I had bought some SPP after they announced that they were going to restart their distribution. I think that since they have already gone through their own collapse and rebirth that maybe now is when they can best exploit the oil and gas market. Whether by buying more midstream assets or by buying drilling land that has a return at very low oil and gas prices. If I am right they will be a survivor. I should have tried to buy more but the stock is thinly traded and large orders can push the price. Good luck.
By buying back their shares they are increasing their percentage of ownership. In about 3 to 5 years they will probably take the company private and the excuse will be poor stock price performance. What is really going on is a way for management to increase their income while the fools, I mean unit holders pay their taxes for them. For me I am now out since there is many other places to put the money where I will earn more and gain as much or more than them.
I would think a distribution cut would be a reasonable assumption since they can not pay their preferred shareholders in cash. I would expect with a reverse split that the distribution would be cut in half to give them the ability to grow their company and future payouts. Though the history of this company is not very good and I would not put much money here. I would also watch for a price collapse with the 1 for 10 reverse split like what happened to SPP recently. Best of luck to all.