I recently came across some very relevant analysis about a company that has been discussed a number of times here recently and one of my largest personal holdings CorEnergy Infrastructure Trust $CORR. One of the biggest risks associated with the company and the reason most often cited by bears for not owning it is the company's large customer concentration with a financially distressed company. Specifically, I'm talking about $CORR's recent acquisition of the Grand Isle Gathering System from Energy XXI $EXXI. Many people believe that $EXXI will eventually go bankrupt. If so, the great unknown is what would that event mean for the revenue that $CORR derives from the company? The article that I found the relevant information in was published on Barrons.com this afternoon. Is actually is about the renegotiation of a pipeline contract between Williams Companies $WMB and Chesapeake Energy $CHK. Now I realize that technically $CORR is a REIT and not an MLP, but I believe that the same analysis applicable to both. Here's the relevant part: "Of course, a beleaguered E&P company has the ultimate trump card if contract terms are too onerous — declaring bankruptcy. In that event, for the MLPs, it may seem better to accept lower pricing than no business at all. But Judge’s [Janney analyst Nathan Judge] research finds that even when a customer goes bankrupt, pipeline MLPs don’t suffer that much: Generally, we have found that the downdraft would be less than 5% of DCF and would not result in a distribution cut. It is worth remembering that most of the volume in gathering and transportation networks is from existing wells which would not likely be shut in, even in a bankruptcy proceeding." Williams Renegotiates With Chesapeake: A Risk for MLPs? http://blogs.barrons.com/incomeinvesting/2015/09/0... My contention all along is that the infrastructure that $CORR owns is critical to the operation of its clients and that they will continue to need it even in the event of a bankruptcy. The above analysis certainly supports that position and justifies my long position in this double-digit yielder. Of course, only time will tell if we are right. And now for the rest of the Special Situation Investing News: . Spinoffs: Activist Investing Daily: Is Yahoo Done? http://seekingalpha.com/article/3497596-activist-i... Yahoo’s Aabaco #Spinoff Faces Major Setback As IRS Refuses To Rule On Taxable Status http://www.stockspinoffs.com/2015/09/08/yahoos-aab... IRS decides not to rule on @Yahoo’s tax-free Alibaba spinoff plan http://www.bloomberg.com/news/articles/2015-09-08/... Cree Renames Its Power & RF Division Wolfspeed, Prepping A Spin-Off To Unlock Value For Shareholders http://www.forbes.com/sites/greatspeculations/2015... Former $CBB Spinoff CyrusOne Should Benefit Nicely From The Cervalis Deal http://seekingalpha.com/article/3496266-cyrusone-s... Spinoff Odds & Ends: Honeywell, Symantec http://www.stockspinoffs.com/2015/09/08/spinoff-od... Courtesy of Bluegrass Capital @BluegrassCap: $CSWC industrial co spinoff: record date 9/18, distribution date 9/30 . SPACs Cambridge Capital Acquisition Corporation $CAMB to Merge with Ability Computers & Software http://finance.yahoo.com/news/cambridge-capital-ac... Good news for former #SPAC Tecnoglass. $TGLS Cost of Skyscraper Glass Hits Dizzying Heights http://www.wsj.com/articles/cost-of-skyscraper-gla... Former #SPAC Del Taco Restaurants $TACO Coverage Initiated by Citigroup with a "Buy" & $17 Target http://seekingalpha.com/news/2766216-del-taco-plus... . Merger Arb: Dealpolitik: Good Times Ahead for Arbs http://blogs.wsj.com/moneybeat/2015/09/04/dealpoli... Doctors’ Association Sees Harm in Insurance Mergers http://www.nytimes.com/2015/09/08/business/doctors... . Investment Write-Ups: Calamos Dynamic Convertible & Income Fund: It's Starting To Get More Appealing http://seekingalpha.com/article/3497106-calamos-dy... This is exactly why I find them interesting. REITs headed for worst year since 2008. http://seekingalpha.com/news/2766356-reits-headed-... FMC Corporation: As Shares Slump, Insiders Buy Millions Of Dollars In Shares http://seekingalpha.com/article/3495286-fmc-corpor... . Activist Investing: Activist Investing Daily: Marcato Moves On? http://seekingalpha.com/article/3496166-activist-i... H Partners #Activist Target Tempur Sealy Names New CEO http://www.wsj.com/articles/tempur-sealy-names-new... Nelson Peltz #Activist Target Pentair Moves to Add Trian Director to Board http://www.wsj.com/articles/pentair-moves-to-add-t... . Whale Watching: Bill Ackman Interview with Fox Business http://www.valuewalk.com/2015/09/bill-ackman-china... Ackman says China may pursue bigger currency devaluation -FOX http://www.reuters.com/article/2015/09/08/us-hedge... Warren Buffett talks shopping abroad, #Election2016 and poverty http://www.reuters.com/article/2015/09/08/us-berks... Warren Buffett plans to invest $32 billion, soon http://www.cnbc.com/2015/09/08/warren-buffett-econ... Media General to Buy Gabelli holding Meredith Corporation for $2.4 Billion http://www.nytimes.com/2015/09/09/business/dealboo... . Other Investing News: Dick Bove: BofA board 'should be eliminated' http://www.cnbc.com/2015/09/08/bofa-board-should-b... I don't like the sound of this. $ABY & $ABGB have been a mess. Abengoa Yield CFO resigns immediately http://www.reuters.com/article/2015/09/08/idUSL5N1... Patrick Drahi Positions Himself to Be a Player in U.S. Cable http://www.nytimes.com/2015/09/08/business/media/p... What’s the Next Major Deal to Close in the Oil Patch http://www.bloomberg.com/news/articles/2015-09-08/... GE's Alstom Prize Shifts Focus Back to Finance, Appliance Sales http://www.bloomberg.com/news/articles/2015-09-08/... SunEdison to Buy 33% Interest in Dominion Portfolio of Solar Assets http://www.wsj.com/articles/sunedison-to-buy-33-in... Thanks for reading. If you liked the article (or even if you didn't but are just feeling particularly generous), please give it a thumbs up or comment below. Comments and recommendations are how I keep tabs on how many people read and enjoy my work, so please do so...it only takes a second. Also, if you haven't already, make sure to click on the link at the top of the page to join this new special situation investing community. Doing so will enable you to receive notification when new articles are published here and to share your own ideas. 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