CVR REFINING (CVI)

[jugs]

After just a superficial read-through due to pressing obligations, it looks to me like this is a move designed to reformat their cost basis via a back door approach. Moves are invariably made for monetary advantage. They are improving the odds of not being dragged through the neighborhood by the area stud known by the name of RINs (no Tin Tin is part of the equation). In effect I believe they are "repatriating" cash without having to give up first rights of refusal or acceptance. Icahn can easily reclaim lost turf given up by this action with zero cost sustained, thanks to allowances guaranteed by those percentile numbers furnished. Too, they're in no way threatened by the surfacing of a competitive bidder.

Probably a wise move, given that there doesn't appear to be much reason to expect renewable's policy as administered by the government to be relaxed any time soon.

Caveat:

I may not have this right, so press on with your appeal for more understanding.