I don't know - if its just the pipeline then I think its a decent price and about as good as could be expected. Keep in mind that with CVX no longer involved there is more risk associated with ensuring volumes going forward.
The announcement said a division - as long as its really just the pipeline then I'm ok with it.
Why do you feel $135 million is a bad deal? Didn't APL pay $85 million for the interest? It looks like the pipeline interest is anticipated to generate $9 million of cash flow in 2015 which, after coverage, is probably equal to about a 6% distribution rate. APL's cost of capital in terms of issuing new shares is closer to 8%, so it certainly seems like a better option than issuing new shares, and APL appears to have a backlog of future projects that it can invest in and generate higher returns.