LINE has been paying distribution equal tof about 15% of its book value. This appears to be an achievable model given its use of debt exceeding book value. Its current distributions of $2.90 per unit on $17.21 of book value per unit amount to a 16.9% distribution rate. Its competitor VNR is at 17.1 % ($2.46 on $14.37) and LGCY is at 20.7% ($2.30 on $11.11).
It appears the real thrust of the bear attack is focused on the whole upstream MLP business model.
The bears' case appears to be that LINE's distributable cash flow is much less (say 50%) than its actual distributions. But the business model and the competitors' distributions don't appear to confirm this.