OK, here it is---and it's not pretty:
The original critical info in the 11/8/17 press release announcing the consolidation of ALDW into Delek is as follows:
This implies a 5.0 percent premium to the 30 trading day volume weighted average ratio through and including November 7, 2017, of .4666 and a 2.9 percent premium to the ratio on November 7, 2017, which was the day before the parties announced this transaction. This transaction was approved by all voting members of the board of directors of Alon Partners' general partner, upon the recommendation from its conflicts committee and by the board of directors of Delek
After speaking to Ameritrade's representative and two separate laborious conversations not amounting to a whole/hole lot (lol), it turns out that the terms stated above hold until such time as the DTC issues an update as per directives from Delek. This is the person who, like a transfer agent, is responsible for communicating original terms of transactions as well as mid-point changes. Obviously Delek holds the key to our futures, and I hate that, frankly.
As I'm interpreting things, I'd be very cautious if thinking of selling off more than a token amount of ALDW so as to enable pouring newly freed up cash into NGL or something else to take the place of ALDW. My preference is NGL #1 and DKL#2. I've not yet initiated a position in DKL. However, we've got to be considering that Delek may issue one or more changes between now and then to limit the company's exposure...changes that rewrite the terms calling for the 0.49% swap.
It's not engraved in stone.
My advice: Don't be driving with a blindfold in place. I'm doing nothing or nearly nothing at this time as there's no way to know everything.
