First Reserve, group of affiliated partnerships (looks like a hedge fund) that collectively were the largest TMG shareholder with 5,241,000 shares, just filed a form declaring that they sold 2,015,000 shares, leaving them with 3,225,000 shares. My guess is they wanted to take advantage of the runup in the stock price and move capital elsewhere. This makes sense for a hedge fund but I think those who want to participate in the new MLP/GP should not sell.
The shares were not sold. They were given back to each partner in the partnership. First Reserve is an energy partnership for large investors. John Hill sees the writing on the wall and decided to give the shares back so that the individuals could control their own accounts.
First Reserve is not a hedge fund, but is an energy partnership. FR's partners have sat on TMGs board and still own a lot of shares. These partnerships have an ending date to them so more then likely they had to give the shares back to all of the partners of FR. Its probably a positive rather than a negative because they know that something is going to happen and would rather sell as individuals then as a group. The filings are very difficult I'm sure and this was the easy way to handle it.
Go to the publicy traded partnerships website, which i believe is ptpcoalition.com, that should have severa good explanations. Also, look at KMI/KMP. KMI is the GP and KMP is the MLP. An MLP is a master limited partnership and the GP is the General Partner. MLP's do not have to pay corporate taxes, insteda, they must return 90% of their cashflow to the investors, who are then taxed on their personel level(i.e. it removes the double taxation that most c-corps face). The GP gets paid a fee, called incentive distribution rights, that excelerate(get largre and larger) as the MLP holders get more and more. In other words, if the common holders do well, the GP does well, and the more cash they pay out to the common guys, the more cash they collect. The GP runs the MLP and almost always they focus on growing the payouts to the holders.