Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Enbridge Energy Partners, L.P.    EEP

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets

UPDATED: Red Lake Tribal Council votes against Enbridge land deal

share with twitter share with LinkedIn share with facebook
share via e-mail
0
01/13/2018 | 04:32am CET

Jan. 12--RED LAKE -- The Red Lake Tribal Council voted Tuesday to rescind a resolution accepting a land swap agreement with Enbridge Energy.

The tribal council voted 5-3 to rescind the resolution that, in December 2015 accepted $18.5 million in exchange for a parcel of land about 16 miles south of the reservation.

The land, located near West Four Legged Lake and Leonard, Minn., is home to Enbridge-owned oil pipelines, installed by Lakehead Pipeline Co. Inc., before the reservation realized it owned the land.

After Red Lake realized it was the rightful owner of the parcel and Enbridge absorbed Lakehead and took over the pipelines, the company began talks with the band in 2007 about what should happen to the land and the lines.

Resolution 281-15 seemed to answer that. A news release posted on the tribal council's Facebook page shortly after the resolution was passed called the land deal "a complete and total win that Red Lake could not have gotten in any court." The release went on to say the only other option would have been a "long and costly" court battle that would end in a shared property line.

But during the Jan. 9 meeting, band member and anti-pipeline activist Marty Cobenais, acting as a concerned citizen, addressed the tribal council and described the land deal as unconstitutional.

In a video of the meeting posted to Facebook, Cobenais argues that the 2015 resolution is not a land exchange, but a land sale. He read a portion of the resolution: "The proposed settlement provides a payment to the band totaling $18.5 million dollars, including funds to buy land for the band."

"We shouldn't be selling our land, that is against our constitution and by you guys voting on it, it does violate our constitution," Cobenais told the council. "I think we as the people should have the right to be able to say if we should do that or not."

Council member Robert Smith said different people interpret the 2015 resolution in different ways. Some, like Cobenais, see it as the sale of land. Others see the agreement as a land swap, since the resolution stated that at least a portion of the $18.5 million would be used to buy land.

"(Part) of that money was supposed to be used by the tribe to buy land, then, for a swap," said Smith, who opposed the 2015 deal. "In some people's eyes, that's seen as a land sale if you're giving up land for money. And like I said, some people are arguing the point that it's a swap, just because, yes, you are swapping land."

Chairman Darrell Seki told the Pioneer that he believed the deal was a land swap, and that Enbridge was paying the tribe $18.5 million because of past trespassing by Enbridge. He called the 2015 deal "difficult," and said he was not upset about Tuesday's vote.

"I don't have any problem with it," Seki said. "What happened happened, and we need to move on and try and be more creative about our economic development."

Seki also said that the tribe had not received any money from Enbridge.

Once Cobenais and other band members had spoken, Smith made a motion to rescind the agreement, which was seconded by Roman Stately, Jr. Five council members voted to back out of the land deal, while three were opposed. One member abstained from the vote and one was absent.

Cobenais told the Pioneer that more information about the vote and the resolution will be released next week.

Enbridge's Communications Supervisor Shannon Gustafson said the Red Lake Tribal Council had not formally notified Enbridge of an intention to rescind the agreement.

She added that she believes an agreement between Enbridge and the tribe, signed in January 2016, is legally binding, but would not say whether any money had changed hands before Tuesday.

"We believe that it's a legally binding document in place," Gustafson said. "We expect that the band would stay true to our agreement."

Gustafson said she could not talk in detail about the agreement.

Cobenais said he is grateful that the tribal council took back the resolution, and hopes to see the pipelines removed from the reservation.

"I'd like to thank the tribal council for voting the way they did, and I would encourage all Red Lakers to get in contact with their representatives and their officers to say thank you," Cobenais said.

___

(c)2018 The Bemidji Pioneer (Bemidji, Minn.)

Visit The Bemidji Pioneer (Bemidji, Minn.) at www.bemidjipioneer.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ENBRIDGE ENERGY PARTNERS,
01/13 UPDATED : Red Lake Tribal Council votes against Enbridge land deal
01/12 ENBRIDGE ENERGY PARTNERS L P : Red Lake tribe pulls out of deal selling land to ..
2017 Enbridge Day 2017 Annual Investor Conference Webcast Details
2017 ENBRIDGE ENERGY PARTNERS L P : Officials have more work ahead on Enbridge pipeli..
2017 ENBRIDGE ENERGY PARTNERS L P : Line 3 will impact Native Americans, review says
2017 ENBRIDGE ENERGY PARTNERS, L.P. : Announces 2018 Guidance and Long Term Financial..
2017 ENBRIDGE ENERGY PARTNERS L P : Firefighters 'go big' with CPR training
2017 ENBRIDGE ENERGY PARTNERS L P : Firefighters 'go big' with CPR training
2017 ENBRIDGE ENERGY PARTNERS L P : Community calendar
2017 ENBRIDGE ENERGY PARTNERS LP : Amendments to Articles of Inc. or Bylaws; Change i..
More news
News from SeekingAlpha
01/08 STANFORD CHEMIST POSITIONS FOR 2018 : Broaden Your Horizons
01/05 What's Behind This 24% Yield?
01/01 Permian Pure Play Stocks - Weekly Report 12/29/2017
2017 Settling Up
2017 Best and worst oil and gas pipeline stock performers for 2017
Financials ($)
Sales 2017 3 246 M
EBIT 2017 1 006 M
Net income 2017 531 M
Debt 2017 6 902 M
Yield 2017 9,15%
P/E ratio 2017 17,38
P/E ratio 2018 16,35
EV / Sales 2017 3,66x
EV / Sales 2018 4,34x
Capitalization 4 966 M
Chart ENBRIDGE ENERGY PARTNERS,
Duration : Period :
Enbridge Energy Partners,  Technical Analysis Chart | EEP | US29250R1068 | 4-Traders
Technical analysis trends ENBRIDGE ENERGY PARTNERS,
Short TermMid-TermLong Term
TrendsBullishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 11
Average target price 16,5 $
Spread / Average Target 8,8%
EPS Revisions
Managers
NameTitle
Mark Andrew Maki President, Chief Executive Officer & Director
Jeffrey A. Connelly Chairman
Allan M. Schneider Vice President-Regulated Engineering & Operations
Stephen J. Neyland Director & Vice President-Finance
Dan Allen Westbrook Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
ENBRIDGE ENERGY PARTNERS, L.P.10.14%4 966
ENBRIDGE INC0.71%67 450
ENTERPRISE PRODUCTS PARTNERS L.P.8.94%62 063
KINDER MORGAN INC8.02%43 593
TRANSCANADA CORPORATION-1.59%42 368
WILLIAMS COMPANIES8.92%27 456