If EROC acepts the NGP offer over the Blackstone offer, then perhaps suing EROC can be my first case as an attorney ;)

Seriously, Blackstone's offer is far superior for shareholders, and I think NGP would have to offer a much better looking deal to get approved without looking like a blatant breach of fiduciary duty.

The simple fact is that there's just not the need for this restructuring/reorganization that NGP is proposing. With the proceeds from the sale of the minerals business we don't need anything else.

I still support the idea of buying back common units to reduce the amount of MQD/arrearages that EROC needs to service going forward. Get the MQD paid off and the arrearages, reinstate the distributions on the sub units, and THEN do some type of reorg to buyback the subs/idrs/gp, and possibly do a rights offering at around $8-$10 a unit (which would still be at discount to market value if the company were servicing MQD on a smaller base of unitholders).

Another idea is to make a deal where we eliminate the arrearage by doing something NON DILUTIVE to unitholders. I've got a great idea that would help the business AND the unitholders (if approved). Leave the MQD in place, take the blackstone money to pay down another $100 million of debt, buyback units with $50 million, and THEN instead of arrearages give the common holders 5 year subordinated NOTES with a 5-6% coupon. The cool thing about this strategy is that it would allow EROC to pay down enough bank debt to easily be within the covenants, not dilute the equity, give the current stakeholders some interest income, and give the company more flexibility in the financial structure. Even more important...if there's already a market for EROC's sub debt then they it would be easier to float new debt in the future.