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      "text": "The Special Committee believes that reaching a common understanding among the GP Board on the framework for compensating the IDR LLC Series B unitholders is in the best interest of all parties before moving forward with a proposal to Midstream",
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      "text": "In order for the Special Committee to move forward with the determination of an initial exchange ratio to propose to Midstream, we wish to reach a common and clear understanding with the GP Board of the framework for Series B compensation: The Series B have significant economic value to the holders of those interests; Conversion of the Series B into common shares as suggested in the March 9th presentation represents a meaningful portion of the overall equity in the pro forma GP entity; 25mm shares represents ~4 - 5% pro forma ownership in the combined entity; Following resolution or clarification of the Series B units, the GP Board and the Special Committee should be able to agree shortly thereafter upon an initial exchange ratio to propose to Midstream",
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      "text": "Given these various considerations, the Special Committee would recommend considering a GP-Buys-Midstream transaction. The main features of the transaction would be: Issuance of GP stock to acquire all outstanding LP units of Midstream; Transaction would be taxable to Midstream LP unitholders in order to generate a tax basis step-up to shield cash taxes for a period of time at the surviving GP entity; Simplification of all equity interests in Midstream, including the IDRs and the Series B interest in IDR LLC, into one single equity security; Status quo partnership form and governance arrangements (i.e., no “NewCo C-Corp” structure)",
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      "text": "Process Update on Arkose Midstream GP Structural Alternatives (Cont'd)",
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