that's ridiculous. any 8k reads like the sky is falling. you've now been tagged as this board's paid basher!
I think the more likely outcome is that ETE is going to buy the rest of ETP. They already own 62.5 million shares and the shelf would allow them to absorb all of the remaining outstanding ETP shares. Or an outright acquisition of another midstream asset. do your DD and you might come to the same conclusion.
The market is clearly not impressed with the distribution increase. As I write this, ETP is down ~2%, and ETE is down ~2.5%.
The increase was less than I was "forecasting" (i.e., guestimating) yesterday, but I believe the market's expectations were broadly in line with my own. That is largely how I came up with my guesstimate. ETP's dist. is up 2.36% (I expected 3 - 3.5%), and ETE's dist. is up 4.55% (I had it up 6% to 7%). Today's PPS drop is consistent with ETE's dist. doing a bit worse vrs. expectations than ETP's.
Looking at the ratio of increase, ETE appears as if they didn't quite keep up with their stated intention of growing the dist. at twice the rate of ETP's. The ratio was 1.92x. This is small #/rounding problem though, not a miss. If ETE's new distribution .391, the growth ratio would have been ~2x.