Good post / good observations. And you didn't even get into the commingling of portfolio sales where I would contend the MMP got shorted big time in favor of higher fees for TPL-only portfolio sales during 'under-handed' negotiations --- all fodder for another day.

Anyhow, many wonder exacly how we could achieve what you rightly put forth. I submitted a post several days about our opportunities to do just that (but it appeared to not get much 'read'). http://agoracom.com/ir/patriot/forums/discussion/topics/588847-tpl-ch11/messages/1847799#message

Since that post it has been confirmed that we are a member of the TPL CH11 creditors committee. I can tell you this, the creditors committee is extremely powerful in a bankrutpcy proceeding. The leverage we have on that committee is substantial and thus if we can make a convincing argument (as mentioned in the post linked above) that all stakeholders will ultimately benefit in greater proportion with MMP control (if not outright ownership) in the hands of PTSC, then we can parlay the power of the Bankruptcy Court in our favor.

There is perhaps no better venue to negotiate such a deal than Bankruptcy Court, as all the dirty laundry is exposed and the single driving force is maximation of value for creditors. We could, and should, take full advantage of this situation.