geo, good point on the distribution of shares to investors not selling of shares. i didn't mean to imply that.
however, 2.8m shares? that's ridiculous. they don't even have that many and do you really think they'd just drop about 19% of the company on their investors to dump? of course not, that's why they've distributed around 725k/qtr. they only have 2.3m left, so unless they are big buyers in the equity offering, they wouldn't have 2.8m to sell. if they are big buyers, they'll surely extend the distributions over more qtrs at 700k/qtr.
there will be adjustments to the 480m, but since they are issuing more than 50% to cover the equity, they can probably fund the differences with debt and still be in-line.
10-20% drop? You think this could fall to somewhere between $66 and $74? No way post-deal. The deal call option is what makes owning the gp so great.