What do you not get? You are saying that investing in TBills will outpace ETP? ETP actually has about .25 worth of distribution growth available after the latest moves. The LNG terminal is worth another .40 in a few years.
As to bad management - ETP bsased their model on differentials between various points. Because of the buildout of pipes they lost that market and the company became less profitable. Suggest you not forget ETP was one of the hottest MLPs in the early 2000s. Now lets see, they have gotten into oil pipes, sold propane - at a PROFIT - and transformed the company so that in just 3 years they have changed about 60% of their assets. In the meantime you have been paid 8% a year or about 40% to wait. Take a look at the stock market since 2008.
Now as to communication - management has done a poor job. Simply put they put out wishful optomistic statements instead of the conservative truth. As for any change in interest rates - ETP is up some 20% with the 10 year TBill rising over 1%. That correlation is not what it used to be. Sorry!