bob, go back and look at almost every MLP that did an offering recently (I bought a few, including ETP, ENP, EPD, NGLS and MMLP after they announced offerings). The way the market for MLP offerings works is that the price always falls when the offering is announced (in the aftermarket) because there is dilution. On the night before the offering, the underwriters have to get those shares offered in the offering priced, so they have to drop the price (even more than the initial selloff on the announcement). Some even say that the hedge funds have shorted the shares on the announcement of the offering and use the offering to buy back those shares at the lower price, thereby producing a profit. Anyway, I've watched this offering process occur with several MLPs. My advice is either decide whether the MLP has the right plan and get on board or don't, but don't complain about the offering process as it is very common.