Another month, another bad review for Linn Energy (Nasdaq: LINE) from Barron’s, which has just published an update on allegations of accounting derring-do that thoroughly failed to impress the market in February. The thrust now as then was that Linn’s overvalued, its rollup strategy doomed and its performance disappointing. The distributions under underwritten in part by hedges that will eventually come off the books, which is the part that’s credible.

As for comparing Linn’s valuation with that of ExxonMobil (NYSE: XOM), Chevron (NYSE: CVX) and other C corps, the article ignores overall MLP valuations, investors’ growing preference for regular income, as well as the common temptation to defer taxes on that income for many years, and possibly forever.

It also ignores some important numbers. Like 34 percent, which was the effective tax rate Linn Energy takeover target Berry Petroleum (NYSE: BRY) paid on its earnings last year. Institutions and mutual funds make up 93 percent of Berry’s shareholder base. Those that wish to keep shares of Linn affiliate Linn Co (Nasdaq: LNCO) after the merger due to be concluded by June 30 get to retain an income stream from the old Berry assets, now shielded from the corporate income tax. Or they can sell and keep the 20 percent deal premium.

Keep in mind that Berry shares are now trading roughly at Linn’s original offer price, while many comparable stocks have sagged in the interim. And also of course that Linn can pay that premium and still increase make a deal immediately accretive to its cash flow and distributions, thanks to its premium valuation.

That premium may be a byproduct of the units’ spectacular run since the IPO, or it could be just down to plain old tax arbitrage. Say you’re the controlling shareholder of an oil company. Would you rather pay a third of earnings out in corporate income tax or sell to a master limited partnership in exchange for units which will defer most of the tax bill for many years and possibly permanently upon death? The Berry deal confers a first-mover advantage on Linn in the race to shield the most energy profits from the corporate income tax. The fact that Linn has a bad quarter or that it’s got a lot of room for error is going to be overshadowed soon enough by Berry’s added heft and other deals, now that the company has secured $1 billion in extra bank credit.

That was the point Wells Fargo made today in response to the Barron’s piece. “We continue to believe LINE’s distribution is secure and poised to grow at a mid-single-digit annual growth rate over the next five years,” the Wells Fargo analyst wrote. Also, “we continue to believe the LNCO financing vehicle provides the company with a competitive advantage and could help both support distribution growth and improve Linn’s leverage ratios over the coming years.”

The timing of the Barron’s piece is curious, coming as it did the weekend before an ex-dividend date and ahead of the expected merger consummation. The only “new news” was the update on Linn’s disappointing quarter and the fact that there were now names attached to what had previously been anonymous sources.

These are not names patient Linn investors need to sweat. The proprietor of the bearishly disposed hedge fund cited started this shop only in November, reportedly with just $50 million in assets. Among those on the other end of this trade is the investing legend Leon Cooperman, whose Omega Advisors fund held $150 million worth of Linn at year-end. Reputation and size aren’t everything in the investing game, of course, But they can provide important clues. We’re sticking with our call to buy LINE below $40.