It is now time for Inergy to combine their propane operations with Energy Transfer. Both ETP and NRGY no longer view propane as their primary business. ETP and NRGY could each contribute their propane ops to a new JV and float that entity via an IPO.
Would be a good chance for NRGY to shed a lot of debt. The propane business is struggling, but with the increased economies of scale, it could be a cash machine, much like Amerigas and Suburban. Growth would no longer be expected, but rather steady distrubutions.