Kinder Morgan Accused Of Shady Expense Accounting In Suit

Law360, Houston (March 7, 2014, 8:13 PM EST) -- Kinder Morgan Inc. was hit with a suit in Texas court Thursday by a shareholder who says the midstream giant mischaracterized capital expenses incurred by its pipeline unit in order to draw billions in cash distributions.

Shareholder Kenneth Walker says Kinder Morgan Energy Partners LP, known as KMP, is “burdened by an unfavorable financial relationship” that has enabled parent company Kinder Morgan and its board to understate capital expenditures incurred by the pipeline subsidiary to avoid cuts in distributable cash flow to Kinder Morgan, while putting...
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