Northern Tier Energy LP (NTI)

[jugs]

Hindsight being what it is--- if you could re-format your management of NTI units over the past several months, would you do anything differently?

I'm not comfortable with WNR. I don't trust the GP to hold to previously committed plans as they've laid out. Squirming has already occurred and I expect more of the same from a lack of visibility.

There's much to question regarding liquidity issues to say nothing regarding the handling of all-cash vs the combo offer on the table yet to be consummated.

I think the most troubling of all matters specific to the tender---for me, at least, has to do largely with finding my cash tied up by the above issues. As I've stated, I no longer hold NTI units. I've redeployed the cash by placing same in SDLP, MDR, LADR, ALDW and NGL. I believe I was able to take advantage of terrific prices This re-positioning is far more pleasing to me than would have been the case had I held my NTI positions. I'm quite hopeful Ms. Mercy will shine on me whereas I get a sense of foreboding from NTI's concept of anything I'd be calling fair play.

At the same time I must admit I came close to buying NTI this week when it dipped down into the $22's. I hadn't expected to see that and sensed it might be worth a short term fling. But ALDW began to move interestingly as did NGL and I succumbed to both in lieu of NTI.

For the record, I think you display amazing courage, sticking to your guns on NTI. I don't think I know of anybody else who would trust his intellect and guts as you do.