Nut Tree and Caspian Urge Martin Midstream (MMLP) Unitholders to Reject MRMC Merger, Citing Undervaluation and Conflicts of Interest

Nut Tree and Caspian urge Martin Midstream Partners (MMLP) unitholders to reject MRMC’s $4.02/unit buyout, calling it conflicted, flawed, and grossly undervalued. They argue the Conflicts Committee lacked independence, ignored higher offers (including their own $4.50 bid), and removed key minority protections after talks with MRMC. With MRMC and CEO Ruben Martin III on both sides of the deal, they see it as a transfer of value from public holders to insiders. Based on EBITDA and distributable cash flow, they value MMLP between $7–$23 per unit and contend unitholders would realize far greater value by remaining public and benefiting from debt reduction and new JV earnings.