The purchase of a refinery out of BK was ALWAYS a bad move. Now dumping a year and a half later. Tying up valuable capital in a short term asset... bad move. And then there is asphalt which has been your downfall.
Its time for mgmt to go or its time to sell the entire organization including GP to a much larger MLP that can absorb you easily and do the right things this mgmt team has steadfastly refused to do.
I do not own now but did own in 2009 deciding to get out in 2009 because any mgmt team that was banking so much on government spending on asphalt was clearly running a fool's errand. The MLP I got into after selling NS has more than doubled since 2009.
Now, this mgmt team is out desperately trying to present some case for accretive acquisitions when it is the whole of their existing asset base that needs reworking NOW!
Can NS do deal with all debt? If not then $225M worth of shares (assume 50%) at a 10.4% or more distribution yield cannot possibly be accretive. You can probably take to the bank that come FEB 13 there will have to be a distribution cut.