Fut,

What dosn't make sence to me is that it seems PTSC has to give up something in the merger but TPL does not? When both companies benefit from the merger by aquiring 100% of the MMP as one company.

I would think that the Leckrones would be happy to get 100% of the MMP revenue and run the new company as they want. That is their pay off and reason for merging. They personally wouldn't get any shares in the deal and the OS would stay as is. Us shareholders would benefit because the existing OS value would double because it would be based on 100% of the MMP instead of 50 % of the MMP value. This makes more sence to me because TPL isn't bringing any shares from their company to the deal.

What is wrong with my thought process on this? What does TPL have to give up to benefit in the merger?

All the best,

Steve