At the current price, management could cut the distibution to $.31/Q and still be yielding 8%. There's nothing magic about 8%, but in the MLP world, it's in the middle of the pack. They could justify it. That would represent a cut of 56%. Given the uncertainty that management's continued delay is fostering, it's becoming more likely by the day that the cut will be larger than expected.
Continued delay in declaring the dividend? Looking at the past year, they always seem to declare the dividend about the 27th of the month following the end of the Qtr. So I would not look at the "delay", if you want to call it that, as meaning anything.
I was just looking at APU. They raised their dividend. I don't get it. They also look to be in terrible shape but their stock price remains relatively high. NAT is another one. They even sell stock and use some of it to keep the dividend. Sometimes a cut in the dividend is just the right thing to do.