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Deferred Class B Unit Obligation
3 Months Ended
Mar. 31, 2014
Deferred Class B Unit Obligation  
Deferred Class B Unit Obligation

NOTE 11 – DEFERRED CLASS B UNIT OBLIGATION

 

In connection with the GP Buyout Transaction, the former owners of the GP are entitled to receive up to 11.6 million Class B units, subject to certain tests. See Note 13 – Partners’ Capital.

 

As of March 31, 2014, the fair value of this obligation, which can only be settled through the issuance of Class B units, amounted to $147 million.  During the period from March 2, 2014 through March 31, 2014, we recognized $5.2 million in losses attributable to the fair value change in the deferred Class B unit obligation.