I do understand RGNC paid 26.27M units for its share of MEP but I also understand those units are not cash. RGNC now owns half of MEP in return for its promise to contribute $86M in cap-ex and its promise to pay distributions on the units it issued. There are not small commitments, but they are not cash.
I thought your notes on the two CC's were excellent. I especially liked Kelley's comment that interstate pipes like MEP are not "on the market" very often.