I agree--Blackstone's involvement is huge, and not just because of the money. Blackstone is NOT a passive investor, and they are getting a seat on the Board of a company that some think needs stronger management. Plus, from the lender's perspective, Crosstex with Blackstone backing is far more bankable than without.
Who cares about dilution when that kind of strength is added? Or would people rather have no dilution and a lower share price?