Northern Tier Energy LP (NTI)

[bzusa]

Current value: $22.76 and rising (.29 WNR+$15, guaranteed)
Here's my reading on the prorated deal using a hypothetical situation: (much too long)
Imagine
WNR has ONLY $1000 and 1000 shares that they will pay for NTI.
When the deal was signed, each WNR share is worth $1

They’re paying $1000+$1000 (share value) for NTI
Paying $2000

There are 1000 shares of NTI outstanding
When the deal was signed each NTI unit was worth $2
NTI was worth $2000 on the date of the deal signing.

For each NTI unit WNR will pay (guaranteed)
$1 and + 1 share =
$2 (on the date of the signing)

You can also elect to get $2
Or elect to get 2 shares.
BUT THEY ONLY HAVE $1000 AND 1000 SHARES.

If every NTI unit elected $2 and no WNR, every unit would get $1 + 1 share.
If only 1 NTI unit elected $2 and every other unit elected shares, that 1 unit would get $2, and all the others would get $0.999 and 1.001 shares (more or less).
If half wanted $2 and half wanted all shares, then the ones that wanted $ would get $2 and 0 shares, and those that wanted shares would get 2 shares and $0 bucks.

How many NTI shareholders are going to want to be paid in all WNR shares (hypothetically now worth $.60)?