This S-1 filing should not have any effect on the publically traded shares, as TPG Capital shuffles non publically traded shares out of it's holdings to avoid “conflict of interest”:
----------- copy pg-21 of S-1 SEC filing ------
USE OF PROCEEDS
The common units to be offered and sold using this prospectus will be offered and sold by the selling unitholder named in this prospectus. We will not receive any proceeds from the sale of such common units.
Affiliates of TPG Capital BD, LLC, an underwriter of this offering, own (through their interest in Northern Tier Holdings LLC) in excess of 10% of our issued and outstanding common units; therefore, a “conflict of interest” is deemed to exist under FINRA Rule 5121(f)(5)(B). In addition, because affiliates of TPG Capital BD, LLC will receive (through their interest in Northern Tier Holdings LLC, as selling unitholder) more than 5% of the net proceeds of this offering, a “conflict of interest” also exists under FINRA Rule 5121(f)(5)(C)(ii). Accordingly, this offering will be made in compliance with the applicable provisions of FINRA Rule 5121. See “Underwriting—Conflicts of Interest.”
News 
Market Data 
Discover 
