I think part of the reason LINE is down is due to falling natural gas prices, but those people apparently did not read LINE's end of the year report, which stated (verbatim) as follows:
"Commodity Hedge Update
The company strengthened its commodity hedge positions and fully hedged production volumes associated with its Granite Wash acquisition. Based on current production estimates, expected natural gas production is 100 percent hedged at prices above $5.45 per Mcf through 2015."
LINE is completely hedged at nearly double the going rate for natural gas for the next 4 years. Thus, falling will have no effect on earnings.
I think this is one thing investors have overlooked in selling the stock. As such, I'm looking to add to my position once the selling abates. Indeed, I agree that the issuance of units to retire more expensive debt is a good thing--something a prudent business manager would do.