I believe it was Lion Refining....and I believe that it was in Arkansas, not Mississippi. I think that at at one time it was carried on the books at around $10 million or so, give or take. I think it is actually an equity investment that was maybe 20% of Lion.
TMG has alot of moving parts and, as always, most people do not know what is going on(that is not a bash, just stating what I perceive) as most are unfamiliar with MLP's and GP's. I have pointed them toward the PTP Coalition website which, to my knowledge, has the best grouping of MLP data that is free. I think that anyone that is willing to invest a few hours into crunching the numbers and getting a feel for the big picture will have one of those eureka moments, when they realize that TMG is significantly undervalued(and can verify it rather than just taking someones advice) and the MLP/GP route is one of the best methods of unlocking that value. I have posted a few thoughts to kind of frame up the picture, but I'll leave the interesting stuff for everyone else to find on their own.
To answer your question, TMG was somewhat unclear as to whether or not they are taking financial possesion of product in transit, or just physical possession in which they are responsible for the delivery only, and not exposed to the decrease(or increase)in value, my gut instinct tells me that TMG is simply moving the product and is not exposed to commodity fluctuations(at least on the volumes that are handled on behalf of Morgan).
Once we hear news on the MLP, such as IPO date, method of floating it, size, proceed uses, debt repayment/retirement etc etc...we will be more equipped to value TMG more precisely.