You are right. And BTW it also includes a provision that the issuance price will not include representatives of NGP (another protection of unitholders). That will be dilutive, but the company will have a golden balance sheet for growth.

Next year they will not have the cash flow but I can wait one year. Besides all leverage, arrearages, organizational issues will be behind. My personal estimate is:

* Diluted distribution $0.9/unit, 20% yield at current prices.
* Plus rights @2.5 that should be worth at least $1.5/unit (they are not dilutive they are to retire the subs)
* Plus a two year warrant @6 that should be worth at least $0.5/unit (they should not be dilutive, the pipeline should be an IRR goldmine)

EROC should be worth at least $10/unit, and more like $12/unit. Man, this is great.