I have similar thoughts, the linefill is probably good for $90 million. Then they IPO say half of the MLP to the public and raise maybe another $100 million. That gives them proceeds of $190 million and that helps them knock down the $330 million in debt and working capital down to $140 million, which the MLP can easily handle. Again, not sure what the mix will be as far as debt and assets at the MLP and the GP, but the end game is this, sum of the parts worth significantly more than lumped as a c-corp. Having Morgan Stanley as a strategic partner does not hurt at all, afterall, Morgan is a financial backer of Canterra Resources and this could provide another outlet for them to exit their midstream assets while also keeping some upside (warrants). They recently sold some gas gathering assets to Penn Virginia, but I suspect that they will have more incentive to help TMG grow, especially since they have warrants for 5.5 million shares.
Thing is this, TMG might actually end up paying a dividend as well as having an MLP that pays a distribution, as the GP will probably end up holding half of the MLP units. Should be real interesting to see how this all plays out...I really like the GP's and have owned alot of them (KMI,PLX,MWP,etc).