I sold this one at about 20$ a few month ago. the main reason was the fall in crude prices and the fact that the GP's balance sheet is very weak.
My concern was a repeat of the Semgoup disaster - the similarities are were just to eerie (GP is private equity and highly leveraged, opaque structure etc.) that I was not comfortable holding any more. While NGLS balance sheet itself is very solid, i do not know what would happen if NGLS GP were to file for bankruptcy.
yes something is wrong NGL margins are well below where they were in Fall ie under $0.10 versus $0.70-$1.00. Fear is rampant as a result on models of all these cos. and that deflation will last into 2010 as well as recession. And idiot sellsiders with flat EBITDA next year are useless as it will be more likely $150-$160M.....is that clear?