Out Fox The $treet

Williams' management continues pursuing the merger with ETE via litigation. . The financials and stock prices support the company letting go. . The recommendation is to own the stock with the speculation that the BOD is bluffing on closing the deal in order to get rightful compensation from ETE for walking away. In a surprise tone,  Williams Cos. (NYSE: WMB )  management actually sounds intent on forcing  Energy Transfer Equity (NYSE: ETE )  to complete the much maligned merger. The relationship has turned very acrimonious suggesting an integration of the two companies would be difficult and questioning the value it taking extraordinary steps to force the merger closure. Read the full article on Seeking Alpha.   Disclosure: No positions mentioned. Please read the disclaimer page for more details.

Williams' investors need to start considering the financial picture of the company on a standalone basis. The news flow regarding the merger with ETE suggests both sides want to terminate the deal without the related party paying termination fees. Williams is intriguing with the partnership not requiring an equity raise this year to fund the reduced capital plan. The  latest news  seems to confirm that Energy Transfer Equity (NYSE: ETE ) and Williams Cos. (NYSE: WMB ) are doing everything possible to terminate the merger. In those regards, investors need to shift the mindset back to valuing Williams as a standalone entity with a majority position in Williams Partners (NYSE: WPZ ).  Read the full article on Seeking Alpha.     Disclosure: No positions mentioned. Please read the disclaimer page for more details.

More questions swirl about the ETE and Williams deal. A termination fee paid to Williams would quickly shore up dividend coverage and funding requirements of the next year or more. Based on the news, Williams is a stock to avoid unless more details emerge suggesting a termination fee is actually forthcoming that would provide an opportunity for the company. Despite a market rally on Thursday,  Williams Cos. (NYSE: WMB )  traded down over 3% on a couple of headlines that reinforce the risk surrounding the stock. My  previous questions regarding the risk in the stock are only magnified now. Read the full article on Seeking Alpha.  Disclosure: No postions mentioned. Please read the disclaimer page for more details.

Weak Q4 cash flows don't help the dividend coverage ratio and concerns about the ability of Williams supporting the dividend. The questions surrounding the business relationship with Chesapeake Energy was extensively discussed in the presentation and earnings call, yet the impact from a restructuring remains unknown. Too many questions remain regarding negative outcomes to owning Williams. Williams Companies' (NYSE: WMB )  quarterly results  brought some interesting points regarding Energy Transfer Equity (NYSE: ETE ) and Chesapeake Energy (NYSE: CHK ). The details didn't really provide a resolution to the  outstanding issues  highlighted in my last article.  Read the full article on Seeking Alpha.  Disclosure: No positions mentioned. Please read the disclaimer page for more details.

The stock price continues plunging ahead of the finalization of the merger with ETE. The deal complexity and required cash portion of the transaction were signals to avoid the stock. Williams doesn't trade at enough of a discount to warrant owning the stock prior to the merger closing in early 2016. The energy sector, and especially the infrastructure space, is in the midst of a massive collapse. One stock caught up in the carnage is Williams Cos. (NYSE: WMB ), with the stock down 13% on Monday and nearly $10 in the previous four trading days before a rebound on Tuesday. Read the full article on Seeking Alpha. Disclosure: No position mentioned. Please review the disclaimer page for more details. 

Williams finally issues Q3 dividend amount. The company hasn't answered the long-term questions surrounding the impact of the fee cuts. The stock remains difficult to own until more questions are resolved. As the market was closing for the week, Williams Cos. (NYSE: WMB ) left shareholders in the dark regarding the upcoming dividend and the strategic alternatives resolution. In Williams: Negative Implications Of Chesapeake Deal , the research highlighted some of the issues with the fee cuts from the Chesapeake Energy ( CK ) deal. Long after the market closed on Friday, the company and market news sources provided some more information. Read the full article on Seeking Alpha. Disclosure: No positions mentioned. Please review the disclaimer page for more details. 

Williams agrees to fee cuts for higher volumes from Chesapeake Energy. The auction process for the company remains in limbo placing the positive merger with Williams Partners and the promised higher dividends on hold. The uncertainty around Williams makes the stock difficult to own despite the collapsing price. In possibly a somewhat surprising move, Williams Cos. (NYSE: WMB ) subsidiary Williams Partners L.P. (NYSE: WPZ ) agreed to lower the gathering and processing costs for Chesapeake Energy (NYSE: CHK ) for higher future volumes. The move is rare for the MLP sector and has some troubling implications despite the signaling by Williams that the move is a win-win for both parties. Read the full article on Seeking Alpha. Disclosure: No positions mentioned. Please review the disclaimer page for more details. 

Williams rejects unsolicited bid for $64 and plans to explore strategic alternatives. Energy Transfer Equity proposes that a merger with Williams will provide a higher dividend and growth. The lack of details from Energy Transfer Equity makes it difficult to understand how it can propose a higher dividend after shifting to a C corp. The proposed offering doesn't provide much of a premium to where Williams likely trades in 2016 as a standalone stock. On the headlines only, it is initially difficult to see how a $48 stock could turn down a $64 offer. In the case of Williams Companies (NYSE: WMB ) , the executives did just that. Read the full article on Seeking Alpha. Disclosure: No position mentioned. Please review the disclaimer page for more details.