In a normal MLP, the incentive of a general partner who holds significant units in the partnership is to maintain the health of the partnership. You do that by increasing earnings per unit, book value per unit, and keeping debt at a manageable level. If you fail to do those things and push the company into bankruptcy, then your units become worthless and you lose a lot of money.In Stonemor's case, who cares if they push the company into bankruptcy? After all, it's your money that they are going to lose. Stonemor's management loses nothing if they push the limited partnership into bankruptcy. So what a great deal for management. Heads they win and you win. Tails they win and you lose. They have no risk. They put all of the risk on you.
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