Question-and-Answer Session
Operator
Yes. Thank you, gentlemen. (Operator Instructions). And your first question will come from the line of Leon Cooperman from Omega Advisors. You may proceed Lee.
Leon Cooperman - Omega Advisors
Good morning and nice report. John D. Rockefeller would be very proud of you guys. It'd just really construct a suggestion it's not a nothing negative at all, but you guys are sitting on a $108 million in cash, no debt, cash flowing $100 million a year to the parent, and you have created these three subsidiaries that publicly trade. What is happening is, [Mr. Market] seems to be giving you guys an opportunity to a buy a dollar bill for $0.50, $0.60, $0.70, this comment may be a little bit less relevant today that it was too weeks ago but I couldn't help but notice that ATN was trading $24 a share and that was marveling, it went public in December of '06 at 21, you are paying $0.06 quarterly dividend, so $0.24 a year run rate.
You are now at probably be at run rate at the end of this year about 240 dividend the Marcellus Shale didn't exist, you now have 500,000 acres in Marcellus Shale and it seem to me that that stock never belonged at 24, one of the ways of creating incremental value for all the shareholders at Atlas basically is if miss the market, miss prices so of our subsidiaries as you take some of this $100 million in cash growing at $100 million a year probably on the way to earning 2% or 3% a year and they're buying some of these MLPs in the marketplace that are yielding anywhere between the '07, 8% to 9% and are selling at a discount to asset value. So this is a suggestion I would be curious what your reaction is. Thank you.
Ed Cohen
Leon, this is Ed. Even I can answer that question. The logic is inexorable and we feel strongly that although ATN has increased in the stock market price and our other two divisions have been outperforming for the last since the beginning of the year other MLPs, we do feel that they are severely undervalued you hard Matt reported on this. The success we had in buying back 1.5 million shares of Atlas America itself at $36 not too long ago and over the many years that we've been involved with this company and more recently with the subsidiary companies we've never gone wrong in buying back stock of course with these stock performances we've had.
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