Do you think anyone would trust that the 35 cents would be sustainable? Maybe after a while, but considering the (short) track record of not making the 35 cents, I suspect people would still want a pretty high yield. But what's a high yield today? Maybe 8 or 9%. Still a better price than today.
Compare CLMT with any of the newer refiner MLPs. CLMT tries for a sustainable, level distribution (since it cut its distribution a few years back), while the newer refiner MLPs just pay out whatever cash flow they have for the Q. The new ones yield somewhere between 12% and 17%, depending on how optimistic you might be, but CLMT trades around 7%.
Actually, I like the variable payout for a portion of my MLPs. If the MLP pays out all of its cash flow, it can't waste the cash flow on bad acquisitions.