While I agree with much of what you said, particluarly with respect to NRGM, I disagree with your assertion that a distribution cut would be a killer. The funders would view it positively, analysts would view it positively, and it would put the company on a more sustainable path, albeit with a somewhat lower yield. And, of course, the size of the reduction would determine the market's reaction as well. The larger the cut, the more pronounced the reaction would be. But I believe it would be a temporary reaction and an opportunity for smart money to accumulate the stock. Given that the stock is already evidently discounting that possibility to a near certainty, it may already be time to accumulate additional units.
In my experience, dividend cuts trigger selling. If the distribution is cut, the stock will likely decline until it yiields what it was yielding before the distribution cut. I have seen this happen numerous times (recently with a mortgage REIT). The conundrum is if they cut just a little, there will be speculation that a larger cut is needed. If they cut a lot, say to a yield of 8%, then people sell and switch to something earning an equivalent yield but with a better chance of growing.