Alon USA Partners, LP (ALDW)

[pete807]

You were there when the deal was even exponentially worse in St. Paul Park. I was a moderator on that board and learned from the morass that followed two things.

1. Nothing is gained with legal action by minority unit holders. The lawyers carefully prepare the company from every angle of attack they see possible. Here they don't even need a unit holder vote. They could have swallowed ALDW immediately during the closure of the GP takeover.

2. Be nimble and watch DK. Some believe it will rise. In an all stock swap that doesn't close till next year and moves this from MLP to C corp we can move any tax issues into fiscal 2018. The exit we choose before or after could cost or make us money.

I don't think they will drop Big Spring refinery into their logistic MLP but they could. Any research... DD on DKL is welcomed here.

Finally we all knew this was coming... It is a given that it isn't fair to us in the 18% but it is legal. I expect less blowback than we saw following the theft of NTI.