I originally laid out a Put strategy. The reason I switched to the shares was because of the higher BE with shares. You can get a Feb90Call for .29 right now. Shorting at 88.65 gives a 88.36 BE on the low end and a max loss of 1.64, at PPS 90.00 or greater by FebOPEX. If you can show me a better BE and a lower max loss I will take it.
I don't know nor care about the K1's. I just care about wringing the most money out of this trade....;-)
PAA and EPD have been much less historically dependable for a short post EX cf to KMP and ETP. Somebody told that to ETP today with about a buck shaved off the PPS. I will be seeing how much steam KMP and ETP have going into EX. We don't have long to wait on KMP with EX date next Tuesday. Here's hoping for 90+.