How do they pay for the new purchase, and who do you sell a relatively small refinery to that you purchased out of bankruptcy? These are some of the issues that are driving the price down.. The distro probably will be reduced along the lines of NRGY. GL and hopefully this won't be the case.
If NS cannot get their distribution yield 300-400 basis points lower they cannot possibly compete for acquisitions. Credit Suisse indicates the Texas Star will be dilutive in 2013 and possibly 2014 and accretive in 2015...... what other MLP buys assets waiting for accretion that long? Almost all well run MLPs realize appreciation from the moment to deal is struck.
This is one sick puppy in the land of MLPs. Before buying anything mgmt should have dumped asphalt in total.