Nut Tree Capital Management and Caspian Capital File Definitive Proxy Materials Opposing Merger Between Martin Midstream Partners and Martin Resource Management Corporation

Nut Tree and Caspian File Definitive Proxy Statement and Send Letter to Unitholders Urging them to Vote "AGAINST" the Merger at MMLP's Special Meeting to be Held on December 30, 2024

Nut Tree and Caspian Believe MMLP is Worth Far More than the Per Unit Price in the Merger

Merger is Insider Led Deal Presenting Massive Conflicts of Interest and MMLP Approval Was Based on Flawed and Biased Financial Analysis in Nut Tree and Caspian's View

Nut Tree and Caspian Highlight MMLP's Bright Future Prospects as a Publicly Traded Company, and Path to Superior Value Creation for Unitholders

NEW YORK, Dec. 2, 2024 /PRNewswire/ -- Nut Tree Capital Management L.P. ("Nut Tree") and Caspian Capital L.P. ("Caspian"), which together with their affiliates have combined exposure in Martin Midstream Partners L.P. (NASDAQ: MMLP) ("MMLP" or the "Company") of approximately 13.6% of the outstanding common units, have filed definitive proxy materials with the Securities and Exchange Commission ("SEC") opposing the sale of MMLP to Martin Midstream Resource Corporation ("MRMC") for $4.02 per common unit (the "Merger") to be voted on during the Company's upcoming meeting of unitholders scheduled for Monday, December 30, 2024 at 10:00 AM Central time (the "Special Meeting").

In connection with the filing of the definitive proxy materials, Nut Tree and Caspian have mailed a letter to MMLP's common unitholders urging them to vote "AGAINST" the Merger at the Special Meeting. As discussed in the definitive proxy materials and the letter, Nut Tree and Caspian oppose the Merger and believe that:

Nut Tree and Caspian stated: "We are opposing this merger because we believe MMLP has a bright future as a publicly traded company and is worth far more than the $4.02 per unit being offered to unitholders.  Based on industry-standard valuation methodologies, we believe this is an extremely inadequate price and would unfairly transfer significant value that rightfully belongs to MMLP unitholders to the Company's insiders, including the ultimate control person of MRMC, Ruben Martin, III. By voting AGAINST the proposed merger with MRMC, MMLP unitholders have an opportunity to protect the value of their investment."

The full text of the letter can be viewed here and is also available at www.ProtectMMLPValue.com.

Advisors
Olshan Frome Wolosky LLP and Latham & Watkins LLP are serving as legal counsel to Nut Tree and Caspian.

About Caspian Capital LP
Caspian Capital LP's absolute return strategy was founded in 1997 and is focused on performing, stressed, distressed corporate credit, and value equities. Caspian currently oversees $4.6 billion in assets under management.

About Nut Tree Capital Management LP
Nut Tree Capital, founded in 2015, implements a fundamentals-based strategy focused on distressed credit, stressed/event-driven credit and value equities. Nut Tree currently oversees $4 billion in assets.

Contacts
For Investors:
John Ferguson/Joe Mills
Saratoga Proxy Consulting LLC
(212) 257-1311
info@saratogaproxy.com 

For Media:
Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co.
(212) 257-4170

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SOURCE Nut Tree Capital Management and Caspian Capital