Northern Tier Energy LP (NTI)

[pete807]

From my experience with the KMI/KMP debacle the unit holders did not get what they elected. I read the S-4 about pro rating the deal and thought they would use the possible drop in price to amend the formula or wiggle out of all cash statement at 26.06, which at the moment seems to mean there would be no shares needed. Then why did they issue 17+ million more shares if not to give NTI unit holders? Those shares freely traded would certainly drop the pps a lot, don't you think, (I know the answer to that) and not provide as much capital, and come up short of their needs in the transaction. Maybe they are hoping for only needing part of the loan in their revolving credit facility. However who understands the thinking of the board on these matters? WNR seems headed to the 20's imo. The longer it takes them to finish the deal the higher the cost to WNR and they must know with some degree of probability where it is headed based on world and market conditions in the coming months.