Many thanks to a poster on my TCLP trade. He writes as follows.

"Wow that is one of the dumbest things I have ever heard. TCLP is not a unitholder of OKS. TCLP owns a 50% interest in the NB Pipeline, whilst the other 50% is owned by OKS. TCLP used to own 30%, but increased their ownership of the NB system when OKE bought TRP's interest in NBPs GP. Duh. Anyway. The NB received an unfavorable rate case. This impacts TCLP more than OKS because as a percentage of assets/cashflows the NB system is much bigger relative to TCLP than OKS. Therefore, bad news at NB is worse for TCLP while good news for OKS not related to NB has no impact on TCLP. Wow."

And he is absolutely correct...it was dumb of me and i apologize for not looking at this more carefully. From a trade standpoint it worked out okay since i was able to buy near Thursday's low and actually made some money. But I may not be so lucky next time.

One of the odd things about TCLP is that the stock price actually didn't drop until nearly 2 days after the news was out. Somebody dumped with both hands late Wednesday afternoon to drive the stock from 32 down to near 30 thursday morning.

Lesson learned here!