I might add that management is most likely buying the 50% interest(or should I say stealing it) at a very lowball price. While I haven't seen a verification on the price other than what was posted, having seen past dealings they have done, well, lets say they aren't the most trustworthy. However, I might add that, given the ineptitude of current management, it is unlikely that they will be able to grow the MLP in order to raise the distribution. From what I've seen of their dismal track record, they couldn't manage their way out of a wet papersack!
That being said, MLP's are tax exempt on the corporate level (and tax advantaged on the holder side) so they should at least "increase" earnings, or rather distributable cash due to being in a more efficient tax entity.