Perhaps I'm just biased and keen on conspiracy theories, but I'm betting hedge funds are beating the price down of BRY and LINE in order to get in at a discount prior to the merger. I'd take advantage and buy if you have the funds.
There are three factors at play--all of which is short term in nature.
First, some apparently believe that the restatement in the S-4 means LINE will cut the distribution rate. Quite frankly, the odds of that happening are less than 5%. Indeed, besides the fact that management has been proactive in raising the distribution, between the Berry and Permian Basin acquisitions, LINE should easily be able to maintain the current distribution rate--if not increase it, to the desired $3.08 rate.
Second, by its charter, the Alerian MLP ETF must have the top 15 MLPs in terms of market cap in their portfolio. AMLP recently announced that it had to replace LINE with another MLP.
Third, there is the Fed meeting weighing on the market which, at this point, is more psychological than actual.
Once the Berry acquisition is approved toward the end of September, there will be a buy the news event similar to the last short covering rally which should send the stock into the low 30s relatively quickly.