I sold on the Blackstone news for the reasons you mention. I'll be happy to buy the shares back when the future looks clearer. That'll require much more clarity on the refinance along with good DCF trends. ITM, Crosstex is a trade, and the trade is done for now. Blackstone's presence adds a lot of credibility, but they won't support the price of the shares.
M* expects XTEX to begin paying a $.25 distribution in 2010's Q4, XTXI to pay a $.10 dividend in 2011's Q1, values XTEX at $12 and XTXI at $10, after the news of the private placement. Of course, their buy-in prices are much lower and I think we'll see them.