I agree. Look at the facts. KW protected himself from a distribution cut with convertible preferred. He has ETP selling stock at a stupid yields especially after IDR's are factored in eventually. Why do this unless you were planning to cut distributions in the near future? The coverage ratio sucks (.84%) for ETP and is not getting better. Looks like they are spending around $400 million just to fund the deficit coverage ratio! How are they going to finance $4+ billion capex in 2016? They said they were going to project finance the DAPL. DAPL is the most un-needed pipeline now that Bakken is in decline. They must know of a sucker bank to project finance that! What’s up with Rover? I think Aubry McClendon’s defunct AEM had like 1/3 of the pipe! How is that going to get financed of built? Mariner East 2? It will be needed in 2025 not now or in the next few years. Most of their assets are built around regions in decline! Fact is that ETP needs to keep every dollar they can to fund Capex and the distribution at ETE is gone for several years. KW telegraphed that with the preferred deal. Merger or no merger, ETE unit holders = bag holders in the near future! Expect ETP distribution cut and ETE also to cut. No other way for the numbers to work. In the short term expect it to settle around $13 on options expiry. After, watch out unless crude makes a run although if OPEC is serious about taking control of the oil market it seems unlikely it will go much higher as the shale players are poised to hedge at even slightly higher prices.