So Liza, are you saying that they are heavily incented to grow the distribution over the initial $0.37 quarterly amount because NRGY will collect 50% over the initial amount? this would be good for both NRGM holders (their distribution grows quickly ) and NRGY holders(the amount they get from the IDRs grows quickly).
I'm just surprised the IDRs are like that. Never seen one where the 50% IDRs kicks in immediately the initial distribution is exceeded. Don't mention this example to Jack on the LINE board.
I'm not planning to buy it anyway, although I might sell some OOTM puts on it when options are available. If I was considering buying, I might be concerned those IDR tiers seem a little 'aggressive', shall we say.