That puts management in effective control of any sale or restructuring of the companies, as long as their lenders agree with their plan and ensures that XTXI will fare well. If that requires re-writing the IDR agreement or even folding XTXI into XTEX, that is what will likely happen. Fortunately, management's interests do appear to be pretty well aligned with share owners' interests.
A year ago, the company was in peril; now, not so much. A year ago, the credit market was closed to Crosstex; now, not so much. A year ago, Crosstex was over-leveraged, over indebted; now, not so much. A year ago, there were real questions about management's ability; now not so much. I'm looking forward to 2010!