I cannot believe they wouldn;t rule out a zero distribution rate. Do that and the stock will go to $1. They need to keep the dividend. Many elderly folks count on this money to live. Kinzel has ruined this company. What a lousy Executive.
"I cannot believe they wouldn't rule out a zero distribution rate. Do that and the stock will go to $1."
Why do you think it would stay that high? Seriously, as I've been pointing out for years now, FUN is "technically insolvent." Liabilities exceed assets by a huge amount. The reason units weren't zero before was due to a combination of ignorance and acknowledgement of cash stream value. Now, even if you hadn't figured it out before, you realize the company is insolvent (Dick's attempt to buy back debt at below par is only possible if that's true,) and the cash stream is in jeopardy (Dick told you that himself.) If the cash stream ceases to exist (distribution = $0), the units have no intrinsic value whatsoever. $1 is way too high for a target.
Secured creditors stand in line ahead of you, and the value of everything FUN owns won't come close to covering what they're owed. There will be nothing left for unitholders. Zero. This was all evident immediately following the Paramount acquisition, when you could have sold your units near $30.
When Dick puts on his "History Revisionist" hat (explaining that what's happening was out of his control, and certainly not the fault of his Paramount acquisition which has performed admirably on an EBITDA basis...) you can assume the company is on the brink of complete failure. I'd expect to hear this attempt to salvage his legacy within the next few quarters (maybe sooner, if they're going to completely eliminate the distribution.)