maybe just maybe ETEangling for a part of the deal instead of the entire package. maybe they talk,behind the scene,with WMB after ETEexerts some legal pressure to delay the deal. ergo ETEgets some part of the deal. its happened before and could be better then the smallish break up fee.
IMHO it is quite the opposite; ETE is trying to sweeten the deal for SUG. ETE has had fairly weak distribution growth recently, especially for a GP; a total of 6.6% in the 2 year period 5/2009 to 5/2011. Their SUG offer is mainly equity. I think they are trying to back up what they have been probably telling SUG for a while; their distributions will start to rise which will make the equity offer much better.