He was refering to conflicts of interest between the BoD of the MLP and the BoD of the GP. Each board has a fiduciary responsibility to that specific institution. What is good for the goose isn't always good for the gander.
This is a silly discussion, but I'm not trying to be argumentative. MMP does not have a board of directors. This is not one of those "MLPs don't pay dividends, they pay distributions" comments. In MMP's proxy, it states: "We are a limited partnership. We do not have our own board of directors and do not have any employees. We are managed and operated by the officers of, and are subject to the oversight of the board of directors of, our general partner". (The general partner is a subsidiary of MGG.) MMP does not have a board of directors (1 of the risk factors listed in its offering circulars), so when MMP and MGG approved the restructuring, the same guys sat around a table and voted twice, I guess, once to say it's a good deal for MGG, and again to say it's a good deal for MMP.
I don't think there's any duplication of anything in the MLP/GP structure. And I just hope that the restructuring is a good thing for me. They didn't vote on that, tomorrow's market will.