification Checklist
- Confirm the effective date of Ralph S. Cunningham's resignation (November 9, 2010).
- Verify the ownership stake of Enterprise GP Holdings, L.P. in Energy Transfer Equity, L.P. (approximately 17.5%).
- Check for future filings regarding the appointment of a new director to the LE GP board, noting that none is currently expected.
- Review the relationship between EPE Holdings, LLC and the Partnership's general partner structure.