What strategy are you going to use once the stock goes ex? Are you going to simply hold and wait for the price to recover or do something interesting? My plan is to hold through ex and buy a few more shares on ex date and ride those shares back up. Once the price settles, sell the shares I bought on ex date and begin covered call selling on the shares that went ex. My goal is to get out as fast as possible while keeping most of the divvy.
I'll take the special $7 div distribution and buy something else. I fully expect HEES to drop by a very similar amount. Assuming it trades between $11 and $14 for a period of time - I'd probably hang on to it based on fundamentals.