Marv - you have it wrong on this one. ETP needed one secondary this year to pay for Holdco as the cash they will receive in Q3 is not there yet and for some reason they have not started to sell APU units. There timing here is PERFECT. You have at least 2 new CEFs that are looking to take positions. The price is actually holding about .40 above the offering price so the market thinks it is great.
Those of us - including me - that buy and hold have lost nothing. We have acquired Holdco and that buy is accretive to ETP including the new units. ETP et.al. has simplified the corporate structure a bit (a tiny bit) and investors wanted that. The price will quickly recover to whatever level the MLPs have in a week or two down the road.
Actually for the buy and hold investor a drop in the price would be good as those of us who reinvest would get more units with a lower unit price. That said it is likely that ETP will stay mostly flat for a while ($50 range) until MLPs sort of consolidate after the huge run up of the first quarter.
I have been in and out of this mlp about 8 times in 12 years. They always pull a secondary 3-4 weeks before distribution call usually at a high price and usually having seeded that they will raise distribution. It is holding because NG is over $4 and GS call for a $4.50 in second half. This time Cramer did nobody a favor. since 2008 the same distribution only helped ETE the puppeteer. I am sure when and IF they raise it a PENNY you will be ecstatic but to me it is a 7+% bond as Line as NS.