The board approves the distribution, not management. Business is suffering from long term decline and the mild winter is putting it into a short term decline. Would you like management to say things are great? They are not. Would you like management to say things are terrible? They will make that comment in the quarterly reports and conference calls. No need to tout bad news at additional time periods.
What I'm saying is that they shouldn't announce that they will reduce the distribution to "something" and then leave it out there hanging.
Just say it will be around $.40 or whatever and move on. Most people are fine with reducing the distribution -- it's just that there is no guidance as to whether it will be $0.15 or $0.40 or $0.60. Not smart.