Read an article that said ETP must sell the stations because they would not fit MLP legal definition and would threaten ETP tax structure. Cannot remember, find which article it was. Makes sense to me. Anyone knowing more would be appreciated. The 4900 stations could already have a buyer, ETP just has to close the deal before announcing it?
As far as I know there is no legal definition of what can be held in an MLP.
This issue is whether or not gas stations are APPROPRIATE from a business perspective (i.e. the need to maintain distributions) is the main question.
The UBTI issue is significant for REITs, which must have primarily have rental revenue.