Welcome to the first Special Situation Investing News of September. It's a new month, but I have the same message that I have been shouting from the rooftops for the past several months. REITs are cheap! Perhaps no REIT has been punished more in the recent selloff of the sector than CorEnergy Infrastructure Trust $CORR. In CORR we have a stock that yields almost exactly 12% after its recent dividend increase to $0.15 per quarter with more than ample coverage and very low risk of this coverage shrinking in the future. CORR's contracts with its main customers dictate that it receives payment for use of its mission critical assets regardless of what the price of oil and natural gas do. A picture of CORR's Pinedale Liquids Gathering System The company's Pinedale Liquids Gathering System is fully leased to Ultra Petroleum Corp. $UPL and despite the short-term fluctuations in the price of natural gas, UPL actually has plans to increase its rig count in the high-quality Pinedale area in 2016. Not only would UPL likely be required to continue to pay its lease on this critical infrastructure in the event of bankruptcy (which I view as vaey unlikely), but its lifting costs in the area are only around $1/mcf, lower than even the most draconian analysts' estimates of where prices are headed. A map of $CORR's new Grand Isle Gathering System Similarly, CORR's other large asset, the Grand Isle Gathering System, is under contract to pay the company stable cash flow from Energy XXI Ltd. $EXXI with required minimum payments that provide ample distribution coverage. Again Not only would EXXI likely be required to continue to pay its lease on this critical infrastructure in the event of bankruptcy, its lifting cost for wells served by Grand Isle are less than $20/barrel. CORR's other assets (other than its horrible Black Bison loan which I criticized from the start, but is minuscule), including its MoGas Pipeline and Portland oil terminal are actually performing better today than they have in the past. I have been selling positions that have been slightly dinged by the recent market carnage to purchase more shares of the hugely discounted CorEnergy Infrastructure Trust lately and plan to continue to do so until Mr. Market becomes more rational. REIT expert Brad Thomas published a new article on $CORR this morning that's worth a look: Mr. Market Wake Up, CorEnergy Is Not An MLP http://seekingalpha.com/article/3480446-mr-market-... And now for the rest of the Special Situation Investing News: . Spinoffs IDT Corporation Announces Strategic Reorganization http://finance.yahoo.com/news/idt-corporation-anno... LiLAC Group: Liberty Global's New Tracker http://clarkstreetvalue.blogspot.com/2015/08/lilac... PayPal Shares Could Rise 40% as Digital Wallets Proliferate http://www.barrons.com/articles/paypal-shares-coul... Macy's: Much Cheaper But Still Same Old Financial Engineering http://seekingalpha.com/article/3481376-macys-much... . NOLs NOL Newsletter: Intrawest Resorts Holdings Research Report http://seekingalpha.com/article/3478146-nol-newsle... . SPACs AgroFresh: Insiders Step Up, We See At Least 50% Upside Within 6-12 Months http://seekingalpha.com/article/3477906-agrofresh-... ROI Acquisition Corp. II Seeks Extension to Consummate Business Combination with Ascend Holdings http://www.prnewswire.com/news-releases/roi-acquis... . Activist Investors Winning the long race through activist investing (NU Kellogg interview with Jeff Ubben) http://www.kellogg.northwestern.edu/news_articles/... Hedge fund mogul Dan Loeb is helping a Japanese car giant navigate a failed partnership http://www.businessinsider.com/dan-loeb-is-helping... "Suzuki, Volkswagen quarrel comes to an end" Special sit opportunity? http://seekingalpha.com/news/2752186-suzuki-volksw... Activist investors absolutely crushed trades http://www.businessinsider.com/activist-investors-... Nokomis Tracks Telenav, Sandell Has Designs on Ethan Allen http://www.barrons.com/articles/nokomis-tracks-tel... Freeport McMoRan: Will Icahn Bring Sale Of Energy Assets? http://blogs.barrons.com/emergingmarketsdaily/2015... Carl Icahn Digs Freeport McMoRan and So Do We http://www.barrons.com/articles/carl-icahn-digs-fr... . Hedge Funds / Whale Watching Einhorn’s Greenlight Falls 5.3% as August Rout Deepens Slide http://www.bloomberg.com/news/articles/2015-08-31/... Einhorn and Loeb's hedge funds both decline 5 pct in Aug. http://www.reuters.com/article/2015/09/01/hedgefun... My brother told be about JD months ago, but I don't invest in the Chinese casino market. Hedge Funds Dump Alibaba for Smaller Rival Growing Twice as Fast http://finance.yahoo.com/news/hedge-funds-dump-ali... Seth Klarman's presentation to Bruce Greenwald's Columbia Business School class, and my notes http://www.hedgeroll.com/hedgeroll/seth-klarman-pr... Hedge Fund Posts Strong Gains by Shorting China http://www.barrons.com/articles/hedge-fund-posts-s... Berkshire Reports $4.5 Billion Stake in Refiner Phillips 66 http://www.bloomberg.com/news/articles/2015-08-29/... . Investment Write-Ups Closed-End Funds Trading At A Discount To NAV http://seekingalpha.com/article/3478326-closed-end... Mr. Market Has Been Pushing Chicago Bridge & Iron's Shares Down Too Much. I tend to agree but sold a while ago. http://seekingalpha.com/article/3474416-mr-market-... 1 Great REIT to Buy in a Correction http://www.fool.com/investing/general/2015/08/28/1... Google Shares Still Have 20% Upside http://www.barrons.com/articles/google-shares-stil... U.S. Blue Chips With Fat Dividends Offer Value http://www.barrons.com/articles/u-s-blue-chips-wit... Can 10 REIT Dogs Average 44.93% Upsides And 50.02% Net Gains By August 26, 2016? http://seekingalpha.com/article/3475966-can-10-rei... . Other Investing News Fiat Chrysler CEO again pushes merger with GM http://www.usatoday.com/story/money/cars/2015/08/3... Fiat Chrysler's Marchionne says 'unconscionable' to give up on GM deal: paper http://www.reuters.com/article/2015/08/31/us-fiat-... SoftBank's Share Buying Adds $6.7 Billion to Sprint's Value http://www.bloomberg.com/news/articles/2015-08-31/... Noranda Announces Initial Alumina Shipment as Part of Multi-Shipment Arrangement w/Chinese Aluminum Smelter $NOR +46% http://finance.yahoo.com/news/noranda-announces-in... "The Stocks That Got Hit The Hardest In The Recent Correction" http://stocktwits.tumblr.com/post/127882383660/the... Ashford Hospitality explores its options, including possible sale of the company http://www.marketwatch.com/story/ashford-hospitali... Wells Fargo Said to Be Front-Runner to Buy GE Railcar Unit http://www.bloomberg.com/news/articles/2015-08-28/... . Thanks for reading. If you liked the article, please give it a thumbs up or comment below. 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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