The trouble is that the preferred are so thinly traded that it is difficult to get a large enough position to be worthwhile. Only 1 or 2 hundred lots seem to trade and the spread is very large. Would like to buy a couple of thousand, but paying a full commission on each hundred share lot would kill you.
MWE would not have a cash flow problem if they just cut back on new projects. And the completed facilities would still produce a superior distribution to the MPLX deal. I don't have a lot of shares, but I voted no.