this has a lot of moving parts. Refinery deal needs to happen, stations need to be sold, and cash needs to be raised (like it or not). IMHO a better entry point will be available w/in 45 days somewhere around $46-47. I'm not down on ETP...it's made me a lot of money, but I also know the history of the stock and it's quarterly movements. Just an opinion.
Regardless of the SUN cash, they still have other projects that need capital. It is my opinion (and based on nothing more than owning 20 plus MLP's over the years) that ETP will try to raise $400M this quarter...provided the price holds above $45. A BBB- rating, while "investment grade", is still fragile. Losing that rating with all their debt could be a real problem. BTW, I still like ETP for the long term.