Again, my opinion only here, I may be missing something, but here goes:
One, I believe the general market selloff contributed today, just not sure why FGP got hit as hard as it did.
Two, unless they can get this stock up in the next few days, I simply do not understand how they are going to get anyone to buy the new units.
Three, you are correct in that many companies actually do secondary offerrings at a lower price than market. Also, the failure of this may not be a totally bad thing, although I am not privy to the insider workings of FGP, so that is just speculation on my part. Only time will tell.