This really is a poor deal for existing unit holders.Assuming...

This really is a poor deal for existing unit holders.

Assuming that the unit price closes the gap to pro-forma NTA post recapitalization (not an unreasonable assumption given proposed gearing, earnings and distributions), existing unit holders, who have seen the value of their holdings beaten down and have been exposed to a real risk of being wiped out, will see a capital gain of ca. $11MM.

Johnny-come-lately institutional investors will collect $67MM.

How is that equitable?

Outstanding performance GJT management team - NOT!