Bad idea, unless you're prepared to complicate your tax filings. Selling a partial position of an MLP prevents you from taking the carry-forward losses that you have accumulated. It's a good bit of extra accounting that you might want to avoid. If you want to take losses, then take them. JMO. You can buy back in in 30 days if you want.
I never intended to project the idea that this was a win/win proposition. The minute you think that, you are courting disaster. There are any number of pitfalls that could happen. The cut/no cut argument is just one possible set of events. There are other issues that could seriously complicate matters. NRGY's loan covenants will get reviewed at some point and that is always an interesting time. Banks have a way of extacting a higher cost of lending just at a time when it is most painful. And there is always the possibility that NRGY will have to go to market with some additional units as part of a loan covenant review. And just look at today's NG price. Low and going lower. And if NRGY has hedges in place to protect it against upside moves in propane for delivery, then those are surely moving in the wrong direction, too.