Summary
Alliance Resource Partners LP (ARLP) is a one of those very interesting, not so common, cases, where you find yourself analyzing a company and coming up with different conclusions when it comes to different layers of the capital structure.
Let us start by saying loud and clear: We don't like this partnership that much, and we certainly aren't big fans of its struggling operations. Having said that, our job is to identify a good investment opportunity when we see one, and sometimes such an opportunity actually exists/hides along the balance sheets of