SJT Trustee Preference

Since the issue of a change in trustee at SJT came up two weeks ago we have gotten the impression that Bank of America may be recommended by the current trustee to be its successor.  The potential nominee happens to be the trustee for CRT and HGT and in that capacity has apparently performed well.  Yet we have the lingering concern that Bank of America may also in the future be an underwriter of the securities of, or a lender to, El Paso Corporation or Duke Energy.  Those companies are the sponsors of high greed partnerships that appear to be taking over the infrastructure of the San Juan Basin.  The trustee should theoretically be insulated from such a potential conflict of interest, but we would prefer an alternative, fully qualified, trustee who is not as likely to have such relationships.  Presuming that such a party can be found, we are inclined to recommend that unitholders vote no on Bank of America as a replacement trustee.