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  "documentTitle": "Morgan Stanley | Investment Banking Pitch Book | 42 slides",
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      "kind": "list",
      "text": "The optimal mechanism for combining AM and AMGP is via AMGP acquiring AM",
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      "text": "In this presentation we will: Benchmark AM and AMGP trading levels and performance; Review relative attributes and financial impact of selected simplification alternatives; Analyze financial impact of AMGP buying AM; Evaluate potential trading levels of the pro forma combined entity",
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      "text": "We have evaluated selected “simplification” strategies which would combine AM and AMGP and/or eliminate the IDR mechanism",
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      "text": "Results in a simple C-Corp structure (for tax purposes only), increasingly the vehicle preferred by the market; Provides tax basis step-up and concomitant shelter and therefore improved distributions relative to other combination alternatives; Is however taxable to AM unitholders including AR, mitigated somewhat by public unitholders’ relatively high estimated average tax basis of $23.53 per unit and AR’s $3Bn of NOLs",
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