Stupid spin. Simple accounting and the definition of a balance sheet. No asset purchase EVER changes book value. It is always an exchange of one asset for another.
If they want to, they can sell future barrels for $48/barrel today. Seems like BK is off of the table, which makes the shares worth a lot more than two weeks ago.
The risk for LNCO holders is, how is LNCO going to pay the taxes it owes as a unit holder?