One interesting bit of information: Smith Barney/ Morgan Stanley research disappeared recently. This happened due to a "restriction". This usually means that there is an underwriting or corporate advisory event that is taking place. Since they have written several times in their research about the need for consolidation in the Propane industry, it could be a potential merger or simply that the IPO is moving forward sooner. Either way, the IPO would raise some needed cash and change the dividend coverage ration, or a merger with a stronger partner such as APU or SPH would be a reasonable possibility. Though, I think the latter is just a dream and would probably occur at a small premium to currently depressed values.
It wasn't planned till end of the year anyway. Having said that, the IPO pipe has pretty much come to a halt since August when the market turbulance started. A lot of IPOs still in the pipe but most being postponed and some cancelled. Whether the NRGM IPO goes ahead at the end of the year may depend on market conditions between now and then.